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Aspial

SGX:A30
Snowflake Description

Adequate balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
A30
SGX
SGD349M
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

Aspial Corporation Limited, an investment holding company, operates in the real estate, financial service, and jewelry businesses in Singapore and Australia. The last earnings update was 12 days ago. More info.


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A30 Share Price and Events
7 Day Returns
1.1%
SGX:A30
0.5%
SG Real Estate
0.3%
SG Market
1 Year Returns
-29.4%
SGX:A30
-7%
SG Real Estate
-6.2%
SG Market
A30 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Aspial (A30) 1.1% -7.7% -12.2% -29.4% -34.5% -60.9%
SG Real Estate 0.5% 2.5% 6.4% -7% 6% -4.9%
SG Market 0.3% 3.1% 3.7% -6.2% 8.5% -3%
1 Year Return vs Industry and Market
  • A30 underperformed the Real Estate industry which returned -7% over the past year.
  • A30 underperformed the Market in Singapore which returned -6.2% over the past year.
Price Volatility
A30
Industry
5yr Volatility vs Market

Value

 Is Aspial undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Aspial to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Aspial.

SGX:A30 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 14.2%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SGX:A30
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 1.1
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.099 (1 + (1- 17%) (331.03%))
3.089
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (2 * 5.96%)
14.22%

Discounted Cash Flow Calculation for SGX:A30 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Aspial is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SGX:A30 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 14.22%)
2019 367.85 Est @ 57.25% 322.04
2020 517.80 Est @ 40.76% 396.87
2021 669.13 Est @ 29.23% 449.00
2022 810.64 Est @ 21.15% 476.23
2023 936.25 Est @ 15.5% 481.53
2024 1,044.26 Est @ 11.54% 470.21
2025 1,135.82 Est @ 8.77% 447.75
2026 1,213.37 Est @ 6.83% 418.76
2027 1,279.74 Est @ 5.47% 386.67
2028 1,337.59 Est @ 4.52% 353.82
Present value of next 10 years cash flows SGD4,202.88
SGX:A30 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD1,337.59 × (1 + 2.3%) ÷ (14.22% – 2.3%)
SGD11,479.83
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD11,479.83 ÷ (1 + 14.22%)10
SGD3,036.69
SGX:A30 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD4,202.88 + SGD3,036.69
SGD7,239.57
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD7,239.57 / 1,936.49
SGD3.74
SGX:A30 Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD3.74
Current discount Discount to share price of SGD0.18
= -1 x (SGD0.18 - SGD3.74) / SGD3.74
95.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Aspial is available for.
Intrinsic value
>50%
Share price is SGD0.18 vs Future cash flow value of SGD3.74
Current Discount Checks
For Aspial to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Aspial's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Aspial's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Aspial's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Aspial's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:A30 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in SGD SGD0.01
SGX:A30 Share Price ** SGX (2019-04-18) in SGD SGD0.18
Singapore Real Estate Industry PE Ratio Median Figure of 38 Publicly-Listed Real Estate Companies 9.52x
Singapore Market PE Ratio Median Figure of 328 Publicly-Listed Companies 13.23x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Aspial.

SGX:A30 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:A30 Share Price ÷ EPS (both in SGD)

= 0.18 ÷ 0.01

12.3x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Aspial is overvalued based on earnings compared to the SG Real Estate industry average.
  • Aspial is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does Aspial's expected growth come at a high price?
Raw Data
SGX:A30 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.3x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
2.9%per year
Singapore Real Estate Industry PEG Ratio Median Figure of 14 Publicly-Listed Real Estate Companies -0.16x
Singapore Market PEG Ratio Median Figure of 119 Publicly-Listed Companies 1.63x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Aspial, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Aspial's assets?
Raw Data
SGX:A30 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in SGD SGD0.16
SGX:A30 Share Price * SGX (2019-04-18) in SGD SGD0.18
Singapore Real Estate Industry PB Ratio Median Figure of 46 Publicly-Listed Real Estate Companies 0.59x
Singapore Market PB Ratio Median Figure of 432 Publicly-Listed Companies 0.75x
SGX:A30 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:A30 Share Price ÷ Book Value per Share (both in SGD)

= 0.18 ÷ 0.16

1.14x

* Primary Listing of Aspial.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Aspial is overvalued based on assets compared to the SG Real Estate industry average.
X
Value checks
We assess Aspial's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Real Estate industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Real Estate industry average (and greater than 0)? (1 check)
  5. Aspial has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

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

  • No analysts cover Aspial, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
2.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Aspial expected to grow at an attractive rate?
  • Aspial's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Aspial's earnings growth is positive but not above the Singapore market average.
  • Unable to compare Aspial's revenue growth to the Singapore market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
SGX:A30 Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:A30 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 2.9%
Singapore Real Estate Industry Earnings Growth Rate Market Cap Weighted Average -10.1%
Singapore Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 3.1%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.8%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SGX:A30 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:A30 Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2018-12-31 898 271 28
2018-09-30 902 59 35
2018-06-30 664 -133 16
2018-03-31 557 -153 4
2017-12-31 490 -199 5
2017-09-30 535 -67 -8
2017-06-30 591 -109 4
2017-03-31 636 -29 4
2016-12-31 621 5 1
2016-09-30 567 -34 14
2016-06-30 536 -12 3
2016-03-31 490 22 9

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Aspial's earnings are expected to grow by 2.9% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Aspial is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:A30 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Aspial Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:A30 Past Financials Data
Date (Data in SGD Millions) EPS *
2018-12-31 0.01
2018-09-30 0.02
2018-06-30 0.01
2018-03-31 0.00
2017-12-31 0.00
2017-09-30 0.00
2017-06-30 0.00
2017-03-31 0.00
2016-12-31 0.00
2016-09-30 0.01
2016-06-30 0.00
2016-03-31 0.00

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Aspial will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Aspial's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Aspial has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Aspial performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Aspial's growth in the last year to its industry (Real Estate).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Aspial's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Aspial's 1-year earnings growth exceeds its 5-year average (486.1% vs -43.1%)
  • Aspial's earnings growth has exceeded the SG Real Estate industry average in the past year (486.1% vs 5.7%).
Earnings and Revenue History
Aspial's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Aspial Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:A30 Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 898.45 28.35 58.40
2018-09-30 901.80 34.72 57.54
2018-06-30 664.22 16.09 54.49
2018-03-31 556.56 3.60 51.05
2017-12-31 489.53 4.84 50.03
2017-09-30 535.11 -8.42 48.63
2017-06-30 590.70 4.22 47.24
2017-03-31 636.35 4.43 45.58
2016-12-31 621.04 1.09 43.71
2016-09-30 566.67 13.54 43.27
2016-06-30 536.43 2.71 41.95
2016-03-31 489.55 9.32 42.58
2015-12-31 464.06 8.57 42.96
2015-09-30 468.11 9.82 41.55
2015-06-30 464.54 15.58 43.34
2015-03-31 482.12 17.54 43.85
2014-12-31 510.06 43.07 46.23
2014-09-30 497.36 46.98 49.00
2014-06-30 509.32 57.33 51.00
2014-03-31 548.91 84.63 54.69
2013-12-31 515.26 67.55 53.54
2013-09-30 530.32 77.18 54.39
2013-06-30 506.81 73.68 51.71
2013-03-31 457.53 57.50 47.72
2012-12-31 451.94 54.86 46.29
2012-09-30 430.98 45.92 42.85
2012-06-30 434.34 47.16 42.71

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Aspial has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Aspial used its assets less efficiently than the SG Real Estate industry average last year based on Return on Assets.
  • Aspial has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Aspial's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Real Estate industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Aspial has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Aspial's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Aspial's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Aspial is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Aspial's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Aspial's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Aspial Company Filings, last reported 3 months ago.

SGX:A30 Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 406.56 1,153.87 63.44
2018-09-30 445.58 1,351.07 260.63
2018-06-30 430.91 1,646.15 378.90
2018-03-31 432.34 1,577.09 354.26
2017-12-31 408.66 1,484.56 58.27
2017-09-30 417.04 1,426.78 319.07
2017-06-30 402.71 1,326.62 236.81
2017-03-31 391.28 1,284.53 243.95
2016-12-31 376.87 1,253.11 74.32
2016-09-30 377.36 1,331.36 263.50
2016-06-30 353.34 1,472.77 458.29
2016-03-31 376.26 1,331.90 315.15
2015-12-31 376.30 1,305.18 136.13
2015-09-30 354.90 1,226.98 233.13
2015-06-30 356.47 1,191.50 194.70
2015-03-31 366.28 1,199.40 187.29
2014-12-31 369.75 1,115.39 197.42
2014-09-30 368.61 1,076.07 178.86
2014-06-30 368.56 1,040.71 164.85
2014-03-31 367.81 1,011.55 142.70
2013-12-31 330.28 840.06 72.23
2013-09-30 329.01 835.16 50.43
2013-06-30 304.61 673.27 69.68
2013-03-31 278.37 669.61 61.82
2012-12-31 231.70 612.84 51.01
2012-09-30 212.40 548.24 78.95
2012-06-30 194.52 291.99 51.20
  • Aspial's level of debt (283.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (254.6% vs 283.8% today).
  • Debt is well covered by operating cash flow (23.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.5x coverage).
X
Financial health checks
We assess Aspial's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Aspial has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Aspial's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.17%
Current annual income from Aspial dividends.
If you bought SGD2,000 of Aspial shares you are expected to receive SGD83 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Aspial's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.5%).
  • Aspial's dividend is below the markets top 25% of dividend payers in Singapore (5.46%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SGX:A30 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Singapore Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 34 Stocks 3%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 278 Stocks 3.9%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.6%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.5%
Singapore Top 25% Dividend Yield 75th Percentile 5.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:A30 Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-04-11 0.008 4.141
2019-02-25 0.008 3.900
2019-01-02 0.005 2.443
2018-08-23 0.005 2.162
2018-04-09 0.003 1.013
2018-02-26 0.003 1.016
2017-03-17 0.003 0.961
2016-03-21 0.010 3.634
2015-11-09 0.000 0.000
2015-08-20 0.000 0.000
2015-04-09 0.018 4.845
2015-02-16 0.018 4.562
2014-05-16 0.035 8.122
2013-08-13 0.041 9.458
2013-04-17 0.033 8.126
2013-04-11 0.031 7.476
2013-02-26 0.033 7.988
2012-09-11 0.023 5.207
2012-04-11 0.010 2.751
2012-02-17 0.009 3.024
2011-10-28 0.002 1.079
2011-08-05 0.001 0.582
2011-05-10 0.001 0.580
2011-03-14 0.001 1.247
2011-02-21 0.001 1.496
2010-04-09 0.000 0.454
2009-04-23 0.001 1.582

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Aspial's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (2x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Aspial's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Aspial afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Aspial has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Aspial's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Wee Seng Koh
AGE 50
CEO Bio

Wee Seng Koh serves as the Chief Executive Officer and Executive Director at Aspial Corporation Limited. Mr. Koh is also the Non-Executive Chairman of Maxi-Cash Financial Services Corporation Ltd and AF Global Limited, which are listed on the SGX-ST. Mr. Koh holds a Bachelor’s degree in Business Administration from the National University of Singapore.

CEO Compensation
  • Insufficient data for Wee Seng to compare compensation growth.
  • Insufficient data for Wee Seng to establish whether their remuneration is reasonable compared to companies of similar size in Singapore.
Management Team

Steven Koh

TITLE
Head of Jewelry Brand - CITIGEMS and Senior Director for Retail Operations

Michael Lim

TITLE
Executive Officer

Wee Seng Koh

TITLE
CEO & Executive Director
AGE
50

Felix Lim

TITLE
CFO & Company Secretary
AGE
52

Jocelyn Chan

TITLE
Director of Human Resources

Lee Hwee Koh

TITLE
Executive Director
AGE
51

David Ng

TITLE
Chief Executive Officer of World Class Global (WCG)
AGE
51
TENURE
3.1 yrs
Board of Directors Tenure

Average tenure and age of the Aspial board of directors in years:

23
Average Tenure
51.5
Average Age
  • The average tenure for the Aspial board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Wee Seng Koh

TITLE
CEO & Executive Director
AGE
50
TENURE
29.5 yrs

Lee Hwee Koh

TITLE
Executive Director
AGE
51
TENURE
30.7 yrs

Soon Yum Wong

TITLE
Lead Independent Director
TENURE
5.1 yrs

Jee Chu Kau

TITLE
Independent Non-Executive Director
AGE
79
TENURE
16.4 yrs

Djuniarti Intan Ng

TITLE
Independent Non-Executive Director
AGE
52
TENURE
5.3 yrs

Lee Meng Ko

TITLE
Non Executive & Non-Independent Director
TENURE
31.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
X
Management checks
We assess Aspial's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Aspial has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Boasting A 9.1% Return On Equity, Is Aspial Corporation Limited (SGX:A30) A Top Quality Stock?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … That means that for every SGD1 worth of shareholders' equity, it generated SGD0.091 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Will Aspial Corporation Limited (SGX:A30) Continue To Underperform Its Industry?

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … That means that for every SGD1 worth of shareholders' equity, it generated SGD0.049 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Is Aspial Corporation Limited's (SGX:A30) PE Ratio A Signal To Sell For Investors?

and want to start learning about core concepts of fundamental analysis on practical examples from today's market. … While A30 might seem like a stock to avoid or sell if you own it, it is important to understand the assumptions behind the P/E ratio before you make any investment decisions. … View our latest analysis for Aspial

Simply Wall St -

Are Aspial Corporation Limited's (SGX:A30) Interest Costs Too High?

Investors are always looking for growth in small-cap stocks like Aspial Corporation Limited (SGX:A30), with a market cap of S$484.12m. … However, an important fact which most ignore is: how financially healthy is the business? … since poor capital management may bring about bankruptcies,

Simply Wall St -

One Thing To Consider Before Buying Aspial Corporation Limited (SGX:A30)

Generally, an investor should consider two types of risk that impact the market value of A30. … A widely-used metric to measure a stock's market risk is beta, and the broad market index represents a beta value of one. … Based on this beta value, A30 appears to be a stock that an investor with a high-beta portfolio would look for to reduce risk exposure to the market.

Simply Wall St -

Why Aspial Corporation Limited's (SGX:A30) Ownership Structure Is Important

In this article, I'm going to take a look at Aspial Corporation Limited’s (SGX:A30) latest ownership structure, a non-fundamental factor which is important, but remains a less discussed subject among investors. … Insider Ownership Another important group of shareholders are company insiders. … Private Company Ownership Potential investors in A30 should also look at another important group of investors: private companies, with a stake of 58.76%, who are primarily invested because of strategic and capital gain interests.

Simply Wall St -

Aspial Corporation Limited (SGX:A30): Time For A Financial Health Check

With this growth in debt, A30's cash and short-term investments stands at S$58.27M , ready to deploy into the business. … At the current liabilities level of S$849.95M liabilities, it appears that the company has maintained a safe level of current assets to meet its obligations, with the current ratio last standing at 2.04x. … In A30's, case, the ratio of 1.2x suggests that interest is not strongly covered, which means that debtors may be less inclined to loan the company more money, reducing its headroom for growth through debt.Next Steps: At its current level of cash flow coverage, A30 has room for improvement to better cushion for events which may require debt repayment.

Simply Wall St -

Should You Sell Aspial Corporation Limited (SGX:A30) At This PE Ratio?

Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for A30 Price per share = SGD0.24 Earnings per share = SGD0.001 ∴ Price-Earnings Ratio = SGD0.24 ÷ SGD0.001 = 197.3x The P/E ratio isn’t a metric you view in isolation and only becomes useful when you compare it against other similar companies. … A30’s P/E of 197.3x is higher than its industry peers (10x), which implies that each dollar of A30’s earnings is being overvalued by investors. … For example, if you are inadvertently comparing riskier firms with A30, then A30’s P/E would naturally be higher than its peers since investors would reward its lower risk with a higher price.

Simply Wall St -

Will Aspial Corporation Limited (SGX:A30) Continue To Underperform Its Industry?

See our latest analysis for Aspial Peeling the layers of ROE – trisecting a company’s profitability Return on Equity (ROE) weighs Aspial’s profit against the level of its shareholders’ equity. … Since Aspial’s return does not cover its cost, with a difference of -16.75%, this means its current use of equity is not efficient and not sustainable. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity SGX:A30 Last Perf Mar 6th 18 Basically, profit margin measures how much of revenue trickles down into earnings which illustrates how efficient the business is with its cost management.

Simply Wall St -

One Thing To Consider Before Buying Aspial Corporation Limited (SGX:A30)

A widely-used metric to measure a stock's market risk is beta, and the broad market index represents a beta value of one. … A30’s beta indicates it is a stock that investors may find valuable if they want to reduce the overall market risk exposure of their stock portfolio. … I examine A30’s ratio of fixed assets to total assets to see whether the company is highly exposed to the risk of this type of constraint.

Simply Wall St -

Company Info

Description

Aspial Corporation Limited, an investment holding company, operates in the real estate, financial service, and jewelry businesses in Singapore and Australia. The company engages in the development of luxurious landed, condominium, and commercial projects. It is also involved in the provision of pawn broking and secured lending services; and retail and trading of pre-loved jewelry, timepieces, and new gold. In addition, the company engages in the jewelry retail business under the brands of Aspial, Lee Hwa, Goldheart, and CITIGEMS with approximately 70 boutiques; and gold buillion broking and dealing activities. Further, it is involved in the rental of properties; provision of corporate management, trust, building construction and contracting, property management, and other support services; and jewelry manufacturing, wholesaling, and exporting activities. The company was formerly known as Lee Hwa Holdings Ltd. and changed its name to Aspial Corporation Limited in 2001. Aspial Corporation Limited was founded in 1970 and is based in Singapore. Aspial Corporation Limited is a subsidiary of MLHS Holdings Pte. Ltd.

Details
Name: Aspial Corporation Limited
A30
Exchange: SGX
Founded: 1970
SGD348,568,411
1,936,491,176
Website: http://www.aspial.com
Address: Aspial Corporation Limited
No. 07-11, Ubi 55 Building,
55 Ubi Avenue 1,
Singapore,
408935,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX A30 Ordinary Shares Singapore Exchange SG SGD 02. Jul 1999
Number of employees
Current staff
Staff numbers
0
Aspial employees.
Industry
Real Estate Development
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/21 12:42
End of day share price update: 2019/04/18 00:00
Last earnings filing: 2019/04/09
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.