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Spindex Industries

SGX:564
Snowflake Description

Flawless balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
564
SGX
SGD104M
Market Cap
  1. Home
  2. SG
  3. Capital Goods
Company description

Spindex Industries Limited, together with its subsidiaries, engages in the manufacture, import, export, and trade of mechanical, electrical, electronic, and precision machine parts, as well as other engineering materials. The last earnings update was 37 days ago. More info.


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564 Share Price and Events
7 Day Returns
0%
SGX:564
3.5%
SG Machinery
1.4%
SG Market
1 Year Returns
4.6%
SGX:564
3.2%
SG Machinery
-4%
SG Market
564 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Spindex Industries (564) 0% 6.5% - 4.6% 13.8% 77.5%
SG Machinery 3.5% -2.6% -2.4% 3.2% 14.3% -36.2%
SG Market 1.4% 0.3% 0.5% -4% 11.2% -6.3%
1 Year Return vs Industry and Market
  • 564 outperformed the Machinery industry which returned 3.2% over the past year.
  • 564 outperformed the Market in Singapore which returned -4% over the past year.
Price Volatility
564
Industry
5yr Volatility vs Market

Value

 Is Spindex Industries undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Spindex Industries to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Spindex Industries.

SGX:564 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 8.5%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SGX:564
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
Machinery Unlevered Beta Simply Wall St/ S&P Global 1.06
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.063 (1 + (1- 17%) (0.26%))
1.044
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.04
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (1.044 * 5.96%)
8.52%

Discounted Cash Flow Calculation for SGX:564 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Spindex Industries is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SGX:564 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 8.52%)
2019 4.13 Est @ -19.82% 3.80
2020 3.58 Est @ -13.18% 3.04
2021 3.28 Est @ -8.54% 2.56
2022 3.10 Est @ -5.29% 2.24
2023 3.01 Est @ -3.01% 2.00
2024 2.97 Est @ -1.42% 1.82
2025 2.96 Est @ -0.3% 1.67
2026 2.97 Est @ 0.48% 1.55
2027 3.00 Est @ 1.03% 1.44
2028 3.05 Est @ 1.41% 1.34
Present value of next 10 years cash flows SGD21.46
SGX:564 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD3.05 × (1 + 2.3%) ÷ (8.52% – 2.3%)
SGD50.11
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD50.11 ÷ (1 + 8.52%)10
SGD22.11
SGX:564 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD21.46 + SGD22.11
SGD43.58
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD43.58 / 115.37
SGD0.38
SGX:564 Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD0.38
Current discount Discount to share price of SGD0.91
= -1 x (SGD0.91 - SGD0.38) / SGD0.38
-139.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Spindex Industries is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Spindex Industries's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Spindex Industries's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:564 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in SGD SGD0.15
SGX:564 Share Price ** SGX (2019-06-06) in SGD SGD0.91
Singapore Machinery Industry PE Ratio Median Figure of 13 Publicly-Listed Machinery Companies 8.85x
Singapore Market PE Ratio Median Figure of 323 Publicly-Listed Companies 12.68x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Spindex Industries.

SGX:564 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:564 Share Price ÷ EPS (both in SGD)

= 0.91 ÷ 0.15

5.86x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Spindex Industries is good value based on earnings compared to the SG Machinery industry average.
  • Spindex Industries is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does Spindex Industries's expected growth come at a high price?
Raw Data
SGX:564 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 5.86x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
-6.5%per year
Singapore Machinery Industry PEG Ratio Median Figure of 5 Publicly-Listed Machinery Companies 0.32x
Singapore Market PEG Ratio Median Figure of 119 Publicly-Listed Companies 1.6x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Spindex Industries, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Spindex Industries's assets?
Raw Data
SGX:564 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in SGD SGD0.99
SGX:564 Share Price * SGX (2019-06-06) in SGD SGD0.91
Singapore Machinery Industry PB Ratio Median Figure of 20 Publicly-Listed Machinery Companies 0.77x
Singapore Market PB Ratio Median Figure of 431 Publicly-Listed Companies 0.72x
SGX:564 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:564 Share Price ÷ Book Value per Share (both in SGD)

= 0.91 ÷ 0.99

0.91x

* Primary Listing of Spindex Industries.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Spindex Industries is overvalued based on assets compared to the SG Machinery industry average.
X
Value checks
We assess Spindex Industries's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Machinery industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Machinery industry average (and greater than 0)? (1 check)
  5. Spindex Industries has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Spindex Industries expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Spindex Industries, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-6.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Spindex Industries expected to grow at an attractive rate?
  • Spindex Industries's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Spindex Industries's earnings are expected to decrease over the next 1-3 years, this is below the Singapore market average.
  • Unable to compare Spindex Industries's revenue growth to the Singapore market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
SGX:564 Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:564 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts -6.5%
Singapore Machinery Industry Earnings Growth Rate Market Cap Weighted Average 15.2%
Singapore Machinery Industry Revenue Growth Rate Market Cap Weighted Average 0.7%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.5%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SGX:564 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:564 Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
SGX:564 Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2019-03-31 157 19 18
2018-12-31 158 15 17
2018-09-30 158 15 16
2018-06-30 153 12 14
2018-03-31 149 16 8
2017-12-31 147 17 11
2017-09-30 145 22 13
2017-06-30 142 24 14
2017-03-31 137 20 13
2016-12-31 132 22 11
2016-09-30 128 19 10
2016-06-30 124 17 10

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Spindex Industries's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Unable to determine if Spindex Industries is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:564 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Spindex Industries Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:564 Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
SGX:564 Past Financials Data
Date (Data in SGD Millions) EPS *
2019-03-31 0.15
2018-12-31 0.15
2018-09-30 0.14
2018-06-30 0.12
2018-03-31 0.07
2017-12-31 0.09
2017-09-30 0.11
2017-06-30 0.12
2017-03-31 0.11
2016-12-31 0.09
2016-09-30 0.09
2016-06-30 0.09

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Spindex Industries will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Spindex Industries's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Spindex Industries has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Spindex Industries performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Spindex Industries's growth in the last year to its industry (Machinery).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Spindex Industries's year on year earnings growth rate has been positive over the past 5 years.
  • Spindex Industries's 1-year earnings growth exceeds its 5-year average (119.6% vs 8.4%)
  • Spindex Industries's earnings growth has exceeded the SG Machinery industry average in the past year (119.6% vs 33%).
Earnings and Revenue History
Spindex Industries's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Spindex Industries Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:564 Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 157.04 17.82 17.76
2018-12-31 157.65 16.73 18.06
2018-09-30 157.51 15.93 17.91
2018-06-30 153.34 14.06 19.01
2018-03-31 148.51 8.12 20.45
2017-12-31 147.29 10.68 19.84
2017-09-30 144.72 12.53 18.22
2017-06-30 141.78 14.04 16.45
2017-03-31 136.98 12.61 15.24
2016-12-31 131.63 10.52 15.15
2016-09-30 127.91 10.31 15.14
2016-06-30 124.19 10.11 15.13
2016-03-31 122.86 12.06 13.92
2015-12-31 121.54 14.01 12.72
2015-09-30 117.86 13.22 12.81
2015-06-30 114.18 12.43 12.90
2015-03-31 108.61 11.32 13.13
2014-12-31 103.03 10.20 13.35
2014-09-30 100.59 9.73 13.34
2014-06-30 98.15 9.26 13.33
2014-03-31 97.25 9.57 12.39
2013-12-31 96.34 9.88 11.45
2013-09-30 94.46 8.45 11.71
2013-06-30 92.57 7.02 11.98
2013-03-31 91.44 6.44 11.99
2012-12-31 90.30 5.86 12.01
2012-09-30 89.15 6.51 11.00
2012-06-30 88.00 7.17 9.99

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Spindex Industries has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Spindex Industries used its assets more efficiently than the SG Machinery industry average last year based on Return on Assets.
  • Spindex Industries's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Spindex Industries's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Machinery industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Spindex Industries has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Spindex Industries's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Spindex Industries's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Spindex Industries is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Spindex Industries's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Spindex Industries's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 350.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Spindex Industries Company Filings, last reported 2 months ago.

SGX:564 Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 114.56 0.27 36.42
2018-12-31 112.09 0.00 32.92
2018-09-30 112.54 0.00 33.81
2018-06-30 110.66 0.00 30.36
2018-03-31 101.89 0.00 23.91
2017-12-31 99.34 0.00 28.18
2017-09-30 97.54 3.17 40.38
2017-06-30 97.54 3.17 40.38
2017-03-31
2016-12-31 93.04 3.32 34.49
2016-09-30 93.04 3.32 34.49
2016-06-30 87.44 3.83 30.35
2016-03-31 87.44 3.83 30.35
2015-12-31 86.76 2.49 26.56
2015-09-30 86.76 2.49 26.56
2015-06-30 84.30 0.11 22.91
2015-03-31 84.30 0.11 22.91
2014-12-31 78.87 0.29 25.05
2014-09-30 78.87 0.29 25.05
2014-06-30 74.51 0.46 26.40
2014-03-31 74.51 0.46 26.40
2013-12-31 71.14 0.62 26.82
2013-09-30 71.14 0.62 26.82
2013-06-30 68.55 0.80 25.45
2013-03-31 68.55 0.80 25.45
2012-12-31 62.40 0.96 23.75
2012-09-30 62.40 0.96 23.75
2012-06-30 63.14 1.11 22.77
  • Spindex Industries's level of debt (0.2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (0.6% vs 0.2% today).
  • Debt is well covered by operating cash flow (7063.3%, greater than 20% of total debt).
  • Spindex Industries earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Spindex Industries's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Spindex Industries has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Spindex Industries's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.31%
Current annual income from Spindex Industries dividends.
If you bought SGD2,000 of Spindex Industries shares you are expected to receive SGD66 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Spindex Industries's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.62%).
  • Spindex Industries's dividend is below the markets top 25% of dividend payers in Singapore (5.65%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SGX:564 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Singapore Machinery Industry Average Dividend Yield Market Cap Weighted Average of 11 Stocks 3.5%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 276 Stocks 4%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.7%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.6%
Singapore Top 25% Dividend Yield 75th Percentile 5.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:564 Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
SGX:564 Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2018-08-23 0.030 3.421
2017-10-09 0.030 2.989
2017-08-21 0.030 2.689
2016-10-03 0.023 2.839
2016-08-26 0.023 3.114
2015-10-27 0.028 3.931
2014-08-27 0.022 3.893
2013-10-10 0.018 3.743
2013-08-26 0.018 4.599
2012-10-09 0.018 5.114
2012-08-27 0.018 5.231
2011-08-29 0.009 3.330
2010-08-27 0.015 4.811
2009-10-13 0.014 5.243
2009-08-28 0.014 5.192

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Spindex Industries's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (5.1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Spindex Industries's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Spindex Industries afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Spindex Industries has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Spindex Industries's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Nicholas Tan
COMPENSATION SGD693,000
AGE 38
TENURE AS CEO 5.9 years
CEO Bio

Mr. Heok Ting Tan, also known as Nicholas, has been the Managing Director at Spindex Industries Ltd. since July 1, 2013. Mr. Tan served as the Group Marketing Manager of Spindex Industries Ltd. since 2008. He served as Business Development Manager and Financial Controller of Ebel Industries Pte Ltd from 2003 to 2008. He has been an Executive Director of Spindex Industries Ltd. since May 1, 2010. He also serves as a Director of Unicorn Pty Ltd. (Aust). Mr. Tan served as a Director of Brand Excellence (Malaysia).

CEO Compensation
  • Insufficient data for Nicholas to compare compensation growth.
  • Nicholas's remuneration is lower than average for companies of similar size in Singapore.
Management Team

Choo Pie Tan

TITLE
Executive Chairman
COMPENSATION
SGD749K
AGE
72

Nicholas Tan

TITLE
MD & Executive Director
COMPENSATION
SGD693K
AGE
38
TENURE
5.9 yrs

Andrew Orr

TITLE
Financial Controller
COMPENSATION
SGD151K
AGE
54
TENURE
8 yrs

Lee Eng Loh

TITLE
Company Secretary

Abdul Jabbar Bin Karam Din

TITLE
Joint Company Secretary

Fang Huar Foo

TITLE
Executive Officer
AGE
43
Board of Directors Tenure

Average tenure and age of the Spindex Industries board of directors in years:

8.9
Average Tenure
65
Average Age
  • The tenure for the Spindex Industries board of directors is about average.
Board of Directors

Choo Pie Tan

TITLE
Executive Chairman
COMPENSATION
SGD749K
AGE
72
TENURE
29.9 yrs

Nicholas Tan

TITLE
MD & Executive Director
COMPENSATION
SGD693K
AGE
38
TENURE
9.1 yrs

David Chew

TITLE
Lead Independent Director
COMPENSATION
SGD68K
AGE
67
TENURE
8.4 yrs

Alexander Chan

TITLE
Independent Director
COMPENSATION
SGD52K
AGE
65
TENURE
8.8 yrs

Chang Rong Chen

TITLE
Non-Executive Director
COMPENSATION
SGD124K
AGE
63
TENURE
14.4 yrs

Peter Tan

TITLE
Independent Director
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
X
Management checks
We assess Spindex Industries's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Spindex Industries has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Spindex Industries Limited (SGX:564): The Best Of Both Worlds

For those interested in understanding where the figures come from and want to see the analysis, take a look at the report on Spindex Industries here. … SGX:564 Income Statement, May 30th 2019 Next Steps: For Spindex Industries, there are three pertinent factors you should further research: Future Outlook: What are well-informed industry analysts predicting for 564’s future growth? … Take a look at our free research report of analyst consensus for 564’s outlook.

Simply Wall St -

The Spindex Industries (SGX:564) Share Price Is Up 65% And Shareholders Are Holding On

For example, the Spindex Industries Limited (SGX:564) share price is up 65% in the last 5 years, clearly besting than the market return of around -6.0% (ignoring dividends). … Over half a decade, Spindex Industries managed to grow its earnings per share at 12% a year. … We note that for Spindex Industries the TSR over the last 5 years was 97%, which is better than the share price return mentioned above.

Simply Wall St -

Why You Should Like Spindex Industries Limited’s (SGX:564) ROCE

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … What is Return On Capital Employed (ROCE)? … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

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How Spindex Industries Limited's (SGX:564) Earnings Growth Stacks Up Against The Industry

In this commentary, I will examine Spindex Industries Limited's (SGX:564) latest earnings update (31 March 2018) and compare these figures against its performance over the past couple of years, as well as how the rest of the machinery industry performed. … Was 564's recent earnings decline worse than the long-term trend and the industry. … 564's trailing twelve-month earnings (from 31 March 2018) of S$8.12m has

Simply Wall St -

Is Spindex Industries Limited (SGX:564) A Smart Pick For Income Investors?

A sizeable part of portfolio returns can be produced by dividend stocks due to their contribution to compounding returns in the long run. … Spindex Industries Limited (SGX:564) has returned to shareholders over the past 10 years, an average dividend yield of 4.00% annually. … Let's dig deeper into whether Spindex Industries should have a place in your portfolio.

Simply Wall St -

Can Spindex Industries Limited (SGX:564) Continue To Outperform Its Industry?

Check out our latest analysis for Spindex Industries What you must know about ROE Firstly, Return on Equity, or ROE, is simply the percentage of last years’ earning against the book value of shareholders’ equity. … For now, let’s just look at the cost of equity number for Spindex Industries, which is 9.20%. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity SGX:564 Last Perf Apr 13th 18 Essentially, profit margin shows how much money the company makes after paying for all its expenses.

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Interested In Spindex Industries Limited (SGX:564)? Here's How It Performed Recently

Measuring Spindex Industries Limited's (SGX:564) track record of past performance is a useful exercise for investors. … Check out our latest analysis for Spindex Industries Did 564's recent performance beat its trend and industry? … For Spindex Industries, its most recent bottom-line (trailing twelve month) is S$10.68M, which, relative to the previous year's level, Since these figures are fairly short-term, I have calculated an annualized five-year value for Spindex Industries's earnings, which stands at S$9.20M This means that, on average, Spindex Industries has been able to increase its earnings over the past couple of years.

Simply Wall St -

What You Must Know About Spindex Industries Limited's (SGX:564) Major Investors

Today, I will be analyzing Spindex Industries Limited’s (SGX:564) recent ownership structure, an important but not-so-popular subject among individual investors. … Insider Ownership I find insiders are another important group of stakeholders, who are directly involved in making key decisions related to the use of capital. … As a result, potential investors should further explore the company's business relations with these companies and find out if they can affect shareholder returns in the long-term.Next Steps: Institutional ownership in 564 is not at a level that would concern investors.

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Does Spindex Industries Limited's (SGX:564) PE Ratio Signal A Buying Opportunity?

By comparing a stock’s price per share to its earnings per share, we are able to see how much investors are paying for each dollar of the company’s earnings. … Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for 564 Price per share = SGD0.91 Earnings per share = SGD0.093 ∴ Price-Earnings Ratio = SGD0.91 ÷ SGD0.093 = 9.8x On its own, the P/E ratio doesn’t tell you much; however, it becomes extremely useful when you compare it with other similar companies. … For example, if you accidentally compared higher growth firms with 564, then 564’s P/E would naturally be lower since investors would reward its peers’ higher growth with a higher price.

Simply Wall St -

What Should You Know Before Buying Spindex Industries Limited (SGX:564) For Its Dividend

Over the past 10 years, Spindex Industries Limited (SGX:564) has returned an average of 4.00% per year to shareholders in terms of dividend yield. … Check out our latest analysis for Spindex Industries 5 checks you should use to assess a dividend stock If you are a dividend investor, you should always assess these five key metrics: Is it the top 25% annual dividend yield payer? … In terms of its peers, Spindex Industries has a yield of 3.30%, which is high for Machinery stocks.Next Steps: Taking into account the dividend metrics, Spindex Industries ticks most of the boxes as a strong dividend investment, putting it in my list of top dividend payers.

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Company Info

Description

Spindex Industries Limited, together with its subsidiaries, engages in the manufacture, import, export, and trade of mechanical, electrical, electronic, and precision machine parts, as well as other engineering materials. It provides precision turned parts, such as shafts, mini shafts, sleeves, and other critical components used in various applications, including consumer copiers, facsimiles, laser printers, inkjet printers, scanners, multi-function centers, commercial printers, commercial offset printers, etc. The company also offers various components used in automotive sensor assemblies, throttle mechanisms, and gear shafts that are used in brakes, drive systems, and industrial tools. In addition, it provides mini fasteners, transmission shafts, and bearing shafts for use in bicycles, fishing rods, washers, and irons. The company serves MNC customers operating in imaging and printing, domestic appliances, consumer electronics, data storage, machinery, automotive systems, and telecommunications sectors. It has operations in the People’s Republic of China, Singapore and other ASEAN countries, the United States, Europe, and internationally. The company was founded in 1981 and is headquartered in Singapore. Spindex Industries Limited is a subsidiary of DBS Nominees Pte. Ltd.

Details
Name: Spindex Industries Limited
564
Exchange: SGX
Founded: 1981
SGD104,405,325
115,365,000
Website: http://www.spindex.com.sg
Address: Spindex Industries Limited
No. 03-16 Tradehub 21,
8 Boon Lay Way,
Singapore,
609964,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX 564 Ordinary Shares Singapore Exchange SG SGD 02. Nov 1998
Number of employees
Current staff
Staff numbers
0
Spindex Industries employees.
Industry
Industrial Machinery
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/16 12:38
End of day share price update: 2019/06/06 00:00
Last estimates confirmation: 2016/08/26
Last earnings filing: 2019/05/10
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.