Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to US$1.62, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 23x in the Commercial Services industry in the US. Total loss to shareholders of 59% over the past year. New Risk • Apr 13
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 American stocks, typically moving 24% 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 (24% average weekly change). Earnings have declined by 1.4% per year over the past 5 years. Minor Risk Market cap is less than US$100m (US$17.4m market cap). Reported Earnings • Mar 26
First half 2026 earnings released: EPS: S$0.18 (vs S$0.082 in 1H 2025) First half 2026 results: EPS: S$0.18 (up from S$0.082 in 1H 2025). Revenue: S$24.5m (up 11% from 1H 2025). Net income: S$2.63m (up 136% from 1H 2025). Profit margin: 11% (up from 5.1% in 1H 2025). The increase in margin was driven by higher revenue. New Risk • Mar 23
New major risk - Revenue and earnings growth Earnings have declined by 1.4% 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 1.4% per year over the past 5 years. Minor Risk Market cap is less than US$100m (US$18.3m market cap). New Risk • Feb 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 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 March 2025 fiscal period end). Profit margins are more than 30% lower than last year (5.1% net profit margin). Market cap is less than US$100m (US$21.0m market cap). Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$1.67, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 24x in the Commercial Services industry in the US. Total loss to shareholders of 73% over the past year. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to US$2.61, the stock trades at a trailing P/E ratio of 21.9x. Average trailing P/E is 27x in the Commercial Services industry in the US. Total loss to shareholders of 22% over the past year. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to US$3.70, the stock trades at a trailing P/E ratio of 30.8x. Average trailing P/E is 26x in the Commercial Services industry in the US. Total returns to shareholders of 14% over the past year. Reported Earnings • Aug 01
Full year 2025 earnings released: EPS: S$0.16 (vs S$0.27 in FY 2024) Full year 2025 results: EPS: S$0.16 (down from S$0.27 in FY 2024). Revenue: S$43.8m (up 5.9% from FY 2024). Net income: S$2.24m (down 33% from FY 2024). Profit margin: 5.1% (down from 8.1% in FY 2024). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • May 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$4.77, the stock trades at a trailing P/E ratio of 38.2x. Average trailing P/E is 27x in the Commercial Services industry in the US. Reported Earnings • Apr 01
First half 2025 earnings released: EPS: S$0.082 (vs S$0.17 in 1H 2024) First half 2025 results: EPS: S$0.082 (down from S$0.17 in 1H 2024). Revenue: S$22.1m (up 7.9% from 1H 2024). Net income: S$1.12m (down 47% from 1H 2024). Profit margin: 5.1% (down from 10% in 1H 2024). The decrease in margin was driven by higher expenses. New Risk • Mar 28
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% 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 (20% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Profit margins are more than 30% lower than last year (5.5% net profit margin). Market cap is less than US$100m (US$58.0m market cap). Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to US$4.41, the stock trades at a trailing P/E ratio of 25.5x. Average trailing P/E is 29x in the Commercial Services industry in the US. Buy Or Sell Opportunity • Feb 13
Now 23% undervalued Over the last 90 days, the stock has risen 40% to US$4.82. The fair value is estimated to be US$6.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last year. Earnings per share has declined by 15%. New Risk • Feb 11
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 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 March 2024 fiscal period end). Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (US$86.7m market cap). Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$6.96, the stock trades at a trailing P/E ratio of 40.9x. Average trailing P/E is 31x in the Commercial Services industry in the US. 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 American stocks, typically moving 10% 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 Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (US$86.3m market cap). Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to US$4.68, the stock trades at a trailing P/E ratio of 27.1x. Average trailing P/E is 33x in the Commercial Services industry in the US. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$3.57, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 26x in the Commercial Services industry in the US. Reported Earnings • Jul 28
Full year 2024 earnings released: EPS: S$0.27 (vs S$0.31 in FY 2023) Full year 2024 results: EPS: S$0.27 (down from S$0.31 in FY 2023). Revenue: S$41.4m (up 9.9% from FY 2023). Net income: S$3.36m (down 15% from FY 2023). Profit margin: 8.1% (down from 10% in FY 2023). The decrease in margin was driven by higher expenses. Board Change • Jun 21
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. CEO & Executive Chairman Zhang Jian was the last director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.