Announcement • Sep 24
CosmoSteel Holdings Limited Announces Completion of Compulsory Acquisition and Delisting of Shares on SGX-ST Evolve Capital Advisory Private Limited announced, for and on behalf of 3HA Capital Private Limited (the "Offeror"), that the Compulsory Acquisition has been completed on 23 September 2025. As at the date of this Announcement, the transfer of the Shares of the Dissenting Shareholders to the Offeror has been effected and payment for such Shares has been despatched to the Dissenting Shareholders. Accordingly, CosmoSteel Holdings Limited (the "Company") will be delisted from the Official List of the SGX-ST with effect from 9.00 a.m. on 24 September 2025. New Risk • Jul 10
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: S$17m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-S$35m free cash flow). Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings have declined by 50% per year over the past 5 years. Minor Risks Significant insider selling over the past 3 months (S$17m sold). Market cap is less than US$100m (S$65.3m market cap, or US$51.1m). Recent Insider Transactions • Jun 12
CEO & Executive Director recently bought S$151k worth of stock On the 10th of June, Tong Hai Ong bought around 689k shares on-market at roughly S$0.22 per share. This transaction amounted to 1.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Tong Hai has been a buyer over the last 12 months, purchasing a net total of S$268k worth in shares. Recent Insider Transactions • May 24
CEO & Executive Director recently bought S$110k worth of stock On the 22nd of May, Tong Hai Ong bought around 500k shares on-market at roughly S$0.22 per share. This transaction amounted to 1.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Tong Hai's only on-market trade for the last 12 months. New Risk • May 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Singaporean stocks, typically moving 28% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (28% average weekly change). Earnings have declined by 47% per year over the past 5 years. Minor Risk Market cap is less than US$100m (S$58.8m market cap, or US$45.4m). New Risk • Apr 07
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 7.8% 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 Earnings have declined by 47% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (S$26.1m market cap, or US$19.4m). Reported Earnings • Feb 25
First quarter 2025 earnings released: EPS: S$0.01 (vs S$0.003 loss in 1Q 2024) First quarter 2025 results: EPS: S$0.01 (up from S$0.003 loss in 1Q 2024). Revenue: S$36.7m (up 106% from 1Q 2024). Net income: S$2.49m (up S$3.16m from 1Q 2024). Profit margin: 6.8% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Announcement • Feb 25
CosmoSteel Holdings Limited to Report Q1, 2025 Results on Feb 24, 2025 CosmoSteel Holdings Limited announced that they will report Q1, 2025 results on Feb 24, 2025 Reported Earnings • Jan 11
Full year 2024 earnings released: S$0.019 loss per share (vs S$0.011 profit in FY 2023) Full year 2024 results: S$0.019 loss per share (down from S$0.011 profit in FY 2023). Revenue: S$72.0m (down 14% from FY 2023). Net loss: S$4.89m (down 274% from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Announcement • Jan 09
CosmoSteel Holdings Limited, Annual General Meeting, Jan 24, 2025 CosmoSteel Holdings Limited, Annual General Meeting, Jan 24, 2025, at 09:30 Singapore Standard Time. Location: raffles marina, 10 tuas west drive, singapore 638404, Singapore New Risk • Nov 21
New major risk - Revenue and earnings growth Earnings have declined by 41% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks 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. Earnings have declined by 41% per year over the past 5 years. Minor Risk Market cap is less than US$100m (S$26.4m market cap, or US$19.7m). Reported Earnings • Nov 21
Full year 2024 earnings released: S$0.019 loss per share (vs S$0.011 profit in FY 2023) Full year 2024 results: S$0.019 loss per share (down from S$0.011 profit in FY 2023). Revenue: S$69.6m (down 17% from FY 2023). Net loss: S$5.01m (down 279% from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Announcement • Nov 21
CosmoSteel Holdings Limited to Report Fiscal Year 2024 Results on Nov 20, 2024 CosmoSteel Holdings Limited announced that they will report fiscal year 2024 results on Nov 20, 2024 New Risk • May 14
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 5.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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 Risks Shares are highly illiquid. 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 Risk Market cap is less than US$100m (S$26.1m market cap, or US$19.3m). Announcement • Feb 22
CosmoSteel Holdings Limited to Report Q1, 2024 Results on Feb 21, 2024 CosmoSteel Holdings Limited announced that they will report Q1, 2024 results on Feb 21, 2024 Announcement • Jan 29
Cosmosteel Holdings Limited Approves Final One-Tier Tax Exempt Dividend for the Financial Year Ended 30 September 2023 CosmoSteel Holdings Limited approved final one-tier tax exempt dividend of SGD 0.005 per share for the financial year ended 30 September 2023 at its Annual General Meeting held on 29 January 2024. Recent Insider Transactions • Jan 27
CEO & Executive Director recently bought S$361k worth of stock On the 25th of January, Tong Hai Ong bought around 3m shares on-market at roughly S$0.13 per share. This transaction amounted to 7.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Tong Hai's only on-market trade for the last 12 months. Reported Earnings • Nov 21
Full year 2023 earnings released: EPS: S$0.011 (vs S$0.008 in FY 2022) Full year 2023 results: EPS: S$0.011 (up from S$0.008 in FY 2022). Revenue: S$83.4m (up 81% from FY 2022). Net income: S$2.81m (up 23% from FY 2022). Profit margin: 3.4% (down from 4.9% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Oct 28
CosmoSteel Holdings Limited Appoints Yasuhiko Watanabe as Non-Executive Non-Independent Director CosmoSteel Holdings Limited announced appointment of Yasuhiko Watanabe as Non-Executive Non-Independent Director, Working Experience: Deputy General Manager of Machinery Dept. and Manager of Amusement Rides and Waterpark Equipment Sect. at Hanwa Co. Ltd. in the Osaka office from April 2013 to March 2014. General Manager of Machinery Dept. at Hanwa Co. Ltd. in the Osaka office from April 2014 to March 2018. General Manager of Accounting Dept. at Hanwa Co. Ltd. in the Tokyo office from April 2018 to March 2020. General Manager of Corporate Planning Dept. at Hanwa Co. Ltd. in the Tokyo office from April 2020 to March 2021. Corporate officer in charge of Corporate Planning Division and General Manager of Corporate Planning Dept. at Hanwa Co. Ltd. in the Tokyo office from April 2021 to present. Other DirectorShips Past: General Manager of Accounting Dept. at Hanwa Co. Ltd. in the Tokyo office General Manager of Corporate Planning Dept. at Hanwa Co. Ltd. in the Tokyo office. Professional Qualifications: Bachelor of Economics, Chuo University Japan. Announcement • Jan 10
CosmoSteel Holdings Limited, Annual General Meeting, Jan 31, 2023 CosmoSteel Holdings Limited, Annual General Meeting, Jan 31, 2023, at 09:30 Singapore Standard Time. Location: at Raffles Marina, 10 Tuas West Drive Raffles Singapore Agenda: To receive and adopt the Statement By Directors, the Independent Auditors' Report and the Audited Financial Statements of the Company for the financial year ended 30 September 2022; to declare a final one-tier tax exempt dividend; to approve the payment of additional Directors' Fees for the financial year ended 30 September 2022; to approve Directors' fees for the financial year ending 30 September 2023; to re-elect Mr Jack Ong Tong Hai as Director of the Company; to re-elect Mr Hor Siew Fu as Director of the Company; to re-elect Mr Ong Tiew Siam as Director of the Company; to re-elect Mr Lim Jun Xiong Steven as Director of the Company; to re-elect Mr Loo Cheng Guan as Director of the Company; to re-appoint RSM Chio Lim LLP as Auditors of the Company and to authorize the Directors to fix their remuneration; and to consider other matters. Reported Earnings • Jan 10
Full year 2022 earnings released: EPS: S$0.008 (vs S$0.008 in FY 2021) Full year 2022 results: EPS: S$0.008 (in line with FY 2021). Revenue: S$46.1m (up 17% from FY 2021). Net income: S$2.28m (down 3.4% from FY 2021). Profit margin: 4.9% (down from 6.0% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Jan 09
CosmoSteel Holdings Limited Proposes Final One-Tier Tax Exempt Dividend for the Financial Year Ended 30 September 2022 CosmoSteel Holdings Limited proposed a final one-tier tax exempt dividend of SGD 0.005 per share for the financial year ended 30 September 2022 at its Annual General Meeting to be held on 31 January 2023. Reported Earnings • Nov 25
Full year 2022 earnings released: EPS: S$0.008 (vs S$0.008 in FY 2021) Full year 2022 results: EPS: S$0.008 (in line with FY 2021). Revenue: S$46.1m (up 17% from FY 2021). Net income: S$2.28m (down 3.4% from FY 2021). Profit margin: 4.9% (down from 6.0% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Reported Earnings • Jan 09
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: S$0.008 (down from S$0.018 in FY 2020). Revenue: S$39.4m (down 55% from FY 2020). Net income: S$2.36m (down 55% from FY 2020). Profit margin: 6.0% (down from 6.1% in FY 2020). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 7.0%. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 26
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: S$0.008 (down from S$0.018 in FY 2020). Revenue: S$39.4m (down 55% from FY 2020). Net income: S$2.36m (down 55% from FY 2020). Profit margin: 6.0% (down from 6.1% in FY 2020). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 7.0%. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Executive Departure • Oct 12
Non-Executive Non-Independent Director Hiromasa Yamamoto has left the company On the 1st of October, Hiromasa Yamamoto's tenure as Non-Executive Non-Independent Director ended after 2.2 years in the role. We don't have any record of a personal shareholding under Hiromasa's name. A total of 2 executives have left over the last 12 months. Executive Departure • Oct 10
Executive Director Osamu Murai has left the company On the 30th of September, Osamu Murai's tenure as Executive Director ended. We don't have any record of a personal shareholding under Osamu's name. A total of 2 executives have left over the last 12 months. Reported Earnings • Jan 06
Full year 2020 earnings released: EPS S$0.018 The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: S$86.8m (down 5.3% from FY 2019). Net income: S$5.27m (up 88% from FY 2019). Profit margin: 6.1% (up from 3.1% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. 
