First Real Estate Investment (AW9U) AI Stock Analysis

• Market Cap: S$589.98M
• Dividend Yield: 8.18%
• Average Volume (3M): 1.74M
• Price to Earnings (P/E): 15.2
• Beta (1Y): 0.44
• Revenue Growth: -11.43%
• EPS Growth: -39.27%
• Country: SG
• Employees: 23
• Sector: Real Estate
• Sector Strength: 52
• Industry: REIT - Healthcare Facilities
• EPS (TTM): 0.01
• Shares Outstanding: 2,107,054,000
• 10 Day Avg. Volume: 2,141,430
• 30 Day Avg. Volume: 1,742,573
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• 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: S$0.50
• Price Target Upside: 79.08% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 0

• Rating: 73 Outperform
• Price Target: S$0.50 ▲(78.57% Upside)

First Real Estate Investment's overall stock score is driven by its strong valuation, characterized by a high dividend yield and reasonable P/E ratio, making it attractive for income investors. The technical analysis indicates positive momentum, although caution is advised due to overbought signals. Financial performance is solid, with strong profitability and cash flow, but challenges in revenue growth need to be addressed for future improvement.

First Real Estate Investment Business Overview & Revenue Model

Company Description

First Real Estate Investment (AW9U) is a dynamic company operating within the real estate sector, focusing primarily on the acquisition, development, and management of commercial and residential properties. The company offers a diverse portfolio of high-quality real estate assets, including office buildings, retail centers, and multi-family residential units, catering to a wide range of clients from various industries. Through strategic investments and developments, First Real Estate Investment aims to create value for its shareholders while contributing to the growth of the communities in which it operates.

How the Company Makes Money

First Real Estate Investment generates revenue through a combination of rental income, property sales, and development projects. The company earns rental income by leasing its commercial and residential properties to tenants, providing a steady stream of cash flow. Additionally, First Real Estate Investment engages in the sale of properties, capitalizing on market conditions to maximize profits from its real estate holdings. The company also undertakes property development projects, which involve the acquisition and improvement of land or existing structures to increase their value before selling or leasing them. Partnerships with construction firms, financial institutions, and other stakeholders play a crucial role in supporting these development initiatives, enabling the company to expand its portfolio and enhance its revenue potential. Furthermore, First Real Estate Investment may explore joint ventures and strategic alliances to access new markets and opportunities, thereby diversifying its revenue streams and ensuring long-term financial stability.

First Real Estate Investment Financial Statement Overview

Summary

First Real Estate Investment demonstrates solid financial health with strong profitability and efficient operations. While revenue growth has faced challenges, the company maintains robust margins and a stable balance sheet. Cash flow generation supports ongoing operations and potential growth initiatives. The company is well-positioned in its industry, but should focus on reversing revenue decline to enhance future performance.

Income Statement

The company has shown a stable gross profit margin, maintaining a high level of profitability. However, revenue has declined over the past year, indicating potential challenges in growth. The net profit margin remains strong, reflecting efficient cost management. EBIT and EBITDA margins are robust, suggesting operational efficiency.

Balance Sheet

The balance sheet is stable with a moderate debt-to-equity ratio, indicating a balanced use of debt and equity financing. Return on equity is healthy, showing effective use of shareholder funds. The equity ratio is strong, reflecting a solid capital structure. However, the total assets have slightly decreased, which could indicate asset management challenges.

Cash Flow

Operating cash flow remains strong, indicating good cash generation from core operations. Free cash flow has decreased slightly, but remains positive, supporting potential reinvestment and dividend payouts. The operating cash flow to net income ratio is favorable, suggesting efficient conversion of income to cash.

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: 0.28
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 0.28 is above the 20-day moving average (MA) of 0.28, above the 50-day MA of 0.27, and above the 200-day MA of 0.26, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 54.47 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, 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$897.69M	14.16	6.17%	8.37%	5.89%	1.81%
AW9U	73 Outperform	S$589.98M	15.22	6.63%	8.18%	-11.43%	-39.27%
DHLU	73 Outperform	S$412.93M	13.75	5.87%	7.97%	-5.80%	-27.16%
DCRU	72 Outperform	$678.09M	3.46	20.33%	6.99%	36.48%	―
Sector *	65 Neutral	$2.13B	16.19	3.79%	4.92%	4.78%	6.63%
UD1U	56 Neutral	S$390.00M	29.59	1.69%	8.52%	-11.29%	―
MXNU	―	£219.65M	14.40	6.30%	―	―	―

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.