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First Real Estate Investment Trust

OTCPK:FESN.F
Snowflake Description

Established dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FESN.F
OTCPK
SGD785M
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

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. The last earnings update was 47 days ago. More info.


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FESN.F Share Price and Events
7 Day Returns
0%
OTCPK:FESN.F
0.1%
US REITs
-1.4%
US Market
1 Year Returns
-
OTCPK:FESN.F
13.9%
US REITs
1.6%
US Market
FESN.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
First Real Estate Investment Trust (FESN.F) 0% -1.6% - - - -23.8%
US REITs 0.1% 1.9% 3.8% 13.9% 11.3% 25.5%
US Market -1.4% -3.9% 0.1% 1.6% 33.2% 38.2%
1 Year Return vs Industry and Market
  • No trading data on FESN.F.
  • No trading data on FESN.F.
Price Volatility
FESN.F
Industry
5yr Volatility vs Market

Value

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

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of First Real Estate Investment Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for First Real Estate Investment Trust.

OTCPK:FESN.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.9%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:FESN.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 17%) (62.1%))
0.867
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.87
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.867 * 5.96%)
7.9%

Discounted Cash Flow Calculation for OTCPK:FESN.F using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for First Real Estate Investment Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

OTCPK:FESN.F DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 7.9%)
2019 67.91 Analyst x1 62.94
2020 48.23 Analyst x1 41.43
2021 80.41 Analyst x1 64.02
2022 80.69 Est @ 0.35% 59.54
2023 81.55 Est @ 1.06% 55.77
2024 82.82 Est @ 1.56% 52.49
2025 84.41 Est @ 1.91% 49.58
2026 86.23 Est @ 2.16% 46.95
2027 88.24 Est @ 2.33% 44.52
2028 90.40 Est @ 2.45% 42.28
Present value of next 10 years cash flows SGD519.52
OTCPK:FESN.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD90.40 × (1 + 2.73%) ÷ (7.9% – 2.73%)
SGD1,797.55
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD1,797.55 ÷ (1 + 7.9%)10
SGD840.64
OTCPK:FESN.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD519.52 + SGD840.64
SGD1,360.16
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD1,360.16 / 792.78
SGD1.23
OTCPK:FESN.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:FESN.F represents 0.71555x of SGX:AW9U
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.71555x
Value per Share
(Listing Adjusted, USD)
= Value per Share (SGD) x Listing Adjustment Factor
= SGD 1.23 x 0.71555
$0.88
Value per share (USD) From above. $0.88
Current discount Discount to share price of $0.71
= -1 x ($0.71 - $0.88) / $0.88
19.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price First Real Estate Investment Trust is available for.
Intrinsic value
19%
Share price is $0.7084 vs Future cash flow value of $0.87845
Current Discount Checks
For First Real Estate Investment Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • First Real Estate Investment Trust's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • First Real Estate Investment Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for First Real Estate Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are First Real Estate Investment Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:FESN.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in SGD SGD0.09
SGX:AW9U Share Price ** SGX (2019-05-03) in SGD SGD0.99
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.61x
United States of America Market PE Ratio Median Figure of 3,086 Publicly-Listed Companies 17.45x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of First Real Estate Investment Trust.

OTCPK:FESN.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:AW9U Share Price ÷ EPS (both in SGD)

= 0.99 ÷ 0.09

10.82x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • First Real Estate Investment Trust is good value based on earnings compared to the US REITs industry average.
  • First Real Estate Investment Trust is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does First Real Estate Investment Trust's expected growth come at a high price?
Raw Data
OTCPK:FESN.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.82x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
-2.2%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.41x
United States of America Market PEG Ratio Median Figure of 2,121 Publicly-Listed Companies 1.51x

*Line of best fit is calculated by linear regression .

OTCPK:FESN.F PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.82x ÷ -2.2%

-4.87x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • First Real Estate Investment Trust earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on First Real Estate Investment Trust's assets?
Raw Data
OTCPK:FESN.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in SGD SGD1.10
SGX:AW9U Share Price * SGX (2019-05-03) in SGD SGD0.99
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,208 Publicly-Listed Companies 1.8x
OTCPK:FESN.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:AW9U Share Price ÷ Book Value per Share (both in SGD)

= 0.99 ÷ 1.10

0.9x

* Primary Listing of First Real Estate Investment Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • First Real Estate Investment Trust is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess First Real Estate Investment Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. First Real Estate Investment Trust has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

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

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-2.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is First Real Estate Investment Trust expected to grow at an attractive rate?
  • First Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • First Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • First Real Estate Investment Trust's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:FESN.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:FESN.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts -2.2%
OTCPK:FESN.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 1.5%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OTCPK:FESN.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:FESN.F Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 122 84 67 1
2020-12-31 120 84 66 1
2019-12-31 119 81 66 1
OTCPK:FESN.F Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2019-03-31 116 77 72
2018-12-31 116 73 72
2018-09-30 115 67 70
2018-06-30 114 81 70
2018-03-31 113 79 71
2017-12-31 111 73 70
2017-09-30 109 69 42
2017-06-30 109 75 42
2017-03-31 108 74 42
2016-12-31 107 81 39
2016-09-30 106 82 67
2016-06-30 104 77 66

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • First Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • First Real Estate Investment Trust's revenue is expected to grow by 1.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:FESN.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from First Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:FESN.F Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.08 0.08 0.08 1.00
2020-12-31 0.08 0.08 0.08 1.00
2019-12-31 0.08 0.08 0.08 1.00
OTCPK:FESN.F Past Financials Data
Date (Data in SGD Millions) EPS *
2019-03-31 0.09
2018-12-31 0.09
2018-09-30 0.09
2018-06-30 0.09
2018-03-31 0.09
2017-12-31 0.09
2017-09-30 0.05
2017-06-30 0.05
2017-03-31 0.05
2016-12-31 0.05
2016-09-30 0.09
2016-06-30 0.09

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • First Real Estate Investment Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess First Real Estate Investment Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
First Real Estate Investment Trust has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare First Real Estate Investment Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • First Real Estate Investment Trust's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • First Real Estate Investment Trust's 1-year earnings growth exceeds its 5-year average (2% vs -11.8%)
  • First Real Estate Investment Trust's earnings growth has not exceeded the US REITs industry average in the past year (2% vs 16%).
Earnings and Revenue History
First Real Estate Investment Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from First Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:FESN.F Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 116.13 72.02 0.43
2018-12-31 116.20 72.47 0.43
2018-09-30 115.43 69.55 0.42
2018-06-30 114.00 70.02 0.42
2018-03-31 112.56 70.61 0.41
2017-12-31 110.99 70.03 0.41
2017-09-30 109.43 42.47 0.40
2017-06-30 108.55 42.40 0.40
2017-03-31 107.67 41.94 0.40
2016-12-31 107.02 38.69 0.40
2016-09-30 105.70 67.00 0.39
2016-06-30 104.06 65.91 0.39
2016-03-31 102.45 65.90 0.38
2015-12-31 100.70 67.78 0.37
2015-09-30 98.92 90.12 0.37
2015-06-30 97.48 88.88 0.36
2015-03-31 95.53 91.41 0.35
2014-12-31 93.26 90.60 0.34
2014-09-30 92.19 98.85 0.33
2014-06-30 91.15 98.00 0.33
2014-03-31 88.23 120.40 0.32
2013-12-31 83.28 117.83 0.30
2013-09-30 75.86 98.16 0.27
2013-06-30 67.25 95.98 0.24
2013-03-31 61.15 65.78 0.22
2012-12-31 57.65 65.24 0.20
2012-09-30 56.16 49.52 0.20
2012-06-30 55.65 47.29 0.20

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • First Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • First Real Estate Investment Trust used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • First Real Estate Investment Trust has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess First Real Estate Investment Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
First Real Estate Investment Trust has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is First Real Estate Investment Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up First Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • First Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • First Real Estate Investment Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of First Real Estate Investment Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from First Real Estate Investment Trust Company Filings, last reported 1 month ago.

OTCPK:FESN.F Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 868.22 487.40 17.07
2018-12-31 869.15 496.85 27.76
2018-09-30 854.32 495.46 10.47
2018-06-30 854.85 480.16 16.32
2018-03-31 854.27 479.65 17.00
2017-12-31 852.32 477.13 15.74
2017-09-30 839.53 447.94 47.72
2017-06-30 840.88 414.71 27.65
2017-03-31 840.14 413.88 27.36
2016-12-31 838.58 413.73 33.58
2016-09-30 852.11 397.10 37.86
2016-06-30 792.79 452.42 31.95
2016-03-31 791.03 452.08 28.77
2015-12-31 791.10 442.57 26.83
2015-09-30 763.12 398.08 37.73
2015-06-30 759.10 396.70 35.46
2015-03-31 755.23 397.65 31.87
2014-12-31 744.95 396.58 28.23
2014-09-30 704.30 369.17 30.57
2014-06-30 700.09 372.25 28.07
2014-03-31 686.63 350.71 29.83
2013-12-31 682.90 353.80 29.33
2013-09-30 638.57 354.59 29.84
2013-06-30 631.22 354.46 22.10
2013-03-31 556.93 213.30 26.68
2012-12-31 550.07 212.84 20.50
2012-09-30 499.38 97.20 22.88
2012-06-30 501.12 97.79 26.61
  • First Real Estate Investment Trust's level of debt (56.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (51.1% vs 56.1% today).
  • Debt is not well covered by operating cash flow (15.7%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.7x coverage).
X
Financial health checks
We assess First Real Estate Investment Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. First Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
8.69%
Current annual income from First Real Estate Investment Trust dividends. Estimated to be 8.93% next year.
If you bought $2,000 of First Real Estate Investment Trust shares you are expected to receive $174 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • First Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
  • First Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.75%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:FESN.F Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2007 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:FESN.F Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.09 1.00
2020-12-31 0.09 2.00
2019-12-31 0.09 2.00
OTCPK:FESN.F Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-04-10 0.086 8.776
2019-01-16 0.086 8.361
2018-10-16 0.086 8.064
2018-07-17 0.086 6.817
2018-04-17 0.086 6.359
2018-01-17 0.086 6.247
2017-10-23 0.086 6.175
2017-07-17 0.086 6.371
2017-04-17 0.086 6.415
2017-01-17 0.085 6.567
2016-10-19 0.085 6.534
2016-07-14 0.084 6.338
2016-04-18 0.084 6.742
2016-01-19 0.084 6.983
2015-10-13 0.083 6.872
2015-07-20 0.083 6.320
2015-04-14 0.082 5.771
2015-01-15 0.082 6.033
2014-10-17 0.081 6.502
2014-07-15 0.080 6.536
2014-04-14 0.080 6.788
2014-01-17 0.075 7.109
2013-04-09 0.073 6.295
2013-01-23 0.073 6.372
2012-07-24 0.077 7.552
2012-04-20 0.077 8.563
2012-01-26 0.070 8.456
2011-04-20 0.063 8.167
2011-03-31 0.077 10.518
2011-01-21 0.077 10.410
2010-10-22 0.078 9.661
2010-07-26 0.077 8.609
2010-04-23 0.077 9.090
2010-01-25 0.077 9.172
2009-10-22 0.076 9.819
2009-07-23 0.077 11.193

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of First Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.9x coverage).
X
Income/ dividend checks
We assess First Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can First Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. First Real Estate Investment Trust has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

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?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Victor Tan
AGE 51
TENURE AS CEO 2 years
CEO Bio

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 REIT. He served as Chief Financial Officer of Bowsprit Capital Corporation Limited, Manager of First Real Estate Investment Trust. since July 28, 2008 until 2017. Mr. Tan served as Investor Relations Manager of Bowsprit Capital Corporation Limited until April 7, 2017. He joined Bowsprit in April 2008 as Senior Finance Manager and was responsible for its financial operations. Prior to joining Bowsprit, he worked at Parkway Holdings Limited from 1997 to 2008. He joined Parkway Holdings as an Accountant in 1997 and was promoted to the position of Group Accountant and subsequently to Financial Controller. He serves as Executive Director and Chief Executive Officer of Bowsprit Capital Corporation Limited, Manager of First Real Estate Investment Trust since May 19, 2017. His scope of work in Parkway included supervising the preparation of the financial accounts and handling accounting matters for the holding company as well as some of the subsidiary companies in the Parkway Group. During his tenure, he also assisted Parkway’s Chief Financial Officer in the preparation of the consolidated accounts for the Parkway Group. Mr. Tan graduated in 1997 with the professional qualification from the Association of Chartered Certified Accountants(ACCA).

CEO Compensation
  • Insufficient data for Victor to compare compensation growth.
  • Insufficient data for Victor to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team

Victor Tan

TITLE
CEO & Executive Director of Bowsprit Capital Corporation Limited
AGE
51
TENURE
2 yrs

Valerie Ng

TITLE
Chief Financial Officer of Bowsprit Capital Corporation Limited
TENURE
1.3 yrs

Jacky Chan

TITLE
Senior Asset & Investment Manager of Bowsprit Capital Corporation Limited
AGE
49

Victor Lai

TITLE
Company Secretary of Bowsprit Capital Corporation Limited
Board of Directors Tenure

Average tenure and age of the First Real Estate Investment Trust board of directors in years:

0.6
Average Tenure
59
Average Age
  • The average tenure for the First Real Estate Investment Trust board of directors is less than 3 years, this suggests a new board.
Board of Directors

Christopher James Williams

TITLE
Chairman of Bowsprit Capital Corporation Limited
AGE
59
TENURE
0.6 yrs

Victor Tan

TITLE
CEO & Executive Director of Bowsprit Capital Corporation Limited
AGE
51
TENURE
2 yrs

Charles Bye Ferris

TITLE
Independent Director of Bowsprit Capital Corporation Limited
AGE
63
TENURE
0.6 yrs

Adrian Chan

TITLE
Lead Independent Director of Bowsprit Capital Corporation Limited
AGE
53
TENURE
0.6 yrs

Richard Tan

TITLE
Independent Director of Bowsprit Capital Corporation Limited
COMPENSATION
SGD76K
AGE
61
TENURE
2.1 yrs

Martin Lechner

TITLE
Independent Director of Bowsprit Capital Corporation Limited
TENURE
1.3 yrs

Minny Riady

TITLE
Non-Independent Non-Executive Director of Bowsprit Capital Corporation Limited
TENURE
0.1 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by First Real Estate Investment Trust insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
18. Apr 19 Buy Kok Mian Tan Individual 17. Apr 19 17. Apr 19 30,000 $0.72 $21,659
17. Apr 19 Buy Kok Mian Tan Individual 16. Apr 19 16. Apr 19 20,000 $0.73 $14,549
29. Oct 18 Buy Golden Concord Asia Ltd Company 26. Oct 18 26. Oct 18 83,593,683 $0.89 $74,336,686
X
Management checks
We assess First Real Estate Investment Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. First Real Estate Investment Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

First Real Estate Investment Trust (OTCPK:FESN.F): What Does The Future Look Like?

First Real Estate Investment Trust's (OTCPK:FESN.F) latest earnings announcement in December 2018a

Simply Wall St -

Company Info

Description

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. First REIT was listed on the Singapore Exchange Securities Trading Limited on 11 December 2006. On 1 March 2018, HSBC Institutional Trust Services (Singapore) Limited retired as the Trustee of First REIT in favour of Perpetual (Asia) Limited. First REIT is Singapore’s first healthcare real estate investment trust that aims to invest in a diversified portfolio of income-producing real estate and / or real estate-related assets in Asia that are primarily used for healthcare and / or healthcare-related purposes. Managed by Bowsprit Capital Corporation Limited, First REIT’s portfolio consists of 20 properties located in Indonesia, Singapore and South Korea, namely 1) Siloam Hospitals Lippo Village, 2) Siloam Hospitals Kebon Jeruk, 3) Siloam Hospitals Surabaya, 4) Imperial Aryaduta Hotel & Country Club, 5) Mochtar Riady Comprehensive Cancer Centre, 6) Siloam Hospitals Lippo Cikarang, 7) Siloam Hospitals Manado & Hotel Aryaduta Manado, 8) Siloam Hospitals Makassar, 9) Siloam Hospitals Bali, 10) Siloam Hospitals TB Simatupang, 11) Siloam Hospitals Purwakarta, 12) Siloam Sriwijaya, 13) Siloam Hospitals Kupang & Lippo Plaza Kupang, 14) Siloam Hospitals Labuan Bajo, 15) Siloam Hospitals Buton & Lippo Plaza Buton 16) Siloam Hospitals Yogyakarta 17) Pacific Healthcare Nursing Home @ Bukit Merah, 18) Pacific Healthcare Nursing Home II @ Bukit Panjang, 19) The Lentor Residence and 20) Sarang Hospital. Its hospital assets in Indonesia are operated by PT Siloam International Hospitals Tbk, a subsidiary of PT Lippo Karawaci Tbk, a strong brand name in the Indonesian healthcare industry supported by a team of international healthcare professionals, whereas the Imperial Aryaduta Hotel & Country Club and Hotel Aryaduta Manado are operated by The Aryaduta Hotel & Resort Group. Lippo Plaza Kupang and Lippo Plaza Buton are managed by PT Lippo Malls Indonesia. In Singapore, the nursing homes at Bukit Merah and Bukit Panjang are operated by Pacific Healthcare Nursing Home Pte Ltd and Pacific Eldercare and Nursing Pte Ltd respectively. The Lentor Residence is operated by The Lentor Residence Pte Ltd, while Sarang Hospital in South Korea is managed by a private doctor. Through First REIT, investors can participate in an asset class that has a focus towards Asia’s growing healthcare sector, which is boosted by an increase in life expectancy in Indonesia and the rest of Pan- Asia.

Details
Name: First Real Estate Investment Trust
FESN.F
Exchange: OTCPK
Founded: 2006
SGD570,624,672
792,782,115
Website: http://www.first-reit.com
Address: First Real Estate Investment Trust
50 Collyer Quay,
No. 06-01, OUE Bayfront,
Singapore,
49321,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX AW9U Units Singapore Exchange SG SGD 11. Dec 2006
OTCPK FESN.F Units Pink Sheets LLC US USD 11. Dec 2006
DB F1T Units Deutsche Boerse AG DE EUR 11. Dec 2006
Number of employees
Current staff
Staff numbers
0
First Real Estate Investment Trust employees.
Industry
Health Care REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/27 00:12
End of day share price update: 2019/05/03 00:00
Last estimates confirmation: 2019/05/07
Last earnings filing: 2019/04/10
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.