First Real Estate Investment (AW9U) AI Stock Analysis

• Market Cap: $567.79M
• Dividend Yield: 8.59%
• Average Volume (3M): 1.83M
• Price to Earnings (P/E): 16.1
• Beta (1Y): 0.40
• Revenue Growth: -7.43%
• EPS Growth: -43.62%
• Country: SG
• Employees: 23
• Sector: Real Estate
• Sector Strength: 55
• Industry: REIT - Healthcare Facilities
• EPS (TTM): <0.01
• Shares Outstanding: 2,102,941,000
• 10 Day Avg. Volume: 1,733,550
• 30 Day Avg. Volume: 1,834,726
• PEG Ratio: -0.25
• Price to Book (P/B): 0.77
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 5.80
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $0.29
• Price Target Upside: 5.56% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 0

• Rating: 70 Outperform
• Price Target: ―

First Real Estate Investment Trust exhibits strong financial foundations with stable margins, despite revenue challenges and income volatility. Valuation metrics are favorable, with an attractive dividend yield, making it appealing for income investors. However, mixed technical indicators and the absence of earnings call or corporate events data suggest caution. The overall score reflects the balance of these factors.

First Real Estate Investment Business Overview & Revenue Model

Company Description

First Real Estate Investment (AW9U) is a real estate investment company focused on acquiring, managing, and developing prime real estate assets. Operating across both residential and commercial sectors, the company specializes in identifying high-growth potential properties and optimizing their value through strategic enhancements. Its core services include property acquisition, development, and management, catering to a diverse clientele ranging from individual investors to large institutional firms.

How the Company Makes Money

First Real Estate Investment (AW9U) generates revenue primarily through property leasing and sales. The company acquires properties at strategic locations and either rents them out to tenants or sells them at a profit after value-enhancing renovations. Key revenue streams include rental income from residential and commercial leases, property management fees, and profits from sales of developed properties. Partnerships with local construction firms and real estate agents also contribute to its earnings by streamlining development processes and expanding its market reach.

First Real Estate Investment Financial Statement Overview

Summary

The company demonstrates resilience with strong gross and EBITDA margins, but faces challenges with declining revenue and net income volatility. The balance sheet reflects stable leverage and equity levels, though cash flow management needs improvement to ensure consistent growth.

Income Statement

The income statement reveals a declining revenue trend over the past few years, with a sharp decrease from 2019 to 2020. The gross profit margin remains strong at about 86.5% in 2024, but net profit margins have been volatile, with significant losses in 2020. EBIT margins are unavailable for 2024, but EBITDA margins have been stable, at around 67.3% in 2024. Fluctuating net income and EBIT indicate potential operational challenges.

Balance Sheet

The balance sheet shows a moderate debt-to-equity ratio of 0.72 in 2024, suggesting manageable leverage. The equity ratio remains stable at approximately 54.5% in 2024, indicating a solid equity base. However, the return on equity has been inconsistent, with a decrease in net income affecting ROE in recent years.

Cash Flow

Cash flows highlight a strong free cash flow position, though there was a decrease in 2024. The operating cash flow to net income ratio is positive, indicating effective cash generation relative to earnings. However, free cash flow growth has been inconsistent, reflecting potential volatility in cash management strategies.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	131.46M	102.21M	108.57M	111.28M	102.35M	79.62M
Gross Profit	114.64M	88.40M	95.25M	108.18M	99.91M	77.05M
EBITDA	91.93M	68.83M	96.25M	67.20M	83.34M	57.88M
Net Income	85.50M	36.75M	63.34M	33.59M	63.11M	-352.41M
Balance Sheet
Total Assets	1.14B	1.16B	1.19B	1.20B	1.05B	1.00B
Cash, Cash Equivalents and Short-Term Investments	33.08M	34.67M	40.27M	46.10M	51.20M	19.29M
Total Debt	444.77M	453.48M	449.85M	451.07M	349.21M	489.00M
Total Liabilities	520.50M	528.23M	527.16M	533.26M	397.71M	540.94M
Stockholders Equity	624.24M	632.27M	660.17M	665.36M	651.82M	463.97M
Cash Flow
Free Cash Flow	67.83M	59.84M	65.03M	88.77M	65.54M	50.40M
Operating Cash Flow	74.71M	65.77M	69.95M	93.08M	66.20M	50.40M
Investing Cash Flow	-8.39M	-5.44M	-4.62M	8.12M	5.62M	1.02M
Financing Cash Flow	-94.98M	-64.92M	-69.26M	-102.65M	-40.08M	-65.11M

First Real Estate Investment Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.27
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:AW9U, the sentiment is Positive. The current price of 0.27 is above the 20-day moving average (MA) of 0.27, above the 50-day MA of 0.26, and above the 200-day MA of 0.25, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 55.85 is Neutral, neither overbought nor oversold. The STOCH value of 100.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:AW9U.

First Real Estate Investment Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CRPU	74 Outperform	S$816.09M	14.44	5.45%	9.01%	-3.56%	-10.89%
DCRU	73 Outperform	$681.74M	3.38	22.39%	6.98%	6.20%	―
AW9U	70 Outperform	$567.79M	16.07	5.74%	8.59%	-7.43%	-43.62%
DHLU	70 Outperform	S$398.68M	11.70	6.78%	8.21%	-7.68%	-20.20%
Sector *	66 Neutral	$1.96B	17.53	2.45%	5.02%	-1.17%	4.31%
UD1U	56 Neutral	S$390.00M	31.18	1.60%	10.03%	16.79%	―

First Real Estate Investment Corporate Events

First REIT Holds Sixteenth Annual General Meeting

First REIT Management Limited held its sixteenth annual general meeting on April 29, 2025, at Hilton Singapore Orchard, where it addressed questions from unitholders and the Securities Investors Association (Singapore) regarding the AGM agenda. The announcement highlights the inherent risks and uncertainties in investing in First REIT units, emphasizing that their value may fluctuate and are not guaranteed by the manager or trustee, with trading intended only through the Singapore Exchange.

The most recent analyst rating on (SG:AW9U) stock is a Buy with a S$0.30 price target. To see the full list of analyst forecasts on First Real Estate Investment stock, see the SG:AW9U Stock Forecast page.

First REIT Issues Units for Management Fee Payment

First Real Estate Investment Trust announced the issuance of 2,493,807 units to its manager as partial payment for the management fee for the first quarter of 2024. This issuance represents 10.54% of the total units in circulation, reflecting the company’s ongoing strategy to balance cash payments with unit issuance, potentially impacting its liquidity and market positioning.

First REIT Issues Units for Management Fee Payment

First Real Estate Investment Trust announced the issuance of 1,659,854 units to its manager, First REIT Management Limited, as partial payment for the management fee for the first quarter of 2025. This issuance represents 10.61% of the total units in circulation, reflecting the company’s strategy to manage its financial obligations while maintaining a significant stake in its own trust.

First REIT Approves Trust Deed Amendments for Unit Buy-Back

First REIT Management Limited announced the approval of amendments to its trust deed, allowing for the repurchase and redemption of its units. This move, formalized through a ninth supplemental deed, aims to enhance the flexibility of managing the trust’s capital structure, potentially impacting its market operations and offering new opportunities for stakeholders.

First REIT Reports Decline in Q1 2025 Income Amid Currency Depreciation

First Real Estate Investment Trust announced a decrease in rental and other income by 2.8% year-on-year for the first quarter of 2025, attributed to the depreciation of the Indonesian Rupiah and Japanese Yen against the Singapore Dollar. This led to a decline in the distributable amount and distribution per unit, reflecting the impact of foreign currency fluctuations and an enlarged unit base. Despite these challenges, the trust maintains a resilient capital structure with strong liquidity, ensuring stability in its operations.