First Real Estate Investment Trust (SG:AW9U)
SGX:AW9U
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First Real Estate Investment
(SGX:AW9U)
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Rating:58Neutral
Price Target:
S$0.28
▲(0.36% Upside)
Action:ReiteratedDate:02/07/26
The score is primarily supported by solid operating profitability and historically consistent positive free cash flow, complemented by a high dividend yield. It is held back by 2025 weakness (return to net loss, lower cash flow, and rising leverage) and a mildly bearish technical backdrop (negative MACD and sub-50 RSI).
Positive Factors
Profitability
Strong profitability with high margins indicates efficient operations and the ability to generate significant income from its assets, supporting long-term business sustainability.
Negative Factors
Negative Revenue Growth
Declining revenue growth could signal challenges in market demand or competitive positioning, potentially impacting long-term growth prospects if not addressed.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability
Strong profitability with high margins indicates efficient operations and the ability to generate significant income from its assets, supporting long-term business sustainability.
Read all positive factors
First Real Estate Investment (AW9U) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$507.69M
Dividend Yield8.26%
Average Volume (3M)2.06M
Price to Earnings (P/E)―
Beta (1Y)0.40
Revenue Growth-5.48%
EPS Growth-22.62%
CountrySG
Employees23
SectorReal Estate
Sector Strength53
IndustryREIT - Healthcare Facilities
Share Statistics
EPS (TTM)N/A
Shares Outstanding2,115,389,200
10 Day Avg. Volume1,171,930
30 Day Avg. Volume2,057,720
Financial Highlights & Ratios
PEG Ratio-0.86
Price to Book (P/B)1.04
Price to Sales (P/S)6.28
P/FCF Ratio13.27
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$0.26Price Target Upside-7.14% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.03
Revenue Forecast (FY)S$100.57M
First Real Estate Investment Business Overview & Revenue Model
Company Description
First Real Estate Investment Trust ("First REIT") is a real estate investment trust constituted by the Trust Deed entered into on 19 October 2006 between First REIT Management Limited (formerly Bowsprit Capital Corporation Limited) as the Manager ...
How the Company Makes Money
First Real Estate Investment generates revenue through several key streams. The primary source is rental income from its extensive portfolio of residential and commercial properties, which provides a steady cash flow. Additionally, the company pro...
First Real Estate Investment Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
62
Positive
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 100.69M | 92.49M | 102.21M | 108.57M | 111.28M | 102.35M |
| Gross Profit | 87.50M | 79.43M | 88.40M | 95.25M | 97.80M | 90.80M |
| EBITDA | 85.33M | 75.29M | 68.83M | 96.25M | 94.77M | 94.67M |
| Net Income | 40.17M | 28.98M | 36.75M | 63.34M | 33.59M | 63.11M |
Balance Sheet | ||||||
| Total Assets | 1.13B | 1.09B | 1.16B | 1.19B | 1.20B | 1.05B |
| Cash, Cash Equivalents and Short-Term Investments | 35.62M | 56.20M | 34.67M | 40.27M | 46.10M | 51.20M |
| Total Debt | 461.80M | 488.13M | 453.48M | 449.85M | 451.07M | 349.21M |
| Total Liabilities | 536.94M | 528.47M | 528.23M | 527.16M | 533.26M | 397.71M |
| Stockholders Equity | 595.81M | 560.50M | 632.27M | 660.17M | 665.36M | 651.82M |
Cash Flow | ||||||
| Free Cash Flow | 68.22M | 43.75M | 59.84M | 65.03M | 88.77M | 65.54M |
| Operating Cash Flow | 68.22M | 47.49M | 65.77M | 69.95M | 93.08M | 66.20M |
| Investing Cash Flow | -3.74M | 18.69M | -5.44M | -4.62M | 8.12M | 5.62M |
| Financing Cash Flow | -62.24M | -43.10M | -64.92M | -69.26M | -102.65M | -40.08M |
First Real Estate Investment Technical Analysis
Negative
0.28
Price Trends
0.25
Negative
0.26
Negative
0.26
Negative
Market Momentum
>-0.01
Positive
38.12
Neutral
50.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:AW9U, the sentiment is Negative. The current price of 0.28 is above the 20-day moving average (MA) of 0.25, above the 50-day MA of 0.25, and above the 200-day MA of 0.26, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 38.12 is Neutral, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:AW9U.
First Real Estate Investment Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | S$540.03M | 8.44 | 11.35% | 6.71% | ― | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $322.34M | 14.90 | 4.67% | 8.23% | -1.69% | -32.49% | |
63 Neutral | £207.91M | 15.66 | 5.84% | 8.36% | -1.97% | -34.76% | |
58 Neutral | S$507.69M | ― | 6.63% | 8.26% | -5.48% | -22.62% | |
56 Neutral | $263.05M | 5.46 | 2.75% | 2.40% | -5.79% | 143.55% | |
43 Neutral | S$316.04M | ― | 0.97% | 8.37% | -32.17% | -868.48% |
* Real Estate Sector Average
SG:AW9U
First Real Estate Investment
0.24
<0.01
0.42%
SG:M1GU
Sabana Industrial REIT
0.48
0.14
42.43%
SG:UD1U
IREIT Global
0.24
0.01
6.33%
SG:OXMU
Prime US REIT
0.18
0.04
32.61%
SG:MXNU
Elite UK REIT
34.00
6.98
25.85%
SG:ODBU
United Hampshire US Real Estate Investment Trust
0.53
0.12
29.58%
First Real Estate Investment Corporate Events
First REIT Issues New Units to Manager as Divestment Fee for Indonesian Asset Sale
Jan 23, 2026
First REIT has issued 465,478 new units to its manager, First REIT Management Limited, as payment in kind for a divestment fee of S$129,542.57 arising from the sale of the Imperial Aryaduta Hotel Country Club via the disposal of PT Karya Sentra S...
First REIT Fully Redeems and Cancels S$33.25 Million Perpetual Securities
Jan 8, 2026
Perpetual (Asia) Limited, in its capacity as trustee of First Real Estate Investment Trust, has fully redeemed the S$33.25 million fixed rate subordinated perpetual securities under Series 002 as of 8 January 2026, and the redeemed securities will...
First REIT Announces Redemption of S$33.25 Million Securities
Dec 2, 2025
First Real Estate Investment Trust has announced its intention to redeem its S$33,250,000 Fixed Rate Subordinated Perpetual Securities on January 8, 2026. This move is part of the company’s strategic financial management, potentially impacti...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.