DB:F1T

Stock Analysis Report

First Real Estate Investment Trust

Executive Summary

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 Bowsprit Capital Corporation Limited as the Manager and HSBC Institutional Trust Services (Singapore) Limited as the Trustee.

Snowflake

Fundamentals

Established dividend payer and fair value.


Similar Companies

Share Price & News

How has First Real Estate Investment Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-2.9%

F1T

0.7%

DE REITs

2.8%

DE Market


1 Year Return

-11.1%

F1T

31.2%

DE REITs

2.9%

DE Market

Return vs Industry: F1T underperformed the German REITs industry which returned 31.2% over the past year.

Return vs Market: F1T underperformed the German Market which returned 2.9% over the past year.


Share holder returns

F1TIndustryMarket
7 Day-2.9%0.7%2.8%
30 Day-1.9%6.8%-0.2%
90 Day-2.2%8.9%0.9%
1 Year-3.4%-11.1%35.9%31.2%6.2%2.9%
3 Year-3.1%-21.6%30.6%12.1%18.2%8.0%
5 Year28.2%-8.8%61.0%26.0%43.1%23.6%

Price Volatility Vs. Market

How volatile is First Real Estate Investment Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is First Real Estate Investment Trust undervalued based on future cash flows and its price relative to the stock market?

18%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Undervalued: F1T (€0.67) is trading below our estimate of fair value (€0.81)

Significantly Undervalued: F1T is trading below fair value, but not by a significant amount.


Price Based on Earnings

PE vs Industry: F1T is poor value based on its PE Ratio (11.1x) compared to the REITs industry average (8.3x).

PE vs Market: F1T is good value based on its PE Ratio (11.1x) compared to the German market (19.7x).


Price Based on Expected Growth

Low PEG Ratio: F1T's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price Based on Value of Assets

PB vs Industry: F1T is good value based on its PB Ratio (0.9x) compared to the DE REITs industry average (1.6x).


Next Steps

Future Growth

How is First Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

-2.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Earnings vs Savings Rate: F1T's earnings are forecast to decline over the next 3 years (-2.3% per year).

Earnings vs Market: F1T's earnings are forecast to decline over the next 3 years (-2.3% per year).

High Growth Earnings: F1T's earnings are forecast to decline over the next 3 years.

Revenue vs Market: F1T's revenue (1.6% per year) is forecast to grow slower than the German market (5% per year).

High Growth Revenue: F1T's revenue (1.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Estimates


Future Return on Equity

High Future ROE: F1T's Return on Equity is forecast to be low in 3 years time (8.2%).


Next Steps

Past Performance

How has First Real Estate Investment Trust performed over the past 5 years?

-8.4%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: F1T's earnings have declined by -8.4% per year over the past 5 years.

Accelerating Growth: F1T's earnings growth over the past year (3.3%) exceeds its 5-year average (-8.4% per year).

Earnings vs Industry: F1T earnings growth over the past year (3.3%) underperformed the REITs industry 103.4%.


Return on Equity

High ROE: F1T's Return on Equity (8.7%) is considered low.


Return on Assets

ROA vs Industry: F1T's Return on Assets is below or equal to the REITs industry average last year.


Return on Capital Employed

ROCE Improving: F1T has improved its Return on Capital Employed over the past 3 years.


Next Steps

Financial Health

How is First Real Estate Investment Trust's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: F1T has a high level of physical assets or inventory.

Debt Coverage by Assets: F1T's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: F1T's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if F1T has a sufficient allowance for bad loans.

Low Risk Liabilities: F1T reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if F1T has an acceptable proportion of non-loan assets held.

Low Risk Deposits: F1T has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if F1T has an appropriate level of bad loans.


Next Steps

Dividend

What is First Real Estate Investment Trust's current dividend yield, its reliability and sustainability?

8.67%

Expected Dividend Yield


Dividend Yield vs Market

company8.4%marketbottom25%1.5%markettop25%3.9%industryaverage1.8%forecastin3Years8.7%

Current dividend yield vs market & industry


Dividend Yield and Payments Analysis

Notable Dividend: F1T's dividend (8.43%) is higher than the bottom 25% of dividend payers in the German market (1.46%).

High Dividend: F1T's dividend (8.43%) is in the top 25% of dividend payers in the German market (3.86%)

Stable Dividend: F1T's dividends per share have been stable in the past 10 years.

Growing Dividend: F1T's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (81.5%), F1T's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: F1T's dividends in 3 years are not forecast to be well covered by earnings (110.6% payout ratio).


Next Steps

Management

What is the CEO of First Real Estate Investment Trust's salary, the management and board of directors tenure and is there insider trading?

1.7yrs

Average management tenure


CEO

Victor Tan (52yo)

2.4yrs

Tenure

0

Mr. Tan Kok Mian, also known as Victor, has been the Acting Chief Executive Officer & Executive Director - Bowsprit Capital Corporation Limited since 2017. Mr. Tan is a Chief Executive Officer of FIRST REI ...


Management Age and Tenure

1.7yrs

Average Tenure

Experienced Management: F1T's management team is not considered experienced ( 1.7 years average tenure), which suggests a new team.


Board Age and Tenure

1.0yrs

Average Tenure

60yo

Average Age

Experienced Board: F1T's board of directors are not considered experienced ( 1 years average tenure), which suggests a new board.


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

SellS$1,895,95504 Oct 19
Lanius Ltd.
EntityCompany
Shares2,873,100
Max PriceS$0.66
SellS$1,933,46404 Oct 19
Lanius Ltd.
EntityCompany
Shares2,884,300
Max PriceS$0.67
SellS$2,335,22802 Oct 19
Lanius Ltd.
EntityCompany
Shares3,467,700
Max PriceS$0.67
SellS$924,51202 Oct 19
Lanius Ltd.
EntityCompany
Shares1,369,500
Max PriceS$0.68
SellS$833,21402 Oct 19
Lanius Ltd.
EntityCompany
Shares1,179,400
Max PriceS$0.71
SellS$1,745,26630 Sep 19
Lanius Ltd.
EntityCompany
Shares2,542,300
Max PriceS$0.69
BuyS$19,16618 Apr 19
Kok Mian Tan
EntityIndividual
Role
Chief Executive Officer
CEO & Executive Director of Bowsprit Capital Corporation Limited
Shares30,000
Max PriceS$0.64
BuyS$12,88617 Apr 19
Kok Mian Tan
EntityIndividual
Role
Chief Executive Officer
CEO & Executive Director of Bowsprit Capital Corporation Limited
Shares20,000
Max PriceS$0.64
BuyS$65,304,77829 Oct 18
Golden Concord Asia Ltd
EntityCompany
Shares83,593,683
Max PriceS$0.78

Ownership Breakdown


Management Team

  • Victor Tan (52yo)

    CEO & Executive Director of Bowsprit Capital Corporation Limited

    • Tenure: 2.4yrs
  • Jacky Chan (50yo)

    Head of Asset & Investment Management of Bowsprit Capital Corporation Limited

    • Tenure: 0yrs
  • Valerie Ng

    Chief Financial Officer of Bowsprit Capital Corporation Limited

    • Tenure: 1.7yrs
  • Lay Hong Tan

    Company Secretary

    • Tenure: 0.2yrs

Board Members

  • Christopher James Williams (60yo)

    Chairman of Bowsprit Capital Corporation Limited

    • Tenure: 1yrs
  • Adrian Chan (54yo)

    Lead Independent Director of Bowsprit Capital Corporation Limited

    • Tenure: 1yrs
  • Victor Tan (52yo)

    CEO & Executive Director of Bowsprit Capital Corporation Limited

    • Tenure: 2.4yrs
  • Richard Tan (62yo)

    Independent Director of Bowsprit Capital Corporation Limited

    • Tenure: 2.5yrs
    • Compensation: S$75.83k
  • Martin Lechner

    Independent Director of Bowsprit Capital Corporation Limited

    • Tenure: 1.8yrs
  • Charles Bye Ferris (64yo)

    Independent Director of Bowsprit Capital Corporation Limited

    • Tenure: 1yrs
  • Minny Riady

    Non-Independent Non-Executive Director of Bowsprit Capital Corporation Limited

    • Tenure: 0.5yrs

Company Information

First Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: First Real Estate Investment Trust
  • Ticker: F1T
  • Exchange: DB
  • Founded: 2006
  • Industry: Health Care REITs
  • Sector: Real Estate
  • Market Cap: S$811.229m
  • Listing Market Cap: S$537.659m
  • Shares outstanding: 795.32m
  • Website: https://www.first-reit.com

Location

  • First Real Estate Investment Trust
  • 50 Collyer Quay
  • No. 06-01, OUE Bayfront
  • Singapore
  • 49321
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AW9USGX (Singapore Exchange)YesUnitsSGSGDDec 2006
F1TDB (Deutsche Boerse AG)YesUnitsDEEURDec 2006
FESN.FOTCPK (Pink Sheets LLC)YesUnitsUSUSDDec 2006

Biography

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 Bowsprit Capital Corporation Limited as the Manager ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/14 20:57
End of Day Share Price2019/10/14 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

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