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Raffles United Holdings

SGX:K22
Snowflake Description

Excellent balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
K22
SGX
SGD25M
Market Cap
  1. Home
  2. SG
  3. Capital Goods
Company description

Raffles United Holdings Ltd., an investment holding company, operates as a stockists, distributor, and retailer of bearings and seals for automotive part dealers, industrial suppliers, hardware dealers, ship chandlers, general trading companies, and original equipment manufacturers. The last earnings update was 118 days ago. More info.


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K22 Share Price and Events
7 Day Returns
0%
SGX:K22
-1%
SG Trade Distributors
0.4%
SG Market
1 Year Returns
-
SGX:K22
-0.2%
SG Trade Distributors
2.1%
SG Market
K22 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Raffles United Holdings (K22) 0% 25.5% 30.6% - -50.4% -69.5%
SG Trade Distributors -1% 10.4% 7.9% -0.2% -31.7% -56.2%
SG Market 0.4% 4% 0.5% 2.1% 8.9% -5%
1 Year Return vs Industry and Market
  • No trading data on K22.
  • No trading data on K22.
Price Volatility
K22
Industry
5yr Volatility vs Market

K22 Value

 Is Raffles United Holdings undervalued based on future cash flows and its price relative to the stock market?

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

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

Below are the data sources, inputs and calculation used to determine the intrinsic value for Raffles United Holdings.

SGX:K22 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 11.7%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

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

Calculation of Discount Rate/ Cost of Equity for SGX:K22
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
Trade Distributors Unlevered Beta Simply Wall St/ S&P Global 0.92
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.917 (1 + (1- 17%) (123.43%))
1.574
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.57
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (1.574 * 5.96%)
11.68%

Discounted Cash Flow Calculation for SGX:K22 using 2 Stage Free Cash Flow to Equity Model

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

SGX:K22 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 11.68%)
2020 2.36 Est @ -29.14% 2.12
2021 1.90 Est @ -19.71% 1.52
2022 1.65 Est @ -13.1% 1.18
2023 1.51 Est @ -8.48% 0.97
2024 1.43 Est @ -5.25% 0.82
2025 1.39 Est @ -2.98% 0.71
2026 1.37 Est @ -1.4% 0.63
2027 1.36 Est @ -0.29% 0.56
2028 1.37 Est @ 0.49% 0.51
2029 1.38 Est @ 1.03% 0.46
Present value of next 10 years cash flows SGD9.49
SGX:K22 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= SGD1.38 × (1 + 2.3%) ÷ (11.68% – 2.3%)
SGD15.10
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD15.10 ÷ (1 + 11.68%)10
SGD5.00
SGX:K22 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD9.49 + SGD5.00
SGD14.49
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD14.49 / 395.10
SGD0.04
SGX:K22 Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD0.04
Current discount Discount to share price of SGD0.06
= -1 x (SGD0.06 - SGD0.04) / SGD0.04
-74.6%

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

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

The amount the stock market is willing to pay for Raffles United Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Raffles United Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:K22 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in SGD SGD0.01
SGX:K22 Share Price ** SGX (2019-07-18) in SGD SGD0.06
Singapore Trade Distributors Industry PE Ratio Median Figure of 10 Publicly-Listed Trade Distributors Companies 9.14x
Singapore Market PE Ratio Median Figure of 326 Publicly-Listed Companies 13.09x

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

** Primary Listing of Raffles United Holdings.

SGX:K22 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:K22 Share Price ÷ EPS (both in SGD)

= 0.06 ÷ 0.01

8.2x

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

  • Raffles United Holdings is good value based on earnings compared to the SG Trade Distributors industry average.
  • Raffles United Holdings is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does Raffles United Holdings's expected growth come at a high price?
Raw Data
SGX:K22 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.2x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
18.9%per year
Global Trade Distributors Industry PEG Ratio Median Figure of 80 Publicly-Listed Trade Distributors Companies 1.17x
Singapore Market PEG Ratio Median Figure of 119 Publicly-Listed Companies 1.63x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Raffles United Holdings, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Raffles United Holdings's assets?
Raw Data
SGX:K22 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in SGD SGD0.34
SGX:K22 Share Price * SGX (2019-07-18) in SGD SGD0.06
Singapore Trade Distributors Industry PB Ratio Median Figure of 14 Publicly-Listed Trade Distributors Companies 0.43x
Singapore Market PB Ratio Median Figure of 430 Publicly-Listed Companies 0.72x
SGX:K22 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:K22 Share Price ÷ Book Value per Share (both in SGD)

= 0.06 ÷ 0.34

0.19x

* Primary Listing of Raffles United Holdings.

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

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

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

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

K22 Future Performance

 How is Raffles United Holdings expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

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

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
18.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Raffles United Holdings expected to grow at an attractive rate?
  • Raffles United Holdings's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Raffles United Holdings's earnings growth is expected to exceed the Singapore market average.
  • Unable to compare Raffles United Holdings's revenue growth to the Singapore market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
SGX:K22 Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:K22 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 18.9%
Singapore Trade Distributors Industry Earnings Growth Rate Market Cap Weighted Average 5.4%
Asia Trade Distributors Industry Revenue Growth Rate Market Cap Weighted Average 12%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.7%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

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

Analysts growth expectations
Raw Data
SGX:K22 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:K22 Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
SGX:K22 Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2018-12-31 69 6 2
2018-09-30 70 9 3
2018-06-30 71 11 4
2018-03-31 72 13 3
2017-12-31 73 16 3
2017-09-30 73 15 -2
2017-06-30 73 13 -6
2017-03-31 72 14 -7
2016-12-31 72 14 -7
2016-09-30 73 11 -4
2016-06-30 74 7 -1
2016-03-31 75 5 0

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Raffles United Holdings's earnings are expected to grow by 18.9% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Raffles United Holdings is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:K22 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Raffles United Holdings Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:K22 Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
SGX:K22 Past Financials Data
Date (Data in SGD Millions) EPS *
2018-12-31 0.01
2018-09-30 0.01
2018-06-30 0.02
2018-03-31 0.01
2017-12-31 0.01
2017-09-30 -0.01
2017-06-30 -0.03
2017-03-31 -0.03
2016-12-31 -0.03
2016-09-30 -0.02
2016-06-30 0.00
2016-03-31 0.00

*GAAP earnings excluding extraordinary items.

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

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

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

K22 Past Performance

  How has Raffles United Holdings performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Raffles United Holdings's growth in the last year to its industry (Trade Distributors).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Raffles United Holdings's year on year earnings growth rate has been positive over the past 5 years.
  • Raffles United Holdings's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Raffles United Holdings's 1-year earnings growth is negative, it can't be compared to the SG Trade Distributors industry average.
Earnings and Revenue History
Raffles United Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Raffles United Holdings Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:K22 Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 68.53 1.83 7.62
2018-09-30 69.82 2.68 8.01
2018-06-30 71.11 3.53 8.39
2018-03-31 72.06 3.46 8.22
2017-12-31 73.00 3.39 8.04
2017-09-30 72.98 -1.51 7.98
2017-06-30 72.96 -6.42 7.92
2017-03-31 72.24 -6.71 8.11
2016-12-31 71.52 -6.99 8.31
2016-09-30 72.96 -3.88 8.29
2016-06-30 74.40 -0.77 8.28
2016-03-31 75.42 -0.23 8.72
2015-12-31 76.44 0.31 9.16
2015-09-30 78.22 0.87 9.30
2015-06-30 80.01 1.43 9.44
2015-03-31 81.08 0.93 9.42
2014-12-31 82.15 0.44 9.41
2014-09-30 81.67 0.36 9.56
2014-06-30 81.19 0.29 9.72
2014-03-31 80.17 0.79 9.51
2013-12-31 79.16 1.28 9.31
2013-09-30 79.06 1.28 9.50
2013-06-30 78.96 1.27 9.70
2013-03-31 82.15 1.22 10.35
2012-12-31 85.35 1.17 11.01
2012-09-30 87.01 1.28 11.06

*GAAP earnings excluding extraordinary items.

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

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

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

K22 Health

 How is Raffles United Holdings's financial health and their level of debt?

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

The boxes below represent the relative size of what makes up Raffles United Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Raffles United Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Raffles United Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Raffles United Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

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

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

All data from Raffles United Holdings Company Filings, last reported 6 months ago.

SGX:K22 Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 88.13 31.21 4.92
2018-09-30 88.13 31.21 4.92
2018-06-30 83.39 37.75 6.42
2018-03-31 83.39 37.75 6.42
2017-12-31 80.84 36.19 6.25
2017-09-30 80.84 36.19 6.25
2017-06-30 77.13 38.68 4.01
2017-03-31 77.13 38.68 4.01
2016-12-31 76.05 51.79 11.51
2016-09-30 76.05 51.79 11.51
2016-06-30 83.83 54.92 4.48
2016-03-31 83.83 54.92 4.48
2015-12-31 84.23 61.55 5.22
2015-09-30 84.23 61.55 5.22
2015-06-30 77.72 45.22 5.88
2015-03-31 77.72 45.22 5.88
2014-12-31 77.69 47.78 7.61
2014-09-30 77.69 47.78 7.61
2014-06-30 77.20 29.03 4.54
2014-03-31 77.20 29.03 4.54
2013-12-31 76.66 36.91 4.23
2013-09-30 76.66 36.91 4.23
2013-06-30 76.07 47.25 4.12
2013-03-31 76.07 47.25 4.12
2012-12-31 75.32 46.98 4.24
2012-09-30 75.32 46.98 4.24
  • Raffles United Holdings's level of debt (35.4%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (48% vs 35.4% today).
  • Debt is not well covered by operating cash flow (19.2%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.1x coverage).
X
Financial health checks
We assess Raffles United Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Raffles United Holdings has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


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

K22 Dividends

 What is Raffles United Holdings's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Raffles United Holdings dividends.
If you bought SGD2,000 of Raffles United Holdings shares you are expected to receive SGD0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Raffles United Holdings's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Raffles United Holdings's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SGX:K22 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Singapore Trade Distributors Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 3.1%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 278 Stocks 3.8%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.7%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.6%
Singapore Top 25% Dividend Yield 75th Percentile 5.5%

Industry and Market average data is calculated daily.

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

SGX:K22 Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
SGX:K22 Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2016-08-08 0.000 0.000
2016-04-08 0.000 0.000
2016-02-26 0.000 0.000
2015-04-06 0.001 0.568
2014-02-27 0.002 0.949
2013-02-25 0.002 0.976
2012-02-28 0.010 4.024
2011-08-12 0.000 0.000
2011-04-06 0.012 5.511
2011-02-23 0.012 5.970
2010-08-12 0.008 4.235
2010-02-25 0.004 2.617
2009-04-15 0.004 2.712

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

  • Unable to perform a dividend volatility check as Raffles United Holdings has not reported any payouts.
  • Unable to verify if Raffles United Holdings's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Raffles United Holdings's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Raffles United Holdings has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Raffles United Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Raffles United Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Raffles United Holdings has a total score of 0/6, see the detailed checks below.


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

K22 Management

 What is the CEO of Raffles United Holdings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Teng Beng Teo
COMPENSATION SGD286,000
CEO Bio

Mr. Teng Beng Teo serves as Managing Director of Raffles United Holdings Ltd. Mr. Teo served as the Chief Operating Officer of Kian Ho Bearings Ltd. since October 31, 2007 and served as its Deputy Chairman from September 2000 to August 2002. He holds directorship in private companies operating in industries such as property development, foreign exchange management and manufacturing and processing of food products. Mr. Teo has been Executive Non-Independent Deputy Chairman at Raffles United Holdings Ltd. since September 2000. He served as a Director of CMC Power Systems Limited from December 1998 to July 2002. Mr. Teo holds a Bachelor of Science, Bachelor of Engineering and Graduate Diploma in Industrial Engineering from the University of New South Wales.

CEO Compensation
  • Teng Beng's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Teng Beng's remuneration is higher than average for companies of similar size in Singapore.
Management Team Tenure

Average tenure of the Raffles United Holdings management team in years:

6.3
Average Tenure
  • The average tenure for the Raffles United Holdings management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Teng Beng Teo

TITLE
MD & Executive Non-Independent Deputy Chairman
COMPENSATION
SGD286K

Geok Koon Teh

TITLE
COO & Executive Director
COMPENSATION
SGD228K
TENURE
6.3 yrs

Hui Min Ho

TITLE
CFO & Head of Corporate
AGE
43
TENURE
1.4 yrs

Rebecca Kwok

TITLE
Associate Director

David Loh

TITLE
Head of Bearings & Seals Division and COO of Kian Ho Pte Ltd

Alta Tiang

TITLE
Head of OEM Sales of Kian Ho Pte Ltd

Yong Koon Chong

TITLE
Head of Local Sales

Meng Kiat Chang

TITLE
Head of Shanghai Operations

Jennifer Lee

TITLE
Secretary
TENURE
10.5 yrs

Fock Mang Wong

TITLE
Managing Director of Kian Ho Bearings (M) Sdn Bhd
Board of Directors Tenure

Average tenure and age of the Raffles United Holdings board of directors in years:

6.3
Average Tenure
63
Average Age
  • The tenure for the Raffles United Holdings board of directors is about average.
Board of Directors

Saik Hock Tan

TITLE
Independent Chairman
COMPENSATION
SGD51K
AGE
71
TENURE
4.3 yrs

Teng Beng Teo

TITLE
MD & Executive Non-Independent Deputy Chairman
COMPENSATION
SGD286K
TENURE
18.8 yrs

Geok Koon Teh

TITLE
COO & Executive Director
COMPENSATION
SGD228K
TENURE
6.3 yrs

Joo Hai Lee

TITLE
Independent Non-Executive Director
COMPENSATION
SGD44K
AGE
63
TENURE
23.8 yrs

SS Ngoi

TITLE
Independent Non-Executive Director
COMPENSATION
SGD39K
AGE
62
TENURE
4.1 yrs
Who owns this company?
Recent Insider Trading
  • Raffles United Holdings individual insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
01. Jul 19 Sell Raffles United Pte Ltd Company 01. Jul 19 01. Jul 19 -153,418,633 SGD0.06 SGD-8,437,953
01. Jul 19 Sell Teo Xian-Hui Individual 01. Jul 19 01. Jul 19 -170,896,433 SGD0.06 SGD-9,399,224
28. Jun 19 Buy Teo Xian-Hui Individual 28. Jun 19 28. Jun 19 1,800,000 SGD0.05 SGD98,998
26. Jun 19 Buy Teo Xian-Hui Individual 25. Jun 19 25. Jun 19 17,352,700 SGD0.06 SGD954,398
X
Management checks
We assess Raffles United Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Raffles United Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


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

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

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

K22 News

Simply Wall St News

Is Raffles United Holdings Ltd’s (SGX:K22) 3.8% ROCE Any Good?

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Raffles United Holdings: 0.038 = S$4.2m ÷ (S$140m - S$29m) (Based on the trailing twelve months to December 2018.) Therefore, Raffles United Holdings has an ROCE of 3.8%. … See our latest analysis for Raffles United Holdings Is Raffles United Holdings's ROCE Good? … What Are Current Liabilities, And How Do They Affect Raffles United Holdings's ROCE?

Simply Wall St -

Calculating The Fair Value Of Raffles United Holdings Ltd (SGX:K22)

by taking the foreast future cash flows of the company and discounting them back to today's value. … We generally believe that a company's value is the present value of all of the cash it will generate in the future. … We use what is known as a 2-stage model, which simply means we have two different periods of growth rates for the company's cash flows

Simply Wall St -

Investors Who Bought Raffles United Holdings (SGX:K22) Shares Three Years Ago Are Now Down 74%

Raffles United Holdings Ltd (SGX:K22) shareholders should be happy to see the share price up 19% in the last month. … During the unfortunate three years of share price decline, Raffles United Holdings actually saw its earnings per share (EPS) improve by 81% per year. … Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.

Simply Wall St -

Do Institutions Own Raffles United Holdings Ltd (SGX:K22) Shares?

The big shareholder groups in Raffles United Holdings Ltd (SGX:K22) have power over the company. … With a market capitalization of S$11m, Raffles United Holdings is a small cap stock, so it might not be well known by many institutional investors. … See our latest analysis for Raffles United Holdings

Simply Wall St -

Here's How P/E Ratios Can Help Us Understand Raffles United Holdings Ltd (SGX:K22)

We'll show how you can use Raffles United Holdings Ltd's (SGX:K22) P/E ratio to inform your assessment of the investment opportunity. … Based on the last twelve months, Raffles United Holdings's P/E ratio is 7.17. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

How Financially Strong Is Raffles United Holdings Ltd (SGX:K22)?

Investors are always looking for growth in small-cap stocks like Raffles United Holdings Ltd (SGX:K22), with a market cap of S$17m. … However, an important fact which most ignore is: how financially healthy is the business? … I believe these basic checks tell most of the story you need to know.

Simply Wall St -

What Kind Of Shareholder Appears On The Raffles United Holdings Ltd's (SGX:K22) Shareholder Register?

Every investor in Raffles United Holdings Ltd (SGX:K22) should be aware of the most powerful shareholder groups. … Raffles United Holdings is not a large company by global standards. … See our latest analysis for Raffles United Holdings

Simply Wall St -

Has Raffles United Holdings Ltd (SGX:K22) Improved Earnings In Recent Times?

For investors, increase in profitability and industry-beating performance can be essential considerations in an investment. … Below, I will examine Raffles United Holdings Ltd's (SGX:K22) track record on a high level, to give you some insight into how the company has been performing against its long term trend and its industry peers. … See our latest analysis for Raffles United Holdings

Simply Wall St -

Who Are The Major Shareholders In Raffles United Holdings Ltd (SGX:K22)?

I am going to take a deep dive into Raffles United Holdings Ltd’s (SGX:K22) most recent ownership structure, not a frequent subject of discussion among individual investors. … Check out our latest analysis for Raffles United Holdings … SGX:K22 Ownership Summary August 4th 18

Simply Wall St -

Should You Expect Raffles United Holdings Ltd (SGX:K22) To Continue Delivering An ROE Of 4.51%?

This analysis is intended to introduce important early concepts to people who are starting to invest. … and want to begin learning the link between Raffles United Holdings Ltd (SGX:K22)’s return fundamentals and stock market performance. … Raffles United Holdings Ltd (SGX:K22) performed in-line with its trading companies and distributors industry on the basis of its ROE – producing a return of4.51% relative to the peer average of 3.19% over the past 12 months.

Simply Wall St -

K22 Company Info

Description

Raffles United Holdings Ltd., an investment holding company, operates as a stockists, distributor, and retailer of bearings and seals for automotive part dealers, industrial suppliers, hardware dealers, ship chandlers, general trading companies, and original equipment manufacturers. The company operates through three segments: Bearings and Seals, Property, and Others. Its bearings and seals are used in transportation, electronics, construction, oil and gas, and other industries. The company is also involved in the property investment and development activities; and provision of logistics services. In addition, it acts as a dealer of belts; distributor, contractor, and retailer of gearbox and electrical products; and distributor and retailer of beauty products. Raffles United Holdings Ltd. offers its products and services in Singapore, other ASEAN countries, and other Asian countries; Western countries; and internationally. The company was formerly known as Kian Ho Bearings Ltd. and changed its name to Raffles United Holdings Ltd. in December 2014. The company was founded in 1956 and is headquartered in Singapore. Raffles United Holdings Ltd. operates as a former subsidiary of Raffles United Pte Ltd.

Details
Name: Raffles United Holdings Ltd
K22
Exchange: SGX
Founded: 1956
SGD25,286,599
395,103,118
Website: http://www.rafflesunited.com.sg
Address: Raffles United Holdings Ltd
5 Changi South Street 3,
Singapore,
486117,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX K22 Ordinary Shares Singapore Exchange SG SGD 15. Nov 1995
Number of employees
Current staff
Staff numbers
0
Raffles United Holdings employees.
Industry
Trading Companies and Distributors
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/18 12:39
End of day share price update: 2019/07/18 00:00
Last estimates confirmation: 2017/02/21
Last earnings filing: 2019/03/22
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


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

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.