SGX:Q01

Stock Analysis Report

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Executive Summary

QAF Limited, an investment holding company, manufactures and distributes bread, bakery, and confectionery products in Australia, the Philippines, Singapore, Malaysia, and internationally. More Details


Snowflake Analysis

Excellent balance sheet and good value.

Share Price & News

How has QAF's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: Q01 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-3.2%

Q01

-0.5%

SG Food

-1.9%

SG Market


1 Year Return

19.0%

Q01

3.5%

SG Food

-22.2%

SG Market

Return vs Industry: Q01 exceeded the SG Food industry which returned 4.7% over the past year.

Return vs Market: Q01 exceeded the SG Market which returned -21.4% over the past year.


Shareholder returns

Q01IndustryMarket
7 Day-3.2%-0.5%-1.9%
30 Day-2.7%-0.4%-3.8%
90 Day15.2%1.9%-5.1%
1 Year26.3%19.0%7.0%3.5%-18.0%-22.2%
3 Year-10.5%-24.8%6.3%-2.7%-18.7%-28.6%
5 Year14.2%-11.7%28.5%12.6%-1.3%-19.4%

Price Volatility Vs. Market

How volatile is QAF's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is QAF undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: Q01 (SGD0.91) is trading below our estimate of fair value (SGD9.2)

Significantly Below Fair Value: Q01 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: Q01 is good value based on its PE Ratio (9.8x) compared to the SG Food industry average (10.5x).

PE vs Market: Q01 is good value based on its PE Ratio (9.8x) compared to the SG market (12.9x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate Q01's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: Q01 is overvalued based on its PB Ratio (1x) compared to the SG Food industry average (0.9x).


Next Steps

Future Growth

How is QAF forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

9.0%

Forecasted Food, Beverage & Tobacco industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as QAF has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has QAF performed over the past 5 years?

-25.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: Q01 has high quality earnings.

Growing Profit Margin: Q01's current net profit margins (5.9%) are higher than last year (0.7%).


Past Earnings Growth Analysis

Earnings Trend: Q01's earnings have declined by 25.5% per year over the past 5 years.

Accelerating Growth: Q01's earnings growth over the past year (775.1%) exceeds its 5-year average (-25.5% per year).

Earnings vs Industry: Q01 earnings growth over the past year (775.1%) exceeded the Food industry 10.4%.


Return on Equity

High ROE: Q01's Return on Equity (10.5%) is considered low.


Next Steps

Financial Health

How is QAF's financial position?


Financial Position Analysis

Short Term Liabilities: Q01's short term assets (SGD367.3M) exceed its short term liabilities (SGD236.5M).

Long Term Liabilities: Q01's short term assets (SGD367.3M) exceed its long term liabilities (SGD110.1M).


Debt to Equity History and Analysis

Debt Level: Q01's debt to equity ratio (23.7%) is considered satisfactory.

Reducing Debt: Q01's debt to equity ratio has increased from 14.7% to 23.7% over the past 5 years.

Debt Coverage: Q01's debt is well covered by operating cash flow (61.7%).

Interest Coverage: Q01's interest payments on its debt are well covered by EBIT (12.1x coverage).


Balance Sheet


Next Steps

Dividend

What is QAF current dividend yield, its reliability and sustainability?

5.49%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: Q01's dividend (5.49%) is higher than the bottom 25% of dividend payers in the SG market (2.55%).

High Dividend: Q01's dividend (5.49%) is low compared to the top 25% of dividend payers in the SG market (5.67%).


Stability and Growth of Payments

Stable Dividend: Q01's dividend payments have been volatile in the past 10 years.

Growing Dividend: Q01's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (53.6%), Q01's dividend payments are 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

Management

How experienced are the management team and are they aligned to shareholders interests?

5.3yrs

Average management tenure


CEO

Lin Kejian (41 yo)

3.67yrs

Tenure

Mr. Lin Kejian (Previously known as Daniel Halim) has been Joint Group Managing Director of QAF Limited since January 1, 2017. Mr. Kejian served as Deputy Group Managing Director of QAF Limited from Septem ...


Leadership Team

NamePositionTenureCompensationOwnership
Lin Kejian
Joint Group MD & Executive Director3.67yrsno data0.0083%
SGD 43.3k
Kian Hwee Goh
Joint Group MD & Executive Director5.75yrsS$35.00kno data
Teck Huat Tan
Director of Finance & Director4.58yrsS$100.00kno data
Serene Yeo Li-Wen
Group Legal Counsel & Company Secretary3.67yrsno datano data
Kheng Beng Cheong
Head of Corporate Development18.67yrsno datano data
Tuck Wah Lee
Chief Executive Officer of Trading & Distribution Arm - Ben Foods31.67yrsno datano data
Teh Chuen Tarn
Head of Treasury22.67yrsS$786.00kno data
Cher Siang Ng
Managing Director of Gardenia Foods (S) Pte Ltd8.33yrsno datano data
Michael Hewat
Chief Executive Officer of Rivalea (Australia) Pty Ltd6.67yrsno datano data
Chin Huat Koh
Chief Executive Officer of Gardenia Malaysia5.25yrsno datano data
Chin Wong
Group Financial Controller1.33yrsno datano data

5.3yrs

Average Tenure

62.5yo

Average Age

Experienced Management: Q01's management team is seasoned and experienced (5.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Lin Kejian
Joint Group MD & Executive Director3.67yrsno data0.0083%
SGD 43.3k
Kian Hwee Goh
Joint Group MD & Executive Director5.75yrsS$35.00kno data
Teck Huat Tan
Director of Finance & Director4.58yrsS$100.00kno data
Dawn Lum
Lead Independent Director2.67yrsS$95.00kno data
Didi Dawis
Independent Chairman30.17yrsS$75.00kno data
Andree Halim
Vice-Chairman16.92yrsno data61.46%
SGD 321.8m
Wui Leng Ong
Non-Executive Independent Director3.67yrsS$75.00kno data
Kwong Lee
Non Executive Independent Director5.75yrsS$50.00kno data
Gianto Gunara
Non-Executive Non-Independent Director6.17yrsno datano data
Kok Kiong Choo
Non-Executive Non-Independent Director6.17yrsno datano data
Hang Tan
Non-Executive Non-Independent Director6.17yrsno data0.00099%
SGD 5.2k
Triono Dawis
Non Executive Independent Director6.17yrsS$50.00kno data

6.2yrs

Average Tenure

61.5yo

Average Age

Experienced Board: Q01's board of directors are considered experienced (6.2 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Q01 insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

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


Top Shareholders

Company Information

QAF Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: QAF Limited
  • Ticker: Q01
  • Exchange: SGX
  • Founded: 1958
  • Industry: Packaged Foods and Meats
  • Sector: Food, Beverage & Tobacco
  • Market Cap: S$523.494m
  • Shares outstanding: 575.27m
  • Website: https://www.qaf.com.sg

Number of Employees


Location

  • QAF Limited
  • No. 09-03 Fook Hai Building
  • 150 South Bridge Road
  • Singapore
  • 58727
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
Q01SGX (Singapore Exchange)YesOrdinary SharesSGSGDJan 1992
O2HBST (Boerse-Stuttgart)YesOrdinary SharesDEEURJan 1992

Biography

QAF Limited, an investment holding company, manufactures and distributes bread, bakery, and confectionery products in Australia, the Philippines, Singapore, Malaysia, and internationally. It operates throu ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/09/24 19:20
End of Day Share Price2020/09/24 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


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.