New Risk • May 21
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 167% 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 Risk Shareholders have been substantially diluted in the past year (167% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Significant insider selling over the past 3 months (S$145k sold). Market cap is less than US$100m (S$92.8m market cap, or US$72.6m). Recent Insider Transactions • May 06
Independent Non-Executive Director recently sold S$107k worth of stock On the 4th of May, Su Chi Oei sold around 2m shares on-market at roughly S$0.046 per share. This transaction amounted to 87% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of S$130k more than they bought in the last 12 months. Buy Or Sell Opportunity • Apr 27
Now 25% overvalued Over the last 90 days, the stock has fallen 28% to S$0.051. The fair value is estimated to be S$0.041, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Apr 18
Full year 2025 earnings released: S$0.001 loss per share (vs S$0.006 profit in FY 2024) Full year 2025 results: S$0.001 loss per share (down from S$0.006 profit in FY 2024). Revenue: S$248.2m (up 7.0% from FY 2024). Net loss: S$795.0k (down 115% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Aankondiging • Apr 14
mDR Limited, Annual General Meeting, Apr 30, 2026 mDR Limited, Annual General Meeting, Apr 30, 2026, at 14:30 Singapore Standard Time. Location: hilton singapore orchard, tembusu meeting room (level 5), orchard wing, 333 orchard road, singapore 238867, Singapore New Risk • Mar 02
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: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (S$53.1m market cap, or US$41.8m). Aankondiging • Feb 21
mDR Limited Provides Earnings Guidance for the Second Half and Full Year Ended 31 December 2025 mDR Limited provided earnings guidance for the second half and full year ended 31 December 2025. the Group expects to record a net loss for the second half and full year ended 31 December 2025. The Group's net loss for second half of 2025 is primarily attributable to certain non-cash items, including impairment of financial assets arising mainly from payment-in-kind coupon interest on certain debt securities which were subsequently impaired ($12,767,000 was received as bond interest income and approximately $12,163,000 was impaired), impairment of right-of-use (ROU) assets for certain non-performing retail outlets, and higher operating costs. Notwithstanding the above, both the bonds and equities portfolios contributed positively and the Group recorded notable gains under total comprehensive income. This profit warning is based on a preliminary review of the unaudited financial results of the Group. The Company is still in the process of finalising the financial results of the Group for second half of 2025. Aankondiging • Feb 11
mDR Limited to Report Second Half, 2025 Results on Feb 27, 2026 mDR Limited announced that they will report second half, 2025 results on Feb 27, 2026 New Risk • Dec 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Singaporean stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.8% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (S$48.7m market cap, or US$38.0m). Reported Earnings • Aug 20
First half 2025 earnings released: EPS: S$0 (vs S$0 in 1H 2024) First half 2025 results: EPS: S$0 (in line with 1H 2024). Revenue: S$115.6m (down 4.6% from 1H 2024). Net income: S$252.0k (up 76% from 1H 2024). Profit margin: 0.2% (up from 0.1% in 1H 2024). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Aankondiging • Jul 28
mDR Limited to Report First Half, 2025 Results on Aug 14, 2025 mDR Limited announced that they will report first half, 2025 results on Aug 14, 2025 Reported Earnings • Apr 12
Full year 2024 earnings released: EPS: S$0.006 (vs S$0.049 loss in FY 2023) Full year 2024 results: EPS: S$0.006 (up from S$0.049 loss in FY 2023). Revenue: S$232.0m (up 7.6% from FY 2023). Net income: S$5.49m (up S$48.0m from FY 2023). Profit margin: 2.4% (up from net loss in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. Aankondiging • Apr 09
mDR Limited, Annual General Meeting, Apr 28, 2025 mDR Limited, Annual General Meeting, Apr 28, 2025, at 14:30 Singapore Standard Time. Location: hilton singapore orchard, tembusu meeting room, 333 orchard road, singapore 238867, Singapore New Risk • Mar 09
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: 5.5% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (13% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (S$36.5m market cap, or US$27.5m). New Risk • Mar 04
New major risk - Revenue and earnings growth Earnings have declined by 48% 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 Risk Earnings have declined by 48% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (S$36.5m market cap, or US$27.2m). Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: S$0.006 (vs S$0.049 loss in FY 2023) Full year 2024 results: EPS: S$0.006 (up from S$0.049 loss in FY 2023). Revenue: S$232.0m (up 7.6% from FY 2023). Net income: S$5.49m (up S$48.0m from FY 2023). Profit margin: 2.4% (up from net loss in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. Aankondiging • Mar 01
mDR Limited announces Annual dividend, payable on May 30, 2025 mDR Limited announced Annual dividend of SGD 0.0023 per share payable on May 30, 2025, ex-date on May 07, 2025 and record date on May 08, 2025. New Risk • Feb 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Singaporean stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 48% per year over the past 5 years. Minor Risk Market cap is less than US$100m (S$33.1m market cap, or US$24.7m). New Risk • Dec 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Singaporean stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 48% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Market cap is less than US$100m (S$33.1m market cap, or US$24.7m). New Risk • Jun 14
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Singaporean stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 43% per year over the past 5 years. Minor Risk Market cap is less than US$100m (S$39.2m market cap, or US$29.0m). Reported Earnings • Apr 13
Full year 2023 earnings released: S$0.049 loss per share (vs S$0.011 profit in FY 2022) Full year 2023 results: S$0.049 loss per share (down from S$0.011 profit in FY 2022). Revenue: S$215.6m (up 23% from FY 2022). Net loss: S$42.5m (down S$51.7m from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Aankondiging • Apr 10
mDR Limited, Annual General Meeting, Apr 29, 2024 mDR Limited, Annual General Meeting, Apr 29, 2024, at 14:00 Singapore Standard Time. Location: Hilton Singapore Orchard, Amaryllis meeting room 333 Orchard Road Singapore Singapore Agenda: To consider the proposed renewal of the Share Buy-back Mandate; to consider Rationale for the Share Buy-back Mandate; to consider authority and limitations of the share buy-back mandate; to consider status of the purchased or acquired shares; treasury shares; to consider source of funds; to consider financial effects of the proposed share buy-back mandate; to receive and adopt the Directors' Statement and the audited Financial Statements of the Company for the year ended 31 December 2023 together with the Auditors' Report thereon; to re-elect Mr Ong Ghim Choon, a Director of the Company retiring pursuant to Regulation 104(1) of the Constitution of the Company; and to consider other matters. Aankondiging • Mar 01
mDR Limited Approves Promotion of Cindy Tham Yen Yi as Chief Commercial Officer mDR Limited announced that Pursuant to the recommendations made by the Nominating Committee and having considered the working experience, competency and qualifications of Ms Cindy Tham Yen Yi ('Ms Tham'), the Board of Directors of mDR Ltd. has approved the promotion of Ms Tham as Chief Commercial Officer. Role And Responsibilities: Executive. Ms Tham will be responsible for the Distribution and Retail businesses of the Group's Singapore operations. Working Experience: Ms Tham joined the mDR Group in 2022 as the Director, Sales & Marketing. She has over 15 years of experience in leading and overseeing business, sales operations and marketing activities, in the telecommunications industry. Prior to joining the mDR Group, Ms Tham was the General Manager (Marketing) of M1 (2020 to 2022). Before that she has held the roles of, General Manager of VivoHub Mobile Pte Ltd. (2017 to 2020), and Business Development Director of NGT Networks Pte Ltd. (2010 to 2017). Professional Qualifications: Bachelor of Commerce (Finance & Marketing), Curtin University of Technology. 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 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 109% Earnings have declined by 12% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Market cap is less than US$100m (S$44.4m market cap, or US$33.0m). Buy Or Sell Opportunity • Jan 22
Now 23% overvalued Over the last 90 days, the stock has fallen 1.6% to S$0.063. The fair value is estimated to be S$0.051, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.8% over the last 3 years. Earnings per share has grown by 76%. Aankondiging • Jan 08
mDR Limited to Report Fiscal Year 2023 Results on Feb 28, 2024 mDR Limited announced that they will report fiscal year 2023 results After-Market on Feb 28, 2024 Board Change • Oct 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. 6 experienced directors. 1 highly experienced director. Independent Non-Executive Director Siow Fong Ong 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 • Aug 17
First half 2023 earnings released: S$0.019 loss per share (vs S$0.004 loss in 1H 2022) First half 2023 results: S$0.019 loss per share (further deteriorated from S$0.004 loss in 1H 2022). Revenue: S$93.3m (up 13% from 1H 2022). Net loss: S$16.9m (loss widened 422% from 1H 2022). Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. New Risk • Aug 15
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. Cash payout ratio: 109% Dividend yield: 7.2% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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 Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 109% Earnings have declined by 12% per year over the past 5 years. Minor Risk Market cap is less than US$100m (S$58.6m market cap, or US$43.2m). New Risk • Jul 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Singaporean stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 21% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (97% cash payout ratio). Share price has been volatile over the past 3 months (8.2% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (S$59.5m market cap, or US$44.9m). Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: S$0.011 (vs S$0.005 in FY 2021) Full year 2022 results: EPS: S$0.011 (up from S$0.005 in FY 2021). Revenue: S$175.5m (down 7.3% from FY 2021). Net income: S$9.22m (up 129% from FY 2021). Profit margin: 5.3% (up from 2.1% in FY 2021). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Aankondiging • Feb 11
mDR Limited to Report Fiscal Year 2022 Results on Feb 28, 2023 mDR Limited announced that they will report fiscal year 2022 results at 5:00 PM, Singapore Standard Time on Feb 28, 2023 Reported Earnings • Jul 12
Full year 2021 earnings released: EPS: S$0.006 (vs S$0.016 loss in FY 2020) Full year 2021 results: EPS: S$0.006 (up from S$0.016 loss in FY 2020). Revenue: S$189.6m (down 1.6% from FY 2020). Net income: S$5.01m (up S$19.4m from FY 2020). Profit margin: 2.6% (up from net loss in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 03
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: S$0.006 (up from S$0.016 loss in FY 2020). Revenue: S$189.6m (down 1.6% from FY 2020). Net income: S$5.01m (up S$19.4m from FY 2020). Profit margin: 2.6% (up from net loss in 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 69 percentage points per year, which is a significant difference in performance. Aankondiging • Mar 01
mDR Limited, Annual General Meeting, Apr 29, 2022 mDR Limited, Annual General Meeting, Apr 29, 2022. Agenda: To consider proposed final dividend to be paid on 23 May 2022. Aankondiging • Feb 15
mDR Limited to Report Fiscal Year 2021 Results on Feb 28, 2022 mDR Limited announced that they will report fiscal year 2021 results After-Market on Feb 28, 2022 Reported Earnings • Apr 18
Full year 2020 earnings released: S$0.016 loss per share (vs S$0.002 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: S$192.8m (down 33% from FY 2019). Net loss: S$14.4m (down S$15.5m from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 27
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: S$192.8m (down 33% from FY 2019). Net loss: S$14.4m (down S$15.5m from profit in FY 2019). Aankondiging • Feb 12
mDR Limited to Report Second Half, 2020 Results on Feb 26, 2021 mDR Limited announced that they will report second half, 2020 results on Feb 26, 2021 Aankondiging • Sep 29
mDR Limited Appoints Ong Siow Fong as Non-Executive Independent Director Nominating Committee Member Remuneration Committee Member mDR Limited announced the appointment of Ong Siow Fong as Non-Executive Independent Director Nominating Committee Member Remuneration Committee Member, effective September 28, 2020.