New Risk • Feb 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: S$125.9m (US$99.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (34% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (8.2% net profit margin). Market cap is less than US$100m (S$125.9m market cap, or US$99.3m). Reported Earnings • Feb 18
First half 2026 earnings released: EPS: S$0.016 (vs S$0.041 in 1H 2025) First half 2026 results: EPS: S$0.016 (down from S$0.041 in 1H 2025). Revenue: S$71.4m (up 6.2% from 1H 2025). Net income: S$2.94m (down 61% from 1H 2025). Profit margin: 4.1% (down from 11% in 1H 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Feb 15
First half dividend of S$0.005 announced Shareholders will receive a dividend of S$0.005. Ex-date: 12th March 2026 Payment date: 27th March 2026 Dividend yield will be 1.9%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (15% 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 dividend has increased by an average of 17% per year over the past 7 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 • Feb 14
Grand Banks Yachts Limited Proposes Interim One-Tier Tax-Exempt Dividend for the Six Months Ended 31 December 2025, Payable on 27 March 2026 Grand Banks Yachts Limited proposed on 13 February 2026 an interim one-tier tax-exempt dividend of 0.5 SGD cent per ordinary share for the six months ended 31 December 2025. The Share Transfer Books and Register of Members of the Company will be closed on 13 March 2026 at 5.00 p.m. ("Record Date") for the purpose of determining shareholders' entitlements to the Interim Dividend. Duly completed registrable transfers received by the Company's Share Registrar, Boardroom Corporate & Advisory Services Pte. Ltd., at 1 Harbourfront Avenue, Keppel Bay Tower #14-07, Singapore 098632 up to the Record Date will be registered to determine shareholders' entitlements to the Interim Dividend. Shareholders whose Securities Accounts with The Central Depository (Pte) Limited are credited with shares as at the Record Date will be entitled to the Interim Dividend. The Interim Dividend will be paid on 27 March 2026. Announcement • Feb 13
Grand Banks Yachts Limited to Report First Half, 2026 Results on Feb 13, 2026 Grand Banks Yachts Limited announced that they will report first half, 2026 results on Feb 13, 2026 New Risk • Feb 10
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: 1.9% 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. This is currently the only risk that has been identified for the company. Upcoming Dividend • Oct 30
Upcoming dividend of S$0.01 per share Eligible shareholders must have bought the stock before 06 November 2025. Payment date: 18 November 2025. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Singaporean dividend payers (5.3%). Lower than average of industry peers (2.4%). Reported Earnings • Oct 10
Full year 2025 earnings released: EPS: S$0.098 (vs S$0.12 in FY 2024) Full year 2025 results: EPS: S$0.098 (down from S$0.12 in FY 2024). Revenue: S$162.3m (up 21% from FY 2024). Net income: S$18.2m (down 15% from FY 2024). Profit margin: 11% (down from 16% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Announcement • Oct 08
Grand Banks Yachts Limited, Annual General Meeting, Oct 24, 2025 Grand Banks Yachts Limited, Annual General Meeting, Oct 24, 2025, at 10:00 Singapore Standard Time. Location: york hotel singapore, (rose room i & ii - upper lobby level), 21 mount elizabeth, singapore 228516, Singapore Reported Earnings • Aug 29
Full year 2025 earnings released Full year 2025 results: Revenue: S$162.3m (up 21% from FY 2024). Net income: S$18.2m (down 15% from FY 2024). Profit margin: 11% (down from 16% in FY 2024). The decrease in margin was driven by higher expenses. New Risk • Mar 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Singaporean stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (48% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (S$107.3m market cap, or US$80.5m). Declared Dividend • Feb 14
First half dividend of S$0.005 announced Dividend of S$0.005 is the same as last year. Ex-date: 13th March 2025 Payment date: 27th March 2025 Dividend yield will be 2.7%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (13% 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 dividend has increased by an average of 26% per year over the past 6 years. However, payments have been volatile during that time. Earnings per share has grown by 57% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Nov 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Singaporean stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (41% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (S$103.6m market cap, or US$77.3m). Upcoming Dividend • Oct 31
Upcoming dividend of S$0.01 per share Eligible shareholders must have bought the stock before 07 November 2024. Payment date: 18 November 2024. Payout ratio is a comfortable 13% and the cash payout ratio is 87%. Trailing yield: 3.4%. Lower than top quartile of Singaporean dividend payers (6.0%). Higher than average of industry peers (2.9%). Announcement • Oct 22
Grand Banks Yachts Limited Announces Launch of 2 New Boat Models Palm Beach 107 and the Palm Beach GT50 RS Outboard Grand Banks Yachts Limited announced the exciting launch of 2 new boat models - the Palm Beach 107 ("PB 107") and the Palm Beach GT50 RS Outboard model ("PB GT50 RS Outboard"). The PB 107 features the proprietary V-Warp Technology hull, allowing for luxury on a larger scale without compromising speed and fuel efficiency. The first model over 100 feet in the Group's portfolio, the PB107 will command higher prices. Notably, the Group has already received its first order for the model. The PB GT50 RS Outboard builds on the success of the original GT50 model launched in 2019 by adding outboard propulsion, offering faster speeds, greater ease of maintenance, and bigger interior space for amenities. Declared Dividend • Oct 09
Final dividend of S$0.01 announced Shareholders will receive a dividend of S$0.01. Ex-date: 7th November 2024 Payment date: 18th November 2024 Dividend yield will be 2.7%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (13% earnings payout ratio) and cash flows (87% cash payout ratio). The dividend has increased by an average of 26% per year over the past 6 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. Recent Insider Transactions Derivative • Sep 14
Executive Director & CEO exercised options to buy S$641k worth of stock. On the 13th of September, Mark Jonathon Richards exercised options to buy 1m shares at a strike price of around S$0.23, costing a total of S$308k. This transaction amounted to 12% of their direct individual holding at the time of the trade. Since September 2023, Mark Jonathon has owned 11.03m shares directly. This was the only transaction from an insider over the last 12 months. New Risk • Sep 03
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 High level of non-cash earnings (41% accrual ratio). 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$85.9m market cap, or US$65.6m). Reported Earnings • Aug 29
Full year 2024 earnings released Full year 2024 results: Revenue: S$133.7m (up 17% from FY 2023). Net income: S$21.4m (up 112% from FY 2023). Profit margin: 16% (up from 8.9% in FY 2023). The increase in margin was driven by higher revenue. Reported Earnings • Feb 15
First half 2024 earnings released: EPS: S$0.038 (vs S$0.02 in 1H 2023) First half 2024 results: EPS: S$0.038 (up from S$0.02 in 1H 2023). Revenue: S$65.0m (up 30% from 1H 2023). Net income: S$6.93m (up 92% from 1H 2023). Profit margin: 11% (up from 7.2% in 1H 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Feb 14
Grand Banks Yachts Limited Declares Interim One-Tier Tax-Exempt Dividend for the Financial Year Ending 30 June 2024, Payable on 27 March 2024 The board of directors of Grand Banks Yachts Limited announced that an interim one-tier tax-exempt dividend of 0.5 Singapore cent per ordinary share has been declared in respect of the financial year ending 30 June 2024. The Share Transfer Books and Register of Members of the Company will be closed on 15 March 2024 (Record Date) for the purpose of determining shareholders' entitlements to the Interim Dividend. The Interim Dividend will be paid on 27 March 2024. Announcement • Nov 25
Grand Banks Yachts Limited Announces Cessation of Roy Peter Ditmarsch as Chief Business Officer Grand Banks Yachts Limited announced cessation of Roy Peter Ditmarsch as Chief Business Officer. Mr. Ditmarsch oversees commercial and business operations, and provides strategies for business growth for the Group's global boat brands, Grand Banks, Palm Beach and Eastbay. He also leads the Group's ERP implementation. Other Directorships Past: Altus Financial Pty Ltd. Prodim Australia Pty Ltd. Altus Financial Corporate Advisory Pty Ltd. Nacon Pty Ltd. Aspire Strategy Management Pty Ltd. NSK Oceania Pty. Ltd. Nclave Australia Pty. Limited Verandah Reserves Pty Ltd. Gavi Capital Pty Ltd. Blue Ox Finance Pty Ltd. Other Directorships Present: Advisory Central Pty Limited Beauty Bay Produce Pty Limited DFSF Holdings Pty Ltd. Lot 50 NewBridge Road Pty. Limited Penguin Sign & Trading Co Pty Ltd. Universal Management Services Pty Ltd. Ozresi Pty Limited Hoth Investments Pty Ltd. Reason For Cessation: To pursue other personal interest. Upcoming Dividend • Nov 01
Upcoming dividend of S$0.01 per share at 3.2% yield Eligible shareholders must have bought the stock before 08 November 2023. Payment date: 17 November 2023. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Singaporean dividend payers (6.7%). In line with average of industry peers (3.3%). Announcement • Oct 27
Grand Banks Yachts Limited Approves First and Final One-Tier Tax Exempt Dividend for the Financial Year Ended 30 June 2023 Grand Banks Yachts Limited announced that at its AGM held on 26 October 2023, approved first and final one-tier tax exempt dividend of 1.0 Singapore cent per ordinary share for the financial year ended 30 June 2023. Reported Earnings • Oct 11
Full year 2023 earnings released: EPS: S$0.055 (vs S$0.022 in FY 2022) Full year 2023 results: EPS: S$0.055 (up from S$0.022 in FY 2022). Revenue: S$114.2m (up 52% from FY 2022). Net income: S$10.1m (up 152% from FY 2022). Profit margin: 8.9% (up from 5.3% 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 63% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Oct 10
Grand Banks Yachts Limited, Annual General Meeting, Oct 26, 2023 Grand Banks Yachts Limited, Annual General Meeting, Oct 26, 2023, at 10:00 Singapore Standard Time. Location: York Hotel Singapore (Rose Room I & II Upper Lobby Level), 21 Mount Elizabeth, Singapore 228516 Singapore Singapore Agenda: To consider the adoption of Directors' Statement and Audited Financial Statements of the Company for the financial year ended 30 June 2023; to consider payment of proposed first and final one-tier tax exempt dividend of 1.0 Singapore cent per ordinary share for the financial year ended 30 June 2023; to consider re-appointment of KPMG LLP as Auditors of the Company and authorising the Directors to fix their remuneration; and to consider other matters. Reported Earnings • Aug 30
Full year 2023 earnings released: EPS: S$0.055 (vs S$0.022 in FY 2022) Full year 2023 results: EPS: S$0.055 (up from S$0.022 in FY 2022). Revenue: S$114.2m (up 52% from FY 2022). Net income: S$10.1m (up 152% from FY 2022). Profit margin: 8.9% (up from 5.3% 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 63% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. New Risk • Aug 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. 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 Earnings have declined by 9.7% per year over the past 5 years. High level of non-cash earnings (42% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Market cap is less than US$100m (S$60.9m market cap, or US$44.9m). Reported Earnings • Feb 14
First half 2023 earnings released First half 2023 results: Revenue: S$50.2m (up 49% from 1H 2022). Net income: S$3.61m (up S$4.31m from 1H 2022). Profit margin: 7.2% (up from net loss in 1H 2022). The move to profitability was driven by higher revenue. 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. 1 experienced director. 4 highly experienced directors. Non-Executive Independent Director Gary James Weisman was the last director to join the board, commencing their role in 2015. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 09
Grand Banks Yachts Limited Approves First and Final One-Tier Tax Exempt Dividend for the Financial Year Ended 30 June 2022 Grand Banks Yachts Limited announced that at its AGM held on October 27, 2022, shareholders approved the first and final one-tier tax exempt dividend of 0.5 Singapore cent per ordinary share for the financial year ended 30 June 2022. Reported Earnings • Oct 12
Full year 2022 earnings released Full year 2022 results: Revenue: S$75.2m (down 22% from FY 2021). Net income: S$4.01m (down 5.0% from FY 2021). Profit margin: 5.3% (up from 4.4% in FY 2021). The increase in margin was driven by lower expenses. Reported Earnings • Aug 31
Full year 2022 earnings released Full year 2022 results: Revenue: S$75.2m (down 22% from FY 2021). Net income: S$4.01m (down 5.0% from FY 2021). Profit margin: 5.3% (up from 4.4% in FY 2021). The increase in margin was driven by lower expenses. Board Change • May 22
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. Non-Executive Independent Director Gary James Weisman was the last director to join the board, commencing their role in 2015. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 24
Grand Banks Yachts Limited Announces Temporary Halt of Operations At Pasir Gudang Yard The Board of Directors of Grand Banks Yachts Limited announced that its yard in Pasir Gudang, Malaysia, has temporarily halted operations from 21 February 2022, in compliance with the order by Malaysia's Ministry of Health, following the detection of 44 COVID-19 cases at the yard over three-day period, 18 to 20 February 2022. Operations will resume on 28 February 2022. The Group continues to place utmost emphasis on the health and safety of its employees. It has implemented all best practices recommended by the Malaysian Government to prevent COVID-19 infection, including safe distancing at the workplace, Work-From-Home routines, and completed a private vaccination programme in September 2021 to strengthen its workforce against COVID-19. The current workforce is all vaccinated. In addition, the Group has undertaken a private booster programme and as at yesterday, 610 out of the 694 employees (or 87.9%) at the yard have received the booster vaccination. The Group expects the temporary halt of operations to impact its performance for the quarter ending 31st March 2022 ("3Q FY2022"). The Board will continue to monitor the situation and will make the appropriate announcement(s) if there are material developments on this matter. Reported Earnings • Feb 14
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: S$0.004 loss per share (down from S$0.022 profit in 1H 2021). Revenue: S$33.8m (down 37% from 1H 2021). Net loss: S$694.0k (down 117% from profit in 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Jan 22
Grand Banks Yachts Limited Provides Earnings Guidance for the Six Months Ended December 31, 2021 Grand Banks Yachts Limited provided earnings guidance for the six months ended December 31, 2021. The Group expects to report a net loss for the six months ended 31 December 2021. Board Change • Sep 14
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. 2 highly experienced directors. Non-Executive Independent Director Gary James Weisman was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Jun 15
Grand Banks Yachts Limited Announces Extension on Halt of Operations At Malaysian Yard The Board of Directors of Grand Banks Yachts Limited referred to the announcement made on 2 June 2021 on the Movement Control Order ("Order") issued by the Government of Malaysia on 28 May 2021 to curb the spread of COVID-19. Following the Malaysian Government's announcement that the Order will be further extended from 15 to 28 June 2021, the Group's manufacturing yard in Pasir Gudang in Johor, Malaysia, will continue to suspend operations until the Order is lifted. The Group expects the Order to impact its performance for the 4th Quarter ending 30 June 2021. The Board will continue to monitor the situation and will make the appropriate announcement(s) if there are material developments on this matter. Announcement • Jun 03
Grand Banks Yachts Limited Announces Temporary Halt of Operations at Pasir Gudang Yard The Board of Directors of Grand Banks Yachts Limited referred to the 14-day Movement Control Order ("Order") issued by the Government of Malaysia on 28 May 2021 to curb the spread of COVID-19. Between 1 to 14 June 2021 only activities and services deemed essential by Malaysia's National Security Council will be allowed. In compliance with the Order, the Group's manufacturing yard in Pasir Gudang will halt operations during this Period. As the COVID-19 situation remains fluid and the Government of Malaysia has yet to determine when the country can enter a less restrictive phase, the Group is unable to ascertain the financial impact of these developments on its operations. The Board will continue to monitor the situation and will make the appropriate announcement(s) when there are material developments on this matter. Announcement • Jan 26
Grand Banks Yachts Limited Provides Update on Temporary Halt of Operations At Pasir Gudang Yard The Board of Directors of Grand Banks Yachts Limited referred to the announcement made on 18 January 2021. At the discretion of the CEO, operations at the Group's yard in Pasir Gudang, Malaysia, have been halted past 19 January 2021, the intended date of resumption, after detection of several more cases of COVID-19 following the first-ever detection of infection. After completion and verification of mass testing for all 651 employees, 44 were found to have tested positive for COVID-19 as at 22 January 2021. These 44 workers have been quarantined and will not be allowed to return to work until they have been certified to be free from COVID-19. The health and safety of the Group's employees remain a priority. Despite receiving authorisation to continue operations from the Ministry of Health Malaysia, the Group has decided to temporarily halt operations to get better clarity of the situation. The Pasir Gudang yard is expected to resume operations on 31 January 2021. Contact tracing procedures have been implemented for all workers until further notice. Announcement • Jan 13
Grand Banks Yachts Limited Receives Approval to Continue its Group's Manufacturing Yard Operations Within the Period The Board of Directors of Grand Banks Yachts Limited refers to the 14-day Movement Control Order issued by the Government of Malaysia on 11 January 2021, under the provisions of the Prevention and Control of Infectious Diseases Act 1988 and the Police Act 1967, which is effective from 13 26 January 2021. The Group's manufacturing yard in Pasir Gudang, Johor, Malaysia, has received approval to continue its operations within the period. Workers directly involved in the yard's manufacturing operations will continue to work on-site, and will be issued "Travel to Work" authorisation letters for all workers which can be used when passing through police checkpoints within Johor State. The Group's manufacturing yard in Pasir Gudang, Johor, Malaysia, has received approval to continue its operations within the period. Workers directly involved in the yard's manufacturing operations will continue to work on-site, and will be issued "Travel to Work" authorisation letters for all workers which can be used when passing through police checkpoints within Johor State. Announcement • Dec 30
Grand Banks Yachts Appoints Roy Ditmarsch as Chief Business Officer Grand Banks Yachts Limited announced the appointment of Roy Ditmarsch as Chief Business Officer, with effect from 1 January 2021. Mr. Ditmarsch will oversee commercial and business operations, and provide strategies for business growth for the Group's global boat brands, Grand Banks and Palm Beach. He brings to Grand Banks over 30 years of diverse experience in change management, corporate advisory, mergers and acquisitions, strategic planning, and accounting. He started his career in Ernst & Young in 1984 as Business Services Manager. At Security Pacific Australia Limited, he rose to the position of Finance Manager before founding Altus Financial, a firm which provides accounting, taxation, advisory and wealth management services to private business and individual clients. Reported Earnings • Oct 15
Full year earnings released - EPS S$0.0057 Over the last 12 months the company has reported total profits of S$1.06m, down 30% from the prior year. Total revenue was S$103.2m over the last 12 months, up 30% from the prior year. Profit margins were 1.0%, which is lower than the 1.9% margin from last year. The decrease in margin was driven by higher expenses. 
