Board Change • Jan 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. Independent Non-Executive Director Wai San Chow was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Jul 30
Final dividend reduced to S$0.04 Dividend of S$0.04 is 33% lower than last year. Ex-date: 5th August 2025 Payment date: 19th August 2025 Dividend yield will be 3.0%, which is lower than the industry average of 4.4%. Sustainability & Growth Dividend is well covered by both earnings (29% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 14% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 04
Full year 2025 earnings released: EPS: S$0.21 (vs S$0.24 in FY 2024) Full year 2025 results: EPS: S$0.21 (down from S$0.24 in FY 2024). Revenue: S$1.18b (up 4.1% from FY 2024). Net income: S$135.8m (down 13% from FY 2024). Profit margin: 12% (down from 14% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 6% per year. Announcement • Jul 03
The Hour Glass Limited Proposes (One-Tier) Final Dividend for the Financial Year Ended 31 March 2025 The Hour Glass Limited proposed payment of a Final Dividend of 4.00 cents per ordinary share (one-tier) for the financial year ended 31 March 2025 at the AGM to be held on 28 July 2025. New Risk • May 31
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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: Minor Risks Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • May 28
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at S$1.61. The fair value is estimated to be S$1.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has grown by 5.0%. Announcement • May 23
The Hour Glass Limited, Annual General Meeting, Jul 28, 2025 The Hour Glass Limited, Annual General Meeting, Jul 28, 2025. Reported Earnings • Nov 16
First half 2025 earnings released: EPS: S$0.095 (vs S$0.12 in 1H 2024) First half 2025 results: EPS: S$0.095 (down from S$0.12 in 1H 2024). Revenue: S$541.5m (down 3.2% from 1H 2024). Net income: S$61.4m (down 20% from 1H 2024). Profit margin: 11% (down from 14% in 1H 2024). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Declared Dividend • Nov 14
First half dividend of S$0.02 announced Dividend of S$0.02 is the same as last year. Ex-date: 22nd November 2024 Payment date: 4th December 2024 Dividend yield will be 5.3%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is well covered by both earnings (37% earnings payout ratio) and cash flows (47% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 15% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 16
The Hour Glass Limited Approves One-Tier Final Dividend for the Financial Year Ended March 31, 2024, Payable on 21 August 2024 The Hour Glass Limited at its AGM held on July 29, 2024, approved one-tier final dividend of 6.00 cents per ordinary share for the financial year ended March 31, 2024 to be paid in cash on 21 August 2024 to shareholders whose names appear on the Register of Members on 7 August 2024. Announcement • Aug 01
The Hour Glass Limited Announces Composition of the Board and the Audit Committee changes The Hour Glass Limited announced that with effect from 1 August 2024, the composition of the Board and the Audit Committee will be as follows: Board of Directors Dr Henry Tay Yun Chwan (Executive Chairman), Mr. Michael Tay Wee Jin (Group Managing Director), Mr. Lock Wai Han (Independent Non-Executive Director & Lead Independent Director), Dr Kenny Chan Swee Kheng (Non-Independent Non-Executive Director), Mr. Kuah Boon Wee (Non-Independent Non-Executive Director), Mr. Liew Choon Wei (Independent Non-Executive Director), Mr. Jeffry Lee Yu Chern (Independent Non-Executive Director), Ms Christine Bullitt Pillsbury (Independent Non-Executive Director), Mr. Chow Wai San (Independent Non-Executive Director). Audit Committee Mr. Liew Choon Wei (Chairman), Mr. Kuah Boon Wee (Member), Mr. Lock Wai Han (Member), Ms Christine Bullitt Pillsbury (Member), Mr. Chow Wai San (Member). Announcement • Jul 31
The Hour Glass Limited Appoints Chow Wai San Independent Non-Executive Director and A Member of the Audit Committee, Appointment Date August 1, 2024 The Hour Glass Limited announced the appointment of Chow Wai San Independent Non-Executive Director and a member of the Audit Committee. Independent Director of ASTI Holdings Limited since January 2024 Independent Director of Nippecraft Limited since October 2016 Independent Director of Universal Resource & Services Limited since April 2015 Independent Director of Resources Prima Group Limited from December 2017 to December 2021. Institute of Singapore Chartered Accountants (formerly known as Institute of Certified Public Accountants of Singapore) - Chartered Accountant of Singapore (non-public accountant) CPA Australia - Member CFA Institute, USA - Chartered Financial Analyst Nanyang Technology University, Singapore - Bachelor of Accountancy. Appointment date August 1, 2024. Declared Dividend • Jul 31
Final dividend of S$0.06 announced Dividend of S$0.06 is the same as last year. Ex-date: 6th August 2024 Payment date: 21st August 2024 Dividend yield will be 5.1%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 19% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 29
Full year 2024 earnings released: EPS: S$0.24 (vs S$0.26 in FY 2023) Full year 2024 results: EPS: S$0.24 (down from S$0.26 in FY 2023). Revenue: S$1.15b (up 1.9% from FY 2023). Net income: S$156.5m (down 9.2% from FY 2023). Profit margin: 14% (down from 15% in FY 2023). The decrease in margin was driven by higher expenses. 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 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 17
First half 2024 earnings released: EPS: S$0.12 (vs S$0.13 in 1H 2023) First half 2024 results: EPS: S$0.12 (down from S$0.13 in 1H 2023). Revenue: S$559.5m (flat on 1H 2023). Net income: S$77.0m (down 8.9% from 1H 2023). Profit margin: 14% (down from 15% in 1H 2023). Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 30% per year. Announcement • Nov 15
The Hour Glass Limited Declares Interim Dividend for the Financial Year Ending 31 March 2024, Payable on 6 December 2023 The Hour Glass Limited declared an interim dividend of 2.00 cents per ordinary share for the financial year ending 31 March 2024. The company will be closed from 5.00 p.m. on 27 November 2023 up to, and including, 28 November 2023 to determine shareholders' entitlements to the Interim Dividend. The Interim Dividend will be paid on 6 December 2023. Board Change • Nov 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. Independent Non-Executive Director Christine Pillsbury was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jul 26
The Hour Glass Limited Approves Final Dividend for the Financial Year Ended 31 March 2023, Payable on August 17, 2023 The Hour Glass Limited announced at the AGM held on July 25, 2023, approved the payment of a Final Dividend of 6.00 cents per ordinary share (one-tier) for the financial year ended 31 March 2023. NOTICE IS HEREBY GIVEN that the Transfer Books and Register of Members of the Company will be closed from 5.00 p.m. on 3 August 2023 (the "Record Date") up to, and including, 4 August 2023 for the purpose of determining shareholders' entitlements to the final dividend for the financial year ended 31 March 2023 ("FY23 Dividend"). The FY23 Dividend will be paid on 17 August 2023. Reported Earnings • Jul 05
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: S$0.26 (up from S$0.22 in FY 2022). Revenue: S$1.13b (up 8.7% from FY 2022). Net income: S$172.4m (up 11% from FY 2022). Profit margin: 15% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 13%. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 04
The Hour Glass Limited, Annual General Meeting, Jul 25, 2023 The Hour Glass Limited, Annual General Meeting, Jul 25, 2023, at 10:00 Singapore Standard Time. Location: Hilton Singapore Orchard, Imperial Ballroom Level 35, 333 Orchard Road, Singapore 238867 Singapore Singapore Agenda: To receive and adopt the Directors' Statement, Auditor's Report and Audited Financial Statements for the financial year ended 31 March 2023; to approve the payment of a Final Dividend of 6.00 cents per ordinary share (one-tier) for the financial year ended 31 March 2023; to approve the payment of Directors' fees for Non-Executive Directors of up to SGD 530,000 for the financial year ending 31 March 2024; and to consider other matters. Announcement • May 26
The Hour Glass Limited Recommends Final Dividend for the Full Year Ended 31 March 2023 The Hour Glass Limited recommend final dividend of 6.00 cents per ordinary share for the full year ended 31 March 2023 (2022: 6.00 cents), amounting to approximately $39,512,000 (2022: $40,312,000). This is subject to the approval of the shareholders of the Company at the Annual General Meeting to be held on 25 July 2023. Reported Earnings • May 26
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: S$0.26 (up from S$0.22 in FY 2022). Revenue: S$1.14b (up 9.8% from FY 2022). Net income: S$172.4m (up 11% from FY 2022). Profit margin: 15% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 13%. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 16
Price target decreased to S$2.12 Down from S$2.62, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of S$2.10. Stock is down 0.9% over the past year. The company is forecast to post earnings per share of S$0.23 for next year compared to S$0.22 last year. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. Lead Independent Director Wai Han Lock 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. Price Target Changed • Nov 07
Price target decreased to S$2.12 Down from S$2.62, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of S$2.05. Stock is up 8.5% over the past year. The company is forecast to post earnings per share of S$0.23 for next year compared to S$0.22 last year. Upcoming Dividend • Nov 07
Upcoming dividend of S$0.02 per share Eligible shareholders must have bought the stock before 14 November 2022. Payment date: 24 November 2022. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Singaporean dividend payers (6.7%). In line with average of industry peers (4.0%). Reported Earnings • Nov 03
First half 2023 earnings released: EPS: S$0.13 (vs S$0.089 in 1H 2022) First half 2023 results: EPS: S$0.13 (up from S$0.089 in 1H 2022). Revenue: S$562.7m (up 19% from 1H 2022). Net income: S$84.6m (up 35% from 1H 2022). Profit margin: 15% (up from 13% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.4% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Specialty Retail industry in Asia. Over the last 3 years on average, earnings per share has increased by 35% per year and the company’s share price has also increased by 35% per year. Announcement • Nov 03
The Hour Glass Limited Declares Interim Dividend for the Financial Year Ending 31 March 2023, Payable on 24 November 2022 The Board of Directors of The Hour Glass Limited declared an interim dividend of 2.00 cents per ordinary share for the financial year ending 31 March 2023 (Interim Dividend). The Transfer Books and Register of Members of the company will be closed on 15 November 2022 (Record Date) up to, and including, 16 November 2022 for the purpose of determining shareholders' entitlements to the Interim Dividend. The Interim Dividend will be paid on 24 November 2022. Upcoming Dividend • Aug 01
Upcoming dividend of S$0.06 per share Eligible shareholders must have bought the stock before 08 August 2022. Payment date: 23 August 2022. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Singaporean dividend payers (6.1%). In line with average of industry peers (3.5%). Reported Earnings • Jul 06
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: S$0.22 (up from S$0.12 in FY 2021). Revenue: S$1.04b (up 39% from FY 2021). Net income: S$154.7m (up 88% from FY 2021). Profit margin: 15% (up from 11% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 31%. Over the next year, revenue is expected to shrink by 8.1% compared to a 15% growth forecast for the retail industry in Singapore. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Jun 02
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate increased from S$0.16 to S$0.19. Revenue forecast steady at S$951.0m. Net income forecast to shrink 17% next year vs 17% growth forecast for Specialty Retail industry in Singapore . Consensus price target down from S$2.62 to S$2.54. Share price rose 8.8% to S$2.36 over the past week. Reported Earnings • May 28
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: S$0.22 (up from S$0.12 in FY 2021). Revenue: S$1.04b (up 40% from FY 2021). Net income: S$154.7m (up 88% from FY 2021). Profit margin: 15% (up from 11% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 31%. Over the next year, revenue is expected to shrink by 8.7% compared to a 18% growth forecast for the retail industry in Singapore. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. Lead Independent Director Wai Han Lock 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. Reported Earnings • Nov 15
First half 2022 earnings released: EPS S$0.089 (vs S$0.042 in 1H 2021) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2022 results: Revenue: S$473.2m (up 63% from 1H 2021). Net income: S$62.6m (up 111% from 1H 2021). Profit margin: 13% (up from 10% in 1H 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improved over the past week After last week's 16% share price gain to S$1.66, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 12x in the Specialty Retail industry in Singapore. Total returns to shareholders of 186% over the past three years. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improved over the past week After last week's 24% share price gain to S$1.18, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 12x in the Specialty Retail industry in Singapore. Total returns to shareholders of 107% over the past three years. Reported Earnings • May 22
Full year 2021 earnings released The company reported a solid full year result with improved earnings, although revenues and profit margins were flat. Full year 2021 results: Revenue: S$751.8m (flat on FY 2020). Net income: S$82.5m (up 8.3% from FY 2020). Profit margin: 11% (in line with FY 2020). Announcement • May 21
The Hour Glass Limited Recommends Final Dividend for the Fiscal Year 2021 The Directors of The Hour Glass Limited have recommended a final dividend of 4.00 cents per ordinary share (one-tier) amounting to approximately $28,160,000. This is subject to the approval of the shareholders of the Company at the Annual General Meeting to be held on 28 July 2021. Is New 90 Day High Low • Feb 25
New 90-day high: S$0.84 The company is up 12% from its price of S$0.75 on 25 November 2020. The Singaporean market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 7.0% over the same period. Is New 90 Day High Low • Dec 10
New 90-day high: S$0.79 The company is up 16% from its price of S$0.68 on 11 September 2020. The Singaporean market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 11% over the same period. Is New 90 Day High Low • Nov 18
New 90-day high: S$0.76 The company is up 10.0% from its price of S$0.69 on 20 August 2020. The Singaporean market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 7.0% over the same period. Upcoming Dividend • Nov 10
Upcoming Dividend of S$0.02 Per Share Will be paid on the 27th of November to those who are registered shareholders by the 17th of November. The trailing yield of 5.7% is in the top quartile of Singaporean dividend payers (5.5%), and it is higher than industry peers (4.9%). Announcement • Oct 01
The Hour Glass Limited Appoints Lock Wai Han as an Independent Non-Executive Director, Member of the Audit Committee, Nomination and Remuneration Committee, Effective 1 October 2020 The Hour Glass Limited announced the appointment of Mr. Lock Wai Han as Independent Non-Executive Director and a member of the Audit Committee and Nomination and Remuneration Committee, respectively with effect from 1 October 2020. Mr. Lock is an Executive Director of OKH Global Ltd. since October 2016. He is also a Non-Executive Director of ARA Trust Mgt (Suntec) Ltd. and Chip Eng Seng Corporation Ltd. since August 2018 and October 2018 respectively. 
