SGX:AW9U

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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 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

AW9UIndustryMarket
7 Day0%-0.2%1.3%
30 Day0%-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

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

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

NamePositionTenureCompensationOwnership
Kok Mian Tan
CEO & Executive Director of Bowsprit Capital Corporation Limited3.83yrsno data0.016%
SGD 51.8k
Chwee Ngor Ng
Chief Financial Officer of Bowsprit Capital Corporation Limited3.08yrsno datano data
Seng Leong Chan
Head of Asset & Investment Management of Bowsprit Capital Corporation Limitedno datano datano data
Hua Yeow Chua
Company Secretary0.17yrno datano data

3.1yrs

Average Tenure

Experienced Management: AW9U's management team is considered experienced (3.1 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Kok Mian Tan
CEO & Executive Director of Bowsprit Capital Corporation Limited3.83yrsno data0.016%
SGD 51.8k
Christopher James Williams
Chairman of Bowsprit Capital Corporation Limited2.42yrsS$90.00kno data
Pengee Chan
Lead Independent Director of Bowsprit Capital Corporation Limited2.42yrsS$113.63kno data
Chuan Lye Tan
Independent Director of Bowsprit Capital Corporation Limited3.92yrsS$73.13kno data
Martin Lechner
Independent Director of Bowsprit Capital Corporation Limited3.17yrsS$61.88k0.31%
SGD 1.0m
Charles Bye Ferris
Independent Director of Bowsprit Capital Corporation Limited2.42yrsS$95.63kno data
Minny Riady
Non-Independent Non-Executive Director of Bowsprit Capital Corporation Limited1.92yrsS$40.99kno 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

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 First REIT Management Limited (formerly Bowsprit Ca...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/03/08 11:05
End of Day Share Price2021/03/08 00:00
Earnings2020/12/31
Annual Earnings2020/12/31


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.