New Risk • Apr 23
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: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Feb 16
Upcoming dividend of S$0.02 per share Eligible shareholders must have bought the stock before 23 February 2026. Payment date: 18 March 2026. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Singaporean dividend payers (5.1%). Higher than average of industry peers (2.3%). Announcement • Oct 29
NSL Ltd Approves Final Dividend (Exempt One-Tier) for the Financial Period Ended 30 June 2025 NSL Ltd. at its AGM held on October 28, 2025, approved final dividend of SGD 0.015 per ordinary share (exempt one-tier) for the financial period ended 30 June 2025. Reported Earnings • Oct 07
Full year 2025 earnings released: EPS: S$0.066 (vs S$0.063 loss in FY 2024) Full year 2025 results: EPS: S$0.066 (up from S$0.063 loss in FY 2024). Revenue: S$310.6m (up 24% from FY 2024). Net income: S$24.8m (up S$48.2m from FY 2024). Profit margin: 8.0% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Oct 06
NSL Ltd, Annual General Meeting, Oct 28, 2025 NSL Ltd, Annual General Meeting, Oct 28, 2025, at 14:30 Singapore Standard Time. Location: bridge rooms 1, 2 and 3, raffles marina, 10 tuas west drive, singapore 638404, Singapore Declared Dividend • May 21
Dividend of S$0.03 announced Shareholders will receive a dividend of S$0.03. Ex-date: 26th May 2025 Payment date: 11th June 2025 Dividend yield will be 4.0%, which is higher than the industry average of 2.5%. Reported Earnings • Feb 12
Full year 2024 earnings released: EPS: S$0.057 (vs S$0.05 loss in FY 2023) Full year 2024 results: EPS: S$0.057 (up from S$0.05 loss in FY 2023). Revenue: S$302.7m (up 1.6% from FY 2023). Net income: S$21.3m (up S$40.0m from FY 2023). Profit margin: 7.0% (up from net loss in FY 2023). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Dec 31
NSL Ltd Announces Resignation of Vigneswaran Sellakannu as an Independent Non-Executive Director NSL Ltd. announced resignation of Mr. Vigneswaran Sellakannu as an Independent Non-Executive Director of the Company on 31 December 2024. Following his resignation, the revised composition of the Board and its Board committees will from 1 January 2025 be as follows: the composition of the Board of Directors and its various committees. Mr. Anand Kumar serves as an Independent Non-Executive Director and holds the positions of Member in both the Audit Committee and Nominating Committee, while he is the Chairman of the Remuneration Committee. Mr. Edmund Lee Yu Chiang, also an Independent Non-Executive Director, is a Member of the Audit Committee, the Chairman of the Nominating Committee, and a Member of the Remuneration Committee. Mr. Choo Eng Chuan, another Independent Non-Executive Director, is the Chairman of the Audit Committee and a Member of both the Nominating Committee and the Remuneration Committee. Lastly, Dato' Sri Yeoh Sock Siong is the Managing Director and serves as a Member of the Nominating Committee. Dato' Yeoh Soo Keng, Ms. Yeoh Pei Jen, Tan Sri (Sir) Yeoh Sock Ping, Dato' Yeoh Seok Kian and Dato' Seri Yeoh Seok Hong are Non- Independent Non-Executive Directors. Board Change • Dec 01
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 2 experienced directors. 1 highly experienced director. Member of Corporate Research & Development Advisory Panel Robert Tiong is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Oct 19
NSL Ltd Appoints Yeoh Pei Jen as Executive Vice-President NSL Ltd. announced the appointment of Yeoh Pei Jen as Executive Vice-President, effective October 18, 2024. Working Experience: Associate, Sullivan & Cromwell LLP (August 2023 - July 2024); Visiting Lawyer, International Monetary Fund (January 2023 - May 2023); Associate, Lim Chee Wee Partnership (November 2020 - June 2021); Pupil, Skrine (January 2020 - October 2020). Professional Qualifications: London School of Economics and Political Science - Bachelor of Laws; The University of Law, London - Bar Professional Training Course with a Master of Laws in Bar Practice; Georgetown University, Washington D.C. - Master of Laws in International Business and Economic Law; Admitted to the Bar of England and Wales in November 2019; Admitted to the Malaysian Bar in January 2021; Admitted to the New York State Bar in May 2024. Announcement • Oct 02
YTL Cement Bhd completed the acquisition of 81.24% stake in NSL Ltd (SGX:N02) from Excel Partners Pte Ltd. YTL Cement Bhd entered into conditional sale and purchase agreement to acquire 81.24% stake in NSL Ltd (SGX:N02) from Excel Partners Pte Ltd. for SGD 230 million on July 23, 2024. A cash consideration of SGD 227.61 million valued at SGD 0.75 per share will be paid by YTL Cement Bhd. As part of consideration, SGD 227.61 million is paid towards common equity of NSL Ltd. The Proposals will be funded via a combination of internally generated funds and borrowings of YTL CORPORATION.
The transaction is subject to approval by regulatory board / committee. The expected completion of the transaction is 4th quarter of calendar year 2024.
RHB Bank Berhad, Singapore Branch acted as financial advisor to YTL Cement.
YTL Cement Bhd completed the acquisition of 81.24% stake in NSL Ltd (SGX:N02) from Excel Partners Pte Ltd. on October 1, 2024. Reported Earnings • Aug 17
First half 2024 earnings released: EPS: S$0.006 (vs S$0.019 in 1H 2023) First half 2024 results: EPS: S$0.006 (down from S$0.019 in 1H 2023). Revenue: S$123.1m (down 28% from 1H 2023). Net income: S$2.32m (down 67% from 1H 2023). Profit margin: 1.9% (down from 4.1% in 1H 2023). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Jul 24
YTL Cement Bhd entered into conditional sale and purchase agreement to acquire 81.24% stake in NSL Ltd (SGX:N02) from Excel Partners Pte Ltd. for SGD 230 million. YTL Cement Bhd entered into conditional sale and purchase agreement to acquire 81.24% stake in NSL Ltd (SGX:N02) from Excel Partners Pte Ltd. for SGD 230 million on July 23, 2024. A cash consideration of SGD 227.61 million valued at SGD 0.75 per share will be paid by YTL Cement Bhd. As part of consideration, SGD 227.61 million is paid towards common equity of NSL Ltd. The Proposals will be funded via a combination of internally generated funds and borrowings of YTL CORPORATION.
The transaction is subject to approval by regulatory board / committee. The expected completion of the transaction is 4th quarter of calendar year 2024. Announcement • May 03
NSL Ltd Approves Final Dividend on Ordinary Shares (Exempt One-Tier) for the Financial Year Ended 31 December 2023 NSL Ltd. announced that at the Annual General Meeting held on 29 April 2024, approved final dividend of SGD 0.02 per ordinary share (exempt one-tier) for the financial year ended 31 December 2023. Declared Dividend • May 01
Final dividend of S$0.02 announced Shareholders will receive a dividend of S$0.02. Ex-date: 16th May 2024 Payment date: 4th June 2024 Dividend yield will be 60%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (24% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Announcement • Apr 30
NSL Ltd. Announces Retirement of Cham Tao Soon as Chairman and Independent Non-Executive Director NSL Ltd. announced that as part of the Board renewal process, Prof Cham Tao Soon retired from the Board upon the conclusion of the 64th Annual General Meeting of the Company held on 29 April 2024 and did not seek re-election. He also retired as Chairman of the Board, Chairman of the Nominating Committee, Chairman of the Remuneration Committee and a member of the Audit Committee. Announcement • Apr 21
NSL Ltd Announces Executive Changes The Board of Directors of NSL Ltd. announced that to facilitate the Board renewal process and rationalization of the Board structure, Dr Low Chin Nam resigned as Director and Executive Director of the Company with effect from 19 April 2024 and was appointed as President of the Company with effect from 19 April 2024. Role And Responsibilities: Executive. Responsible for overall management of the NSL Group. Working Experience: Chief - Strategy and Operations of NSL Ltd. from August 2011 to December 2014; Chief Operating Officer of NSL Ltd. from January 2015 to July 2016; Director/Executive Director of NSL Ltd. from August 2016 to April 2024. Director Experience: Director/Executive Director of NSL Ltd. from August 2016 to April 2024. Professional Qualifications: Bachelor of Science (First Class Honors) in Electronics Engineering from King's College, University of London; Master of Science in Management Science from Imperial College, University of London; Doctor of Philosophy degree in Econometrics from Monash University, Australia. Reported Earnings • Apr 08
Full year 2023 earnings released: S$0.05 loss per share (vs S$0.029 profit in FY 2022) Full year 2023 results: S$0.05 loss per share (down from S$0.029 profit in FY 2022). Revenue: S$298.1m (down 19% from FY 2022). Net loss: S$18.7m (down 275% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Apr 05
NSL Ltd, Annual General Meeting, Apr 29, 2024 NSL Ltd, Annual General Meeting, Apr 29, 2024, at 14:00 Singapore Standard Time. Location: Bridge Rooms 1, 2 and 3, Raffles Marina, 10 Tuas West Drive Singapore Singapore Agenda: To consider the adoption of Directors' Statement and Audited Financial Statements for the financial year ended 31 December 2023; to consider approval of Directors' fees amounting to SGD 614,000; to consider the re-appointment of Messrs PricewaterhouseCoopers LLP as Independent Auditor and authorisation for Directors to fix its remuneration; to consider the approval of the renewal of the Share Purchase Mandate; and to consider other matters. Reported Earnings • Feb 27
Full year 2023 earnings released: S$0.05 loss per share (vs S$0.029 profit in FY 2022) Full year 2023 results: S$0.05 loss per share (down from S$0.029 profit in FY 2022). Revenue: S$298.1m (down 19% from FY 2022). Net loss: S$18.7m (down 275% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. New Risk • Feb 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. 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: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Dividend is not well covered by earnings (157% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.3% net profit margin). Upcoming Dividend • Sep 05
Upcoming dividend of S$0.40 per share at 4.5% yield Eligible shareholders must have bought the stock before 12 September 2023. Payment date: 29 September 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.5%. Lower than top quartile of Singaporean dividend payers (6.2%). Higher than average of industry peers (2.6%). Announcement • Aug 26
NSL Ltd Recommends Interim Special Dividend, Payable on 29 September 2023 NSL Ltd. recommended that an interim dividend of SGD 0.40 per ordinary share (exempt one-tier) be declared for the current financial year (the "Interim Dividend"). The Register of Members and Share Transfer Books of the Company will be closed from 5.00 p.m. 13 September 2023 to 5.00 p.m. 20 September 2023 for the preparation of dividend warrants. Duly completed transfers received by the Company's share registrar, M & C Services Private Limited at 112 Robinson Road #05-01 Singapore 068902, up to the close of business at 5.00 p.m. on 13 September 2023 will be registered to determine shareholders' entitlement to the Interim Dividend. In respect of the ordinary shares of the Company held in securitiesaccounts with The Central Depository (Pte) Limited ("CDP"), the Interim Dividend will be paid by the Company to CDP which will in turn distribute the dividend entitlements to shareholders. The payment of the Interim Dividend will be on 29 September 2023 or such other date to be determined by the Directors. Reported Earnings • Aug 11
First half 2023 earnings released: EPS: S$0.019 (vs S$0.016 in 1H 2022) First half 2023 results: EPS: S$0.019 (up from S$0.016 in 1H 2022). Revenue: S$170.8m (down 2.3% from 1H 2022). Net income: S$7.06m (up 21% from 1H 2022). Profit margin: 4.1% (up from 3.3% in 1H 2022). Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Aug 10
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.3% Last year net profit margin: 4.7% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (157% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.3% net profit margin). Reported Earnings • Apr 07
Full year 2022 earnings released: EPS: S$0.029 (vs S$0.013 in FY 2021) Full year 2022 results: EPS: S$0.029 (up from S$0.013 in FY 2021). Revenue: S$369.7m (up 42% from FY 2021). Net income: S$10.7m (up 119% from FY 2021). Profit margin: 2.9% (up from 1.9% in FY 2021). Over the last 3 years on average, earnings per share has increased by 106% 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 • Feb 24
Full year 2022 earnings released: EPS: S$0.029 (vs S$0.013 in FY 2021) Full year 2022 results: EPS: S$0.029 (up from S$0.013 in FY 2021). Revenue: S$369.7m (up 42% from FY 2021). Net income: S$10.7m (up 119% from FY 2021). Profit margin: 2.9% (up from 1.9% in FY 2021). Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
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. 5 experienced directors. 5 highly experienced directors. Executive Director and Member of Corporate Research & Development Advisory Panel Chin Low was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Aug 12
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 63% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • May 02
NSL Ltd Approves Final Dividend for the Financial Year Ended 31 December 2021, Payable on 27 May 2022 NSL Ltd. approved the final dividend of SGD 0.05 per ordinary share (exempt one-tier) for the financial year ended 31 December 2021 in annual general meeting held on 29 April 2022. NOTICE IS HEREBY GIVEN that, the Register of Members and Share Transfer Books of the Company will be closed from 5.00 p.m.11 May 2022 to 5.00 p.m. 18 May 2022 for the preparation of dividend warrants. The payment of the Dividend will be on 27 May 2022 or such other date to be determined by the Directors. 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. 5 experienced directors. 5 highly experienced directors. Executive Director and Member of Corporate Research & Development Advisory Panel Chin Low was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Apr 07
Full year 2021 earnings released Full year 2021 results: Revenue: S$259.6m (up 5.1% from FY 2020). Net income: S$4.90m (up S$21.5m from FY 2020). Profit margin: 1.9% (up from net loss in FY 2020). Announcement • Apr 06
NSL Ltd, Annual General Meeting, Apr 29, 2022 NSL Ltd, Annual General Meeting, Apr 29, 2022, at 14:00 Singapore Standard Time. Agenda: To receive and adopt the Directors' Statement and the Audited Financial Statements for the financial year ended 31 December 2021 together with the Independent Auditor's Report thereon; to re-elect Mr David Fu Kuo Chen, a Director retiring pursuant to article 90 of the company's Constitution and, being eligible, offers himself for re-election; to re-elect Dr Low Chin Nam, a Director retiring pursuant to article 90 of the company's Constitution and, being eligible, offers himself for re-election; and to discuss other matters. Reported Earnings • Feb 25
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: S$0.013 (up from S$0.044 loss in FY 2020). Revenue: S$259.6m (up 5.1% from FY 2020). Net income: S$4.90m (up S$21.5m from FY 2020). Profit margin: 1.9% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Board Change • Aug 31
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. 5 experienced directors. 5 highly experienced directors. Executive Director and Member of Corporate Research & Development Advisory Panel Chin Low was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Apr 28
NSL Ltd Approves Final Dividend for the Year Ended December 31, 2020, Payable on 21 May 2021 NSL Ltd. at its annual general meeting held on April 27, 2021 approved final dividend of SGD 0.05 per ordinary share (exempt one-tier) for the year ended December 31, 2020. The Register of Members and Share Transfer Books of the Company will be closed from 5.00 p.m. 5 May 2021 to 5.00 p.m. 12 May 2021 for the preparation of dividend warrants. The payment of the Dividend will be on 21 May 2021 or such other date to be determined by the Directors. Is New 90 Day High Low • Feb 15
New 90-day high: S$0.83 The company is up 19% from its price of S$0.70 on 16 November 2020. The Singaporean market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is down 3.0% over the same period. Is New 90 Day High Low • Jan 15
New 90-day high: S$0.81 The company is up 18% from its price of S$0.68 on 16 October 2020. The Singaporean market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 17% over the same period. Announcement • Nov 24
Hua Kee Co., Ltd. completed the acquisition of additional 19.04% stake in Bangkok Cogeneration Company Limited from NSL Ltd (SGX:N02). Hua Kee Co., Ltd. entered into a share purchase agreement to acquire additional 19.04% stake in Bangkok Cogeneration Company Limited from NSL Ltd (SGX:N02) for $16.3 million on November 10, 2020. As per the agreement, Hua Kee Co., Ltd. will purchase 1.5 million Class A shares in the capital of Bangkok Cogeneration Company Limited representing 19.04% stake. The consideration includes a payment of $16.3 million in cash which will be made on the date of completion. The Consideration was arrived based on arm’s length negotiations between NSL Ltd and Hua Kee Co., Ltd. and represents a premium over the Net Asset Value of the sale shares and takes into account additional capital injection required by shareholders to generate future earnings potential of Bangkok Cogeneration Company Limited. Post completion, Hua Kee Co., Ltd. will hold 35.04% stake and NSL Ltd holds no stake in Bangkok Cogeneration Company Limited. The completion of the transaction shall take place on a date as the Hua Kee Co., Ltd. and NSL Ltd may mutually agree but in any event no later than November, 30 2020. NSL Ltd will continue to evaluate opportunities to use the proceeds received from the Proposed Disposal to maximize returns for its shareholders.
Hua Kee Co., Ltd. completed the acquisition of additional 19.04% stake in Bangkok Cogeneration Company Limited from NSL Ltd (SGX:N02) on November 23, 2020. Is New 90 Day High Low • Nov 24
New 90-day high: S$0.72 The company is up 8.0% from its price of S$0.67 on 25 August 2020. The Singaporean market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 21% over the same period. Announcement • Nov 11
Hua Kee Co., Ltd. entered into a share purchase agreement to acquire additional 19.04% stake in Bangkok Cogeneration Company Limited from NSL Ltd (SGX:N02) for $16.3 million. Hua Kee Co., Ltd. entered into a share purchase agreement to acquire additional 19.04% stake in Bangkok Cogeneration Company Limited from NSL Ltd (SGX:N02) for $16.3 million on November 10, 2020. As per the agreement, Hua Kee Co., Ltd. acquires 1.523001 million Class A shares in the capital of Bangkok Cogeneration Company Limited representing 19.04% stake. The consideration includes a payment of $16.3 million in cash which will be made on the date of completion. The Consideration was arrived based on arm’s length negotiations between NSL Ltd and Hua Kee Co., Ltd. and represents a premium over the Net Asset Value of the Sale Shares and takes into account additional capital injection required by shareholders to generate future earnings potential of Bangkok Cogeneration Company Limited. Post completion, Hua Kee Co., Ltd. will hold 35.04% stake and NSL Ltd holds no stake in Bangkok Cogeneration Company Limited. The completion of the transaction shall take place on a date as the Hua Kee Co., Ltd. and NSL Ltd may mutually agree but in any event no later than November, 30 2020. NSL Ltd will continue to evaluate opportunities to use the proceeds received from the Proposed Disposal to maximise returns for its shareholders. Is New 90 Day High Low • Sep 18
New 90-day low: S$0.65 The company is down 9.0% from its price of S$0.71 on 19 June 2020. The Singaporean market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 16% over the same period. 
