First Real Estate Investment (AW9U) AI Stock Analysis

• Market Cap: $589.98M
• Dividend Yield: 8.04%
• Average Volume (3M): 2.04M
• Price to Earnings (P/E): 15.2
• Beta (1Y): 0.45
• 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: 2,107,054,000
• 10 Day Avg. Volume: 2,089,270
• 30 Day Avg. Volume: 2,044,590
• PEG Ratio: -0.33
• Price to Book (P/B): 0.84
• Price to Sales (P/S): 5.20
• P/FCF Ratio: 8.89
• Enterprise Value/Market Cap: 1.72
• Enterprise Value/Revenue: 10.07
• Enterprise Value/Gross Profit: 11.58
• Enterprise Value/Ebitda: 11.88
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 0

• Rating: 70 Outperform
• Price Target: S$0.50 ▲(78.57% Upside)

The overall stock score is driven by strong financial performance, particularly in profitability and operational efficiency, despite declining revenue growth. The valuation is favorable with a reasonable P/E ratio and high dividend yield. Technical analysis indicates neutral to slightly bearish momentum, with potential oversold conditions.

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 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	100.69M	102.21M	108.57M	111.28M	102.35M	79.62M
Gross Profit	87.50M	88.40M	95.25M	97.80M	90.80M	68.06M
EBITDA	85.33M	68.83M	96.25M	94.77M	94.67M	57.88M
Net Income	40.17M	36.75M	63.34M	33.59M	63.11M	-352.41M
Balance Sheet
Total Assets	1.13B	1.16B	1.19B	1.20B	1.05B	1.00B
Cash, Cash Equivalents and Short-Term Investments	35.62M	34.67M	40.27M	46.10M	51.20M	19.29M
Total Debt	461.80M	453.48M	449.85M	451.07M	349.21M	489.00M
Total Liabilities	536.94M	528.23M	527.16M	533.26M	397.71M	540.94M
Stockholders Equity	595.81M	632.27M	660.17M	665.36M	651.82M	463.97M
Cash Flow
Free Cash Flow	68.22M	59.84M	65.03M	88.77M	65.54M	50.40M
Operating Cash Flow	68.22M	65.77M	69.95M	93.08M	66.20M	50.40M
Investing Cash Flow	-3.74M	-5.44M	-4.62M	8.12M	5.62M	1.02M
Financing Cash Flow	-62.24M	-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: 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 0.28 is below the 20-day moving average (MA) of 0.28, below the 50-day MA of 0.28, and above the 200-day MA of 0.26, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 56.47 is Neutral, neither overbought nor oversold. The STOCH value of 83.33 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	73 Outperform	S$844.34M	13.27	6.17%	8.74%	5.89%	1.81%
DHLU	73 Outperform	S$405.93M	13.52	5.87%	7.90%	-5.80%	-27.16%
DCRU	72 Outperform	$619.40M	3.16	20.33%	7.08%	36.48%	―
AW9U	70 Outperform	$589.98M	15.22	6.63%	8.04%	-11.43%	-39.27%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
UD1U	60 Neutral	S$390.00M	29.59	1.69%	8.52%	-11.29%	―

First Real Estate Investment Corporate Events

First REIT to Release Q3 2025 Business Updates

First REIT Management Limited announced that the business updates for the third quarter ending on September 30, 2025, will be released after the market closes on October 28, 2025. This announcement is significant for investors and stakeholders as it provides insights into the company’s financial performance and strategic direction, which could impact its market position and investor confidence.

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 Issues Units for Management Fee Payment

First Real Estate Investment Trust has issued 2,470,059 units to its manager, First REIT Management Limited, as part of the payment for the management fee for the period from April 1, 2024, to June 30, 2024. This issuance, priced at S$0.2533 per unit, represents 50% of the performance fee component, with the remaining balance paid in cash. Following this transaction, the manager holds 10.72% of the total units in issue, highlighting its significant stake in the trust. This move reflects the trust’s strategy to align management interests with those of the unitholders and could impact the trust’s market perception and unit liquidity.

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 1,642,952 units to its manager, First REIT Management Limited, as part of the management fee for the second quarter of 2025. This issuance, priced at S$0.2637 per unit, represents 50% of the base fee, with the remainder paid in cash. The transaction highlights the company’s approach to compensating its management while maintaining liquidity, as the manager now holds 10.79% of the total units, potentially impacting stakeholder interests and market perceptions.

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.