Reported Earnings • May 11
First half 2026 earnings released: EPS: S$0.022 (vs S$0.026 in 1H 2025) First half 2026 results: EPS: S$0.022 (down from S$0.026 in 1H 2025). Revenue: S$81.0m (down 5.1% from 1H 2025). Net income: S$6.02m (down 3.8% from 1H 2025). Profit margin: 7.4% (up from 7.3% in 1H 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 58% 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 • Jan 29
Upcoming dividend of S$0.015 per share Eligible shareholders must have bought the stock before 05 February 2026. Payment date: 27 February 2026. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Singaporean dividend payers (5.2%). Lower than average of industry peers (3.3%). Recent Insider Transactions • Jan 28
Independent Non-Executive Chairman recently bought S$63k worth of stock On the 27th of January, Hwee Li Ong bought around 100k shares on-market at roughly S$0.63 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Hwee Li's only on-market trade for the last 12 months. Reported Earnings • Dec 31
Full year 2025 earnings released Full year 2025 results: Revenue: S$173.7m (up 11% from FY 2024). Net income: S$9.78m (up 28% from FY 2024). Profit margin: 5.6% (up from 4.9% in FY 2024). The increase in margin was driven by higher revenue. Announcement • Dec 30
HG Metal Manufacturing Limited, Annual General Meeting, Jan 23, 2026 HG Metal Manufacturing Limited, Annual General Meeting, Jan 23, 2026, at 14:00 Singapore Standard Time. Location: 28 jalan buroh, singapore 619484, Singapore Buy Or Sell Opportunity • Sep 03
Now 32% overvalued after recent price rise Over the last 90 days, the stock has risen 52% to S$0.54. The fair value is estimated to be S$0.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has declined by 8.8%. Reported Earnings • Aug 11
First half 2025 earnings released: EPS: S$0.013 (vs S$0.025 in 1H 2024) First half 2025 results: EPS: S$0.013 (down from S$0.025 in 1H 2024). Revenue: S$87.5m (up 20% from 1H 2024). Net income: S$3.62m (down 2.4% from 1H 2024). Profit margin: 4.1% (down from 5.1% in 1H 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Apr 08
Full year 2024 earnings released: EPS: S$0.051 (vs S$0.003 in FY 2023) Full year 2024 results: EPS: S$0.051 (up from S$0.003 in FY 2023). Revenue: S$157.9m (up 5.4% from FY 2023). Net income: S$8.84m (up S$8.39m from FY 2023). Profit margin: 5.6% (up from 0.3% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Apr 02
HG Metal Manufacturing Limited, Annual General Meeting, Apr 25, 2025 HG Metal Manufacturing Limited, Annual General Meeting, Apr 25, 2025, at 10:00 Singapore Standard Time. Location: 28 jalan buroh, singapore 619484, Singapore New Risk • Mar 08
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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: Major Risk Shareholders have been substantially diluted in the past year (83% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (S$97.5m market cap, or US$73.3m). Reported Earnings • Mar 01
Full year 2024 earnings released Full year 2024 results: Revenue: S$157.9m (up 5.4% from FY 2023). Net income: S$8.84m (up S$8.39m from FY 2023). Profit margin: 5.6% (up from 0.3% in FY 2023). New Risk • Feb 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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: Major Risk Shareholders have been substantially diluted in the past year (83% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (S$105.8m market cap, or US$79.2m). Announcement • Feb 21
HG Metal Manufacturing Limited to Report Fiscal Year 2024 Results on Feb 28, 2025 HG Metal Manufacturing Limited announced that they will report fiscal year 2024 results on Feb 28, 2025 Announcement • Feb 04
Green Esteel Pte. Ltd. completed the acquisition of 8.16% stake in HG Metal Manufacturing Limited (SGX:BTG) for SGD 5.9 million. Green Esteel Pte. Ltd. made a proposal to acquire 55.56% stake in HG Metal Manufacturing Limited (SGX:BTG) for SGD 40.6 million on December 16, 2024. A cash consideration of SGD 40.6 million valued at SGD 0.266 per share will be paid by Green Esteel Pte. Ltd. As part of consideration, SGD 40.6 million is paid towards common equity of HG Metal Manufacturing Limited. The transaction is subject to minimum tender. The Offeror has given notice that it does not intend to extend the Offer and will close at 5.30 p.m. (Singapore time) on February 3, 2025. The board of directors of HG Metal Manufacturing Limited has approved the transaction. On January 27, 2025, The Offeror wishes to announce that the Minimum Acceptance Condition of the Offer. the Offeror has received valid acceptances of the Offer in respect of an aggregate of 21,613,601 Offer Shares, representing approximately 7.87% of the total number of issued Shares. on 27 January 2025, the total number of Shares owned, controlled, acquired or agreed to be acquired by the Offeror and the Concert Parties (including valid acceptances of the Offer) amount to an aggregate of 143,704,027 Shares, representing approximately 52.31% of the total number of issued Shares. The Offer has become and been declared unconditional.
Tricor Barbinder Share Registration Services acted as transfer agent/registrar to HG Metal Manufacturing Limited. Xandar Capital Pte. Ltd. acted as independent financial adviser to HG Metal Manufacturing Limited.
Green Esteel Pte. Ltd. completed the acquisition of 8.16% stake in HG Metal Manufacturing Limited (SGX:BTG) for SGD 5.9 million on February 3, 2025. New Risk • Dec 25
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 83% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (83% increase in shares outstanding). Minor Risk Market cap is less than US$100m (S$72.8m market cap, or US$53.9m). New Risk • Aug 18
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 60% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (60% increase in shares outstanding). Minor Risk Market cap is less than US$100m (S$65.2m market cap, or US$49.5m). Reported Earnings • Aug 13
First half 2024 earnings released: EPS: S$0.024 (vs S$0.018 loss in 1H 2023) First half 2024 results: EPS: S$0.024 (up from S$0.018 loss in 1H 2023). Revenue: S$73.1m (up 10% from 1H 2023). Net income: S$3.68m (up S$5.93m from 1H 2023). Profit margin: 5.0% (up from net loss in 1H 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Apr 04
HG Metal Manufacturing Limited, Annual General Meeting, Apr 26, 2024 HG Metal Manufacturing Limited, Annual General Meeting, Apr 26, 2024, at 10:00 Singapore Standard Time. Location: 28 Jalan Buroh, Singapore 619484 Singapore Singapore Agenda: To consider Directors' Statement and Audited Financial Statements for the financial year ended 31 December 2023; to consider Re-election of Mr Ong Hwee Li as a Director; to consder Re-election of Ms Xiao Xia as a Director; to consider Re-election of Ms Ong Lizhen, Daisy as a Director; to consider Re-election of Ms Ng Chuey Peng as a Director; to consider approval of Directors' fees amounting to S$208,156 for the financial year ended 31 December 2023; to approve the payment of Directors' fees of up to S$203,700 for the financial year ending 31 December 2024; and to consider other matters. Announcement • Mar 27
HG Metal Manufacturing Limited has filed a Follow-on Equity Offering in the amount of SGD 13.33458 million. HG Metal Manufacturing Limited has filed a Follow-on Equity Offering in the amount of SGD 13.33458 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 16,130,000
Price\Range: SGD 0.266
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 34,000,000
Price\Range: SGD 0.266
Transaction Features: Subsequent Direct Listing Reported Earnings • Feb 27
Full year 2023 earnings released: EPS: S$0.003 (vs S$0.004 loss in FY 2022) Full year 2023 results: EPS: S$0.003 (up from S$0.004 loss in FY 2022). Revenue: S$149.8m (down 5.4% from FY 2022). Net loss: S$300.0k (loss narrowed 43% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Feb 09
HG Metal Manufacturing Limited to Report Fiscal Year 2023 Results on Feb 29, 2024 HG Metal Manufacturing Limited announced that they will report fiscal year 2023 results on Feb 29, 2024 Board Change • Nov 21
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. CEO & Executive Director Xia Xiao is the most experienced director on the board, commencing their role in 2023. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 18
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. CEO & Executive Director Xia Xiao is the most experienced director on the board, commencing their role in 2023. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Sep 26
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be S$0.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company became loss making. New Risk • Sep 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (S$43.6m market cap, or US$31.9m). Reported Earnings • Aug 15
First half 2023 earnings released: S$0.018 loss per share (vs S$0.05 profit in 1H 2022) First half 2023 results: S$0.018 loss per share (down from S$0.05 profit in 1H 2022). Revenue: S$66.3m (down 19% from 1H 2022). Net loss: S$2.25m (down 136% from profit in 1H 2022). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Board Change • Jul 01
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. CEO & Executive Director Xia Xiao is the most experienced director on the board, commencing their role in 2023. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Jun 21
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman Hwee Li Ong was the last independent 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. Announcement • Jun 14
HG Metal Manufacturing Limited Announces Management Changes Royston Johns has resigned as Head of Business of HG Metal Manufacturing Limited to pursue other personal interest. Royston Johns oversees the overall business and operational planning for the Company. Following his resignation, Mr. Ang Thiam Kwee, Dan, Head of Business of Oriental Metals Pte Ltd. will be responsible for overseeing these responsibilities. Reported Earnings • Apr 07
Full year 2022 earnings released: S$0.004 loss per share (vs S$0.095 profit in FY 2021) Full year 2022 results: S$0.004 loss per share (down from S$0.095 profit in FY 2021). Revenue: S$158.4m (up 11% from FY 2021). Net loss: S$527.0k (down 104% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Mar 28
Insider recently sold S$108k worth of stock On the 27th of March, Ko Ko Aye sold around 300k shares on-market at roughly S$0.36 per share. This transaction amounted to 4.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Feb 22
Full year 2022 earnings released: S$0.004 loss per share (vs S$0.095 profit in FY 2021) Full year 2022 results: S$0.004 loss per share (down from S$0.095 profit in FY 2021). Revenue: S$158.4m (up 11% from FY 2021). Net loss: S$527.0k (down 104% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Feb 15
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 8.3%. The fair value is estimated to be S$0.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.5% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • Dec 30
Now 21% undervalued Over the last 90 days, the stock is up 5.8%. The fair value is estimated to be S$0.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.5% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Dec 21
HG Metal Manufacturing Limited Announces Resignation of Shin Taeyang as Chief Executive Officer HG Metal Manufacturing Limited announced that Mr. Shin Taeyang has tendered his resignation as Chief Executive Officer of the Group to pursue other career opportunities. Buying Opportunity • Dec 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.5%. The fair value is estimated to be S$0.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.5% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Aug 09
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down S$5.76m from profit in 1H 2021). Profit margin: (down from 8.5% in 1H 2021). The decrease in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 07
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: S$0.095 (up from S$0.008 in FY 2020). Revenue: S$142.3m (up 55% from FY 2020). Net income: S$12.1m (up S$11.0m from FY 2020). Profit margin: 8.5% (up from 1.1% in FY 2020). Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) also surpassed analyst estimates by 2.9%. Over the last 3 years on average, earnings per share has increased by 128% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • Feb 25
HG Metal Manufacturing Limited to Report Fiscal Year 2021 Results on Feb 23, 2022 HG Metal Manufacturing Limited announced that they will report fiscal year 2021 results on Feb 23, 2022 Announcement • Feb 24
HG Metal Manufacturing Limited Recommends Final Tax Exempt (One-Tier) Cash Dividend for the Financial Year Ended 31 December 2021 HG Metal Manufacturing Limited recommended a final tax exempt (one-tier) cash dividend of SGD 0.04 per ordinary share for the financial year ended 31 December 2021. The company paid final tax-exempt (one-tier) dividend of 0.5 Singapore cents per ordinary share for the financial year ended 31 December 2020. Reported Earnings • Feb 24
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: S$0.095 (up from S$0.008 in FY 2020). Revenue: S$142.3m (up 55% from FY 2020). Net income: S$12.1m (up S$11.0m from FY 2020). Profit margin: 8.5% (up from 1.1% in FY 2020). Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) also surpassed analyst estimates by 2.9%. Over the last 3 years on average, earnings per share has increased by 128% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 12
Full year 2020 earnings released: EPS S$0.008 (vs S$0.006 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: S$91.7m (down 33% from FY 2019). Net income: S$1.03m (up 36% from FY 2019). Profit margin: 1.1% (up from 0.6% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 26
New 90-day high: S$0.22 The company is up 22% from its price of S$0.18 on 26 November 2020. The Singaporean market is up 5.0% 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 25
Full year 2020 earnings released: EPS S$0.008 (vs S$0.006 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: S$91.7m (down 33% from FY 2019). Net income: S$1.03m (up 36% from FY 2019). Profit margin: 1.1% (up from 0.6% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Jan 01
HG Metal Manufacturing Limited Appoints Royston Johns as Head of Business, Effective January 1, 2021 HG Metal Manufacturing Limited approved the appointment of Mr. Royston Johns as Head of Business of HG Metal Manufacturing Limited. Royston Johns joined the Group in May 2016 and was appointed as General Manager (Sales). He is promoted to Head of Business of HG Metal Manufacturing Limited with effect from 1 January 2021. He shall be overall in charge of the business and operational planning for the Company. Announcement • Dec 31
HG Metal Manufacturing Limited Appoints Tay Hong Kiang as Chief Financial Officer HG Metal Manufacturing Limited announced the appointment of Ms. Tay Hong Kiang as Chief Financial Officer. The appointment is executive. Ms Tay will be in charge of the Group Finance & Corporate Unit managing all financial, taxation and corporate matters within the Group. Announcement • Jul 31
HG Metal Manufacturing Limited to Report First Half, 2020 Results on Aug 14, 2020 HG Metal Manufacturing Limited announced that they will report first half, 2020 results on Aug 14, 2020 
