New Risk • May 18
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 100% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.5x net interest cover). Share price has been highly volatile over the past 3 months (23% average weekly change). Earnings have declined by 46% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risk Market cap is less than US$100m (S$17.7m market cap, or US$13.9m). Reported Earnings • Apr 16
Full year 2025 earnings released: RM0.05 loss per share (vs RM0.067 loss in FY 2024) Full year 2025 results: RM0.05 loss per share (improved from RM0.067 loss in FY 2024). Revenue: RM51.9m (up 23% from FY 2024). Net loss: RM8.45m (loss narrowed 25% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Announcement • Apr 13
Luminor Financial Holdings Limited, Annual General Meeting, Apr 27, 2026 Luminor Financial Holdings Limited, Annual General Meeting, Apr 27, 2026, at 11:00 Singapore Standard Time. Location: rose room 1, york hotel, 21 mount elizabeth, singapore 228516, Singapore Reported Earnings • Mar 04
Full year 2025 earnings released: RM0.05 loss per share (vs RM0.067 loss in FY 2024) Full year 2025 results: RM0.05 loss per share (improved from RM0.067 loss in FY 2024). Revenue: RM51.9m (up 23% from FY 2024). Net loss: RM8.45m (loss narrowed 25% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.2x net interest cover). Earnings have declined by 43% per year over the past 5 years. Market cap is less than US$10m (S$7.87m market cap, or US$6.22m). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Announcement • Dec 24
Luminor Financial Holdings Limited has filed a Follow-on Equity Offering in the amount of SGD 0.371868 million. Luminor Financial Holdings Limited has filed a Follow-on Equity Offering in the amount of SGD 0.371868 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 7,437,360
Price\Range: SGD 0.05
Transaction Features: Rights Offering Reported Earnings • Aug 16
First half 2025 earnings released: RM0.031 loss per share (vs RM0.008 loss in 1H 2024) First half 2025 results: RM0.031 loss per share (further deteriorated from RM0.008 loss in 1H 2024). Revenue: RM23.0m (up 10% from 1H 2024). Net loss: RM5.16m (loss widened 283% from 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Announcement • Jul 31
Luminor Financial Holdings Limited to Report First Half, 2025 Results on Aug 14, 2025 Luminor Financial Holdings Limited announced that they will report first half, 2025 results on Aug 14, 2025 New Risk • Apr 14
New major risk - Revenue and earnings growth Earnings have declined by 24% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.3x net interest cover). Shares are highly illiquid. Earnings have declined by 24% per year over the past 5 years. Market cap is less than US$10m (S$8.54m market cap, or US$6.49m). Reported Earnings • Apr 14
Full year 2024 earnings released: RM0.067 loss per share (vs RM0.002 profit in FY 2023) Full year 2024 results: RM0.067 loss per share (down from RM0.002 profit in FY 2023). Revenue: RM42.2m (up 17% from FY 2023). Net loss: RM11.2m (down RM11.5m from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Announcement • Apr 11
Luminor Financial Holdings Limited, Annual General Meeting, Apr 28, 2025 Luminor Financial Holdings Limited, Annual General Meeting, Apr 28, 2025, at 11:00 Singapore Standard Time. Location: singapore recreation club, b connaught drive, singapore 179682, lounge 1883, level 1, Singapore Reported Earnings • Mar 05
Full year 2024 earnings released: RM0.044 loss per share (vs RM0.002 profit in FY 2023) Full year 2024 results: RM0.044 loss per share (down from RM0.002 profit in FY 2023). Revenue: RM42.8m (up 19% from FY 2023). Net loss: RM7.41m (down RM7.71m from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). Shares are highly illiquid. Market cap is less than US$10m (S$10.0m market cap, or US$7.43m). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). New Risk • Aug 14
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). Market cap is less than US$10m (S$10.5m market cap, or US$8.01m). New Risk • Apr 23
New major risk - Revenue and earnings growth Earnings have declined by 1.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 1.7% per year over the past 5 years. High level of non-cash earnings (50% accrual ratio). Market cap is less than US$10m (S$9.71m market cap, or US$7.13m). Minor Risk Profit margins are more than 30% lower than last year (0.8% net profit margin). Announcement • Apr 09
Luminor Financial Holdings Limited, Annual General Meeting, Apr 25, 2024 Luminor Financial Holdings Limited, Annual General Meeting, Apr 25, 2024, at 10:30 Singapore Standard Time. Location: Empress Ballroom 2, Level 2 of Carlton Hotel Singapore, 76 Bras Basah road Singapore 189558 Singapore Singapore Agenda: To discuss the Directors' Statement and the Audited Financial Statements for the financial year ended 31 December 2023 together with the Independent Auditor's Report thereon'; to re-elect Ms Kwan Yu Wen, a Director retiring pursuant to Article 89 of the Company's Constitution; to re-elect Mr Kwan Chee Seng, a Director retiring pursuant to Article 89 of the Company's Constitution; to approve the payment of Directors' fees; to re-appoint Messrs Baker Tilly TFW LLP as auditors of the Company and to authorize the Directors to fix their remuneration; and to discuss other matters. New Risk • Mar 03
New major risk - Revenue and earnings growth Earnings have declined by 12% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 12% per year over the past 5 years. Market cap is less than US$10m (S$7.53m market cap, or US$5.61m). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Reported Earnings • Mar 02
Full year 2023 earnings released: EPS: RM0.008 (vs RM0.053 in FY 2022) Full year 2023 results: EPS: RM0.008 (down from RM0.053 in FY 2022). Revenue: RM35.9m (up 64% from FY 2022). Net income: RM1.31m (down 84% from FY 2022). Profit margin: 3.7% (down from 37% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. New Risk • Feb 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 12% per year over the past 5 years. Market cap is less than US$10m (S$7.53m market cap, or US$5.60m). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Board Change • Feb 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. Executive Director Yu Wen Kwan was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jan 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Executive Director Yu Wen Kwan was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Sep 01
Non-Executive Director recently bought S$237k worth of stock On the 30th of August, Chee Seng Kwan bought around 3m shares on-market at roughly S$0.07 per share. This transaction amounted to 7.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Aug 13
First half 2023 earnings released: EPS: RM0.007 (vs RM0.087 in 1H 2022) First half 2023 results: EPS: RM0.007 (down from RM0.087 in 1H 2022). Revenue: RM14.4m (up 40% from 1H 2022). Net income: RM1.15m (down 91% from 1H 2022). Profit margin: 8.0% (down from 123% in 1H 2022). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 09
Full year 2022 earnings released: EPS: RM0.053 (vs RM0.026 loss in FY 2021) Full year 2022 results: EPS: RM0.053 (up from RM0.026 loss in FY 2021). Revenue: RM21.8m (up 26% from FY 2021). Net income: RM8.01m (up RM11.7m from FY 2021). Profit margin: 37% (up from net loss in FY 2021). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: CN¥0.073 (vs CN¥0.042 loss in FY 2021) Full year 2022 results: EPS: CN¥0.073 (up from CN¥0.042 loss in FY 2021). Revenue: CN¥22.4m (down 17% from FY 2021). Net income: CN¥11.1m (up CN¥17.2m from FY 2021). Profit margin: 50% (up from net loss in FY 2021). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 17
First half 2022 earnings released: EPS: CN¥0.13 (vs CN¥0.009 loss in 1H 2021) First half 2022 results: EPS: CN¥0.13 (up from CN¥0.009 loss in 1H 2021). Revenue: CN¥15.6m (up 108% from 1H 2021). Net income: CN¥19.3m (up CN¥20.7m from 1H 2021). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Jun 21
Luminor Financial Holdings Limited Announces Appointment of Toh Wei Shieng as Financial Controller, Effective June 21, 2022 Luminor Financial Holdings Limited announced that the Nominating Committee and Audit Committee have recommended the appointment of Ms. Toh Wei Shieng as the Company's Financial Controller and the Board of Directors has approved her appointment based on her professional qualifications and working experiences. The appointment is executive. Ms. Toh will be responsible for the finance, accounting, taxation, and compliance matters relating to the Company's operations. Working Experience: September 2020 to December 2021: Group Finance Manager of Berkeley Energy Commercial & Industrial Solutions, Singapore. July 2018 to July 2019: Financial Reporting Accountant of Anglo American, Singapore. January 2016 to October 2016: Group Reporting Specialist of Infigen Energy, Sydney, Australia. June 2015 to December 2015: Statutory Reporting Specialist of Insurance Australia Group, Sydney, Australia. July 2014 to February 2015: Group Reporting Specialist of Infigen Energy, Sydney, Australia. September 2011 to June 2014: Group Finance Manager of Adelaide Brighton Ltd., Sydney, Australia. Professional Qualifications: Certified Public Accountant (CPA) from CPA Australia, obtained in 2008. Chartered Accountant from the Institute of Chartered Accountants in Australia, obtained in 2007. Master of Commerce from the University of Sydney, obtained in 2003. Bachelor of Commerce from the University of Sydney, obtained in 2002. The date of appointment is June 21, 2022. Recent Insider Transactions • May 25
Non-Executive Director recently sold S$339k worth of stock On the 23rd of May, Chee Seng Kwan sold around 3m shares on-market at roughly S$0.11 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Apr 17
Full year 2021 earnings released: CN¥0.042 loss per share (vs CN¥0.025 loss in FY 2020) Full year 2021 results: CN¥0.042 loss per share (down from CN¥0.025 loss in FY 2020). Revenue: CN¥27.1m (down 28% from FY 2020). Net loss: CN¥6.06m (loss widened 70% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 107 percentage points per year, which is a significant difference in performance. Announcement • Apr 13
Luminor Financial Holdings Limited, Annual General Meeting, Apr 27, 2022 Luminor Financial Holdings Limited, Annual General Meeting, Apr 27, 2022, at 10:30 Singapore Standard Time. Agenda: To receive and adopt the Directors' Statement and Audited Financial Statements for the financial year ended 31 December 2021 together with the Independent Auditor's Report thereon; To re-elect the following Directors, who will be retiring by rotation pursuant to Article 89 of the Company's Constitution and who, being eligible, offer themselves for re-election as Directors of the Company: Ms. Kwan Yu Wen, Mr. Kwan Chee Seng; to approve the payment of Directors' fees amounting to SGD 120,000 for the financial year ending 31 December 2022 payable half yearly in arrears; to re-appoint Messrs. Baker Tilly TFW LLP as Auditors of the Company and to authorize the Directors of the Company to fix their remuneration; and to consider other matters. Reported Earnings • Mar 02
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: CN¥0.042 loss per share (down from CN¥0.025 loss in FY 2020). Revenue: CN¥27.4m (down 27% from FY 2020). Net loss: CN¥6.06m (loss widened 70% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 111 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS CN¥0.006 (vs CN¥0.015 loss in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: CN¥8.19m (down 66% from 3Q 2020). Net income: CN¥851.0k (up CN¥3.03m from 3Q 2020). Profit margin: 10% (up from net loss in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 133 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 18
First half 2021 earnings released: CN¥0.009 loss per share (vs CN¥0.003 profit in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and control over costs. First half 2021 results: Revenue: CN¥7.54m (down 21% from 1H 2020). Net loss: CN¥1.37m (down 386% from profit in 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 150 percentage points per year, which is a significant difference in performance. Director Overboarding • Aug 05
Director Chade Phang Tan has joined 5th company board Independent Director Chade Phang Tan has been appointed to the board of Y Ventures Group Ltd. (Catalist:1F1). Tan now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Announcement • Feb 11
Starland Holdings Limited Announces No Dividend for the Financial Year Ended 31 December 2020 Starland Holdings Limited announced that No dividend has been declared for the financial year ended 31 December 2020. The Company does not have a formal dividend policy. In view of the weak market conditions and recent venture into financial solutions business, the Company will preserve its cash balances for investment into the financial solutions business in Malaysia. Announcement • Feb 06
Starland Holdings Limited Provides Unaudited Consolidated Earnings Guidance for the Financial Year Ended 31 December 2020 Starland Holdings Limited provided unaudited consolidated earnings guidance for the financial year ended 31 December 2020. The company group is expected to report a net loss for financial year 2020. The net loss is mainly attributable to lower property sales generated from the People Republic of China ("PRC") and losses incurred by the newly acquired Financial Solutions business as a result of lockdown or movement control order imposed by the respective government authorities during financial year 2020 due to the COVID-19 pandemic. Announcement • Dec 23
Starland Holdings Limited Appoints Kwan Yu Wen as Executive Director Starland Holdings Limited appointed Kwan Yu Wen as Executive Director. Ms Kwan will be responsible for the overall business and general management of the group. Working Experience: February 2019 to current; Director of GRP Limited January 2017 to February 2019: Assistant Director, Operations and Business Development of Luminor Capital Pte Ltd. and Consultant of GRP Limited September 2015 to December 2016: Management Associate of GRP Limited. Announcement • Oct 31
Starland Holdings Limited Announces Change of Company Secretary, Effective November 1, 2020 The Board of Directors of Starland Holdings Limited announced that Ms Belinda Low Chou Yen has been appointed as Secretary of the company in place of Ms Lim Sim Ving who has resigned as the Company Secretary, with effect from 1 November 2020. 
