Board Change • Apr 28
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Non-Executive Independent Director Joycelyn Ong was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Apr 24
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 8.9% 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 (0.7x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Shareholders have been diluted in the past year (23% increase in shares outstanding). Reported Earnings • Apr 12
Full year 2025 earnings released: S$0.009 loss per share (vs S$0.005 loss in FY 2024) Full year 2025 results: S$0.009 loss per share (further deteriorated from S$0.005 loss in FY 2024). Revenue: S$130.3m (up 4.1% from FY 2024). Net loss: S$17.7m (loss widened 73% from FY 2024). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Apr 07
GSH Corporation Limited, Annual General Meeting, Apr 24, 2026 GSH Corporation Limited, Annual General Meeting, Apr 24, 2026, at 10:30 Singapore Standard Time. Location: 20 cecil street, 28-01 plus, singapore 049705, Singapore Board Change • Feb 26
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Non-Executive Independent Director Min-Li Tan was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 26
Full year 2025 earnings released Full year 2025 results: Revenue: S$130.3m (up 4.1% from FY 2024). Net loss: S$17.7m (loss widened 73% from FY 2024). Board Change • Feb 10
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Non-Executive Independent Director Min-Li Tan was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Jan 10
CEO & Executive Director recently sold S$5.0m worth of stock On the 7th of January, Guan Hui Ee sold around 28m shares on-market at roughly S$0.18 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Guan Hui has been a net seller over the last 12 months, reducing personal holdings by S$6.2m. Recent Insider Transactions • Jan 03
CEO & Executive Director recently sold S$1.2m worth of stock On the 30th of December, Guan Hui Ee sold around 6m shares on-market at roughly S$0.19 per share. This transaction amounted to 4.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Guan Hui's only on-market trade for the last 12 months. New Risk • Dec 03
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 8.4% 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 (0.6x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Shareholders have been diluted in the past year (23% increase in shares outstanding). Significant insider selling over the past 3 months (S$5.0m sold). New Risk • Nov 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 23% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.6x net interest cover). Minor Risks Shareholders have been diluted in the past year (23% increase in shares outstanding). Significant insider selling over the past 3 months (S$5.0m sold). Announcement • Nov 26
GSH Corporation Limited has completed a Follow-on Equity Offering in the amount of SGD 111.86722 million. GSH Corporation Limited has completed a Follow-on Equity Offering in the amount of SGD 111.86722 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 447,468,880
Price\Range: SGD 0.25
Transaction Features: Subsequent Direct Listing Reported Earnings • Apr 12
Full year 2024 earnings released: S$0.005 loss per share (vs S$0.006 loss in FY 2023) Full year 2024 results: S$0.005 loss per share (improved from S$0.006 loss in FY 2023). Revenue: S$125.2m (down 20% from FY 2023). Net loss: S$10.2m (loss narrowed 8.6% from FY 2023). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Apr 08
GSH Corporation Limited, Annual General Meeting, Apr 25, 2025 GSH Corporation Limited, Annual General Meeting, Apr 25, 2025, at 10:30 Singapore Standard Time. Location: 20 cecil street, 28-01 plus, singapore 049705, Singapore New Risk • Apr 02
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 7.4% 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 Risks Interest payments are not well covered by earnings (0.6x net interest cover). Earnings have declined by 14% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.4% average weekly change). Reported Earnings • Feb 26
Full year 2024 earnings released Full year 2024 results: Revenue: S$125.2m (down 20% from FY 2023). Net loss: S$10.2m (loss narrowed 8.6% from FY 2023). New Risk • Feb 21
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 Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings have declined by 31% per year over the past 5 years. Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Announcement • Dec 02
GSH Corporation Limited Announces Appointment of Ng Hin Lee as Lead Independent Director GSH Corporation Limited announced that Mr. Ng Hin Lee has been appointed as the Lead Independent Director ("LID") of the Company with immediate effect. The appointment of Mr. Ng Hin Lee as the LID reflects the Company's continuous effort to ensure that good corporate practices are being adopted. Mr. Ng Hin Lee was appointed as an Independent Director of the Company on 16 May 2022. He is the Chairman of the Audit and Risk Committee and a member of the Nominating Committee of the Company. New Risk • Nov 08
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 8.3% 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 Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings have declined by 31% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). Reported Earnings • Aug 06
First half 2024 earnings released: S$0.004 loss per share (vs S$0.006 loss in 1H 2023) First half 2024 results: S$0.004 loss per share (improved from S$0.006 loss in 1H 2023). Revenue: S$65.6m (up 42% from 1H 2023). Net loss: S$6.95m (loss narrowed 42% from 1H 2023). 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 2% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Apr 18
Executive Chairman recently bought S$176k worth of stock On the 12th of April, Seng Hui Goi bought around 1m shares on-market at roughly S$0.17 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Seng Hui has been a buyer over the last 12 months, purchasing a net total of S$394k worth in shares. Reported Earnings • Apr 14
Full year 2023 earnings released: S$0.006 loss per share (vs S$0.01 loss in FY 2022) Full year 2023 results: S$0.006 loss per share (improved from S$0.01 loss in FY 2022). Revenue: S$156.6m (up 82% from FY 2022). Net loss: S$11.2m (loss narrowed 40% from FY 2022). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Apr 10
GSH Corporation Limited, Annual General Meeting, Apr 26, 2024 GSH Corporation Limited, Annual General Meeting, Apr 26, 2024, at 10:30 Singapore Standard Time. Location: 20 Cecil Street, #28-01 PLUS Singapore Agenda: To consider directors' Statement and Audited Financial Statements for the year ended 31 December 2023; to consider re-election of Dr. Sam Goi Seng Hui as a Director; to consider re-election of Ms. Tan Min-Li as a Director; to consider approval of Directors' fees amounting to S$232,000 for the financial year ending 31 December 2024, to be paid quarterly in arrears; to consider re-appointment of Baker Tilly TFW LLP as Auditor; to consider authority to issue shares; and to consider renewal of the Share Buy-Back Mandate. Announcement • Apr 09
GSH Corporation Limited Announces Retirement of Michael Grenville Gray Asdirector The Board of Directors of GSH Corporation Limited announced that Mr. Michael Grenville Gray ("Mr Gray") will be retiring as Director, at the conclusion of the forthcoming Annual General Meeting, to be held on 26 April 2024. Mr. Gray will be stepping down voluntarily, to facilitate Board renewal. Consequently, Mr. Gray will cease to be Lead Independent Director and a member of the Audit & Risk Committee, Remuneration Committee and Nominating Committee.The Board is in the process of reviewing the composition of the Board and Board Committees, and changes will be announced in due course. Recent Insider Transactions • Mar 01
Executive Chairman recently bought S$83k worth of stock On the 28th of February, Seng Hui Goi bought around 499k shares on-market at roughly S$0.17 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Seng Hui has been a buyer over the last 12 months, purchasing a net total of S$219k worth in shares. Reported Earnings • Feb 28
Full year 2023 earnings released: S$0.006 loss per share (vs S$0.01 loss in FY 2022) Full year 2023 results: S$0.006 loss per share (improved from S$0.01 loss in FY 2022). Revenue: S$156.6m (up 82% from FY 2022). Net loss: S$11.2m (loss narrowed 40% from FY 2022). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. New Risk • Feb 26
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: Major Risks Debt is not well covered by operating cash flow (0.01% operating cash flow to total debt). Shares are highly illiquid. Earnings have declined by 60% per year over the past 5 years. Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Reported Earnings • Aug 13
First half 2023 earnings released: S$0.006 loss per share (vs S$0.002 loss in 1H 2022) First half 2023 results: S$0.006 loss per share (further deteriorated from S$0.002 loss in 1H 2022). Revenue: S$46.3m (up 11% from 1H 2022). Net loss: S$11.9m (loss widened 225% from 1H 2022). Over the last 3 years on average, earnings per share has fallen by 31% 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. Reported Earnings • Apr 13
Full year 2022 earnings released: S$0.01 loss per share (vs S$0.011 loss in FY 2021) Full year 2022 results: S$0.01 loss per share (improved from S$0.011 loss in FY 2021). Revenue: S$86.1m (down 10% from FY 2021). Net loss: S$18.6m (loss narrowed 11% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 58% 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. Reported Earnings • Mar 01
Full year 2022 earnings released Full year 2022 results: Revenue: S$86.1m (down 10% from FY 2021). Net loss: S$7.78m (loss narrowed 63% from FY 2021). Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 7 highly experienced directors. Non-Executive Independent Director Hin Lee Ng was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Nov 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.0%. The fair value is estimated to be S$0.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Nov 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.8%. The fair value is estimated to be S$0.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Meanwhile, the company became loss making. Recent Insider Transactions • Oct 18
Executive Chairman recently bought S$173k worth of stock On the 13th of October, Seng Hui Goi bought around 1m shares on-market at roughly S$0.16 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Seng Hui has been a buyer over the last 12 months, purchasing a net total of S$277k worth in shares. Reported Earnings • Aug 14
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (up S$10.1m from 1H 2021). Profit margin: (up from net loss in 1H 2021). The move to profitability was driven by lower expenses. Reported Earnings • Apr 15
Full year 2021 earnings released: S$0.011 loss per share (vs S$0.007 loss in FY 2020) Full year 2021 results: S$0.011 loss per share (down from S$0.007 loss in FY 2020). Revenue: S$95.8m (down 20% from FY 2020). Net loss: S$21.0m (loss widened 49% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: S$95.8m (down 20% from FY 2020). Net loss: S$21.0m (loss widened 48% from FY 2020). Revenue was in line with analyst estimates. Recent Insider Transactions • Sep 28
Executive Chairman recently bought S$74k worth of stock On the 23rd of September, Seng Hui Goi bought around 433k shares on-market at roughly S$0.17 per share. In the last 3 months, they made an even bigger purchase worth S$673k. Seng Hui has been a buyer over the last 12 months, purchasing a net total of S$1.0m worth in shares. Recent Insider Transactions • Sep 15
Executive Chairman recently bought S$52k worth of stock On the 10th of September, Seng Hui Goi bought around 305k shares on-market at roughly S$0.17 per share. In the last 3 months, they made an even bigger purchase worth S$673k. Seng Hui has been a buyer over the last 12 months, purchasing a net total of S$965k worth in shares. Recent Insider Transactions • Aug 18
Executive Chairman recently bought S$673k worth of stock On the 13th of August, Seng Hui Goi bought around 4m shares on-market at roughly S$0.17 per share. This was the largest purchase by an insider in the last 3 months. Seng Hui has been a buyer over the last 12 months, purchasing a net total of S$723k worth in shares. Reported Earnings • Feb 24
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: S$120.2m (down 22% from FY 2019). Net loss: S$14.1m (down 286% from profit in FY 2019). Is New 90 Day High Low • Dec 07
New 90-day high: S$0.21 The company is up 16% from its price of S$0.18 on 07 September 2020. The Singaporean market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 8.0% over the same period. Is New 90 Day High Low • Nov 25
New 90-day high: S$0.21 The company is up 12% from its price of S$0.19 on 27 August 2020. The Singaporean market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 8.0% over the same period. 
