Upcoming Dividend • May 02
Upcoming dividend of S$0.015 per share Eligible shareholders must have bought the stock before 07 May 2026. Payment date: 29 May 2026. Payout ratio is a comfortable 6.1% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Singaporean dividend payers (5.0%). Lower than average of industry peers (2.3%). Reported Earnings • Apr 19
Full year 2025 earnings released: EPS: S$0.25 (vs S$0.26 in FY 2024) Full year 2025 results: EPS: S$0.25 (down from S$0.26 in FY 2024). Revenue: S$69.4m (down 16% from FY 2024). Net income: S$12.9m (down 6.2% from FY 2024). Profit margin: 19% (up from 17% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has increased by 71% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Apr 18
Dividend reduced to S$0.015 Dividend of S$0.015 is 50% lower than last year. Ex-date: 7th May 2026 Payment date: 29th May 2026 Dividend yield will be 1.3%, which is lower than the industry average of 4.6%. Sustainability & Growth Dividend is covered by earnings (8% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Earnings per share has grown by 94% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Mar 09
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 64% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (41% accrual ratio). Minor Risks High level of debt (64% net debt to equity). Market cap is less than US$100m (S$60.9m market cap, or US$47.6m). Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: S$0.18 (vs S$0.26 in FY 2024) Full year 2025 results: EPS: S$0.18 (down from S$0.26 in FY 2024). Revenue: S$69.9m (down 16% from FY 2024). Net income: S$9.21m (down 33% from FY 2024). Profit margin: 13% (down from 17% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has increased by 72% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Mar 03
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 41% 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 (41% accrual ratio). Minor Risks High level of debt (64% net debt to equity). Paying a dividend despite having no free cash flows. Market cap is less than US$100m (S$57.3m market cap, or US$44.9m). 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). Market cap is less than US$100m (S$68.2m market cap, or US$53.7m). Reported Earnings • Aug 16
First half 2025 earnings released: EPS: S$0.084 (vs S$0.06 in 1H 2024) First half 2025 results: EPS: S$0.084 (up from S$0.06 in 1H 2024). Revenue: S$33.5m (down 5.0% from 1H 2024). Net income: S$4.35m (up 38% from 1H 2024). Profit margin: 13% (up from 8.9% 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 67% per year whereas the company’s share price has increased by 66% per year. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to S$1.18, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 15x in the Construction industry in Singapore. Total returns to shareholders of 383% over the past three years. Announcement • May 30
Hor Kew Corporation Limited Approves First and Final Dividend for the Financial Year Ended December 31, 2024 Hor Kew Corporation Limited approved that the payment of a first and final dividend of 3.0 cents per ordinary share for the financial year ended 31 December 2024. Upcoming Dividend • May 01
Upcoming dividend of S$0.03 per share Eligible shareholders must have bought the stock before 08 May 2025. Payment date: 30 May 2025. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of Singaporean dividend payers (6.0%). Higher than average of industry peers (3.6%). Reported Earnings • Apr 17
Full year 2024 earnings released: EPS: S$0.26 (vs S$0.14 in FY 2023) Full year 2024 results: EPS: S$0.26 (up from S$0.14 in FY 2023). Revenue: S$82.9m (down 21% from FY 2023). Net income: S$13.7m (up 85% from FY 2023). Profit margin: 17% (up from 7.1% 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 56% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. 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: 4.2% 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 Share price has been highly volatile over the past 3 months (16% average weekly change). 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$37.0m market cap, or US$27.8m). New Risk • Mar 03
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 15% 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 Risk Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (S$37.5m market cap, or US$27.8m). Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: S$0.26 (vs S$0.14 in FY 2023) Full year 2024 results: EPS: S$0.26 (up from S$0.14 in FY 2023). Revenue: S$82.9m (down 21% from FY 2023). Net income: S$13.7m (up 85% from FY 2023). Profit margin: 17% (up from 7.1% in FY 2023). Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Announcement • Mar 01
Hor Kew Corporation Limited, Annual General Meeting, Apr 30, 2025 Hor Kew Corporation Limited, Annual General Meeting, Apr 30, 2025. Announcement • May 01
Hor Kew Corporation Limited Appoints Ronnie Wai Chee Leong as an Independent Non-Executive Director, Member of the Audit Committee and Chairman of the Nominating and Remuneration Committees Board of Directors of Hor Kew Corporation Limited has approved the appointment of Mr. Ronnie Wai Chee Leong as an Independent Non-Executive Director, member of the Audit Committee and Chairman of the Nominating and Remuneration Committees. Working Experience: 2004 to present Director of Dominion LLC Aug. 2017 to Present Director of Southwest Oilfield Products Pte Ltd. Feb. 2013 to Nov. 2013 Independent director of Guthrie GTS Limited, previously listed on SGX Mainboard 2007 to Aug. 2013 Independent director of Rokko Holdings Limited, listed on SGX Catalist board. Director Experience Details Feb. 2013 to Nov. 2013 Independent director of Guthrie GTS Limited, previously listed on SGX Mainboard 2007 to Aug. 2013 Independent director of Rokko Holdings Ltd, previously listed on SGX Catalist board. Professional Qualifications: Bachelor of Laws (Honours), London School of Economics, University of London Commissioner of Oaths, Singapore Law Academy Barrister-at-law, Lincoln's Inn. Appointment Date is April 30, 2024. Reported Earnings • Apr 20
Full year 2023 earnings released: EPS: S$0.14 (vs S$0.033 in FY 2022) Full year 2023 results: EPS: S$0.14 (up from S$0.033 in FY 2022). Revenue: S$104.8m (up 37% from FY 2022). Net income: S$7.41m (up 331% from FY 2022). Profit margin: 7.1% (up from 2.3% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 1% per year. Announcement • Apr 16
Hor Kew Corporation Limited, Annual General Meeting, Apr 30, 2024 Hor Kew Corporation Limited, Annual General Meeting, Apr 30, 2024, at 09:00 China Standard Time. Location: 66 Kallang Pudding Road, #07-01 Hor Kew Business Centre Singapore Singapore Agenda: To discuss Directors' Statement and Audited Financial Statements for the year ended 31 December 2023; to Re-election of Mr Benjamin Aw Chi-Ken as a Director of the Company; to Approval of Directors' Fees for the year ended 31 December 2023; and to Re-appointment of Baker Tilly TFW LLP as Independent Auditor of the Company. New Risk • Mar 10
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.9x net interest cover). Market cap is less than US$10m (S$12.5m market cap, or US$9.38m). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). Reported Earnings • Mar 02
Full year 2023 earnings released: EPS: S$0.10 (vs S$0.033 in FY 2022) Full year 2023 results: EPS: S$0.10 (up from S$0.033 in FY 2022). Revenue: S$104.8m (up 37% from FY 2022). Net income: S$5.20m (up 202% from FY 2022). Profit margin: 5.0% (up from 2.3% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. 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 Interest payments are not well covered by earnings (0.1x net interest cover). Market cap is less than US$10m (S$10.4m market cap, or US$7.74m). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Announcement • Dec 29
Hor Kew Corporation Limited Announces Change of Joint Company Secretary The Board of Directors of Hor Kew Corporation Limited announce that Ms Koh Ee Koon will retire as Joint Company Secretary of the Company with effect from 31 December 2023. Ms Chng Thian Hooi will be appointed as Joint Company Secretary in place of Ms Koh Ee Koon with effect from 2 January 2024. Following the above change, the Joint Company Secretaries of the Company will be Ms Koh Geok Hoon and Ms Chng Thian Hooi. Reported Earnings • Aug 16
First half 2023 earnings released: EPS: S$0.032 (vs S$0.055 in 1H 2022) First half 2023 results: EPS: S$0.032 (down from S$0.055 in 1H 2022). Revenue: S$50.6m (up 62% from 1H 2022). Net income: S$1.68m (down 42% from 1H 2022). Profit margin: 3.3% (down from 9.2% in 1H 2022). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Buying Opportunity • Aug 10
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be S$0.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Earnings per share has grown by 25%. Board Change • May 17
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. No experienced directors. 5 highly experienced directors. Executive Director, GM-Prefab Technology Pte Ltd & GM-Prefab Technology 3 Pte Ltd Elicia Aw was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 15
Full year 2022 earnings released: EPS: S$0.033 (vs S$0.077 in FY 2021) Full year 2022 results: EPS: S$0.033 (down from S$0.077 in FY 2021). Revenue: S$76.5m (up 35% from FY 2021). Net income: S$1.72m (down 57% from FY 2021). Profit margin: 2.3% (down from 7.1% in FY 2021). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 02
Full year 2022 earnings released: EPS: S$0.039 (vs S$0.077 in FY 2021) Full year 2022 results: EPS: S$0.039 (down from S$0.077 in FY 2021). Revenue: S$76.2m (up 34% from FY 2021). Net income: S$2.01m (down 50% from FY 2021). Profit margin: 2.6% (down from 7.1% in FY 2021). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Board Change • Jan 04
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. No experienced directors. 5 highly experienced directors. Executive Director, GM-Prefab Technology Pte Ltd & GM-Prefab Technology 3 Pte Ltd Elicia Aw was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 16
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. No experienced directors. 5 highly experienced directors. Executive Director, GM-Prefab Technology Pte Ltd & GM-Prefab Technology 3 Pte Ltd Elicia Aw was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 15
First half 2022 earnings released: EPS: S$0.055 (vs S$0.05 in 1H 2021) First half 2022 results: EPS: S$0.055 (up from S$0.05 in 1H 2021). Revenue: S$31.2m (up 6.9% from 1H 2021). Net income: S$2.88m (up 11% from 1H 2021). Profit margin: 9.2% (up from 8.9% in 1H 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • May 02
Hor Kew Corporation Limited Approves Appointment of William Chew Yew Meng as an Independent Director Hor Kew Corporation Limited approved continued appointment of Mr. William Chew Yew Meng as an Independent Director by shareholders, at its AGM held on 29 April 2022. Board Change • Apr 27
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. No experienced directors. 5 highly experienced directors. Executive Director, GM-Prefab Technology Pte Ltd & GM-Prefab Technology 3 Pte Ltd Elicia Aw was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 17
Full year 2021 earnings released: EPS: S$0.077 (vs S$0.006 in FY 2020) Full year 2021 results: EPS: S$0.077 (up from S$0.006 in FY 2020). Revenue: S$56.8m (up 14% from FY 2020). Net income: S$4.02m (up S$3.69m from FY 2020). Profit margin: 7.1% (up from 0.7% in FY 2020). Over the last 3 years on average, earnings per share has increased by 125% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Apr 15
Hor Kew Corporation Limited, Annual General Meeting, Apr 29, 2022 Hor Kew Corporation Limited, Annual General Meeting, Apr 29, 2022, at 09:00 Singapore Standard Time. Agenda: To consider Directors' Statement and Audited Financial Statements for the year ended 31 December 2021; to consider re-election of Benjamin Aw Chi-Ken as a Director of the company; to consider re-election of William Chew Yew Meng as a Director of the company; to consider approval of Directors' Fees for the year ended 31 December 2021; to consider re-appointment of Baker Tilly TFW LLP as Independent Auditor of the company; to consider approval of continued appointment of William Chew Yew Meng as an Independent Director by shareholders; to consider approval of continued appointment of William Chew Yew Meng as an Independent Director by shareholders (excluding Directors, Chief Executive Officer, and their associates); and to consider authority to Directors to issue shares and/or convertible securities. Reported Earnings • Mar 03
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: S$0.073 (up from S$0.006 in FY 2020). Revenue: S$55.9m (up 13% from FY 2020). Net income: S$3.78m (up S$3.45m from FY 2020). Profit margin: 6.8% (up from 0.7% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 125% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Board Change • Dec 06
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. Executive Director, GM-Prefab Technology Pte Ltd & GM-Prefab Technology 3 Pte Ltd Elicia Aw was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 19
Full year 2020 earnings released: EPS S$0.006 (vs S$0.017 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: S$49.7m (down 23% from FY 2019). Net income: S$332.0k (down 63% from FY 2019). Profit margin: 0.7% (down from 1.4% in FY 2019). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Mar 06
Hor Kew Corporation Limited Announces Resignation of Aw Khoon Hwee as Non-Executive Director Hor Kew Corporation Limited announced resignation of Aw Khoon Hwee as Non-Executive Director of the company. Reported Earnings • Mar 02
Full year 2020 earnings released: EPS S$0.01 (vs S$0.017 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: S$49.5m (down 23% from FY 2019). Net income: S$522.0k (down 42% from FY 2019). Profit margin: 1.1% (down from 1.4% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 15
Third quarter 2020 earnings released: S$0.025 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: S$12.8m (down 28% from 3Q 2019). Net loss: S$1.31m (down 373% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Announcement • Nov 13
Hor Kew Corporation Limited to Report Q3, 2020 Results on Nov 14, 2020 Hor Kew Corporation Limited announced that they will report Q3, 2020 results on Nov 14, 2020 Is New 90 Day High Low • Oct 23
New 90-day high: S$0.28 The company is up 53% from its price of S$0.18 on 22 July 2020. The Singaporean market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is flat over the same period. Is New 90 Day High Low • Oct 08
New 90-day high: S$0.26 The company is up 19% from its price of S$0.21 on 06 July 2020. The Singaporean market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is down 4.0% over the same period. 
