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Top Global

SGX:BHO
Snowflake Description

Excellent balance sheet and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BHO
SGX
SGD58M
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

Top Global Limited, an investment holding company, engages in the real estate development activities in Singapore and Indonesia. The last earnings update was 9 days ago. More info.


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  • Top Global has significant price volatility in the past 3 months.
BHO Share Price and Events
7 Day Returns
0%
SGX:BHO
0.5%
SG Real Estate
0.3%
SG Market
1 Year Returns
-23.4%
SGX:BHO
-7%
SG Real Estate
-6.2%
SG Market
BHO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Top Global (BHO) 0% 19.2% - -23.4% -29.4% -80%
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
  • BHO underperformed the Real Estate industry which returned -7% over the past year.
  • BHO underperformed the Market in Singapore which returned -6.2% over the past year.
Price Volatility
BHO
Industry
5yr Volatility vs Market

Value

 Is Top Global 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 Top Global 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 Top Global.

SGX:BHO 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 9.9%
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:BHO
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%) (33.19%))
1.269
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.27
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (1.269 * 5.96%)
9.87%

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

The calculations below outline how an intrinsic value for Top Global 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:BHO DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 9.87%)
2019 7.72 Est @ -34.03% 7.03
2020 5.94 Est @ -23.13% 4.92
2021 5.02 Est @ -15.5% 3.78
2022 4.51 Est @ -10.16% 3.09
2023 4.22 Est @ -6.42% 2.63
2024 4.06 Est @ -3.8% 2.31
2025 3.98 Est @ -1.97% 2.06
2026 3.95 Est @ -0.69% 1.86
2027 3.96 Est @ 0.21% 1.70
2028 3.99 Est @ 0.84% 1.56
Present value of next 10 years cash flows SGD30.93
SGX:BHO DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD3.99 × (1 + 2.3%) ÷ (9.87% – 2.3%)
SGD53.96
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD53.96 ÷ (1 + 9.87%)10
SGD21.06
SGX:BHO Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD30.93 + SGD21.06
SGD51.99
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD51.99 / 321.90
SGD0.16
SGX:BHO Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD0.16
Current discount Discount to share price of SGD0.18
= -1 x (SGD0.18 - SGD0.16) / SGD0.16
-11.4%

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

  • The current share price of Top Global is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Top Global's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Top Global's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:BHO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in SGD SGD-0.01
SGX:BHO 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 Top Global.

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

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

= 0.18 ÷ -0.01

-17.22x

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

  • Top Global is loss making, we can't compare its value to the SG Real Estate industry average.
  • Top Global is loss making, we can't compare the value of its earnings to the Singapore market.
Price based on expected Growth
Does Top Global's expected growth come at a high price?
Raw Data
SGX:BHO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -17.22x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
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 Top Global, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Top Global's assets?
Raw Data
SGX:BHO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in SGD SGD0.79
SGX:BHO 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:BHO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 0.18 ÷ 0.79

0.23x

* Primary Listing of Top Global.

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

  • Top Global is good value based on assets compared to the SG Real Estate industry average.
X
Value checks
We assess Top Global'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. Top Global has a total score of 1/6, 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 Top Global expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

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 Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

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
-10.1%
Expected Real Estate industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Top Global expected to grow at an attractive rate?
  • Unable to compare Top Global's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Top Global's earnings growth to the Singapore market average as no estimate data is available.
  • Unable to compare Top Global's revenue growth to the Singapore market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
SGX:BHO Future Growth Rates Data Sources
Data Point Source Value (per year)
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:BHO 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:BHO Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2018-12-31 80 19 -3
2018-09-30 104 30 -2
2018-06-30 141 65 -2
2018-03-31 145 70 -2
2017-12-31 136 77 -2
2017-09-30 118 91 -15
2017-06-30 107 73 -13
2017-03-31 115 99 -13
2016-12-31 122 66 -14
2016-09-30 168 41 -2
2016-06-30 176 22 -1
2016-03-31 196 -22 2

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Top Global is high growth as no earnings estimate data is available.
  • Unable to determine if Top Global 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:BHO 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 Top Global Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:BHO Past Financials Data
Date (Data in SGD Millions) EPS *
2018-12-31 -0.01
2018-09-30 -0.01
2018-06-30 -0.01
2018-03-31 -0.01
2017-12-31 -0.01
2017-09-30 -0.05
2017-06-30 -0.04
2017-03-31 -0.04
2016-12-31 -0.04
2016-09-30 -0.01
2016-06-30 0.00
2016-03-31 0.01

*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 Top Global will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine Top Global's financial health to determine how well-positioned it is against times of financial stress by looking at its level of debt over time and how much cash it has left.
  2. Top Global's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Real Estate companies here
  3. Top Global's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Top Global'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.
Top Global has a total score of 0/6, 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 Top Global 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 Top Global'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.
  • Top Global does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Top Global's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Top Global's 1-year growth to the SG Real Estate industry average as it is not currently profitable.
Earnings and Revenue History
Top Global'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 Top Global Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:BHO 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 79.81 -3.36 32.86
2018-09-30 103.57 -2.42 31.08
2018-06-30 141.47 -1.98 32.47
2018-03-31 144.87 -2.43 32.73
2017-12-31 136.08 -1.88 32.36
2017-09-30 117.98 -14.60 33.39
2017-06-30 106.87 -13.26 32.15
2017-03-31 114.98 -12.79 32.10
2016-12-31 121.79 -13.98 30.85
2016-09-30 168.11 -1.68 30.69
2016-06-30 175.65 -0.57 29.51
2016-03-31 195.81 1.68 28.58
2015-12-31 195.70 4.99 28.15
2015-09-30 154.66 5.72 24.84
2015-06-30 117.81 5.00 20.63
2015-03-31 77.65 5.95 15.00
2014-12-31 50.18 2.82 11.75
2014-09-30 26.94 0.35 7.89
2014-06-30 18.74 -2.03 9.08
2014-03-31 17.42 -4.10 11.69
2013-12-31 14.04 -5.34 12.45
2013-09-30 10.39 -6.02 15.26
2013-06-30 8.77 -5.04 14.50
2013-03-31 5.42 15.00 13.63
2012-12-31 5.54 15.60 12.57
2012-09-30 5.51 35.33 11.23
2012-06-30 5.45 35.42 10.80

*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.
  • Top Global has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • It is difficult to establish if Top Global has efficiently used its assets last year compared to the SG Real Estate industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Top Global improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Top Global'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.
Top Global has a total score of 0/6, 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 Top Global'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 Top Global's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Top Global is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Top Global's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Top Global'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.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 8.5x 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 Top Global Company Filings, last reported 3 months ago.

SGX:BHO Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 381.73 19.23 60.85
2018-09-30 376.90 19.21 55.85
2018-06-30 387.43 20.20 59.02
2018-03-31 387.62 19.41 44.73
2017-12-31 393.52 21.38 41.42
2017-09-30 398.87 20.19 58.22
2017-06-30 404.22 47.39 52.67
2017-03-31 410.91 64.18 52.04
2016-12-31 415.11 77.44 48.88
2016-09-30 416.28 77.20 26.59
2016-06-30 410.55 129.95 67.60
2016-03-31 408.48 162.48 54.48
2015-12-31 412.10 153.88 69.15
2015-09-30 380.16 160.08 65.54
2015-06-30 379.56 166.64 63.31
2015-03-31 388.88 168.71 66.77
2014-12-31 388.84 175.71 74.34
2014-09-30 134.84 142.56 45.90
2014-06-30 134.24 135.59 49.55
2014-03-31 132.74 133.86 46.22
2013-12-31 133.41 141.82 59.29
2013-09-30 134.07 139.87 54.71
2013-06-30 136.18 139.63 53.21
2013-03-31 136.08 139.63 45.75
2012-12-31 137.19 147.95 45.65
2012-09-30 138.09 86.79 65.80
2012-06-30 138.67 86.94 74.73
  • Top Global's level of debt (5%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (106.2% vs 5% today).
  • Debt is well covered by operating cash flow (96.6%, greater than 20% of total debt).
  • Top Global is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess Top Global'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. Top Global has a total score of 5/6, 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 Top Global'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
0%
Current annual income from Top Global dividends.
If you bought SGD2,000 of Top Global shares you are expected to receive SGD0 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?
  • Unable to evaluate Top Global's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Top Global's dividend against the top 25% market benchmark as the company has not reported any payouts.
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:BHO 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.

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

  • Unable to perform a dividend volatility check as Top Global has not reported any payouts.
  • Unable to verify if Top Global's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Top Global's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Top Global has not reported any payouts.
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 Top Global'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 Top Global afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Top Global has a total score of 0/6, 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 Top Global'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
Hano Maeloa
AGE 49
TENURE AS CEO 8.4 years
CEO Bio

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 been a Director at China Medical (International) Group Ltd since May 5, 2011 and its Non-Executive Chairman. He served as the Managing Director of Top Global Ltd., since March 12, 2010 until November 08, 2010. He served as the Chief Executive Officer at Pancon Shipping & Marine Services Pte Ltd from 2002 to 2006. He served as Managing Director of Wendy Foods Ltd. (Hong Kong) from 1991 to 1995. He served as Vice President of PT Wendy Citrarasa from 1991 to 1995 and also served as a Management Associate of Citibank NA from 1990 to 1991. He served as an Intern of Clariden Bank since 1989. He served as Non-Executive Chairman at JCG Investment Holdings Ltd., until February 28, 2019 and its Non Executive Director May 5, 2011 until February 28, 2019. He has been an Executive Director of Top Global Limited since July 27, 2007. He served as Non-Executive Director at Asia-Pacific Strategic Investments Limited (a/k/a China Real Estate Grp Ltd.) since February 12, 2008 until September 12, 2018. He has been a Director of Bintan Golden Shipping Pte Ltd since 2002. He served as an Associate Director of Millennium Capital Partners, Ltd (USA) from 2000 to 2001. He served as a Director / Commissioner of PT Suryamas Dutamakmur from 1994 to 1996 and again from 1997 to 2002. He served as a Director of PT Harumdana Securities Jakarta from 1994 to 1998. He served as a Director of Lawys The Prime Rib from 1996 to 2005. He served as a Director of Albedo Corporation Pte. Ltd. Bidadari View Pte. Ltd. Global Capitol Pte. Ltd. Green Palace Pte. Ltd. Jtop Pte. Ltd. Leading Light Pte. Ltd. Stride Forward Pte. Ltd. Top Capitol Pte. Ltd. Top Property Investment Pte. Ltd. Trump Garden Pte. Ltd. Upbeat Town Pte. Ltd. He graduated with a Degree of Bachelor of Science in Business Administration from the University of Southern California.

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

Average tenure and age of the Top Global management team in years:

8.4
Average Tenure
51
Average Age
  • The average tenure for the Top Global management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Sukmawati Widjaja Oei

TITLE
Executive Chairman
AGE
67

Hano Maeloa

TITLE
CEO & Executive Director
AGE
49
TENURE
8.4 yrs

Jennifer Chang

TITLE
COO & Executive Director
AGE
51
TENURE
8.4 yrs

Goh Bingzheng

TITLE
Financial Director
TENURE
3.6 yrs

Rose Ling

TITLE
Director of Group Administration

Kenneth Lian

TITLE
Business Development Director
TENURE
3.4 yrs

Bee Fong Lee

TITLE
Secretary
TENURE
11.5 yrs
Board of Directors Tenure

Average tenure and age of the Top Global board of directors in years:

9
Average Tenure
53.5
Average Age
  • The tenure for the Top Global board of directors is about average.
Board of Directors

Sukmawati Widjaja Oei

TITLE
Executive Chairman
AGE
67
TENURE
9.1 yrs

Hano Maeloa

TITLE
CEO & Executive Director
AGE
49
TENURE
11.8 yrs

Jennifer Chang

TITLE
COO & Executive Director
AGE
51
TENURE
8.4 yrs

Daniel Yeo

TITLE
Lead Independent Director
AGE
56
TENURE
5.1 yrs

George Lam

TITLE
Independent Non-Executive Director
AGE
59
TENURE
9 yrs

Yuliana Mimi

TITLE
Non-Executive Director
AGE
44
TENURE
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 Top Global'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. Top Global 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

Should You Be Concerned About Top Global Limited's (SGX:BHO) Shareholders?

In this article, I will take a quick look at Top Global Limited’s (SGX:BHO) recent ownership structure – an unconventional investing subject, but an important one. … Ownership structure of a company has been found to affect share performance over time. … Differences in ownership structure of companies can have a profound effect on how management's incentives are aligned with shareholder returns, and whether they adhere to corporate governance best practices.

Simply Wall St -

Is Top Global Limited's (SGX:BHO) Balance Sheet A Threat To Its Future?

With this debt repayment, the current cash and short-term investment levels stands at S$41.42M , ready to deploy into the business. … Additionally, BHO has produced cash from operations of S$77.22M during the same period of time, leading to an operating cash to total debt ratio of 361.13%, meaning that BHO’s operating cash is sufficient to cover its debt. … Investors' risk associated with debt is virtually non-existent with BHO, and the company has plenty of headroom and ability to raise debt should it need to in the future.Next Steps: BHO has demonstrated its ability to generate sufficient levels of cash flow, while its debt hovers at a safe level.

Simply Wall St -

Company Info

Description

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.

Details
Name: Top Global Limited
BHO
Exchange: SGX
Founded: 1980
SGD57,941,153
321,895,299
Website: http://www.topglobal.com.sg
Address: Top Global Limited
No. 18-02 Tong Building,
302 Orchard Road,
Singapore,
238862,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX BHO Ordinary Shares Singapore Exchange SG SGD 25. Jun 2001
Number of employees
Current staff
Staff numbers
0
Top Global employees.
Industry
Real Estate Development
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/21 12:38
End of day share price update: 2019/04/18 00:00
Last earnings filing: 2019/04/12
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.