Recent Insider Transactions • May 21
Chairman & MD recently bought S$270k worth of stock On the 18th of May, Tin Yeow Tan bought around 119k shares on-market at roughly S$2.27 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Tin Yeow has been a buyer over the last 12 months, purchasing a net total of S$1.1m worth in shares. Recent Insider Transactions • May 13
Chairman & MD recently bought S$125k worth of stock On the 7th of May, Tin Yeow Tan bought around 54k shares on-market at roughly S$2.31 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth S$140k. Tin Yeow has been a buyer over the last 12 months, purchasing a net total of S$797k worth in shares. Recent Insider Transactions • May 07
Chairman & MD recently bought S$64k worth of stock On the 29th of April, Tin Yeow Tan bought around 29k shares on-market at roughly S$2.20 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth S$140k. Tin Yeow has been a buyer over the last 12 months, purchasing a net total of S$673k worth in shares. Recent Insider Transactions • Apr 17
Chairman & MD recently bought S$112k worth of stock On the 14th of April, Tin Yeow Tan bought around 57k shares on-market at roughly S$1.96 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth S$140k. Tin Yeow has been a buyer over the last 12 months, purchasing a net total of S$534k worth in shares. Buy Or Sell Opportunity • Apr 16
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to S$2.03. The fair value is estimated to be S$1.66, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 65%. Recent Insider Transactions • Mar 19
Chairman & MD recently bought S$56k worth of stock On the 17th of March, Tin Yeow Tan bought around 31k shares on-market at roughly S$1.80 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth S$141k. Tin Yeow has been a buyer over the last 12 months, purchasing a net total of S$220k worth in shares. Buy Or Sell Opportunity • Feb 27
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 36% to S$2.03. The fair value is estimated to be S$1.68, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 65%. Recent Insider Transactions • Jan 08
Chairman & MD recently bought S$141k worth of stock On the 6th of January, Tin Yeow Tan bought around 93k shares on-market at roughly S$1.53 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Tin Yeow has been a buyer over the last 12 months, purchasing a net total of S$244k worth in shares. Reported Earnings • Dec 13
First half 2026 earnings released: EPS: S$0.14 (vs S$0.12 in 1H 2025) First half 2026 results: EPS: S$0.14 (up from S$0.12 in 1H 2025). Revenue: S$94.0m (up 41% from 1H 2025). Net income: S$15.4m (up 23% from 1H 2025). Profit margin: 16% (down from 19% in 1H 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has increased by 84% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 16
Mitsubishi Heavy Industries Engine System Asia Pte. Ltd. entered into a sale and purchase agreement to acquire 14.80% stake in Mech-Power Generator Pte Ltd from XMH Holdings Ltd. (SGX:BQF) for SGD 12.3 million. Mitsubishi Heavy Industries Engine System Asia Pte. Ltd. entered into a sale and purchase agreement to acquire 14.80% stake in Mech-Power Generator Pte Ltd from XMH Holdings Ltd. (SGX:BQF) for SGD 12.3 million on September 15, 2025. A cash consideration of SGD 12.33 million will be paid by Mitsubishi Heavy Industries Engine System Asia Pte. Ltd. As part of consideration, SGD 12.33 million is paid towards common equity of Mech-Power Generator Pte Ltd. The net proceeds from the Proposed Disposal will be used for general working capital
requirements of the XMH Holdings. The completion of the transaction outlined in the Sale and Purchase Agreement (SPA) is contingent upon several conditions being met within 30 days from the SPA date (the “Initial CP Period”). These conditions include: (a) the Purchaser's satisfaction with its due diligence across legal, tax, financial, operational, and commercial aspects; (b) the acquisition of all necessary regulatory, governmental, and financier consents, including approval from the Singapore Exchange Securities Trading Limited (SGX-ST) if required; (c) the accuracy and compliance of warranties provided in the SPA, which must remain true in all material respects at the time of completion; and (d) the absence of any events or changes that could materially adversely affect Mech-Power and its subsidiary's business, assets, liabilities, operations, financial condition, or ability to fulfill obligations under the SPA or complete the contemplated transactions. Upcoming Dividend • Sep 01
Upcoming dividend of S$0.08 per share Eligible shareholders must have bought the stock before 08 September 2025. Payment date: 18 September 2025. Payout ratio is a comfortable 1.1% and the cash payout ratio is 95%. Trailing yield: 5.2%. Lower than top quartile of Singaporean dividend payers (5.5%). Higher than average of industry peers (3.6%). Valuation Update With 7 Day Price Move • Aug 28
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to S$1.54, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 8x in the Trade Distributors industry in Singapore. Total returns to shareholders of 733% over the past three years. Reported Earnings • Aug 09
Full year 2025 earnings released: EPS: S$0.23 (vs S$0.11 in FY 2024) Full year 2025 results: EPS: S$0.23 (up from S$0.11 in FY 2024). Revenue: S$167.1m (up 35% from FY 2024). Net income: S$25.5m (up 103% from FY 2024). Profit margin: 15% (up from 10% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 27
XMH Holdings Ltd. announces Annual dividend, payable on September 18, 2025 XMH Holdings Ltd. announced Annual dividend of SGD 0.0025 per share payable on September 18, 2025, ex-date on September 08, 2025 and record date on September 09, 2025. New Risk • Jun 27
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (23% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (S$85.5m market cap, or US$67.0m). Reported Earnings • Jun 27
Full year 2025 earnings released: EPS: S$0.23 (vs S$0.11 in FY 2024) Full year 2025 results: EPS: S$0.23 (up from S$0.11 in FY 2024). Revenue: S$167.1m (up 35% from FY 2024). Net income: S$25.5m (up 103% from FY 2024). Profit margin: 15% (up from 10% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has increased by 105% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Dec 20
Chairman & MD recently bought S$52k worth of stock On the 16th of December, Tin Yeow Tan bought around 93k shares on-market at roughly S$0.56 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Tin Yeow has been a buyer over the last 12 months, purchasing a net total of S$567k worth in shares. Reported Earnings • Dec 17
First half 2025 earnings released: EPS: S$0.12 (vs S$0.059 in 1H 2024) First half 2025 results: EPS: S$0.12 (up from S$0.059 in 1H 2024). Revenue: S$66.9m (down 5.8% from 1H 2024). Net income: S$12.6m (up 95% from 1H 2024). Profit margin: 19% (up from 9.1% in 1H 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 76% per year and the company’s share price has also increased by 76% per year. Board Change • Nov 07
High number of new directors Independent Director Eddie Foo was the last director to join the board, commencing their role in the last week. Announcement • Oct 31
XMH Holdings Ltd. Appoints Eddie Foo Toon Ee as Independent Director, Chairman of the Nominating Committee and A Member of the Audit Committee and Remuneration Committee XMH Holdings Ltd. announced the appointment of Eddie Foo Toon Ee as Independent Director, Chairman of the Nominating Committee and a member of the Audit Committee and Remuneration Committee. Working Experience April 2014 to Present - Group Chief Financial Officer, CSE Global Ltd. Other DirectorShips Present Nippecraft Limited CSE (Americas) Pte Ltd. CSE Global (Americas) Pte Ltd. CSE-Crosscom (International) Pte Ltd. CSE Crosscom UK Limited CSE Crosscom USA Inc. CSE-IAP Pte Ltd. CSE-EIS Pte Ltd. CSE-ITS Pte Ltd. CSE-Hankin (Singapore) Pte Ltd. CSE-Hankin (China) Co. Ltd. CSE-Hankin (Taiwan) Ltd. CSE Technologies Pte Ltd. CSE-EIS (Malaysia) Sdn Bhd CSE Systems & Engineering (India) Private Limited CSE W-Industries De Mexico, S. de R.L. de C.V. (Mexico) Grid Communications Pte Ltd. PT CSE Communications & Security CSE Communications & Security Pte Ltd. CSE Global (Asia) Pte Ltd. Professional Qualifications Chartered Accountant, Institute of Singapore Chartered Accountants Certified Public Accountant, CPA Australia. Upcoming Dividend • Sep 02
Upcoming dividend of S$0.035 per share Eligible shareholders must have bought the stock before 09 September 2024. Payment date: 18 September 2024. Payout ratio is a comfortable 2.2% and this is well supported by cash flows. Trailing yield: 7.3%. Within top quartile of Singaporean dividend payers (6.1%). Higher than average of industry peers (4.9%). Reported Earnings • Aug 12
Full year 2024 earnings released: EPS: S$0.11 (vs S$0.036 in FY 2023) Full year 2024 results: EPS: S$0.11 (up from S$0.036 in FY 2023). Revenue: S$124.2m (down 3.5% from FY 2023). Net income: S$12.6m (up 217% from FY 2023). Profit margin: 10% (up from 3.1% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 78% per year whereas the company’s share price has increased by 74% per year. Announcement • Aug 08
XMH Holdings Ltd., Annual General Meeting, Aug 28, 2024 XMH Holdings Ltd., Annual General Meeting, Aug 28, 2024, at 10:00 Singapore Standard Time. Location: 55 tuas crescent, 07-01, singapore 638743, Singapore Recent Insider Transactions • Jul 03
Chairman & MD recently bought S$732m worth of stock On the 24th of June, Tin Yeow Tan bought around 40k shares on-market at roughly S$18,354 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Tin Yeow has been a buyer over the last 12 months, purchasing a net total of S$733m worth in shares. New Risk • Jun 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended October 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: Minor Risks Latest financial reports are more than 6 months old (reported October 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (S$52.1m market cap, or US$38.5m). Declared Dividend • Jun 24
Dividend of S$0.035 announced Shareholders will receive a dividend of S$0.035. Ex-date: 6th September 2024 Payment date: 18th September 2024 Dividend yield will be 8.1%, which is higher than the industry average of 5.1%. Sustainability & Growth Dividend is well covered by both earnings (3% earnings payout ratio) and cash flows (4% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 68% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Recent Insider Transactions • May 24
Chairman & MD recently bought S$191k worth of stock On the 21st of May, Tin Yeow Tan bought around 440k shares on-market at roughly S$0.43 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Tin Yeow has been a buyer over the last 12 months, purchasing a net total of S$819k worth in shares. Board Change • Feb 14
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. Independent Director Raymond Lam 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 • Dec 13
First half 2024 earnings released: EPS: S$0.059 (vs S$0.01 in 1H 2023) First half 2024 results: EPS: S$0.059 (up from S$0.01 in 1H 2023). Revenue: S$71.0m (up 23% from 1H 2023). Net income: S$6.48m (up S$5.40m from 1H 2023). Profit margin: 9.1% (up from 1.9% in 1H 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Board Change • Nov 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. 2 experienced directors. 3 highly experienced directors. Independent Director Raymond Lam 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. Upcoming Dividend • Sep 04
Upcoming dividend of S$0.015 per share at 4.3% yield Eligible shareholders must have bought the stock before 11 September 2023. Payment date: 22 September 2023. Payout ratio is a comfortable 6.9% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Singaporean dividend payers (6.2%). Lower than average of industry peers (5.0%). Recent Insider Transactions • Sep 01
Chairman & MD recently bought S$72k worth of stock On the 31st of August, Tin Yeow Tan bought around 224k shares on-market at roughly S$0.32 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth S$180k. Tin Yeow has been a buyer over the last 12 months, purchasing a net total of S$504k worth in shares. Reported Earnings • Aug 10
Full year 2023 earnings released: EPS: S$0.036 (vs S$0.027 in FY 2022) Full year 2023 results: EPS: S$0.036 (up from S$0.027 in FY 2022). Revenue: S$128.7m (up 79% from FY 2022). Net income: S$3.96m (up 33% from FY 2022). Profit margin: 3.1% (down from 4.2% 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 114% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jul 18
Chairman & MD recently bought S$60k worth of stock On the 14th of July, Tin Yeow Tan bought around 194k shares on-market at roughly S$0.31 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth S$180k. Tin Yeow has been a buyer over the last 12 months, purchasing a net total of S$457k worth in shares. Recent Insider Transactions • Jul 05
Chairman & MD recently bought S$180k worth of stock On the 3rd of July, Tin Yeow Tan bought around 600k shares on-market at roughly S$0.30 per share. This transaction amounted to 1.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Tin Yeow has been a buyer over the last 12 months, purchasing a net total of S$395k worth in shares. New Risk • Jun 30
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 5.0% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (S$32.9m market cap, or US$24.3m). Reported Earnings • Jun 28
Full year 2023 earnings released: EPS: S$0.036 (vs S$0.027 in FY 2022) Full year 2023 results: EPS: S$0.036 (up from S$0.027 in FY 2022). Revenue: S$128.7m (up 79% from FY 2022). Net income: S$3.96m (up 33% from FY 2022). Profit margin: 3.1% (down from 4.2% 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 114% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. New Risk • Jun 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended October 2022. 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 (2.7x net interest cover). Shares are highly illiquid. Minor Risks Latest financial reports are more than 6 months old (reported October 2022 fiscal period end). Market cap is less than US$100m (S$27.4m market cap, or US$20.4m). Announcement • May 19
XMH Holdings Ltd. Announces the Resignation of Ms. Wong Jing Ting, Renee as Company Secretary, with Effect from 19 May 2023 The Board of Directors of XMH Holdings Ltd. announced the resignation of Ms. Wong Jing Ting, Renee as Company Secretary with effect from 19 May 2023. Mr. Chua Kern will remain as the Company Secretary of the Company. Reported Earnings • Dec 13
First half 2023 earnings released: EPS: S$0.01 (vs S$0.01 in 1H 2022) First half 2023 results: EPS: S$0.01 (in line with 1H 2022). Revenue: S$57.9m (up 74% from 1H 2022). Net income: S$1.08m (up 1.9% from 1H 2022). Profit margin: 1.9% (down from 3.2% in 1H 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Sep 15
Chairman & MD recently bought S$50k worth of stock On the 13th of September, Tin Yeow Tan bought around 218k shares on-market at roughly S$0.23 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth S$60k. Tin Yeow has been a buyer over the last 12 months, purchasing a net total of S$119k worth in shares. Recent Insider Transactions • Sep 02
Chairman & MD recently bought S$60k worth of stock On the 31st of August, Tin Yeow Tan bought around 277k shares on-market at roughly S$0.21 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Tin Yeow has been a buyer over the last 12 months, purchasing a net total of S$63k worth in shares. Recent Insider Transactions Derivative • Aug 26
Chairman & MD exercised options to buy S$53k worth of stock. On the 25th of August, Tin Yeow Tan exercised options to buy 250k shares at a strike price of around S$0.22, costing a total of S$55k. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. Since June 2022, Tin Yeow has owned 45.06m shares directly. This was the only transaction from an insider over the last 12 months. Reported Earnings • Aug 08
Full year 2022 earnings released: EPS: S$0.027 (vs S$0.009 in FY 2021) Full year 2022 results: EPS: S$0.027 (up from S$0.009 in FY 2021). Revenue: S$71.9m (up 12% from FY 2021). Net income: S$2.99m (up 217% from FY 2021). Profit margin: 4.2% (up from 1.5% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Aug 06
XMH Holdings Ltd., Annual General Meeting, Aug 26, 2022 XMH Holdings Ltd., Annual General Meeting, Aug 26, 2022, at 10:00 Singapore Standard Time. Location: 55 Tuas Crescent, #07-01, Singapore 638743 Singapore Singapore Agenda: To consider Directors' Statement, Audited Financial Statements and Auditors' Report for the financial year ended 30 April 2022; to declare a final one-tier tax exempt dividend of 0.25 Singapore cent per ordinary share and a special one-tier tax exempt dividend of 0.45 Singapore cent per ordinary share for FY2022; to consider Re-election of Ms. Tan Guat Lian as a Director retiring under Article 88 of the Company's Constitution; to consider Re-appointment of Messrs Ernst & Young LLP as Auditors of the Company; to authorise the Directors of the Company to fix their remuneration; to consider Proposed renewal of the Share Buyback Mandate; and to consider other matters. Announcement • Jun 29
XMH Holdings Ltd. to Report Fiscal Year 2022 Results on Jun 27, 2022 XMH Holdings Ltd. announced that they will report fiscal year 2022 results on Jun 27, 2022 Reported Earnings • Jun 28
Full year 2022 earnings released: EPS: S$0.027 (vs S$0.009 in FY 2021) Full year 2022 results: EPS: S$0.027 (up from S$0.009 in FY 2021). Revenue: S$71.9m (up 12% from FY 2021). Net income: S$2.99m (up 217% from FY 2021). Profit margin: 4.2% (up from 1.5% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Dec 16
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: S$0.01 (up from S$0.007 in 1H 2021). Revenue: S$33.3m (up 16% from 1H 2021). Net income: S$1.06m (up 47% from 1H 2021). Profit margin: 3.2% (up from 2.5% in 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Director Overboarding • Sep 10
Director Pian Tee Hong has joined 5th company board Lead Independent Director Pian Tee Hong has been appointed to the board of YHI International Limited (SGX:BPF). Hong 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. Reported Earnings • Jun 27
Full year 2021 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: S$64.2m (up 19% from FY 2020). Net income: S$944.0k (up S$9.11m from FY 2020). Profit margin: 1.5% (up from net loss in FY 2020). Reported Earnings • Dec 15
First half 2021 earnings released: EPS S$0.007 The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: S$28.7m (down 2.2% from 1H 2020). Net income: S$719.0k (up S$3.47m from 1H 2020). Profit margin: 2.5% (up from net loss in 1H 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Announcement • Oct 16
XMH Holdings Ltd. Announces Executive Changes XMH Holdings Ltd. announced the appointment of Mr. Chua Kern and Ms. Wong Jing Ting, Renee as Company Secretaries in place of Ms. Siau Kuei Lian and Ms. Fiona Lim Pei Pei with effect from 15 October 2020. Announcement • Oct 01
XMH Holdings Ltd. Announces Cessation of Ng Sey Ming as Independent Director, Chairman of the Remuneration Committee and A Member of the Audit Committee and the Nominating Committee XMH Holdings Ltd. Announces Cessation of Ng Sey Ming as Independent Director, Chairman of the Remuneration Committee and a member of the Audit Committee and the Nominating Committee. Mr. Ng Sey Ming retired as a Director of the Company at the conclusion of the Annual General Meeting held on 30 September 2020. Co-terminus with his retirement, his various appointments as the Chairman of the Remuneration Committee and a member of the Audit Committee and the Nominating Committee will also cease. 
