DB:3DV

Stock Analysis Report

Executive Summary

Old Chang Kee Ltd., an investment holding company, manufactures and distributes food products under the Old Chang Kee brand in Singapore, Australia, and Malaysia.

Snowflake

Fundamentals

Adequate balance sheet second-rate dividend payer.

Share Price & News

How has Old Chang Kee's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

0.8%

3DV

-0.9%

DE Food

1.7%

DE Market


1 Year Return

1.7%

3DV

-4.0%

DE Food

7.2%

DE Market

Return vs Industry: 3DV exceeded the German Food industry which returned -4% over the past year.

Return vs Market: 3DV underperformed the German Market which returned 7.2% over the past year.


Shareholder returns

3DVIndustryMarket
7 Day0.8%-0.9%1.7%
30 Day1.1%-7.0%2.4%
90 Day-3.2%-5.6%2.3%
1 Year5.8%1.7%-2.4%-4.0%10.6%7.2%
3 Year21.9%8.3%-22.4%-27.2%18.4%8.1%
5 Year12.2%-11.7%32.5%21.0%42.3%22.9%

Price Volatility Vs. Market

How volatile is Old Chang Kee's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Old Chang Kee undervalued compared to its fair value and its price relative to the market?

24.74x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: 3DV (€0.48) is trading above our estimate of fair value (€0.4)

Significantly Below Fair Value: 3DV is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: 3DV is poor value based on its PE Ratio (24.7x) compared to the Food industry average (22.1x).

PE vs Market: 3DV is poor value based on its PE Ratio (24.7x) compared to the German market (19x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate 3DV's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: 3DV is overvalued based on its PB Ratio (3.1x) compared to the DE Food industry average (1.8x).


Next Steps

Future Growth

How is Old Chang Kee forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

-3.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 3DV's earnings are forecast to decline over the next 3 years (-3% per year).

Earnings vs Market: 3DV's earnings are forecast to decline over the next 3 years (-3% per year).

High Growth Earnings: 3DV's earnings are forecast to decline over the next 3 years.

Revenue vs Market: Insufficient data to determine if 3DV's revenue is forecast to grow faster than the German market.

High Growth Revenue: Insufficient data to determine if 3DV's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if 3DV's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Old Chang Kee performed over the past 5 years?

-10.4%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: 3DV's earnings have declined by -10.4% per year over the past 5 years.

Accelerating Growth: 3DV's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 3DV had negative earnings growth (-15.7%) over the past year, making it difficult to compare to the Food industry average (14.4%).


Return on Equity

High ROE: 3DV's Return on Equity (12.7%) is considered low.


Return on Assets

ROA vs Industry: 3DV has a higher Return on Assets than the Food industry average last year.


Return on Capital Employed

ROCE Improving: 3DV's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is Old Chang Kee's financial position?


Financial Position Analysis

Short Term Liabilities: 3DV's short term assets (SGD21.3M) do not cover its short term liabilities (SGD22.8M)

Long Term Liabilities: 3DV's short term assets (21.3M) exceeds its long term liabilities (20.7M)


Debt to Equity History and Analysis

Debt Level: 3DV's debt to equity ratio (30.4%) is considered satisfactory

Reducing Debt: 3DV's debt to equity ratio has increased from 12.3% to 30.4% over the past 5 years.

Debt Coverage: 3DV's debt is well covered by operating cash flow (127.5%).

Interest Coverage: 3DV's interest payments on its debt are well covered by EBIT (10.7x coverage).


Balance Sheet

Inventory Level: 3DV has a high level of physical assets or inventory.

Debt Coverage by Assets: 3DV's debt is covered by short term assets (assets are 2.414730x debt).


Next Steps

Dividend

What is Old Chang Kee's current dividend yield, its reliability and sustainability?

4.00%

Current Dividend Yield


Dividend Yield vs Market

company4.0%marketbottom25%1.5%markettop25%3.8%industryaverage1.6%forecastin3Yearsn/a

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: 3DV's dividend (4%) is higher than the bottom 25% of dividend payers in the German market (1.48%).

High Dividend: 3DV's dividend (4%) is in the top 25% of dividend payers in the German market (3.83%)

Stable Dividend: 3DV's dividend payments have been volatile in the past 10 years.

Growing Dividend: 3DV's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (98.9%), 3DV's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

What is the CEO of Old Chang Kee's salary, the management and board of directors tenure and is there insider trading?

8.1yrs

Average management tenure


CEO

William Lim (58yo)

0yrs

Tenure

0

Mr. Lim Tao-E, also known as William, serves as the Chief Executive Officer at Old Chang Kee Ltd. Mr. William joined Old Chang Kee Ltd Group in 1995 and has accumulated more than 20 years of sales experien ...


Management Age and Tenure

8.1yrs

Average Tenure

54yo

Average Age

Experienced Management: 3DV's management team is seasoned and experienced (8.1 years average tenure).


Board Age and Tenure

6.3yrs

Average Tenure

51.5yo

Average Age

Experienced Board: 3DV's board of directors are considered experienced (6.3 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown


Management Team

  • Adrian Chan (54yo)

    Company Secretary

    • Tenure: 9.9yrs
  • Philip Lun

    Company Secretary

    • Tenure: 9.9yrs
  • Keen Juan Han (67yo)

    Executive Chairman

    • Tenure: 0yrs
  • Hui Shien Chow (45yo)

    Deputy CEO & Executive Director

    • Tenure: 7.3yrs
  • William Lim (58yo)

    CEO & Executive Director

    • Tenure: 0yrs
  • Yeow Chung Song (40yo)

    CFO & Company Secretary

    • Tenure: 0yrs
  • Jacky Huat

    Head of Production & Senior Manager

    • Tenure: 6.3yrs

Board Members

  • Keen Juan Han (67yo)

    Executive Chairman

    • Tenure: 0yrs
  • Hui Shien Chow (45yo)

    Deputy CEO & Executive Director

    • Tenure: 7.3yrs
  • William Lim (58yo)

    CEO & Executive Director

    • Tenure: 0yrs
  • Audrey Yap

    Independent Director

    • Tenure: 5.3yrs
  • Chen Hanming Tan (43yo)

    Lead Independent Director

    • Tenure: 0.3yrs

Company Information

Old Chang Kee Ltd.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Old Chang Kee Ltd.
  • Ticker: 3DV
  • Exchange: DB
  • Founded: 1956
  • Industry: Packaged Foods and Meats
  • Sector: Food, Beverage & Tobacco
  • Market Cap: S$91.031m
  • Listing Market Cap: S$59.987m
  • Shares outstanding: 121.37m
  • Website: https://www.oldchangkee.com

Location

  • Old Chang Kee Ltd.
  • 2 Woodlands Terrace
  • Singapore
  • 738427
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
5MLCatalist (Singapore Exchange Catalist Market)YesOrdinary SharesSGSGDJan 2008
3DVDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 2008

Biography

Old Chang Kee Ltd., an investment holding company, manufactures and distributes food products under the Old Chang Kee brand in Singapore, Australia, and Malaysia. The company offers traditional, seafood, a ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/22 21:05
End of Day Share Price2019/10/22 00:00
Earnings2019/06/30
Annual Earnings2019/03/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.