First Real Estate Investment (AW9U) AI Stock Analysis

• Market Cap: S$528.85M
• Dividend Yield: 8.26%
• Average Volume (3M): 2.06M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.43
• Revenue Growth: -11.43%
• EPS Growth: -39.27%
• Country: SG
• Employees: 23
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Healthcare Facilities
• EPS (TTM): <0.01
• Shares Outstanding: 2,115,389,200
• 10 Day Avg. Volume: 1,171,930
• 30 Day Avg. Volume: 2,057,720
• PEG Ratio: 15.10
• Price to Book (P/B): 1.04
• Price to Sales (P/S): 6.28
• P/FCF Ratio: 13.27
• 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$0.30
• Price Target Upside: 7.14% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.03
• Revenue Forecast (FY): S$100.57M

• Rating: 58 Neutral
• Price Target: S$0.28 ▲(0.36% Upside)
• Action: Reiterated Date: 02/07/26
• Date: Action: Reiterated 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.

Cash Flow Generation

Improved cash flow generation enhances financial flexibility, enabling the company to invest in growth opportunities and manage debt effectively over the long term.

Stable Balance Sheet

A stable balance sheet with manageable leverage ensures the company can withstand economic fluctuations and invest in strategic initiatives without excessive financial risk.

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.

Low Return on Equity

Low return on equity suggests the company may not be utilizing its equity base effectively, which could limit its ability to generate shareholder value over time.

Cash Conversion Efficiency

Inefficient cash conversion can constrain liquidity, affecting the company's ability to reinvest in growth and meet financial obligations, posing a risk to long-term operational stability.

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 and HSBC Institutional Trust Services (Singapore) Limited as the Trustee. First REIT was listed on the Singapore Exchange Securities Trading Limited on 11 December 2006. On 1 March 2018, HSBC Institutional Trust Services (Singapore) Limited retired as the Trustee of First REIT in favour of Perpetual (Asia) Limited. First REIT is Singapore's first healthcare real estate investment trust that aims to invest in a diversified portfolio of income-producing real estate and / or real estate-related assets in Asia that are primarily used for healthcare and / or healthcare-related purposes. Managed by First REIT Management Limited,, First REIT's portfolio consists of 20 properties located in Indonesia, Singapore and South Korea, namely 1) Siloam Hospitals Lippo Village, 2) Siloam Hospitals Kebon Jeruk, 3) Siloam Hospitals Surabaya, 4) Imperial Aryaduta Hotel & Country Club, 5) Mochtar Riady Comprehensive Cancer Centre, 6) Siloam Hospitals Lippo Cikarang, 7) Siloam Hospitals Manado & Hotel Aryaduta Manado, 8) Siloam Hospitals Makassar, 9) Siloam Hospitals Bali, 10) Siloam Hospitals TB Simatupang, 11) Siloam Hospitals Purwakarta, 12) Siloam Sriwijaya, 13) Siloam Hospitals Kupang & Lippo Plaza Kupang, 14) Siloam Hospitals Labuan Bajo, 15) Siloam Hospitals Buton & Lippo Plaza Buton, 16) Siloam Hospitals Yogyakarta, 17) Pacific Healthcare Nursing Home @ Bukit Merah, 18) Pacific Healthcare Nursing Home II @ Bukit Panjang, 19) The Lentor Residence and 20) Sarang Hospital. Its hospital assets in Indonesia are operated by PT Siloam International Hospitals Tbk, a subsidiary of PT Lippo Karawaci Tbk, a strong brand name in the Indonesian healthcare industry supported by a team of international healthcare professionals whereas The Imperial Aryaduta Hotel & Country Club and Hotel Aryaduta Manado are operated by The Aryaduta Hotel and Resort Group. The Lippo Plaza Kupang and Lippo Plaza Buton are managed by PT Lippo Malls Indonesia. In Singapore, the nursing homes at Bukit Merah and Bukit Panjang are operated by Pacific Healthcare Nursing Home Pte. Ltd. and Pacific Eldercare and Nursing Pte. Ltd., respectively. The Lentor Residence is operated by The Lentor Residence Pte. Ltd. In South Korea, the Sarang Hospital is operated by a private doctor. Through First REIT, investors can participate in an asset class that has a focus towards Asia's growing healthcare sector, which is boosted by an increase in life expectancy in Indonesia and the rest of Southeast Asia.

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 profits from property appreciation and capital gains when assets are sold at a higher value than their acquisition cost. Another significant revenue stream comes from property management fees charged to third-party property owners for managing their real estate assets. The company may also engage in joint ventures or partnerships with other real estate firms, sharing profits from collaborative projects, which further enhances its earnings potential.

First Real Estate Investment Financial Statement Overview

Summary

Strong property-level profitability and consistently positive operating/free cash flow support the core REIT profile. Offsetting this, revenue has declined in 2023–2025, earnings turned back to a small loss in 2025, cash flow stepped down in 2025, and leverage has ticked up as equity fell.

Income Statement

Profitability is a key strength at the operating level, with consistently very high gross and operating margins across the period. However, the earnings profile is volatile: net income swung from a very large loss in 2020 to strong profits in 2021–2024, then slipped back to a small loss in 2025. Revenue has also trended down in recent years (negative growth in 2023–2025), which weakens the forward earnings trajectory despite strong underlying property-level economics.

Balance Sheet

Leverage looks manageable for a REIT but has been rising recently: debt-to-equity improved from elevated levels in 2020 to healthier levels in 2021–2023, then moved higher again in 2024–2025 alongside a drop in equity. Total assets are sizable and fairly stable, but returns to shareholders weakened materially in 2025 due to the net loss, highlighting sensitivity to valuation, financing costs, or non-cash items.

Cash Flow

Cash generation is generally solid, with positive operating cash flow and free cash flow every year, supporting the stability typically sought in healthcare REITs. Cash conversion versus earnings is strong in most years, but 2025 shows a sharp step-down in both operating and free cash flow (free cash flow down meaningfully year over year), and operating cash flow covered reported earnings much less comfortably in 2025 than in 2022–2024.

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	-1.66M	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

• Technical Analysis Sentiment: Negative
• Last Price: 0.28
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• 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 Negative. The current price of 0.28 is above the 20-day moving average (MA) of 0.26, above the 50-day MA of 0.27, and above the 200-day MA of 0.26, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 40.43 is Neutral, neither overbought nor oversold. The STOCH value of 44.44 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DHLU	73 Outperform	S$353.87M	11.08	7.30%	8.04%	-5.80%	-27.16%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
CRPU	64 Neutral	S$800.23M	13.50	6.25%	8.87%	5.89%	1.81%
DCRU	64 Neutral	$638.96M	13.94	19.81%	7.22%	36.48%	―
MXNU	63 Neutral	£204.45M	15.66	6.30%	8.36%	-9.87%	―
AW9U	58 Neutral	S$528.85M	-350.57	6.63%	8.26%	-11.43%	-39.27%
UD1U	43 Neutral	S$336.21M	-4.18	1.74%	8.37%	-11.29%	―

First Real Estate Investment Corporate Events

First REIT Issues New Units to Manager as Divestment Fee for Indonesian Asset Sale

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 Sejahtera. The units were priced at S$0.2783 each, based on the 10-day volume-weighted average price on the Singapore Exchange prior to issuance, raising the manager’s stake to 231,654,222 units, or 10.97% of the REIT’s total units in issue, with the divestment fee units subject to a one-year lock-up under Singapore’s property fund regulations.

The most recent analyst rating on (SG:AW9U) stock is a Hold with a S$0.50 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 Fully Redeems and Cancels S$33.25 Million Perpetual Securities

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 be cancelled. The move simplifies First REIT’s capital structure and removes this specific hybrid debt layer from its funding mix, which may have implications for its future financing flexibility, cost of capital, and distributions to unitholders, while leaving investors to access exposure to the trust solely through trading its listed units on SGX-ST.

The most recent analyst rating on (SG:AW9U) stock is a Buy with a S$0.50 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 Announces Redemption of S$33.25 Million Securities

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 impacting its liquidity and financial structure, and reflects its commitment to maintaining a stable financial position for stakeholders.

The most recent analyst rating on (SG:AW9U) stock is a Buy with a S$0.50 price target. To see the full list of analyst forecasts on First Real Estate Investment stock, see the SG:AW9U Stock Forecast page.