SGX:N0Z

Stock Analysis Report

Combine Will International Holdings

Executive Summary

Combine Will International Holdings Limited, an investment holding company, operates as an original design manufacturer (ODM)/original equipment manufacturer (OEM) of corporate premiums, toys, and consumer products.

Snowflake

Fundamentals

Adequate balance sheet and slightly overvalued.

Share Price & News

How has Combine Will International Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: N0Z has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

3.9%

N0Z

-2.6%

SG Leisure

-0.007%

SG Market


1 Year Return

-3.6%

N0Z

22.8%

SG Leisure

4.1%

SG Market

Return vs Industry: N0Z underperformed the SG Leisure industry which returned 22.8% over the past year.

Return vs Market: N0Z underperformed the SG Market which returned 4.1% over the past year.


Shareholder returns

N0ZIndustryMarket
7 Day3.9%-2.6%-0.007%
30 Day5.0%4.7%3.2%
90 Day5.0%18.7%2.1%
1 Year1.1%-3.6%24.9%22.8%8.3%4.1%
3 Year113.9%103.8%-26.7%-28.9%21.1%8.2%
5 Year102.5%82.8%1.4%-4.4%12.7%-6.0%

Price Volatility Vs. Market

How volatile is Combine Will International Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Combine Will International Holdings undervalued compared to its fair value and its price relative to the market?

17.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: N0Z (SGD1.06) is trading below our estimate of fair value (SGD1.28)

Significantly Below Fair Value: N0Z is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: N0Z is unprofitable, so we can't compare its PE Ratio to the Leisure industry average.

PE vs Market: N0Z is unprofitable, so we can't compare its PE Ratio to the SG market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate N0Z's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: N0Z is good value based on its PB Ratio (0.3x) compared to the XA Leisure industry average (1.6x).


Next Steps

Future Growth

How is Combine Will International Holdings forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

34.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: N0Z is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: N0Z is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: N0Z is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: Insufficient data to determine if N0Z's revenue is forecast to grow faster than the SG market.

High Growth Revenue: Insufficient data to determine if N0Z's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if N0Z's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Combine Will International Holdings performed over the past 5 years?

18.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: N0Z has large one-off items impacting its financial results.

Growing Profit Margin: N0Z's current net profit margins (-0.1%) are lower than last year (6.9%).


Past Earnings Growth Analysis

Earnings Trend: N0Z is unprofitable, but has reduced losses over the past 5 years at a rate of 18.6% per year.

Accelerating Growth: Unable to compare N0Z's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: N0Z is unprofitable, making it difficult to compare its past year earnings growth to the Leisure industry (3.6%).


Return on Equity

High ROE: N0Z has a negative Return on Equity (-0.99%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Combine Will International Holdings's financial position?


Financial Position Analysis

Short Term Liabilities: N0Z's short term assets (HK$1.1B) exceeds its short term liabilities (HK$706.1M)

Long Term Liabilities: N0Z's short term assets (1.1B) exceeds its long term liabilities (103.8M)


Debt to Equity History and Analysis

Debt Level: N0Z's debt to equity ratio (57.6%) is considered high

Reducing Debt: N0Z's debt to equity ratio has reduced from 87.7% to 57.6% over the past 5 years.

Debt Coverage: N0Z's debt is well covered by operating cash flow (39.3%).

Interest Coverage: N0Z is unprofitable, therefore interest payments are not well covered by earnings.


Balance Sheet

Inventory Level: N0Z has a high level of physical assets or inventory.

Debt Coverage by Assets: N0Z's debt is covered by short term assets (assets are 2.9x debt).


Next Steps

Dividend

What is Combine Will International Holdings's current dividend yield, its reliability and sustainability?

4.63%

Current Dividend Yield


Dividend Yield vs Market

company4.6%marketbottom25%2.6%markettop25%5.6%industryaverage1.9%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: N0Z's dividend (4.63%) is higher than the bottom 25% of dividend payers in the SG market (2.62%).

High Dividend: N0Z's dividend (4.63%) is low compared to the top 25% of dividend payers in the SG market (5.64%).


Stability and Growth of Payments

Stable Dividend: N0Z's dividend payments have been volatile in the past 10 years.

Growing Dividend: N0Z's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (12.8%), N0Z's dividend payments are thoroughly covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

  • Explore strong dividend paying companies in the Consumer Durables industry.

Management

What is the CEO of Combine Will International Holdings's salary, the management and board of directors tenure and is there insider trading?

7.6yrs

Average board tenure


CEO

Dominic Tam (64yo)

0yrs

Tenure

HK$326,000

Compensation

Mr. Jo Tak Tam, also known as Dominic, serves as the Executive Chairman and Chief Executive Officer of Combine Will International Holdings Ltd. Mr. Tam co-founded Combine Will International Holdings Ltd. i ...


CEO Compensation Analysis

Compensation vs Market: Dominic's total compensation ($USD239.76K) is about average for companies of similar size in the SG market ($USD261.38K).

Compensation vs Earnings: Dominic's compensation has been consistent with company performance over the past year.


Board Age and Tenure

7.6yrs

Average Tenure

56yo

Average Age

Experienced Board: N0Z's board of directors are considered experienced (7.6 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Joo Khin Ng

    Company Secretary

    • Tenure: 0yrs
  • Dominic Tam (64yo)

    Executive Chairman & CEO

    • Tenure: 0yrs
    • Compensation: HK$326.00k
  • David Qiu (53yo)

    Chief Production Officer & Head of Operations - ODM/OEM Business Unit

    • Tenure: 27.8yrs
    • Compensation: HK$211.00k
  • Alan Li (54yo)

    Group COO & Executive Director

    • Tenure: 3.5yrs
    • Compensation: HK$200.00k
  • Simon Chiu (59yo)

    Executive Director

    • Tenure: 12.1yrs
    • Compensation: HK$326.00k
  • Steven Xu

    Acting Chief Financial Officer

    • Tenure: 3yrs
    • Compensation: HK$77.00k

Board Members

  • Alexander Cheung (54yo)

    Lead Independent Non-Executive Director

    • Tenure: 0yrs
    • Compensation: HK$700.00k
  • Jack Chia (58yo)

    Non Executive & Independent Director

    • Tenure: 11.7yrs
    • Compensation: HK$700.00k
  • Dominic Tam (64yo)

    Executive Chairman & CEO

    • Tenure: 0yrs
    • Compensation: HK$326.00k
  • Alan Li (54yo)

    Group COO & Executive Director

    • Tenure: 3.5yrs
    • Compensation: HK$200.00k
  • Simon Chiu (59yo)

    Executive Director

    • Tenure: 12.1yrs
    • Compensation: HK$326.00k
  • Sung Leng Wee (53yo)

    Independent Non-Executive Director

    • Tenure: 0.6yrs

Company Information

Combine Will International Holdings Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Combine Will International Holdings Limited
  • Ticker: N0Z
  • Exchange: SGX
  • Founded: 1992
  • Industry: Leisure Products
  • Sector: Consumer Durables
  • Market Cap: S$33.944m
  • Shares outstanding: 32.33m
  • Website: https://www.combinewill.com

Number of Employees


Location

  • Combine Will International Holdings Limited
  • Xin Cheng Ind. District
  • Heng Li Zheng
  • Dongguan
  • Guangdong Province
  • China

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
N0ZSGX (Singapore Exchange)YesOrdinary SharesSGSGDJun 2008

Biography

Combine Will International Holdings Limited, an investment holding company, operates as an original design manufacturer (ODM)/original equipment manufacturer (OEM) of corporate premiums, toys, and consumer ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/11 12:40
End of Day Share Price2019/11/11 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


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.