SGX:BHO

Stock Analysis Report

Executive Summary

Top Global Limited, an investment holding company, engages in the real estate development activities in Singapore and Indonesia.


Snowflake Analysis

Mediocre balance sheet with questionable track record.

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

0%

BHO

3.1%

SG Real Estate

4.8%

SG Market


1 Year Return

-2.0%

BHO

-29.9%

SG Real Estate

-23.8%

SG Market

Return vs Industry: BHO exceeded the SG Real Estate industry which returned -30.3% over the past year.

Return vs Market: BHO exceeded the SG Market which returned -24.8% over the past year.


Shareholder returns

BHOIndustryMarket
7 Day0%3.1%4.8%
30 Day-18.3%-21.2%-20.5%
90 Day-19.2%-25.6%-23.5%
1 Year-2.0%-2.0%-27.3%-29.9%-20.5%-23.8%
3 Year-55.5%-55.5%-30.3%-36.3%-17.1%-26.0%
5 Year-70.6%-70.6%-27.9%-37.6%-15.4%-29.8%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

85.76x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate BHO's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate BHO's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: BHO is poor value based on its PE Ratio (85.8x) compared to the Real Estate industry average (10.1x).

PE vs Market: BHO is poor value based on its PE Ratio (85.8x) compared to the SG market (10.1x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: BHO is good value based on its PB Ratio (0.2x) compared to the SG Real Estate industry average (0.4x).


Next Steps

Future Growth

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

8.1%

Forecasted Real Estate industry annual growth in earnings


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

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


Next Steps

Past Performance

How has Top Global performed over the past 5 years?

-21.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BHO has a large one-off gain of SGD10.5M impacting its December 31 2019 financial results.

Growing Profit Margin: BHO became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: BHO has become profitable over the past 5 years, growing earnings by -21.1% per year.

Accelerating Growth: BHO has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: BHO has become profitable in the last year, making it difficult to compare its past year earnings growth to the Real Estate industry (-30.5%).


Return on Equity

High ROE: BHO's Return on Equity (1.4%) is considered low.


Next Steps

Financial Health

How is Top Global's financial position?


Financial Position Analysis

Short Term Liabilities: BHO's short term assets (SGD127.6M) exceed its short term liabilities (SGD50.2M).

Long Term Liabilities: BHO's short term assets (SGD127.6M) do not cover its long term liabilities (SGD147.5M).


Debt to Equity History and Analysis

Debt Level: BHO's debt to equity ratio (37.4%) is considered satisfactory.

Reducing Debt: BHO's debt to equity ratio has reduced from 45.1% to 37.4% over the past 5 years.


Balance Sheet

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

Debt Coverage by Assets: BHO's debt is not covered by short term assets (assets are 0.9x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: BHO is profitable, therefore cash runway is not a concern.

Forecast Cash Runway: BHO is profitable, therefore cash runway is not a concern.


Next Steps

Dividend

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


Dividend Yield vs Market

Notable Dividend: Unable to evaluate BHO's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate BHO's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if BHO's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if BHO's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of BHO's dividend in 3 years as they are not forecast to pay a notable one for the SG market.


Next Steps

Management

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

6.9yrs

Average management tenure


CEO

Hano Maeloa (50yo)

9.33s

Tenure

Mr. Hano Maeloa has been the Chief Executive Officer at Top Global Limited since November 08, 2010. Mr. Maeloa has been the Chief Executive Officer and Vice President at Planet Hollywood since 1995. He has ...


Leadership Team

NamePositionTenureCompensationOwnership
Hano Maeloa
CEO & Executive Director9.33yrsno data0.19% SGD88.2k
Shyre Gwo Chang
COO & Executive Director9.33yrsno data0.024% SGD11.5k
Siu Oei
Executive Director10yrsno data77.22% SGD36.5m
Goh Bingzheng
Financial Director4.5yrsno datano data
Ngiik Ling
Director of Group Administrationno datano datano data
Kenneth Lian
Business Development Director4.33yrsno datano data
Bee Fong Lee
Secretary12.42yrsno datano data

6.9yrs

Average Tenure

52yo

Average Age

Experienced Management: BHO's management team is seasoned and experienced (6.9 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Hano Maeloa
CEO & Executive Director9.33yrsno data0.19% SGD88.2k
Shyre Gwo Chang
COO & Executive Director9.33yrsno data0.024% SGD11.5k
Siu Oei
Executive Director10yrsno data77.22% SGD36.5m
Lee Lam
Independent Non-Executive Chairman0.25yrno datano data
Yuliana Mimi
Non-Executive Director9.92yrsno datano data
Chin Yeo
Lead Independent Non-Executive Director6yrsno datano data

9.6yrs

Average Tenure

54.5yo

Average Age

Experienced Board: BHO's board of directors are considered experienced (9.6 years average tenure).


Ownership

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


Insider Trading Volume

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


Ownership Breakdown

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


Top Shareholders

Company Information

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


Key Information

  • Name: Top Global Limited
  • Ticker: BHO
  • Exchange: SGX
  • Founded: 1980
  • Industry: Real Estate Development
  • Sector: Real Estate
  • Market Cap: S$47.243m
  • Shares outstanding: 321.38m
  • Website: https://www.topglobal.com.sg

Location

  • Top Global Limited
  • No. 18-02 Tong Building
  • 302 Orchard Road
  • Singapore
  • 238862
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BHOSGX (Singapore Exchange)YesOrdinary SharesSGSGDJun 2001

Biography

Top Global Limited, an investment holding company, engages in the real estate development activities in Singapore and Indonesia. The company operates through Property Development, Hospitality Management, Facility Management, and Investment and Others segments. It is involved in the development of residential properties; and property investment activities. The company also provides property and facility management, and educational services; and consultancy and management services for hostel and hotel operators. In addition, it engages in the golf and country club, hotel, hostel, and water theme park operations; operation and management of serviced apartments; and sale of food and beverages, as well as in the investment activities. The company was incorporated in 1980 and is based in Singapore. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/27 12:40
End of Day Share Price2020/03/25 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.