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First Real Estate Investment
(SGX:AW9U)
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Rating:61Neutral
Price Target:
S$0.19
â–¼(-16.09% Downside)
Action:Reiterated
Date:08/01/26
The score is driven primarily by mid-tier financial performance: strong margins and positive cash generation are outweighed by multi-year revenue decline, lower earnings versus prior highs, and weakening free cash flow momentum. Technicals add a modest drag with the price below longer-term moving averages, while valuation is moderately supportive due to the high dividend yield despite a mid-range P/E.
Positive Factors
Healthcare real estate model
The healthcare-focused REIT model is built around owning essential-use properties and leasing them under long-term arrangements. This can support recurring rental income and distribution visibility, while healthcare real estate may benefit from sustained demand for hospital and related facilities.
Negative Factors
Revenue contraction
Several years of declining revenue indicate that the existing portfolio is not currently producing sustained top-line expansion. Continued contraction can limit growth in property-level income, reduce reinvestment capacity, and make future distribution growth more difficult without acquisitions or asset enhancement.
Read all positive and negative factors
Positive Factors
Negative Factors
Healthcare real estate model
The healthcare-focused REIT model is built around owning essential-use properties and leasing them under long-term arrangements. This can support recurring rental income and distribution visibility, while healthcare real estate may benefit from sustained demand for hospital and related facilities.
Read all positive factors
First Real Estate Investment (AW9U) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$388.55M
Dividend Yield11.04%
Average Volume (3M)1.06M
Price to Earnings (P/E)19.5
Beta (1Y)0.39
Revenue Growth-4.56%
EPS Growth-48.91%
CountrySG
Employees23
SectorReal Estate
Sector Strength53
IndustryREIT - Healthcare Facilities
Share Statistics
EPS (TTM)<0.01
Shares Outstanding2,123,220,200
10 Day Avg. Volume860,170
30 Day Avg. Volume1,059,046
Financial Highlights & Ratios
PEG Ratio-0.92
Price to Book (P/B)1.04
Price to Sales (P/S)6.28
P/FCF Ratio13.27
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$0.17Price Target Upside-26.09% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.02
Revenue Forecast (FY)S$89.97M
First Real Estate Investment Business Overview & Revenue Model
Company Description
First Real Estate Investment Trust (First REIT) is an investment trust established through a Trust Deed on October 19, 2006. It was initially formed with First REIT Management Limited (formerly Bowsprit Capital Corporation Limited) acting as the M...
How the Company Makes Money
First Real Estate Investment makes money mainly by earning rental income from leasing its investment properties (primarily hospitals and healthcare facilities) to operators/tenants. Revenue is generated through contracted lease payments, typically...
First Real Estate Investment Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
63
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 96.34M | 92.49M | 102.21M | 108.57M | 111.28M | 102.35M |
| Gross Profit | 84.29M | 79.43M | 88.40M | 95.25M | 97.80M | 90.80M |
| EBITDA | 84.10M | 75.29M | 68.83M | 96.25M | 94.77M | 94.67M |
| Net Income | 20.76M | 28.98M | 36.75M | 63.34M | 33.59M | 63.11M |
Balance Sheet | ||||||
| Total Assets | 1.03B | 1.09B | 1.16B | 1.19B | 1.20B | 1.05B |
| Cash, Cash Equivalents and Short-Term Investments | 34.75M | 56.20M | 34.67M | 40.27M | 46.10M | 51.20M |
| Total Debt | 466.85M | 488.13M | 453.48M | 449.85M | 451.07M | 349.21M |
| Total Liabilities | 539.67M | 528.47M | 528.23M | 527.16M | 533.26M | 397.71M |
| Stockholders Equity | 487.44M | 560.50M | 632.27M | 660.17M | 665.36M | 651.82M |
Cash Flow | ||||||
| Free Cash Flow | 64.10M | 43.75M | 59.84M | 65.03M | 88.77M | 65.54M |
| Operating Cash Flow | 64.10M | 47.49M | 65.77M | 69.95M | 93.08M | 66.20M |
| Investing Cash Flow | 20.04M | 18.69M | -5.44M | -4.62M | 8.12M | 5.62M |
| Financing Cash Flow | -80.67M | -43.10M | -64.92M | -69.26M | -102.65M | -40.08M |
First Real Estate Investment Technical Analysis
Negative
0.23
Price Trends
0.20
Negative
0.21
Negative
0.23
Negative
Market Momentum
>-0.01
Negative
43.84
Neutral
65.45
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 0.23 is above the 20-day moving average (MA) of 0.19, above the 50-day MA of 0.20, and above the 200-day MA of 0.23, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 43.84 is Neutral, neither overbought nor oversold. The STOCH value of 65.45 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | S$534.40M | 7.02 | 13.07% | 8.13% | ― | ― | |
71 Outperform | £194.73M | 0.13 | 21.84% | 9.35% | -5.98% | 272.40% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
61 Neutral | S$388.55M | 19.47 | 3.96% | 11.04% | -4.56% | -48.91% | |
61 Neutral | $262.41M | 10.51 | 5.55% | 10.37% | 2.71% | -14.82% | |
57 Neutral | $146.62M | 8.72 | 2.16% | 6.45% | -1.67% | 461.90% | |
51 Neutral | S$220.55M | -1.79 | -19.76% | 6.74% | -21.22% | -1083.67% |
* Real Estate Sector Average
SG:AW9U
First Real Estate Investment
0.18
-0.08
-29.07%
SG:M1GU
Sabana Industrial REIT
0.48
0.03
6.98%
SG:UD1U
IREIT Global
0.16
-0.11
-40.36%
SG:OXMU
Prime US REIT
0.10
-0.09
-45.45%
SG:MXNU
Elite UK REIT
30.50
-2.56
-7.76%
SG:ODBU
United Hampshire US Real Estate Investment Trust
0.43
-0.02
-4.44%
First Real Estate Investment Corporate Events
First REIT Cuts Gearing as FX Headwinds Weigh on 9M 2026 Earnings
Oct 27, 2026
First REIT reported a distribution per unit of 0.46 Singapore cents for the third quarter of 2026 and 1.44 cents for the first nine months, reflecting weaker financial performance. Rental and other income fell 9.5% year-on-year to S$68.4 million, ...
First REIT Completes Full Redemption of S$100 Million 2027 Bonds
Oct 19, 2026
First Real Estate Investment Trust, constituted in Singapore and listed on SGX-ST, operates as a real estate investment trust holding income-generating properties, offering investors exposure to property-backed returns subject to market and invest...
First REIT Sets Date for Release of Q3 2026 Business Update
Oct 13, 2026
First REIT Management Limited announced that business updates for First Real Estate Investment Trust for the third quarter ended 30 September 2026 will be released after market close on Tuesday, 27 October 2026. The disclosure date signals upcomin...
First REIT to Redeem S$100 Million Guaranteed Bonds Ahead of 2027 Maturity
Oct 1, 2026
First Real Estate Investment Trust, acting through Perpetual (Asia) Limited as issuer and backed by a guarantee from the Credit Guarantee and Investment Facility, has announced plans to redeem its outstanding S$100 million 3.25% guaranteed bonds d...
First REIT Finalises Supplemental Trust Deed for S$100m CGIF-Guaranteed Bonds
Sep 16, 2026
First Real Estate Investment Trust, constituted in Singapore and managed by First REIT Management Limited, issues S$100 million 3.25 per cent guaranteed bonds due 2027 via Perpetual (Asia) Limited as trustee. These bonds are unconditionally and ir...
First REIT Issues New Units to Manager as Partial Performance Fee Payment
Aug 6, 2026
First Real Estate Investment Trust has issued 2,223,594 new units to its manager as partial payment of the performance fee for the period from 1 April 2025 to 30 June 2025. The units were issued at S$0.2739 each, with the remaining S$609,042.63 of...
First REIT Issues Units to Manager as Part Payment of Management Fee
Aug 6, 2026
First REIT has issued 1,762,477 new units to its manager as partial payment of the base management fee for the quarter from 1 April to 30 June 2026. The units were issued at S$0.2251 each, based on the 10-day volume weighted average price on the S...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.