Financials First Real Estate Investment Trust

Equities

AW9U

SG1U27933225

Specialized REITs

Market Closed - Singapore S.E. 05:04:12 2024-06-21 EDT 5-day change 1st Jan Change
0.24 SGD 0.00% Intraday chart for First Real Estate Investment Trust -2.04% -9.43%

Valuation

Fiscal Period: December 2019 2020 2022 2023 2024 2025 2026
Capitalization 1 793.7 189.7 535.2 550.4 500.6 - -
Enterprise Value (EV) 1 793.7 189.7 535.2 550.4 893.6 891.6 889.6
P/E ratio 17.3 x -0.53 x 16.7 x - 10.4 x 9.6 x -
Yield 8.64% 17.7% - - 10% 10.8% 11.3%
Capitalization / Revenue 6.88 x 2.38 x - 5.07 x 4.81 x 4.59 x 4.43 x
EV / Revenue 6.88 x 2.38 x - 5.07 x 8.59 x 8.18 x 7.87 x
EV / EBITDA 7.93 x 3.06 x - - 9.51 x 9.1 x -
EV / FCF 8,027,248 x 3,795,768 x - - - - -
FCF Yield 0% 0% - - - - -
Price to Book 0.93 x 0.41 x - - 0.8 x 0.8 x -
Nbr of stocks (in thousands) 797,675 807,206 2,058,581 2,076,925 2,085,827 - -
Reference price 2 0.9950 0.2350 0.2600 0.2650 0.2400 0.2400 0.2400
Announcement Date 1/29/20 1/14/21 3/28/23 2/20/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2022 2023 2024 2025 2026
Net sales 1 115.3 79.62 - 108.6 104 109 113
EBITDA 1 100.1 61.94 - - 94 98 -
EBIT 1 100.1 61.94 - - 89 93 -
Operating Margin 86.79% 77.79% - - 85.58% 85.32% -
Earnings before Tax (EBT) 1 75.39 -358.2 - - 67 72 -
Net income 1 48.92 -352.4 33.58 63.34 48 52 -
Net margin 42.43% -442.62% - 58.34% 46.15% 47.71% -
EPS 2 0.0574 -0.4433 0.0156 - 0.0230 0.0250 -
Free Cash Flow 98.87 49.98 - - - - -
FCF margin 85.76% 62.77% - - - - -
FCF Conversion (EBITDA) 98.81% 80.69% - - - - -
FCF Conversion (Net income) 202.13% - - - - - -
Dividend per Share 2 0.0860 0.0415 - - 0.0240 0.0260 0.0272
Announcement Date 1/29/20 1/14/21 3/28/23 2/20/24 - - -
1SGD in Million2SGD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2022 2023 2024 2025 2026
Net Debt 1 - - - - 393 391 389
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) - - - - 4.181 x 3.99 x -
Free Cash Flow 98.9 50 - - - - -
ROE (net income / shareholders' equity) 6.17% 6.79% - - 15.5% 16.7% 17.9%
ROA (Net income/ Total Assets) 3.41% 3.68% - - 8% 8.7% 9.3%
Assets 1 1,433 -9,564 - - 600 597.7 -
Book Value Per Share 2 1.070 0.5700 - - 0.3000 0.3000 -
Cash Flow per Share 2 - - - - 0.0300 0.0300 0.0300
Capex 1 - - - - 2 2 2.3
Capex / Sales - - - - 1.92% 1.83% 2.04%
Announcement Date 1/29/20 1/14/21 3/28/23 2/20/24 - - -
1SGD in Million2SGD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
1
Last Close Price
0.24 SGD
Average target price
0.29 SGD
Spread / Average Target
+20.83%
Consensus

Annual profits - Rate of surprise

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