First Real Estate Investment Trust
Market Cap
S$327.6m
Last Updated
2021/03/08 11:05 UTC
Data Sources
Company Financials
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 First REIT Management Limited (formerly Bowsprit Capital Corporation Limited) as the Manager and HSBC Institutional Trust Services (Singapore) Limited as the Trustee. More Details
Snowflake Analysis
Fair value second-rate dividend payer.
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
Stable Share Price: AW9U is more volatile than 75% of SG stocks over the past 3 months, typically moving +/- 13% a week.
Volatility Over Time: AW9U's weekly volatility (13%) has been stable over the past year, but is still higher than 75% of SG stocks.
Market Performance
7 Day Return
0%
AW9U
-0.2%
SG REITs
1.3%
SG Market
1 Year Return
-77.7%
AW9U
-13.0%
SG REITs
-1.6%
SG Market
Return vs Industry: AW9U underperformed the SG REITs industry which returned -13% over the past year.
Return vs Market: AW9U underperformed the SG Market which returned -1.6% over the past year.
Shareholder returns
| AW9U | Industry | Market | |
|---|---|---|---|
| 7 Day | 0% | -0.2% | 1.3% |
| 30 Day | 0% | -3.6% | 2.2% |
| 90 Day | -47.5% | -0.2% | 6.6% |
| 1 Year | -73.2%-77.7% | -8.4%-13.0% | 3.5%-1.6% |
| 3 Year | -78.8%-84.9% | 17.3%-2.3% | -7.2%-18.6% |
| 5 Year | -72.3%-82.6% | 45.6%7.6% | 17.0%-4.4% |
Long-Term 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
1 month ago | Simply Wall St
What Type Of Shareholders Own The Most Number of First Real Estate Investment Trust (SGX:AW9U) Shares?3 months ago | Simply Wall St
First Real Estate Investment Trust's(SGX:AW9U) Share Price Is Down 69% Over The Past Three Years.4 months ago | Simply Wall St
Could The First Real Estate Investment Trust (SGX:AW9U) Ownership Structure Tell Us Something Useful?Valuation
Is First Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?
>50%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: AW9U (SGD0.21) is trading below our estimate of fair value (SGD0.53)
Significantly Below Fair Value: AW9U is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: AW9U is unprofitable, so we can't compare its PE Ratio to the SG REITs industry average.
PE vs Market: AW9U is unprofitable, so we can't compare its PE Ratio to the SG market.
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate AW9U's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: AW9U is good value based on its PB Ratio (0.4x) compared to the SG REITs industry average (0.9x).
Next Steps
Future Growth
How is First Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?
28.9%
Forecasted Real Estate industry annual growth in earnings
In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as First Real Estate Investment Trust has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.
This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.
Next Steps
- Examine whether First Real Estate Investment Trust is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
- First Real Estate Investment Trust competitive advantages and company strategy can generally be found in its financial reports archived here.
- Explore growth companies in the Real Estate industry.
Past Performance
How has First Real Estate Investment Trust performed over the past 5 years?
-43.3%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: AW9U is currently unprofitable.
Growing Profit Margin: AW9U is currently unprofitable.
Past Earnings Growth Analysis
Earnings Trend: AW9U is unprofitable, and losses have increased over the past 5 years at a rate of 43.3% per year.
Accelerating Growth: Unable to compare AW9U's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: AW9U is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (-29.3%).
Return on Equity
High ROE: AW9U has a negative Return on Equity (-75.96%), as it is currently unprofitable.
Next Steps
Financial Health
How is First Real Estate Investment Trust's financial position?
Financial Position Analysis
Short Term Liabilities: AW9U's short term assets (SGD65.2M) do not cover its short term liabilities (SGD223.4M).
Long Term Liabilities: AW9U's short term assets (SGD65.2M) do not cover its long term liabilities (SGD317.5M).
Debt to Equity History and Analysis
Debt Level: AW9U's debt to equity ratio (106.2%) is considered high.
Reducing Debt: AW9U's debt to equity ratio has increased from 56% to 106.2% over the past 5 years.
Debt Coverage: AW9U's debt is not well covered by operating cash flow (10.5%).
Interest Coverage: AW9U is unprofitable, therefore interest payments are not well covered by earnings.
Balance Sheet
Next Steps
Dividend
What is First Real Estate Investment Trust current dividend yield, its reliability and sustainability?
19.76%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: AW9U's dividend (19.76%) is higher than the bottom 25% of dividend payers in the SG market (1.88%).
High Dividend: AW9U's dividend (19.76%) is in the top 25% of dividend payers in the SG market (4.82%)
Stability and Growth of Payments
Stable Dividend: AW9U's dividend payments have been volatile in the past 10 years.
Growing Dividend: AW9U's dividend payments have fallen over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: At its current payout ratio (91.4%), AW9U's payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
3.1yrs
Average management tenure
CEO
Victor Tan (53 yo)
3.83yrs
Tenure
Mr. Kok Mian Tan, 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...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Executive Director of Bowsprit Capital Corporation Limited | 3.83yrs | no data | 0.016% SGD 51.8k | |
| Chief Financial Officer of Bowsprit Capital Corporation Limited | 3.08yrs | no data | no data | |
| Head of Asset & Investment Management of Bowsprit Capital Corporation Limited | no data | no data | no data | |
| Company Secretary | 0.17yr | no data | no data |
3.1yrs
Average Tenure
Experienced Management: AW9U's management team is considered experienced (3.1 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Executive Director of Bowsprit Capital Corporation Limited | 3.83yrs | no data | 0.016% SGD 51.8k | |
| Chairman of Bowsprit Capital Corporation Limited | 2.42yrs | S$90.00k | no data | |
| Lead Independent Director of Bowsprit Capital Corporation Limited | 2.42yrs | S$113.63k | no data | |
| Independent Director of Bowsprit Capital Corporation Limited | 3.92yrs | S$73.13k | no data | |
| Independent Director of Bowsprit Capital Corporation Limited | 3.17yrs | S$61.88k | 0.31% SGD 1.0m | |
| Independent Director of Bowsprit Capital Corporation Limited | 2.42yrs | S$95.63k | no data | |
| Non-Independent Non-Executive Director of Bowsprit Capital Corporation Limited | 1.92yrs | S$40.99k | no data |
2.4yrs
Average Tenure
61yo
Average Age
Experienced Board: AW9U's board of directors are not considered experienced ( 2.4 years average tenure), which suggests a new board.
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: AW9U insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 99.8%.
Top Shareholders
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: AW9U
- Exchange: SGX
- Founded: 2006
- Industry: Health Care REITs
- Sector: Real Estate
- Market Cap: S$327.645m
- Shares outstanding: 1.60b
- Website: https://www.first-reit.com
Location
- First Real Estate Investment Trust
- 50 Collyer Quay
- No. 06-01, OUE Bayfront
- Singapore
- 49321
- Singapore
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| AW9U | SGX (Singapore Exchange) | Yes | Units | SG | SGD | Dec 2006 |
| F1T | DB (Deutsche Boerse AG) | Yes | Units | DE | EUR | Dec 2006 |
| FESN.F | OTCPK (Pink Sheets LLC) | Yes | Units | US | USD | Dec 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 First REIT Management Limited (formerly Bowsprit Ca...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/03/08 11:05 |
| End of Day Share Price | 2021/03/08 00:00 |
| Earnings | 2020/12/31 |
| Annual Earnings | 2020/12/31 |
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.