Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
The historical rank and industry rank for Daiwa House Logistics Trust's Graham Number or its related term are showing as below:
DHAWF'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.45 Med: 0.63 Max: 1.02
Current: 0.45
During the past 7 years, the highest Price to Graham Number ratio of Daiwa House Logistics Trust was 1.02. The lowest was 0.45. And the median was 0.63.
DHAWF's Price-to-Graham-Number is ranked better than 80.65% of 734
companies
in the REITs industry
Industry Median: 0.7
vs DHAWF: 0.45
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Daiwa House Logistics Trust (OTCPK:DHAWF) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Daiwa House Logistics Trust's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Jun. 2026 )
=
0.41
/
0.60
=
0.68
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Daiwa House Logistics Trust Graham Number Related Terms
Daiwa House Logistics Trust Graham Number Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the REIT - Industrial subindustry, Daiwa House Logistics Trust's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Daiwa House Logistics Trust Price-to-Graham-Number vs REITs Industry
For the REITs industry and Real Estate sector, Daiwa House Logistics Trust's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Daiwa House Logistics Trust's Price-to-Graham-Number falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Daiwa House Logistics Trust (DHAWF) has a Graham Number of $0.61 as of Jun. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Daiwa House Logistics Trust and its competitors. According to the industry distribution chart, Daiwa House Logistics Trust ranks #142 out of 734 companies in the REITs industry, placing it in the top 19.3%.
Is Daiwa House Logistics Trust's Graham Number too high?
Daiwa House Logistics Trust's current Graham Number is $0.61. The REITs industry median Graham Number is 0.70. Daiwa House Logistics Trust's value of $0.61 is 12.9% below this industry median. Based on the distribution chart, Daiwa House Logistics Trust ranks #142 out of 734 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, Daiwa House Logistics Trust has a GF Score™ of 26/100, reflecting its overall financial health beyond just this single metric.
How does Daiwa House Logistics Trust's Graham Number compare to PLD and PSA?
According to the REITs industry distribution chart, Daiwa House Logistics Trust ranks #142 out of 734 companies for Graham Number. This places Daiwa House Logistics Trust in the top 19% of its industry — outperforming the majority of peers. The industry median Graham Number is 0.70. Daiwa House Logistics Trust's value of $0.61 is 12.9% below this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for a REITs company?
The median Graham Number among REITs companies is 0.70, based on 734 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Daiwa House Logistics Trust's current Graham Number of $0.61 is 12.9% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Daiwa House Logistics Trust and its competitors. For the REITs industry, the median Graham Number is 0.70 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Daiwa House Logistics Trust's current Graham Number is $0.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Daiwa House Logistics Trust stock overvalued right now?
Daiwa House Logistics Trust (DHAWF) has a current Graham Number of $0.61. The stock's GF Value™ is $0.55, compared to a current price of $0.41 — trading 25.5% below its estimated fair value. The current Graham Number is $0.61 and 12.9% below the REITs industry median of 0.70. Daiwa House Logistics Trust's overall GF Score™ is 26/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Daiwa House Logistics Trust (DHAWF), the current Graham Number is $0.61 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Daiwa House Logistics Trust (DHAWF) Overvalued in 2026?
Based on GuruFocus' analysis, Daiwa House Logistics Trust stock appears to be undervalued.
The current stock price of $0.41 is trading 25.5% below its estimated GF Value™ of $0.55.
Key valuation signals for DHAWF:
Graham Number: $0.61
GF Value™: $0.55 vs. price of $0.41 (25.5% below fair value)
Industry Position: 12.9% below the REITs median (#142 of 734)
No single metric tells the full story. See the DHAWF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Daiwa House Logistics Trust is a real estate investment trust established with the investment plan of principally investing in a portfolio of income-producing logistics and industrial real estate assets located across Asia. The DHLT Portfolio comprises nineteen quality logistics facilities with eighteen properties well-diversified across Japan and one strategically located in Long An Province, near Ho Chi Minh City in Vietnam.
26GF Score
Get the complete analysis for DHAWF
Graham Number is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
DHAWF has been successfully added to your 
