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
Very undervalued with reasonable growth potential.
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 not significantly more volatile than the rest of SG stocks over the past 3 months, typically moving +/- 7% a week.
Volatility Over Time: AW9U's weekly volatility (7%) has been stable over the past year.
7 Day Return
1 Year Return
Return vs Industry: AW9U underperformed the SG REITs industry which returned -9.8% over the past year.
Return vs Market: AW9U underperformed the SG Market which returned -13.7% over the past year.
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 StCould The First Real Estate Investment Trust (SGX:AW9U) Ownership Structure Tell Us Something Useful?
3 months ago | Simply Wall StHow Much Did First Real Estate Investment Trust's(SGX:AW9U) Shareholders Earn From Share Price Movements Over The Last Three Years?
9 months ago | Simply Wall StSome First Real Estate Investment Trust (SGX:AW9U) Shareholders Are Down 26%
Is First Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: AW9U (SGD0.48) is trading below our estimate of fair value (SGD1.37)
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 (14x) compared to the SG REITs industry average (17.3x).
PE vs Market: AW9U is good value based on its PE Ratio (14x) compared to the SG market (14.2x).
Price to Earnings Growth Ratio
PEG Ratio: AW9U is good value based on its PEG Ratio (0.4x)
Price to Book Ratio
PB vs Industry: AW9U is good value based on its PB Ratio (0.5x) compared to the SG REITs industry average (0.8x).
How is First Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: AW9U's forecast earnings growth (32.5% per year) is above the savings rate (2.2%).
Earnings vs Market: AW9U's earnings (32.5% per year) are forecast to grow faster than the SG market (26.2% per year).
High Growth Earnings: earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: AW9U's revenue (12.2% per year) is forecast to grow faster than the SG market (8.1% per year).
High Growth Revenue: AW9U's revenue (12.2% 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 (7.9%).
How has First Real Estate Investment Trust performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: AW9U has high quality earnings.
Growing Profit Margin: AW9U's current net profit margins (28.2%) are lower than last year (62.3%).
Past Earnings Growth Analysis
Earnings Trend: AW9U's earnings have declined by 7.4% per year over the past 5 years.
Accelerating Growth: AW9U's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: AW9U had negative earnings growth (-62.5%) over the past year, making it difficult to compare to the REITs industry average (-13.8%).
Return on Equity
High ROE: AW9U's Return on Equity (3.6%) is considered low.
How is First Real Estate Investment Trust's financial position?
Financial Position Analysis
Short Term Liabilities: AW9U's short term assets (SGD71.2M) do not cover its short term liabilities (SGD237.2M).
Long Term Liabilities: AW9U's short term assets (SGD71.2M) do not cover its long term liabilities (SGD337.7M).
Debt to Equity History and Analysis
Debt Level: AW9U's debt to equity ratio (58.8%) is considered high.
Reducing Debt: AW9U's debt to equity ratio has increased from 52.3% to 58.8% over the past 5 years.
Debt Coverage: AW9U's debt is not well covered by operating cash flow (14.5%).
Interest Coverage: AW9U's interest payments on its debt are well covered by EBIT (3.8x coverage).
What is First Real Estate Investment Trust current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: AW9U's dividend (3.71%) is higher than the bottom 25% of dividend payers in the SG market (2.37%).
High Dividend: AW9U's dividend (3.71%) is low compared to the top 25% of dividend payers in the SG market (5.17%).
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 (97.6%), AW9U's 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 (101.9% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average board tenure
Victor Tan (53 yo)
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...
|CEO & Executive Director of Bowsprit Capital Corporation Limited||3.5yrs||no data||0.013% |
|Chairman of Bowsprit Capital Corporation Limited||2.08yrs||S$90.00k||no data|
|Lead Independent Director of Bowsprit Capital Corporation Limited||2.08yrs||S$113.63k||no data|
|Independent Director of Bowsprit Capital Corporation Limited||3.58yrs||S$73.13k||no data|
|Independent Director of Bowsprit Capital Corporation Limited||2.83yrs||S$61.88k||no data|
|Independent Director of Bowsprit Capital Corporation Limited||2.08yrs||S$95.63k||no data|
|Non-Independent Non-Executive Director of Bowsprit Capital Corporation Limited||1.58yrs||S$40.99k||no data|
Experienced Board: AW9U's board of directors are not considered experienced ( 2.1 years average tenure), which suggests a new board.
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
First Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources
- Name: First Real Estate Investment Trust
- Ticker: AW9U
- Exchange: SGX
- Founded: 2006
- Industry: Health Care REITs
- Sector: Real Estate
- Market Cap: S$383.423m
- Shares outstanding: 807.21m
- Website: https://www.first-reit.com
- First Real Estate Investment Trust
- 50 Collyer Quay
- No. 06-01, OUE Bayfront
|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|
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||2020/11/27 11:12|
|End of Day Share Price||2020/11/27 00:00|
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.