SGX:T12

Stock Analysis Report

Tat Seng Packaging Group

Executive Summary

Tat Seng Packaging Group Ltd, together with its subsidiaries, designs, manufactures, and sells corrugated paper products and other packaging products in Singapore and the People's Republic of China.

Snowflake

Fundamentals

Undervalued with adequate balance sheet and pays a dividend.

Share Price & News

How has Tat Seng Packaging Group's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-3.8%

T12

0.6%

SG Packaging

-0.002%

SG Market


1 Year Return

-23.1%

T12

9.4%

SG Packaging

0.7%

SG Market

Return vs Industry: T12 underperformed the SG Packaging industry which returned 9.4% over the past year.

Return vs Market: T12 underperformed the SG Market which returned 0.7% over the past year.


Shareholder returns

T12IndustryMarket
7 Day-3.8%0.6%-0.002%
30 Day0%-0.7%-1.4%
90 Day-2.9%-0.8%-7.3%
1 Year-18.9%-23.1%12.3%9.4%4.7%0.7%
3 Year46.4%25.0%-21.0%-25.7%15.1%2.8%
5 Year88.1%42.9%6.0%-4.9%10.1%-8.2%

Price Volatility Vs. Market

How volatile is Tat Seng Packaging Group's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Tat Seng Packaging Group undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: T12 (SGD0.5) is trading below our estimate of fair value (SGD8.68)

Significantly Undervalued: T12 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: T12 is good value based on its PE Ratio (5.3x) compared to the Packaging industry average (12.6x).

PE vs Market: T12 is good value based on its PE Ratio (5.3x) compared to the SG market (13.5x).


Price to Earnings Growth Ratio

Low PEG Ratio: Insufficient data to calculate T12's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: T12 is good value based on its PB Ratio (0.6x) compared to the XA Packaging industry average (0.9x).


Next Steps

Future Growth

How is Tat Seng Packaging Group forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

0.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: T12's forecast earnings growth (0.2% per year) is below the savings rate (2.3%).

Earnings vs Market: T12's earnings (0.2% per year) are forecast to grow slower than the SG market (5.5% per year).

High Growth Earnings: T12's earnings are forecast to grow, but not significantly.

Revenue vs Market: Insufficient data to determine if T12's revenue is forecast to grow faster than the SG market.

High Growth Revenue: Insufficient data to determine if T12's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: Insufficient data to determine if T12's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Tat Seng Packaging Group performed over the past 5 years?

14.1%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: T12's earnings have grown by 14.1% per year over the past 5 years.

Accelerating Growth: T12's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: T12 had negative earnings growth (-35.6%) over the past year, making it difficult to compare to the Packaging industry average (6.3%).


Return on Equity

High ROE: T12's Return on Equity (10.9%) is considered low.


Return on Assets

ROA vs Industry: T12 has a higher Return on Assets than the Packaging industry average last year.


Return on Capital Employed

ROCE Improving: T12's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is Tat Seng Packaging Group's financial position?


Financial Position Analysis

Short Term Liabilities: T12's short term assets (SGD187.2M) exceeds its short term liabilities (SGD122.8M)

Long Term Liabilities: T12's short term assets (187.2M) exceeds its long term liabilities (23.9M)


Debt to Equity History and Analysis

Debt Level: T12's debt to equity ratio (54.5%) is considered high

Reducing Debt: T12's debt to equity ratio has increased from 46.1% to 54.5% over the past 5 years.

Debt Coverage: T12's debt is well covered by operating cash flow (52.8%).

Interest Coverage: T12's interest payments on its debt are well covered by EBIT (12.8x coverage).


Balance Sheet

Inventory Level: T12 has a high level of physical assets or inventory.

Debt Coverage by Assets: T12's debt is covered by short term assets (assets are 2.480520x debt).


Next Steps

Dividend

What is Tat Seng Packaging Group's current dividend yield, its reliability and sustainability?

6.00%

Current Dividend Yield


Dividend Yield vs Market

company6.0%marketbottom25%2.6%markettop25%5.7%industryaverage2.7%forecastin3Yearsn/a

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: T12's dividend (6%) is higher than the bottom 25% of dividend payers in the SG market (2.55%).

High Dividend: T12's dividend (6%) is in the top 25% of dividend payers in the SG market (5.71%)

Stable Dividend: T12's dividend payments have been volatile in the past 10 years.

Growing Dividend: T12's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (31.9%), T12's dividend payments are well 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

What is the CEO of Tat Seng Packaging Group's salary, the management and board of directors tenure and is there insider trading?

8.0yrs

Average management tenure


CEO

See Loh (67yo)

13.9yrs

Tenure

0

Mr. See Moon Loh has been the Chief Executive Officer and Managing Director of Tat Seng Packaging Group Ltd since November 21, 2005. Mr. Loh served as a Deputy Managing Director of Tat Seng Packaging Group ...


Management Age and Tenure

8.0yrs

Average Tenure

62.5yo

Average Age

Experienced Management: T12's management team is seasoned and experienced (8 years average tenure).


Board Age and Tenure

8.0yrs

Average Tenure

62yo

Average Age

Experienced Board: T12's board of directors are considered experienced (8 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown


Management Team

  • Allan Yap (63yo)

    Executive Chairman

    • Tenure: 13.9yrs
  • See Loh (67yo)

    CEO, MD & Executive Director

    • Tenure: 13.9yrs
  • Poh Cheong (62yo)

    Executive Director

    • Tenure: 17.3yrs
  • Kok Liang Chew

    Company Secretary

    • Tenure: 7yrs
  • Cheuk Tang (47yo)

    Executive Director

    • Tenure: 8yrs

Board Members

  • Kait Long Lien (71yo)

    Non-Executive & Lead Independent Director

    • Tenure: 4.7yrs
  • John Chen (65yo)

    Deputy Chairman

    • Tenure: 13.9yrs
  • Allan Yap (63yo)

    Executive Chairman

    • Tenure: 13.9yrs
  • See Loh (67yo)

    CEO, MD & Executive Director

    • Tenure: 13.9yrs
  • Poh Cheong (62yo)

    Executive Director

    • Tenure: 17.3yrs
  • Cheuk Tang (47yo)

    Executive Director

    • Tenure: 8yrs
  • WeiLi Kong (52yo)

    Non-Executive & Independent Director

    • Tenure: 0.6yrs
  • Wai Siu (47yo)

    Non-Executive & Independent Director

    • Tenure: 0.6yrs
  • Jasper Goh (37yo)

    Non-Executive & Independent Director

    • Tenure: 0.6yrs

Company Information

Tat Seng Packaging Group Ltd's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Tat Seng Packaging Group Ltd
  • Ticker: T12
  • Exchange: SGX
  • Founded: 1968
  • Industry: Paper Packaging
  • Sector: Materials
  • Market Cap: S$78.600m
  • Shares outstanding: 157.20m
  • Website: https://www.tspg.sg

Location

  • Tat Seng Packaging Group Ltd
  • 28 Senoko Drive
  • Singapore
  • 758214
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
T12SGX (Singapore Exchange)YesOrdinary SharesSGSGDSep 2001

Biography

Tat Seng Packaging Group Ltd, together with its subsidiaries, designs, manufactures, and sells corrugated paper products and other packaging products in Singapore and the People's Republic of China. The co ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/19 12:39
End of Day Share Price2019/10/17 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.