First Real Estate Investment Trust
Market Cap
S$793.7m
Last Updated
2019/12/14 12:41 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 Bowsprit Capital Corporation Limited as the Manager and HSBC Institutional Trust Services (Singapore) Limited as the Trustee.
Rewards
Risk Analysis
Earnings are forecast to decline by an average of -2.7% per year for the next 3 years
Snowflake Analysis
Undervalued established dividend payer.
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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 has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
-2.5%
AW9U
-2.5%
SG REITs
0.1%
SG Market
1 Year Return
-1.5%
AW9U
13.9%
SG REITs
3.7%
SG Market
Return vs Industry: AW9U underperformed the SG REITs industry which returned 13.9% over the past year.
Return vs Market: AW9U underperformed the SG Market which returned 3.7% over the past year.
Shareholder returns
| AW9U | Industry | Market | |
|---|---|---|---|
| 7 Day | -2.5% | -2.5% | 0.1% |
| 30 Day | -1.5% | -0.2% | -0.2% |
| 90 Day | -8.7% | -2.1% | 0.3% |
| 1 Year | 7.2%-1.5% | 20.9%13.9% | 7.9%3.7% |
| 3 Year | -3.7%-22.3% | 48.5%22.5% | 17.5%4.9% |
| 5 Year | 13.7%-19.1% | 57.6%13.6% | 14.2%-4.9% |
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
First Real Estate Investment Trust (SGX:AW9U) Is Yielding 8.3% - But Is It A Buy?1 year ago | Simply Wall St
Can First Real Estate Investment Trust (SGX:AW9U) Continue To Outperform Its Industry?1 year ago | Simply Wall St
Real Estate Dividend Stocks Of The Month: First Real Estate Investment Trust And MoreValuation
Is First Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?
35.5%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: AW9U (SGD1) is trading below our estimate of fair value (SGD1.54)
Significantly Below Fair Value: AW9U is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: AW9U is good value based on its PE Ratio (10.9x) compared to the REITs industry average (14.2x).
PE vs Market: AW9U is good value based on its PE Ratio (10.9x) compared to the SG market (13.1x).
Price to Earnings Growth Ratio
PEG Ratio: AW9U's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: AW9U is good value based on its PB Ratio (0.9x) compared to the SG REITs industry average (1x).
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 1 analyst?
-2.7%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: AW9U's earnings are forecast to decline over the next 3 years (-2.7% per year).
Earnings vs Market: AW9U's earnings are forecast to decline over the next 3 years (-2.7% per year).
High Growth Earnings: AW9U's earnings are forecast to decline over the next 3 years.
Revenue vs Market: AW9U's revenue (1.3% per year) is forecast to grow slower than the SG market (5.6% per year).
High Growth Revenue: AW9U's revenue (1.3% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: AW9U's Return on Equity is forecast to be low in 3 years time (8.1%).
Next Steps
Past Performance
How has First Real Estate Investment Trust performed over the past 5 years?
-6.2%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: AW9U has high quality earnings.
Growing Profit Margin: AW9U's current net profit margins (62.2%) are higher than last year (60.3%).
Past Earnings Growth Analysis
Earnings Trend: AW9U's earnings have declined by -6.2% per year over the past 5 years.
Accelerating Growth: AW9U's earnings growth over the past year (3.5%) exceeds its 5-year average (-6.2% per year).
Earnings vs Industry: AW9U earnings growth over the past year (3.5%) underperformed the REITs industry 4.6%.
Return on Equity
High ROE: AW9U's Return on Equity (8.7%) is considered low.
Return on Assets
Return on Capital Employed
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: AW9U has a high level of physical assets or inventory.
Debt Coverage by Assets: AW9U's debt is not covered by short term assets (assets are 0.1x debt).
Financial Institutions Analysis
Asset Level: AW9U's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if AW9U has a sufficient allowance for bad loans.
Low Risk Liabilities: AW9U reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if AW9U has an acceptable proportion of non-loan assets held.
Low Risk Deposits: AW9U has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if AW9U 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?
8.64%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: AW9U's dividend (8.64%) is higher than the bottom 25% of dividend payers in the SG market (2.56%).
High Dividend: AW9U's dividend (8.64%) is in the top 25% of dividend payers in the SG market (5.51%)
Stability and Growth of Payments
Stable Dividend: AW9U's dividends per share have been stable in the past 10 years.
Growing Dividend: AW9U's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonable payout ratio (68%), AW9U's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: AW9U's dividends in 3 years are not forecast to be well covered by earnings (107.8% 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?
1.8yrs
Average management tenure
CEO
Victor Tan (52yo)
2.6yrs
Tenure
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
1.8yrs
Average Tenure
Experienced Management: AW9U's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.
Board Age and Tenure
1.2yrs
Average Tenure
60yo
Average Age
Experienced Board: AW9U's board of directors are not considered experienced ( 1.2 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
| Entity | Company |
| Shares | 5,000,000 |
| Max Price | S$1.01 |
| Entity | Company |
| Shares | 4,506,600 |
| Max Price | S$1.02 |
| Entity | Company |
| Shares | 2,280,500 |
| Max Price | S$1.02 |
| Entity | Company |
| Shares | 2,873,100 |
| Max Price | S$1.00 |
| Entity | Company |
| Shares | 2,884,300 |
| Max Price | S$1.02 |
| Entity | Company |
| Shares | 3,467,700 |
| Max Price | S$1.02 |
| Entity | Company |
| Shares | 1,369,500 |
| Max Price | S$1.02 |
| Entity | Company |
| Shares | 1,179,400 |
| Max Price | S$1.07 |
| Entity | Company |
| Shares | 2,542,300 |
| Max Price | S$1.04 |
| Entity | Individual |
| Role | Chief Executive Officer CEO & Executive Director of Bowsprit Capital Corporation Limited |
| Shares | 30,000 |
| Max Price | S$0.98 |
| Entity | Individual |
| Role | Chief Executive Officer CEO & Executive Director of Bowsprit Capital Corporation Limited |
| Shares | 20,000 |
| Max Price | S$0.98 |
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Management Team
Victor Tan (52yo)
CEO & Executive Director of Bowsprit Capital Corporation Limited
- Tenure: 2.6yrs
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: 1.8yrs
Lay Hong Tan
Company Secretary
- Tenure: 0.3yrs
Board Members
Christopher James Williams (60yo)
Chairman of Bowsprit Capital Corporation Limited
- Tenure: 1.2yrs
Adrian Chan (54yo)
Lead Independent Director of Bowsprit Capital Corporation Limited
- Tenure: 1.2yrs
Victor Tan (52yo)
CEO & Executive Director of Bowsprit Capital Corporation Limited
- Tenure: 2.6yrs
Richard Tan (62yo)
Independent Director of Bowsprit Capital Corporation Limited
- Tenure: 2.7yrs
- Compensation: S$75.83k
Martin Lechner
Independent Director of Bowsprit Capital Corporation Limited
- Tenure: 1.9yrs
Charles Bye Ferris (64yo)
Independent Director of Bowsprit Capital Corporation Limited
- Tenure: 1.2yrs
Minny Riady
Non-Independent Non-Executive Director of Bowsprit Capital Corporation Limited
- Tenure: 0.7yrs
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$793.686m
- Shares outstanding: 797.67m
- 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 Bowsprit Capital Corporation Limited as the Manager ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2019/12/14 12:41 |
| End of Day Share Price | 2019/12/13 00:00 |
| Earnings | 2019/09/30 |
| Annual Earnings | 2018/12/31 |
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.