First Real Estate Investment (AW9U) AI Stock Analysis

• Market Cap: S$557.28M
• Dividend Yield: 6.59%
• Average Volume (3M): 1.35M
• Price to Earnings (P/E): 15.8
• Beta (1Y): 0.38
• Revenue Growth: -7.43%
• EPS Growth: -43.62%
• Country: SG
• Employees: 23
• Sector: Real Estate
• Sector Strength: 69
• Industry: REIT - Healthcare Facilities
• EPS (TTM): <0.01
• Shares Outstanding: 2,102,941,000
• 10 Day Avg. Volume: 2,162,710
• 30 Day Avg. Volume: 1,350,246
• 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: S$0.29
• Price Target Upside: 9.62% 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 dynamic company operating within the real estate sector, focusing on the acquisition, development, and management of residential, commercial, and industrial properties. The company specializes in providing high-quality real estate solutions to meet the diverse needs of investors and tenants alike, leveraging its extensive market knowledge and expertise to maximize value and growth.

How the Company Makes Money

First Real Estate Investment (AW9U) generates revenue primarily through rental income from its portfolio of properties, capital appreciation from property sales, and development fees. The company maintains a diversified portfolio that includes residential, commercial, and industrial properties, ensuring a steady income stream. Additionally, First Real Estate Investment engages in strategic partnerships with other real estate developers and investors to co-develop projects, which allows it to leverage additional capital and expertise, further enhancing its revenue potential. The company also benefits from favorable market conditions and rising property values, which contribute to increased returns on investment.

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
	EBIT
113.09M	86.86M	94.89M	67.19M	83.33M	-341.13M
	EBITDA
91.93M	68.83M	96.25M	67.20M	83.34M	57.88M
	Net Income Common Stockholders
85.50M	36.75M	63.34M	33.59M	63.11M	-352.41M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
33.08M	34.67M	40.27M	46.10M	51.20M	19.29M
	Total Assets
1.14B	1.16B	1.19B	1.20B	1.05B	1.00B
	Total Debt
444.77M	453.48M	449.85M	451.07M	349.21M	489.00M
	Net Debt
411.69M	418.81M	409.58M	404.96M	298.01M	469.71M
	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: 0.26
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• 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 Positive. The current price of 0.26 is below the 20-day moving average (MA) of 0.26, 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 Positive momentum. The RSI at 54.96 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 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	73 Outperform	S$797.25M	14.11	5.45%	9.22%	-3.56%	-10.89%
AW9U	70 Outperform	S$557.28M	15.77	5.74%	6.59%	-7.43%	-43.62%
DHLU	69 Neutral	S$398.68M	11.60	6.78%	8.28%	-7.68%	-20.20%
DCRU	69 Neutral	$662.26M	3.28	22.39%	7.18%	6.20%	―
Sector *	61 Neutral	$2.83B	10.72	0.40%	6.10%	5.80%	-21.26%
UD1U	56 Neutral	S$403.45M	31.18	1.60%	13.68%	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.

First REIT to Release Q1 2025 Business Updates

First REIT Management Limited announced that the business updates for the first quarter ending March 31, 2025, will be released after the market closes on April 29, 2025. This announcement may impact stakeholders’ perceptions of First REIT’s financial health and market positioning, as it provides insights into the trust’s performance and strategic direction.