Upcoming Dividend • May 07
Upcoming dividend of S$0.05 per share Eligible shareholders must have bought the stock before 14 May 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 21% but the company is paying out more than the cash it is generating. Trailing yield: 14%. Within top quartile of Singaporean dividend payers (5.0%). Higher than average of industry peers (3.4%). Reported Earnings • Apr 18
Full year 2025 earnings released: EPS: S$0.047 (vs S$0.057 in FY 2024) Full year 2025 results: EPS: S$0.047 (down from S$0.057 in FY 2024). Revenue: S$44.1m (down 12% from FY 2024). Net income: S$5.11m (down 19% from FY 2024). Profit margin: 12% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Apr 16
Final dividend of S$0.05 announced Shareholders will receive a dividend of S$0.05. Ex-date: 14th May 2026 Payment date: 22nd May 2026 Dividend yield will be 14%, which is higher than the industry average of 5.1%. Sustainability & Growth Dividend is covered by earnings (21% earnings payout ratio) but not covered by cash flows (211% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 35% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 14
Sin Heng Heavy Machinery Limited, Annual General Meeting, Apr 29, 2026 Sin Heng Heavy Machinery Limited, Annual General Meeting, Apr 29, 2026, at 10:00 Singapore Standard Time. Location: raffles marina, no. 10, tuas west drive, singapore 638404, Singapore Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: S$0.047 (vs S$0.057 in FY 2024) Full year 2025 results: EPS: S$0.047 (down from S$0.057 in FY 2024). Revenue: S$44.1m (down 12% from FY 2024). Net income: S$5.11m (down 19% from FY 2024). Profit margin: 12% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. 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 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). Dividend is not well covered by cash flows (211% cash payout ratio). Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (S$79.9m market cap, or US$63.2m). 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. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Satish Rai was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 15
First half 2025 earnings released: EPS: S$0.023 (vs S$0.032 in 1H 2024) First half 2025 results: EPS: S$0.023 (down from S$0.032 in 1H 2024). Revenue: S$23.6m (down 1.4% from 1H 2024). Net income: S$2.52m (down 29% from 1H 2024). Profit margin: 11% (down from 15% in 1H 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 17% per year. Declared Dividend • May 01
Dividend of S$0.05 announced Dividend of S$0.05 is the same as last year. Ex-date: 16th May 2025 Payment date: 26th May 2025 Dividend yield will be 8.3%, which is higher than the industry average of 5.1%. Sustainability & Growth Dividend is well covered by both earnings (17% earnings payout ratio) and cash flows (47% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. Earnings per share has grown by 43% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 11
Full year 2024 earnings released: EPS: S$0.057 (vs S$0.071 in FY 2023) Full year 2024 results: EPS: S$0.057 (down from S$0.071 in FY 2023). Revenue: S$50.3m (down 24% from FY 2023). Net income: S$6.27m (down 22% from FY 2023). Profit margin: 13% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Apr 07
Sin Heng Heavy Machinery Limited, Annual General Meeting, Apr 29, 2025 Sin Heng Heavy Machinery Limited, Annual General Meeting, Apr 29, 2025, at 10:00 Singapore Standard Time. Location: raffles marina, no. 10, tuas west drive, singapore 638404, Singapore Reported Earnings • Feb 28
Full year 2024 earnings released: EPS: S$0.058 (vs S$0.071 in FY 2023) Full year 2024 results: EPS: S$0.058 (down from S$0.071 in FY 2023). Revenue: S$50.3m (down 24% from FY 2023). Net income: S$6.27m (down 22% from FY 2023). Profit margin: 13% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Sep 27
Sin Heng Heavy Machinery Limited Announces Change of Company Secretaries Sin Heng Heavy Machinery Limited announced the appointment of Mr. Lee Wei Hsiung and Ms Hon Wei Ling as Company Secretaries, in place of Ms Siau Kuei Lian with effect from 27 September 2024. Reported Earnings • Aug 18
First half 2024 earnings released: EPS: S$0.032 (vs S$0.029 in 1H 2023) First half 2024 results: EPS: S$0.032 (up from S$0.029 in 1H 2023). Revenue: S$23.9m (down 31% from 1H 2023). Net income: S$3.55m (up 7.1% from 1H 2023). Profit margin: 15% (up from 9.5% in 1H 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 28
Upcoming dividend of S$0.05 per share Eligible shareholders must have bought the stock before 03 May 2024. Payment date: 13 May 2024. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 9.4%. Within top quartile of Singaporean dividend payers (6.3%). Higher than average of industry peers (5.4%). Reported Earnings • Apr 16
Full year 2023 earnings released: EPS: S$0.071 (vs S$0.032 in FY 2022) Full year 2023 results: EPS: S$0.071 (up from S$0.032 in FY 2022). Revenue: S$66.2m (up 28% from FY 2022). Net income: S$8.00m (up 119% from FY 2022). Profit margin: 12% (up from 7.1% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Declared Dividend • Apr 14
Dividend of S$0.05 announced Shareholders will receive a dividend of S$0.05. Ex-date: 3rd May 2024 Payment date: 13th May 2024 Dividend yield will be 9.6%, which is higher than the industry average of 5.1%. Sustainability & Growth Dividend is covered by earnings (14% earnings payout ratio) but not covered by cash flows (107% cash payout ratio). The dividend has increased by an average of 2.3% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 70% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 13
Sin Heng Heavy Machinery Limited, Annual General Meeting, Apr 30, 2024 Sin Heng Heavy Machinery Limited, Annual General Meeting, Apr 30, 2024, at 10:00 Singapore Standard Time. Location: Raffles Marina, No 10, Tuas West Drive Singapore Agenda: To receive and adopt the Directors’ Statement and Audited Financial Statements of the Company and the Group for the financial year ended 31 December 2023, together with the Auditors’ Report thereon; to re-elect the following Directors of the Company retiring pursuant to Regulation 89 of the Constitution of the Company; to declare a first and final dividend of 1.0 Singapore cents and special dividend of 4.0 Singapore cents per ordinary share tax-exempt (one-tier) for the financial year ended 31 December 2023; to approve the payment of Directors’ fees of S$135,000 for the financial year ended 31 December 2023 (2022: S$155,932); to re-appoint Messrs Deloitte & Touche LLP as the Auditors of the Company and to authorize the Directors of the Company to fix their remuneration; to transact any other ordinary business which may properly be transacted at an AGM; and to consider other matters. New Risk • Feb 27
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: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Paying a dividend despite having no free cash flows. Market cap is less than US$100m (S$54.9m market cap, or US$40.8m). Reported Earnings • Aug 15
First half 2023 earnings released: EPS: S$0.029 (vs S$0.015 in 1H 2022) First half 2023 results: EPS: S$0.029 (up from S$0.015 in 1H 2022). Revenue: S$34.7m (up 31% from 1H 2022). Net income: S$3.31m (up 89% from 1H 2022). Profit margin: 9.5% (up from 6.6% in 1H 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 26
Upcoming dividend of S$0.035 per share at 8.1% yield Eligible shareholders must have bought the stock before 03 May 2023. Payment date: 12 May 2023. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 8.1%. Within top quartile of Singaporean dividend payers (6.4%). Higher than average of industry peers (4.5%). Reported Earnings • Apr 08
Full year 2022 earnings released: EPS: S$0.032 (vs S$0.033 in FY 2021) Full year 2022 results: EPS: S$0.032 (down from S$0.033 in FY 2021). Revenue: S$51.6m (down 4.0% from FY 2021). Net income: S$3.65m (down 3.1% from FY 2021). Profit margin: 7.1% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 28
Full year 2022 earnings released: EPS: S$0.032 (vs S$0.033 in FY 2021) Full year 2022 results: EPS: S$0.032 (down from S$0.033 in FY 2021). Revenue: S$51.6m (down 4.0% from FY 2021). Net income: S$3.65m (down 3.1% from FY 2021). Profit margin: 7.1% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Nov 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.2%. The fair value is estimated to be S$0.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Meanwhile, the company has become profitable. Board Change • Sep 29
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. 3 non-independent directors. Independent Non-Executive Director Lin Qinghe Lim was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 14
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down S$1.64m from profit in 1H 2021). Profit margin: (down from 6.4% in 1H 2021). Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 27
Upcoming dividend of S$0.05 per share Eligible shareholders must have bought the stock before 04 May 2022. Payment date: 13 May 2022. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 9.8%. Within top quartile of Singaporean dividend payers (5.8%). Higher than average of industry peers (5.8%). Reported Earnings • Apr 12
Full year 2021 earnings released: EPS: S$0.033 (vs S$0.01 in FY 2020) Full year 2021 results: EPS: S$0.033 (up from S$0.01 in FY 2020). Revenue: S$53.7m (flat on FY 2020). Net income: S$3.77m (up 215% from FY 2020). Profit margin: 7.0% (up from 2.2% in FY 2020). Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: S$0.033 (up from S$0.01 in FY 2020). Revenue: S$53.7m (flat on FY 2020). Net income: S$3.77m (up 215% from FY 2020). Profit margin: 7.0% (up from 2.2% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 30
Upcoming dividend of S$0.05 per share Eligible shareholders must have bought the stock before 07 May 2021. Payment date: 18 May 2021. Trailing yield: 1.3%. Lower than top quartile of Singaporean dividend payers (4.6%). Lower than average of industry peers (2.8%). Is New 90 Day High Low • Mar 01
New 90-day high: S$0.39 The company is up 37% from its price of S$0.28 on 01 December 2020. The Singaporean market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 4.0% over the same period. Reported Earnings • Feb 27
Full year 2020 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: S$53.4m (down 28% from FY 2019). Net income: S$1.20m (up S$2.48m from FY 2019). Profit margin: 2.2% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Is New 90 Day High Low • Feb 08
New 90-day high: S$0.35 The company is up 3.0% from its price of S$0.34 on 10 November 2020. The Singaporean market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Trade Distributors industry, which is down 1.0% over the same period. 
