First Real Estate Investment Tr (AW9U) Fair Value & Analysis
Real Estate · SG · Market cap 487M SGD
Fair value as of: Aug 13, 2026
From 16 valuation models · updated 4 days ago
A solid business, currently priced close to our fair value.
What matters now
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range 0.1611 SGD – 0.2734 SGD · fair‑value band 0.1900 SGD – 0.2900 SGD · the 0.2250 SGD price screens below the 0.2300 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
First Real Estate Investment Tr (AW9U) currently trades at 0.2250 SGD, while our model-based Fair Value estimate is 0.2300 SGD, implying the stock looks roughly 2.2% fairly valued today. The Quality Score stands at 65/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.
Over the trailing twelve months, First Real Estate Investment Tr generated revenue of 101M SGD at a net margin of 28.8%. Revenue declined 0.3% year over year. It earns a return on equity of 4.9%. Net debt stands at 399M SGD. Fundamentals as of Aug 13, 2026
Our scenario range runs from 0.1900 SGD (bear case) to 0.2900 SGD (bull case); at 0.2250 SGD, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 18% below its 52-week high and 2% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -49% fair-value upside, at 2%, AW9U screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 16 models by family
Widest divergence: Multiples (0.2700 SGD) versus Asset-Based (0.1800 SGD). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 62 · Market factors (momentum, volatility) 43
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
First Real Estate Investment Trust is a healthcare real estate investment trust focused on investing in income producing real estate properties which are primarily used for healthcare and healthcare related purposes. First REIT is managed by First REIT Management Limited (the Manager), which is headquartered in Singapore.
Full company description
First Real Estate Investment Trust is a healthcare real estate investment trust focused on investing in income producing real estate properties which are primarily used for healthcare and healthcare related purposes. First REIT is managed by First REIT Management Limited (the Manager), which is headquartered in Singapore. The Manager is 40% directly held by OUE Healthcare Limited and 60% directly held by OUE Limited, who together are its Sponsors. As at 31 December 2025, the Trust has a portfolio of 31 properties across Asia, with a total asset value of 1.02 billion dollars. These include 14 properties in Indonesia comprising 11 hospitals, 2 integrated hospitals & malls and an integrated hospital & hotel; 3 nursing homes in Singapore; and 14 nursing homes in Japan. The Trust's healthcare properties in Indonesia are operated by PT Siloam International Hospitals Tbk while healthcare properties in Singapore and Japan are operated by well-established third-party operators. First Real Estate Investment Trust was established on October 19, 2006 and incorporated in 2006 in Singapore.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
First Real Estate Investment Tr reported revenue of 101M SGD in FY2025 versus 102M SGD in FY2021, a compound −0.4%/yr. Reported net income was 29.0M SGD in FY2025, compounding −17.7%/yr from FY2021.
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Peer Group
REIT - Healthcare Facilities · 26 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs REIT - Healthcare Facilities median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more REIT - Healthcare Facilities stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Welltower Inc WELL | $230.27 | $41.85 | -82% |
| Ventas, Inc VTR | $89.01 | $17.91 | -80% |
| Omega Healthcare Investors, Inc OHI | $45.87 | $33.54 | -27% |
| Healthpeak Properties, Inc DOC | $20.66 | $6.95 | -66% |
| American Healthcare REIT, Inc AHR | $52.59 | $10.94 | -79% |
| CareTrust REIT, Inc CTRE | $39.16 | $22.79 | -42% |
| Healthcare Realty Trust Incorporated HR | $19.21 | $20.60 | +7% |
| Aedifica NV AED | €68.10 | €34.97 | -49% |
| Chartwell Retirement Residences CSHUN | C$21.17 | C$3.49 | -84% |
| Sabra Health Care REIT, Inc SBRA | $20.19 | $10.49 | -48% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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