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AF Global (L38) Stock Overview

An investment holding company, invests, owns, and operates hotels and serviced residences in Singapore, Thailand, Vietnam, and the Lao People’s Democratic Republic. More details

L38 fundamental analysis
Snowflake Score
Valuation	0/6
Future Growth	0/6
Past Performance	2/6
Financial Health	5/6
Dividends	0/6

Rewards

Became profitable this year

Risk Analysis

Latest financial reports are more than 6 months old

Large one-off items impacting financial results

Does not have a meaningful market cap (SGD115M)

L38 Community Fair Values

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AF Global Limited Competitors

Price History & Performance

Summary of share price highs, lows and changes for AF Global
Historical stock prices
Current Share Price	S$0.11
52 Week High	S$0.12
52 Week Low	S$0.05
Beta	0.42
1 Month Change	0%
3 Month Change	0.93%
1 Year Change	75.81%
3 Year Change	21.11%
5 Year Change	36.25%
Change since IPO	-96.37%

Recent updates

Analysis Article • Sep 17

Estimating The Fair Value Of AF Global Limited (SGX:L38)

Key Insights The projected fair value for AF Global is S$0.10 based on 2 Stage Free Cash Flow to Equity Current share...

Analysis Article • Jul 22

Investors Appear Satisfied With AF Global Limited's (SGX:L38) Prospects As Shares Rocket 27%

The AF Global Limited ( SGX:L38 ) share price has done very well over the last month, posting an excellent gain of 27...

Analysis Article • Jun 24

Does AF Global (SGX:L38) Have A Healthy Balance Sheet?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...

Analysis Article • Nov 01

Is AF Global (SGX:L38) A Risky Investment?

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...

Analysis Article • Jul 29

Market Participants Recognise AF Global Limited's (SGX:L38) Revenues Pushing Shares 27% Higher

AF Global Limited ( SGX:L38 ) shares have had a really impressive month, gaining 27% after a shaky period beforehand...

Analysis Article • Apr 18

There May Be Underlying Issues With The Quality Of AF Global's (SGX:L38) Earnings

AF Global Limited's ( SGX:L38 ) robust earnings report didn't manage to move the market for its stock. We did some...

Analysis Article • Nov 02

Return Trends At AF Global (SGX:L38) Aren't Appealing

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...

Analysis Article • Oct 17

Health Check: How Prudently Does AF Global (SGX:L38) Use Debt?

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...

Analysis Article • May 31

Is AF Global (SGX:L38) Weighed On By Its Debt Load?

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...

Analysis Article • Apr 09

Health Check: How Prudently Does AF Global (SGX:L38) Use Debt?

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...

Analysis Article • Feb 15

What Type Of Returns Would AF Global's (SGX:L38) Shareholders Have Received Over The Course Of The Last Three Years?

Many investors define successful investing as beating the market average over the long term. But its virtually certain...

Analysis Article • Dec 24

Calculating The Intrinsic Value Of AF Global Limited (SGX:L38)

In this article we are going to estimate the intrinsic value of AF Global Limited ( SGX:L38 ) by taking the expected...

Shareholder Returns

	L38	SG Hospitality	SG Market
7D	0%	-3.3%	-0.2%
1Y	75.8%	-5.7%	29.5%

Return vs Industry: L38 exceeded the SG Hospitality industry which returned 5.3% over the past year.

Return vs Market: L38 exceeded the SG Market which returned 29.8% over the past year.

Price Volatility

Is L38's price volatile compared to industry and market?
L38 volatility
L38 Average Weekly Movement	1.2%
Hospitality Industry Average Movement	4.1%
Market Average Movement	6.1%
10% most volatile stocks in SG Market	14.5%
10% least volatile stocks in SG Market	2.7%

Stable Share Price: L38 has not had significant price volatility in the past 3 months compared to the SG market.

Volatility Over Time: L38's weekly volatility has decreased from 8% to 1% over the past year.

About the Company

Founded	Employees	CEO	Website
1973	n/a	Yue Kai Chay	www.afgl.com.sg

AF Global Limited, an investment holding company, invests, owns, and operates hotels and serviced residences in Singapore, Thailand, Vietnam, and the Lao People’s Democratic Republic. The company operates serviced residences, including studio units, apartments, and office units. It also provides real estate development, management, and consultancy services, as well as develops, sells, and invests in properties.

AF Global Limited Fundamentals Summary

How do AF Global's earnings and revenue compare to its market cap?
L38 fundamental statistics
Market cap	S$115.06m
Earnings (TTM)	S$1.39m
Revenue (TTM)	S$31.17m

83.0x

P/E Ratio

3.7x

P/S Ratio

Is L38 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
L38 income statement (TTM)
Revenue	S$31.17m
Cost of Revenue	S$11.23m
Gross Profit	S$19.94m
Other Expenses	S$18.55m
Earnings	S$1.39m

Last Reported Earnings

Jun 30, 2025

Next Earnings Date

n/a

Earnings per share (EPS)	0.0013
Gross Margin	63.96%
Net Profit Margin	4.45%
Debt/Equity Ratio	6.2%

How did L38 perform over the long term?

See historical performance and comparison

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/04/24 13:34
End of Day Share Price	2026/04/02 00:00
Earnings	2025/06/30
Annual Earnings	2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

AF Global Limited is covered by 1 analysts. 0 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Wilson Liew	Maybank Research Pte. Ltd.

This company listing is no longer active

AF Global (L38) Stock Overview

Rewards

Risk Analysis

AF Global Limited Competitors

Hotel Royal

Datapulse Technology

HL Global Enterprises

Banyan Tree Holdings

Price History & Performance

Recent News & Updates

Aspial Corporation Limited (SGX:A30) and Koh Wee Meng completed the acquisition of remaining 20.16% stake in AF Global Limited (SGX:L38).

New minor risk - Financial data availability

Aspial Corporation Limited (SGX:A30) and Koh Wee Meng entered into an implementation agreement to acquire remaining 20.16% stake in AF Global Limited (SGX:L38) for SGD 23.4 million.

Estimating The Fair Value Of AF Global Limited (SGX:L38)

Now 24% undervalued

Now 21% undervalued

Recent updates

Aspial Corporation Limited (SGX:A30) and Koh Wee Meng completed the acquisition of remaining 20.16% stake in AF Global Limited (SGX:L38).

New minor risk - Financial data availability

Aspial Corporation Limited (SGX:A30) and Koh Wee Meng entered into an implementation agreement to acquire remaining 20.16% stake in AF Global Limited (SGX:L38) for SGD 23.4 million.

Estimating The Fair Value Of AF Global Limited (SGX:L38)

Now 24% undervalued

Now 21% undervalued

New minor risk - Earnings quality

First half 2025 earnings released: EPS: S$0.001 (vs S$0.002 loss in 1H 2024)

Investors Appear Satisfied With AF Global Limited's (SGX:L38) Prospects As Shares Rocket 27%

Does AF Global (SGX:L38) Have A Healthy Balance Sheet?

New minor risk - Share price stability

Full year 2024 earnings released: S$0.003 loss per share (vs S$0.003 profit in FY 2023)

AF Global Limited, Annual General Meeting, Apr 28, 2025

Full year 2024 earnings released: S$0.002 loss per share (vs S$0.003 profit in FY 2023)

New minor risk - Financial data availability

New major risk - Share price stability

Is AF Global (SGX:L38) A Risky Investment?

First half 2024 earnings released: S$0.002 loss per share (vs S$0.001 profit in 1H 2023)

New minor risk - Share price stability

AF Global Limited to Report First Half, 2024 Results on Aug 05, 2024

Market Participants Recognise AF Global Limited's (SGX:L38) Revenues Pushing Shares 27% Higher

There May Be Underlying Issues With The Quality Of AF Global's (SGX:L38) Earnings

Full year 2023 earnings released: EPS: S$0.003 (vs S$0.001 loss in FY 2022)

AF Global Limited, Annual General Meeting, Apr 29, 2024

Full year 2023 earnings released: EPS: S$0.003 (vs S$0.001 loss in FY 2022)

AF Global Limited Appoints Pan Pei Say as Non-Executive and Independent Director, Chairman of the Nominating Committee and A Member of the Audit Committee

Return Trends At AF Global (SGX:L38) Aren't Appealing

First half 2023 earnings released: EPS: S$0.001 (vs S$0.001 loss in 1H 2022)

Full year 2022 earnings released: S$0.001 loss per share (vs S$0.006 loss in FY 2021)

Full year 2022 earnings released: EPS: S$0 (vs S$0.006 loss in FY 2021)

AF Global Limited Provides Earnings Guidance for the Full Year Ended 31 December 2022

Insufficient new directors

Health Check: How Prudently Does AF Global (SGX:L38) Use Debt?

First half 2022 earnings released

AF Global Limited Provides Earnings Guidance for the Half Year Ended June 30, 2022

Is AF Global (SGX:L38) Weighed On By Its Debt Load?

Insufficient new directors

Full year 2021 earnings released: S$0.005 loss per share (vs S$0.005 loss in FY 2020)

AF Global Limited, Annual General Meeting, Apr 28, 2022

Full year 2021 earnings: Revenues and EPS in line with analyst expectations

AF Global Limited Provides Earnings Guidance for the Full Year Ended December 31, 2021

First half 2021 earnings released: S$0.004 loss per share (vs S$0.001 loss in 1H 2020)

Full year 2020 earnings released: S$0.005 loss per share (vs S$0.002 loss in FY 2019)

Health Check: How Prudently Does AF Global (SGX:L38) Use Debt?

Full year 2020 earnings released

What Type Of Returns Would AF Global's (SGX:L38) Shareholders Have Received Over The Course Of The Last Three Years?

Calculating The Intrinsic Value Of AF Global Limited (SGX:L38)

Shareholder Returns

Price Volatility

About the Company

AF Global Limited Fundamentals Summary

Earnings & Revenue

Company Analysis and Financial Data Status

Data Sources

Analysis Model and Snowflake

Industry and Sector Metrics

Analyst Sources