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First Real Estate Investment (AW9U) AI Stock Analysis
First Real Estate Investment
(SGX:AW9U)
The score is primarily driven by mid-tier financial performance—strong margins and continued positive cash generation, but pressured by multi-year revenue contraction and weakening free-cash-flow momentum. Technicals meaningfully detract due to a clear downtrend (price below key moving averages and negative MACD). Valuation is moderately supportive mainly from the high dividend yield, but the P/E does not indicate a deep value setup.
First Real Estate Investment (AW9U) vs. iShares MSCI Singapore ETF (EWS)
- Market Cap
- SGD 332.07M
- Dividend Yield
- 11.04%
- Average Volume (3M)
- 1.23M
- Price to Earnings (P/E)
- 19.5
- Beta (1Y)
- 0.39
- Revenue Growth
- -4.56%
- EPS Growth
- -48.91%
- Country
- Singapore
- Employees
- 23
- Sector
- Real Estate
- Sector Strength
- 65
- Industry
- REIT - Healthcare Facilities
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 Mana...
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 st...
First Real Estate Investment Financial Statement Overview
Summary
Mid-tier fundamentals: income statement strength is supported by solid profitability (TTM net margin ~28.8%) but is weighed down by multi-year revenue contraction and lower net income versus prior peak years. Balance sheet leverage is moderate for a REIT (~0.8x debt/equity) but has increased versus 2021 and ROE is modest (~5%). Cash flow remains positive and roughly covers net income, yet free cash flow momentum has weakened materially (TTM down ~45%) and operating cash flow relative to debt is low.
Income Statement
66PositiveBalance Sheet
63PositiveCash Flow
58Neutral| 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
Price Trends
Market Momentum
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 0.17 is below the 20-day moving average (MA) of 0.19, below the 50-day MA of 0.20, and below the 200-day MA of 0.23, indicating a bearish trend. The MACD of -0.01 indicates Negative momentum. The RSI at 42.76 is Neutral, neither overbought nor oversold. The STOCH value of 80.61 is Negative, 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
Overall Rating
SG:M1GU73Outperform
SG:MXNU71Outperform
SG:ODBU63Neutral
SG:OXMU58Neutral- SG:AW9U58Neutral
SG:UD1U42Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| SG:M1GU | 73Outperform | SGD 534.40M | 7.02 | 13.07% | 8.13% | ― | ― |
| SG:MXNU | 71Outperform | GBP 194.73M | 0.13 | 21.84% | 9.97% | -5.98% | 272.40% |
| Sector * | 65Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
| SG:ODBU | 63Neutral | $262.41M | 10.51 | 5.55% | 10.37% | 2.71% | -14.82% |
| SG:OXMU | 58Neutral | $146.62M | 8.72 | 2.16% | 9.68% | -1.67% | 461.90% |
| SG:AW9U | 58Neutral | SGD 388.55M | 19.47 | 3.96% | 11.04% | -4.56% | -48.91% |
| SG:UD1U | 42Neutral | SGD 220.55M | -1.79 | -19.76% | 6.74% | -21.22% | -1083.67% |
* Real Estate Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| SG:AW9U | First Real Estate Investment Trust | 0.18 | -0.08 | -29.07% | |
| SG:M1GU | Sabana Industrial Real Estate Investment Trust | 0.47 | 0.04 | 8.20% | |
| SG:UD1U | IREIT Global | 0.16 | -0.11 | -40.36% | |
| SG:OXMU | Prime US REIT | 0.10 | -0.09 | -47.96% | |
| SG:MXNU | Elite UK REIT | 30.50 | -2.56 | -7.76% | |
| SG:ODBU | United Hampshire US Real Estate Investment Trust | 0.43 | -0.02 | -5.29% |
First Real Estate Investment Corporate Events
First REIT Cuts Gearing as FX Headwinds Weigh on 9M 2026 Earnings
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, whi...
First REIT Completes Full Redemption of S$100 Million 2027 Bonds
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 investmen...
First REIT Sets Date for Release of Q3 2026 Business Update
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 upcoming i...
First REIT to Redeem S$100 Million Guaranteed Bonds Ahead of 2027 Maturity
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 due...
First REIT Finalises Supplemental Trust Deed for S$100m CGIF-Guaranteed Bonds
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 irrev...
First REIT Issues New Units to Manager as Partial Performance Fee Payment
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 th...
First REIT Issues Units to Manager as Part Payment of Management Fee
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 Sing...
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.
Date of analysis: Nov 01, 2026