Reported Earnings • Apr 17
Full year 2025 earnings released: S$0.013 loss per share (vs S$0 in FY 2024) Full year 2025 results: S$0.013 loss per share (further deteriorated from S$0 in FY 2024). Revenue: S$121.0m (down 1.4% from FY 2024). Net loss: S$8.82m (down S$9.09m from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 112 percentage points per year, which is a significant difference in performance. Announcement • Apr 14
Kim Heng Limited, Annual General Meeting, Apr 28, 2026 Kim Heng Limited, Annual General Meeting, Apr 28, 2026, at 09:30 Singapore Standard Time. Location: genting hotel jurong, genting 3, level 1, 2 town hall link, singapore 608516, Singapore Reported Earnings • Mar 03
Full year 2025 earnings released: S$0.012 loss per share (vs S$0 in FY 2024) Full year 2025 results: S$0.012 loss per share (further deteriorated from S$0 in FY 2024). Revenue: S$121.0m (down 1.4% from FY 2024). Net loss: S$8.82m (down S$9.09m from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. 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 Interest payments are not well covered by earnings (1.0x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Large one-off items impacting financial results. Market cap is less than US$100m (S$62.0m market cap, or US$49.0m). Announcement • Feb 23
Kim Heng Limited to Report Fiscal Year 2025 Results on Feb 28, 2026 Kim Heng Limited announced that they will report fiscal year 2025 results on Feb 28, 2026 Announcement • Nov 21
Kim Heng Limited announced that it has received SGD 9 million in funding Kim Heng Limited announced that it has entered into a loan agreement in an aggregate amount not exceeding SGD 9 million in a round of funding on November 21, 2025. The transaction includes participation from individual lender, Thomas Tan Keng Siong. The interest payable thereon given the interest rate of 7.0% per annum and the three year repayment period by the Company and, therefore, the value of the IPT would amount to $1,002,926. This represents approximately 1.7%. Reported Earnings • Aug 15
First half 2025 earnings released: EPS: S$0.001 (vs S$0.001 loss in 1H 2024) First half 2025 results: EPS: S$0.001 (up from S$0.001 loss in 1H 2024). Revenue: S$67.1m (up 21% from 1H 2024). Net income: S$460.0k (up S$1.50m from 1H 2024). Profit margin: 0.7% (up from net loss in 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Announcement • Aug 14
Kim Heng Limited to Report First Half, 2025 Results on Aug 12, 2025 Kim Heng Limited announced that they will report first half, 2025 results on Aug 12, 2025 Buy Or Sell Opportunity • Aug 11
Now 21% undervalued Over the last 90 days, the stock has risen 26% to S$0.088. The fair value is estimated to be S$0.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years, while earnings per share has been flat. Buy Or Sell Opportunity • Jul 17
Now 21% undervalued Over the last 90 days, the stock has risen 32% to S$0.087. The fair value is estimated to be S$0.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years, while earnings per share has been flat. Buy Or Sell Opportunity • Jun 27
Now 21% undervalued Over the last 90 days, the stock has risen 11% to S$0.083. The fair value is estimated to be S$0.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years, while earnings per share has been flat. Buy Or Sell Opportunity • Jun 12
Now 20% undervalued Over the last 90 days, the stock has risen 10% to S$0.087. The fair value is estimated to be S$0.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years, while earnings per share has been flat. New Risk • Jun 10
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 9.0% 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 Interest payments are not well covered by earnings (1.0x net interest cover). Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Market cap is less than US$100m (S$64.1m market cap, or US$49.9m). Announcement • Apr 11
Kim Heng Limited, Annual General Meeting, Apr 28, 2025 Kim Heng Limited, Annual General Meeting, Apr 28, 2025, at 09:30 Singapore Standard Time. Location: the chevrons, 48 boon lay way, level 3 rose room, singapore 609961, Singapore New Risk • Mar 09
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 148% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.0x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Market cap is less than US$100m (S$55.0m market cap, or US$41.3m). Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: S$0 (vs S$0.002 in FY 2023) Full year 2024 results: EPS: S$0 (down from S$0.002 in FY 2023). Revenue: S$122.7m (up 21% from FY 2023). Net income: S$270.0k (down 83% from FY 2023). Profit margin: 0.2% (down from 1.5% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 6% per year. New Risk • Feb 28
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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. 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$57.8m market cap, or US$42.8m). Board Change • Feb 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. 1 highly experienced director. Executive Chairman & CEO Thomas Tan is the most experienced director on the board, commencing their role in 2013. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 15
First half 2024 earnings released: S$0.001 loss per share (vs S$0.002 profit in 1H 2023) First half 2024 results: S$0.001 loss per share (down from S$0.002 profit in 1H 2023). Revenue: S$55.5m (up 25% from 1H 2023). Net loss: S$1.04m (down 160% from profit in 1H 2023). Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Apr 27
Kim Heng Limited Approves One-Tier Tax Exempt Final Dividend for the Financial Year Ended 31 December 2023 Kim Heng Limited at its Annual General Meeting held on 26 April 2024, approved declaration of one-tier tax exempt final dividend of 0.2126 Singapore cents per ordinary share for the financial year ended 31 December 2023. Reported Earnings • Apr 14
Full year 2023 earnings released: EPS: S$0.002 (vs S$0.01 in FY 2022) Full year 2023 results: EPS: S$0.002 (down from S$0.01 in FY 2022). Revenue: S$101.2m (up 27% from FY 2022). Net income: S$1.57m (down 79% from FY 2022). Profit margin: 1.5% (down from 9.2% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 24
Full year 2023 earnings released: EPS: S$0.002 (vs S$0.01 in FY 2022) Full year 2023 results: EPS: S$0.002 (down from S$0.01 in FY 2022). Revenue: S$102.0m (up 28% from FY 2022). Net income: S$1.57m (down 79% from FY 2022). Profit margin: 1.5% (down from 9.2% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Announcement • Sep 02
Kim Heng Limited Appoints Tan Wen Hao, Justin Anderson as Group Deputy Chief Executive Officer Kim Heng Limited announced appointment of Tan Wen Hao, Justin Anderson as group deputy chief executive officer, effective 1 September 2023. Role and responsibilities: Responsible for overseeing the shipyard operations, its heavy equipment business, the marine and offshore vessel charter and operations and horizontal directional drilling. Working Experience: August 2014 to August 2015 - Management Trainee of Kim Heng Marine & Oilfield Pte Ltd. - August 2015 to August 2017 - Corporate Strategy and Investment Associate of Kim Heng Marine & Oilfield Pte Ltd. - August 2017 to March 2020 - General Manager of Kim Heng Offshore & Marine Holdings Limited - April 2020 to Present Chief Operating Officer Offshore & Marine. Other Director Ships Past: Cerana Capital Pte Ltd. Other Director Ships Present: Adira 300 Pte. Ltd. - Adira 330 Pte. Ltd. - Adira Heavy Lift Pte. Ltd. - Adira Renewables Pte. Ltd. - Adira Cables Pte. Ltd. - Adira Cables Spv Pte. Ltd. - Adira Solar Pte. Ltd. - Adira Solar Sdn. Bhd. - Adira Solar Construction Pte. Ltd. - Alpine Progress Shipping Pte Ltd. Taiwan Branch - Bridgewater 108 Pte. Ltd. - Bridgewater 160 Pte. Ltd. - Bridgewater 161 Pte. Ltd. - Bridgewater 163 Pte. Ltd. - Bridgewater 168 Pte. Ltd. - Bridgewater 63 Pte. Ltd. - Bridgewater 80 Pte. Ltd. - Bridgewater Engineering Sdn Bhd - Bridgewater Marine (Taiwan) Limited - Bridgewater Offshore Pte. Ltd. - Bridgewater Offshore Sdn Bhd - Condalia Ventures Pte Ltd. - Kim Heng Agency Pte. Ltd. - Kim Heng Marine Labuan Limited - KH Mazu Offshore & Marine Sdn Bhd - Mazu Offshore Sdn. Bhd. - Mazu Subsea Pte. Ltd. - Ruhm Bridgewater Offshore Sdn Bhd - Ruhm Mazu Sdn Bhd - Thaitan International Pte Ltd. - Thaitan International Pte Ltd. Taiwan Branch (Mazu Land & Marine Works Pte Ltd. Taiwan Branch) - Zale Offshore Response Pte Ltd. Reported Earnings • Aug 13
First half 2023 earnings released: EPS: S$0.002 (vs S$0.007 in 1H 2022) First half 2023 results: EPS: S$0.002 (down from S$0.007 in 1H 2022). Revenue: S$44.3m (up 26% from 1H 2022). Net income: S$1.74m (down 66% from 1H 2022). Profit margin: 3.9% (down from 14% in 1H 2022). Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. New Risk • Aug 10
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 54% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (54% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (S$69.8m market cap, or US$51.8m). Reported Earnings • Apr 11
Full year 2022 earnings released: EPS: S$0.01 (vs S$0.008 loss in FY 2021) Full year 2022 results: EPS: S$0.01 (up from S$0.008 loss in FY 2021). Revenue: S$79.8m (up 26% from FY 2021). Net income: S$7.37m (up S$13.3m from FY 2021). Profit margin: 9.2% (up from net loss in FY 2021). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 60% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 25
Full year 2022 earnings released: EPS: S$0.01 (vs S$0.008 loss in FY 2021) Full year 2022 results: EPS: S$0.01 (up from S$0.008 loss in FY 2021). Revenue: S$79.8m (up 26% from FY 2021). Net income: S$7.37m (up S$13.3m from FY 2021). Profit margin: 9.2% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Board Change • Oct 31
High number of new directors Non-Executive Director Kee Siong Choo was the last director to join the board, commencing their role in 2022. Announcement • Aug 31
Kim Heng Limited Appoints Mr. Choo Kee Siong as Non-Executive Director, Effective on September 1, 2022 The Board of Directors of Kim Heng Ltd. announced the appointment of Mr. Choo Kee Siong as a Non-Executive Director of the company with effect from 1 September 2022. Mr. Choo Kee Siong is a non-independent Director who has a deemed interest in the shares of the company and is not considered to be independent for the purposes of Rule 704(7) of the Section B: Rules of Catalist of the Singapore Exchange Securities Trading Limited. Following the appointment of Mr. Choo Kee Siong as a Non-Executive Director of the Company, the composition of the Board and Board Committees will be reconstituted as follows: Board of Directors: Mr. Tan Keng Siong Thomas as (Executive Director and Chief Executive Officer), Mr. Choo Kee Siong as (Non-Executive Director), Mr. Ho Boon Chuan Wilson as (Lead Independent Director) and Mr. Ong Sie Hou Raymond as (Independent Director). Audit and Risk Committee: Mr. Ho Boon Chuan Wilson (Chairman - Lead Independent Director), Mr. Ong Sie Hou Raymond (Member - Independent Director) and Mr. Choo Kee Siong (Member - Non-Executive Director). Nominating Committee: Mr. Ong Sie Hou Raymond (Chairman - Independent Director), Mr. Ho Boon Chuan Wilson (Member - Lead Independent Director), Mr. Choo Kee Siong (Member - Non-Executive Director). Remuneration Commitee: Mr. Ong Sie Hou Raymond (Chairman - Independent Director), Mr. Ho Boon Chuan Wilson (Member - Lead Independent Director) and Mr. Choo Kee Siong (Member - Non-Executive Director). Announcement • Aug 17
Kim Heng Limited Announces Cessation of Tan Chow Boon as Non-Executive Director Kim Heng Limited announced cessation of Tan Chow Boon as Non-Executive Director, Member of Audit and Risk Committee, Nominating Committee and Remuneration Committee. Reason For Cessation: Representing Credence Capital Fund II (Cayman) Limited which has divested their interests in Kim Heng Ltd. in June 2022. After having interviewed Mr. Tan and to the best of its knowledge, the Company's Sponsor, SAC Capital Private Limited, is satisfied that, other than as disclosed in this announcement, there are no other material reasons for the cessation of Mr. Tan as a director of the Company.Other Director Ships Past: Kaidun-NR Limited Springboard Worldwide Pte Ltd. Nestronics Pte. Ltd. Xenon Technologies Pte. Ltd. Youthworks Ltd. Zimplistic Private Limited Fassler Gourmet Pte Ltd. Other Director Ships Present: Senseye Inc. Credence Capital Fund (Cayman) Limited Credence Capital Fund II (Cayman) Limited Anker Holdings Private Limited Altara Ventures Pte.Ltd. Altara Ventures GP Limited 20Cube Logistics Pte. Ltd. Daily Bread Ministries Asia Ltd. FaithActs. Reported Earnings • Aug 09
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (up S$3.65m from 1H 2021). Profit margin: (up from net loss in 1H 2021). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Announcement • Aug 02
Kim Heng Limited Provides Unaudited Consolidated Earnings Guidance for the Six Months Ended June 30, 2022 Kim Heng Limited provided unaudited consolidated earnings guidance for the six months ended June 30, 2022. For the period, the company expects net profit will be positive when compared to that for the six months ended 30 June 2021. The Group's expected positive net profit for 1H2022 was mainly attributable to the increase in other income contributed by the gain on disposal of vessels. Board Change • Apr 27
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. No experienced directors. 4 highly experienced directors. Lead Independent Director Wilson Ho was the last director to join the board, commencing their role in 2013. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 10
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: S$0.008 loss per share (down from S$0.007 loss in FY 2020). Revenue: S$63.2m (up 68% from FY 2020). Net loss: S$5.89m (loss widened 12% from FY 2020). Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 257%. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • Apr 07
Kim Heng Limited, Annual General Meeting, Apr 22, 2022 Kim Heng Limited, Annual General Meeting, Apr 22, 2022, at 09:30 Singapore Standard Time. Agenda: To consider Share buyback; to consider Purchases or Acquisitions of Shares. Reported Earnings • Feb 24
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: S$0.008 loss per share (down from S$0.007 loss in FY 2020). Revenue: S$63.2m (up 68% from FY 2020). Net loss: S$5.89m (loss widened 12% from FY 2020). Revenue missed analyst estimates by 14%. Earnings per share (EPS) exceeded analyst estimates by 257%. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
First half 2021 earnings released: S$0.005 loss per share (vs S$0.002 loss in 1H 2020) The company reported a mediocre first half result with increased losses and weaker control over costs, although revenues improved. First half 2021 results: Revenue: S$28.9m (up 64% from 1H 2020). Net loss: S$3.65m (loss widened 203% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Feb 24
Full year 2020 earnings released The company reported a soft full year result with weaker revenues and control over costs, although losses reduced. Full year 2020 results: Revenue: S$37.6m (down 35% from FY 2019). Net loss: S$5.26m (loss narrowed 32% from FY 2019). Announcement • Feb 24
Kim Heng Offshore & Marine Holdings Limited to Report Fiscal Year 2020 Results on Feb 23, 2021 Kim Heng Offshore & Marine Holdings Limited announced that they will report fiscal year 2020 results on Feb 23, 2021 Announcement • Oct 11
Kim Heng Offshore & Marine Holdings Limited Announces Executive Changes The Board and Nominating Committee of the Kim Heng Offshore & Marine Holdings Limited having reviewed and considered the qualifications and working experience of Mr. Nick Lim Wei Ming, have approved his promotion from Finance and Compliance Manager to Chief Financial Officer of the Company. Pending the resignation of the current Chief Financial Officer, Mr. Michael Law Sai Leung on 21 December 2020, Mr. Lim will formally assume the appointment of Chief Financial Officer on 22 December 2020. Lim will be responsible for overseeing financial, management accounting, compliance & taxation matters of the Company. Lim worked from 2017 to current: Kim Heng Marine & Oilfield Pte Ltd- Finance & Compliance Manager.