First Real Estate Investment Tr (AW9U) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of First Real Estate Investment Tr S$0.23, price S$0.21, upside +12.2%, quality 64 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range 0.1583 SGD – 0.2676 SGD · fair‑value band 0.2000 SGD – 0.2900 SGD · the 0.2050 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 Sep 27, 2026.
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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.
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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.
Stock analysis
First Real Estate Investment Tr (AW9U) currently trades at 0.2050 SGD, while our model-based Fair Value estimate is 0.2300 SGD, implying the stock looks roughly 10.9% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 0.3100 SGD per share, and 12 of the 16 models we run sit above the 0.2050 SGD price.
Bear case: the Asset-Based group reads lowest at 0.1800 SGD, and 4 of the 16 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.2000 SGD (bear) to 0.2900 SGD (bull), the price of 0.2050 SGD sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Real Estate sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
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.
Key figures
Market cap 432M SGD (≈ $338M) · P/E ratio 20.5 · P/S ratio 5.91 · EPS (TTM) 0.0100 SGD · Dividend yield 10.9% · Net margin 28.8% · Return on equity 3.8% · Return on assets (EBIT) 7.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 22% 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 6% fair-value upside, at 12%, AW9U screens cheaper than that median.
Fair Value models
Bear 0.2000 SGDFair Value 0.2300 SGDBull 0.2900 SGD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−1.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.8%
Start year 2020 (pandemic). Over 10 years: +0.0% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−11.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−22.0%
Dividend (yield on the price)10.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−22.0% vs −20.3%, steady
Profit margin 2019 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.71% → 82%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 13.4%/yr over ~7Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+3.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about +1.1% a year for the price.
Compare First Real Estate Investment Tr with another stock
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Peer Groupⓘ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.REIT - Healthcare Facilities · 25 stocks
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Cite: Fair Value Calculator (2026). "First Real Estate Investment Tr Fair Value". https://www.fairvalue-calculator.com/stock/AW9U
Frequently asked questions
Is First Real Estate Investment Tr (AW9U) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 0.2300 SGD versus a price of 0.2050 SGD, about +12% upside (undervalued).
What is the fair value of AW9U?
Our model-based fair value for First Real Estate Investment Tr is 0.2300 SGD (as of Sep 27, 2026), built from audited fundamentals. The current price: 0.2050 SGD.
What is the quality score of AW9U?
First Real Estate Investment Tr has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for First Real Estate Investment Tr (AW9U)?
Our model-based price target is the fair value of 0.2300 SGD (as of Sep 27, 2026) from 16 valuation models. Cautious scenario 0.2000 SGD, optimistic scenario 0.2900 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the First Real Estate Investment Tr stock forecast for 2026?
Our models put fair value at 0.2300 SGD, about +12% upside versus a price of 0.2050 SGD (undervalued). Cautious scenario 0.2000 SGD, optimistic scenario 0.2900 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of First Real Estate Investment Tr (AW9U)?
First Real Estate Investment Tr reported trailing-twelve-month revenue of about 96.3M SGD (latest available figure, as of Sep 27, 2026).
Does First Real Estate Investment Tr pay a dividend?
First Real Estate Investment Tr currently shows a dividend yield of about 10.88% relative to its recent price (as of Sep 27, 2026).
What growth is priced into First Real Estate Investment Tr (AW9U)?
For today's price to be fair in a discounted-cash-flow model, First Real Estate Investment Tr would have to grow free cash flow by +3.1 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.8 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of AW9U use?
Our models discount First Real Estate Investment Tr at 9.6 %: a base by market capitalisation (small), damped by beta 0.25, country premium for Singapore. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For First Real Estate Investment Tr that is +3.1 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has First Real Estate Investment Tr (AW9U) delivered so far?
Over the past 5 years revenue at First Real Estate Investment Tr grew +4.8 % a year. The price currently implies +3.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of First Real Estate Investment Tr (AW9U) growing?
The median revenue growth in the sector is +2.2 % a year. That is the yardstick for the growth priced into First Real Estate Investment Tr (+3.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of First Real Estate Investment Tr (AW9U)?
The free-cash-flow yield on the price is 14.09 %: that much free cash flow First Real Estate Investment Tr produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of First Real Estate Investment Tr (AW9U)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For First Real Estate Investment Tr it is 0.2300 SGD per share (as of Sep 27, 2026), against a price of 0.2050 SGD. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is First Real Estate Investment Tr stock overvalued or undervalued in 2026?
As of Sep 27, 2026, AW9U trades below its calculated fair value: price 0.2050 SGD, fair value 0.2300 SGD, a gap of about +12% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AW9U?
No. The price is what the market pays today (0.2050 SGD); the fair value is what the company's own numbers justify (0.2300 SGD). For First Real Estate Investment Tr the two are 0.0250 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is First Real Estate Investment Tr worth?
The market values First Real Estate Investment Tr at about 432M SGD (market capitalisation, as of Sep 27, 2026). Per share that is 0.2050 SGD; our models calculate a fair value of 0.2300 SGD per share.
What do the bullish and bearish scenarios say about AW9U?
Our models span a range for First Real Estate Investment Tr: cautious scenario 0.2000 SGD, base 0.2300 SGD, optimistic 0.2900 SGD per share (as of Sep 27, 2026, price 0.2050 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AW9U?
First Real Estate Investment Tr trades at a price-to-earnings ratio of 20.5 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.2300 SGD is built from several models across several years. Other multiples: P/B 0.8, P/S 4.5, EV/EBITDA 7.2.
How solid is the balance sheet of First Real Estate Investment Tr (AW9U)?
Balance-sheet figures for First Real Estate Investment Tr (as of Sep 27, 2026): return on equity 3.8%, debt of 0.35 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is AW9U from its 52-week high?
First Real Estate Investment Tr trades at 0.2050 SGD, about 22% below its 52-week high of 0.2633 SGD and 2% above the low of 0.2000 SGD (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of 0.2300 SGD is for.
Which stocks are comparable to First Real Estate Investment Tr?
From the same area (Real Estate) we also value Welltower Inc, Ventas, Inc, Omega Healthcare Investors, Inc, Healthpeak Properties, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is First Real Estate Investment Tr stock attractive at the current price?
The data as of Sep 27, 2026: price 0.2050 SGD, calculated fair value 0.2300 SGD (+12%), Quality Score 64/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AW9U calculated?
We run First Real Estate Investment Tr through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 0.2300 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. First Real Estate Investment Tr currently trades 11 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of First Real Estate Investment Tr (AW9U)?
The closing price on Oct 1, 2026 was 0.2050 SGD. Our model-based fair value is 0.2300 SGD, about +12% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with First Real Estate Investment Tr right now?
Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of First Real Estate Investment Tr
How large is the market capitalisation of First Real Estate Investment Tr (AW9U)?
The market capitalisation of First Real Estate Investment Tr is 432M SGD (≈ $338M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of First Real Estate Investment Tr (AW9U)?
The price-to-sales ratio of First Real Estate Investment Tr is 5.91 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of First Real Estate Investment Tr (AW9U)?
Earnings per share at First Real Estate Investment Tr are 0.0100 SGD (price ÷ EPS = P/E 20.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of First Real Estate Investment Tr (AW9U)?
The dividend yield of First Real Estate Investment Tr is 10.9%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of First Real Estate Investment Tr (AW9U)?
The net margin of First Real Estate Investment Tr is 28.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of First Real Estate Investment Tr (AW9U)?
The return on equity (ROE) of First Real Estate Investment Tr is 3.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of First Real Estate Investment Tr (AW9U)?
On an EBIT basis the return on assets of First Real Estate Investment Tr is 7.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of First Real Estate Investment Tr (AW9U)?
The operating margin of First Real Estate Investment Tr is 85.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at First Real Estate Investment Tr (AW9U)?
Revenue at First Real Estate Investment Tr is growing −8.3% versus a year earlier (3y avg −3.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at First Real Estate Investment Tr (AW9U)?
Earnings per share at First Real Estate Investment Tr are growing −32.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does First Real Estate Investment Tr (AW9U) carry?
The net debt of First Real Estate Investment Tr is 399M SGD (fiscal year 2025, ≈ 6.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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