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Hong Fok

SGX:H30
Snowflake Description

Undervalued with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
H30
SGX
SGD750M
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

Hong Fok Corporation Limited, an investment holding company, primarily engages in the investment, construction, development, and management of properties in Singapore and Hong Kong. The last earnings update was 67 days ago. More info.


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H30 Share Price and Events
7 Day Returns
0.6%
SGX:H30
-0.9%
SG Real Estate
0.3%
SG Market
1 Year Returns
19.2%
SGX:H30
-1.8%
SG Real Estate
0.7%
SG Market
H30 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Hong Fok (H30) 0.6% 1.8% -2.8% 19.2% 27.9% -12.2%
SG Real Estate -0.9% 1.2% -3.2% -1.8% 5.4% -8.6%
SG Market 0.3% 2.4% 0.7% 0.7% 9.6% -5%
1 Year Return vs Industry and Market
  • H30 outperformed the Real Estate industry which returned -1.8% over the past year.
  • H30 outperformed the Market in Singapore which returned 0.7% over the past year.
Price Volatility
H30
Industry
5yr Volatility vs Market

H30 Value

 Is Hong Fok 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 Hong Fok 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 Hong Fok.

SGX:H30 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 12.1%
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:H30
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 1.05
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.051 (1 + (1- 17%) (105.36%))
1.651
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.65
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (1.651 * 5.96%)
12.14%

Discounted Cash Flow Calculation for SGX:H30 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Hong Fok 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:H30 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 12.14%)
2020 143.94 Est @ 64.99% 128.36
2021 210.42 Est @ 46.18% 167.32
2022 279.90 Est @ 33.02% 198.48
2023 346.52 Est @ 23.8% 219.12
2024 406.66 Est @ 17.35% 229.31
2025 458.87 Est @ 12.84% 230.74
2026 503.28 Est @ 9.68% 225.67
2027 540.85 Est @ 7.47% 216.26
2028 572.85 Est @ 5.92% 204.26
2029 600.53 Est @ 4.83% 190.95
Present value of next 10 years cash flows SGD2,010.48
SGX:H30 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= SGD600.53 × (1 + 2.3%) ÷ (12.14% – 2.3%)
SGD6,245.29
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD6,245.29 ÷ (1 + 12.14%)10
SGD1,985.81
SGX:H30 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD2,010.48 + SGD1,985.81
SGD3,996.29
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD3,996.29 / 861.68
SGD4.64
SGX:H30 Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD4.64
Current discount Discount to share price of SGD0.87
= -1 x (SGD0.87 - SGD4.64) / SGD4.64
81.2%

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

Current Discount
Amount off the current price Hong Fok is available for.
Intrinsic value
>50%
Share price is SGD0.87 vs Future cash flow value of SGD4.64
Current Discount Checks
For Hong Fok to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Hong Fok's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Hong Fok'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 Hong Fok's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Hong Fok's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:H30 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in SGD SGD0.28
SGX:H30 Share Price ** SGX (2019-07-19) in SGD SGD0.87
Singapore Real Estate Industry PE Ratio Median Figure of 39 Publicly-Listed Real Estate Companies 9.72x
Singapore Market PE Ratio Median Figure of 327 Publicly-Listed Companies 13.04x

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

** Primary Listing of Hong Fok.

SGX:H30 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:H30 Share Price ÷ EPS (both in SGD)

= 0.87 ÷ 0.28

3.12x

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

  • Hong Fok is good value based on earnings compared to the SG Real Estate industry average.
  • Hong Fok is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does Hong Fok's expected growth come at a high price?
Raw Data
SGX:H30 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 3.12x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
2%per year
Singapore Real Estate Industry PEG Ratio Median Figure of 13 Publicly-Listed Real Estate Companies 0.29x
Singapore Market PEG Ratio Median Figure of 119 Publicly-Listed Companies 1.69x

*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 Hong Fok, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Hong Fok's assets?
Raw Data
SGX:H30 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in SGD SGD2.76
SGX:H30 Share Price * SGX (2019-07-19) in SGD SGD0.87
Singapore Real Estate Industry PB Ratio Median Figure of 47 Publicly-Listed Real Estate Companies 0.53x
Singapore Market PB Ratio Median Figure of 431 Publicly-Listed Companies 0.73x
SGX:H30 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:H30 Share Price ÷ Book Value per Share (both in SGD)

= 0.87 ÷ 2.76

0.32x

* Primary Listing of Hong Fok.

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

  • Hong Fok is good value based on assets compared to the SG Real Estate industry average.
X
Value checks
We assess Hong Fok'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. Hong Fok has a total score of 5/6, 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.

H30 Future Performance

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

  • No analysts cover Hong Fok, 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%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Hong Fok expected to grow at an attractive rate?
  • Hong Fok's earnings growth is positive but not above the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Hong Fok's earnings growth is positive but not above the Singapore market average.
  • Unable to compare Hong Fok's revenue growth to the Singapore market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
SGX:H30 Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:H30 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 2%
Singapore Real Estate Industry Earnings Growth Rate Market Cap Weighted Average -2.4%
Singapore Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 6.8%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.7%
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:H30 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:H30 Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
SGX:H30 Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2019-03-31 141 87 193
2018-12-31 131 81 189
2018-09-30 118 63 198
2018-06-30 90 31 183
2018-03-31 74 18 181
2017-12-31 70 10 178
2017-09-30 66 8 71
2017-06-30 59 14 74
2017-03-31 59 14 71
2016-12-31 59 19 73
2016-09-30 57 14 108
2016-06-30 58 12 166

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Hong Fok's earnings are expected to grow by 2% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Hong Fok 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:H30 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 Hong Fok Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:H30 Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
SGX:H30 Past Financials Data
Date (Data in SGD Millions) EPS *
2019-03-31 0.28
2018-12-31 0.27
2018-09-30 0.29
2018-06-30 0.26
2018-03-31 0.26
2017-12-31 0.26
2017-09-30 0.10
2017-06-30 0.11
2017-03-31 0.10
2016-12-31 0.11
2016-09-30 0.16
2016-06-30 0.24

*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 Hong Fok will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Hong Fok'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.
Hong Fok 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.

H30 Past Performance

  How has Hong Fok 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 Hong Fok'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.
  • Hong Fok's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Hong Fok's 1-year earnings growth exceeds its 5-year average (6.5% vs -2.8%)
  • Hong Fok's earnings growth has not exceeded the SG Real Estate industry average in the past year (6.5% vs 12.1%).
Earnings and Revenue History
Hong Fok'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 Hong Fok Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:H30 Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 140.58 192.90 28.15
2018-12-31 131.13 188.92 28.26
2018-09-30 118.36 198.30 33.00
2018-06-30 89.85 183.04 32.92
2018-03-31 73.64 181.15 32.91
2017-12-31 70.05 178.07 27.82
2017-09-30 65.62 71.12 26.68
2017-06-30 59.37 74.09 26.76
2017-03-31 58.71 71.34 26.66
2016-12-31 58.56 72.99 26.70
2016-09-30 57.24 108.35 36.61
2016-06-30 57.68 165.75 36.67
2016-03-31 58.99 166.20 36.78
2015-12-31 60.62 167.00 36.77
2015-09-30 60.83 89.89 23.88
2015-06-30 61.18 32.93 23.85
2015-03-31 59.97 41.97 23.73
2014-12-31 98.05 48.09 23.74
2014-09-30 125.70 284.39 0.04
2014-06-30 171.44 293.74 0.03
2014-03-31 230.27 297.37 0.03
2013-12-31 235.89 300.53 0.03
2013-09-30 242.74 94.61 -0.06
2013-06-30 232.74 92.77 -0.05
2013-03-31 190.07 83.93 -0.02
2012-12-31 156.04 77.48
2012-09-30 130.43 162.92 0.05

*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.
  • Hong Fok has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Hong Fok used its assets more efficiently than the SG Real Estate industry average last year based on Return on Assets.
  • Hong Fok has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess Hong Fok'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.
Hong Fok 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.

H30 Health

 How is Hong Fok'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 Hong Fok's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Hong Fok is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Hong Fok's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Hong Fok'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 not covered by short term assets, assets are 0.3x 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 Hong Fok Company Filings, last reported 3 months ago.

SGX:H30 Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 2,522.84 787.82 44.84
2018-12-31 2,528.47 776.62 68.20
2018-09-30 2,268.45 796.81 46.71
2018-06-30 2,253.79 823.02 49.08
2018-03-31 2,240.14 817.61 59.96
2017-12-31 2,249.77 798.74 51.08
2017-09-30 2,031.67 797.27 56.46
2017-06-30 2,043.35 789.25 63.65
2017-03-31 2,052.54 763.30 69.03
2016-12-31 2,072.37 734.71 77.72
2016-09-30 1,957.05 728.81 90.90
2016-06-30 1,953.69 781.98 159.05
2016-03-31 1,962.81 767.21 163.46
2015-12-31 1,984.69 743.98 164.32
2015-09-30 1,869.34 745.20 171.60
2015-06-30 1,791.95 745.32 81.78
2015-03-31 1,813.85 746.73 106.66
2014-12-31 1,797.83 739.42 93.70
2014-09-30 1,752.32 737.82 62.24
2014-06-30 1,745.68 775.81 113.26
2014-03-31 1,732.41 853.85 178.69
2013-12-31 1,726.96 796.72 38.39
2013-09-30 1,246.72 690.38 42.89
2013-06-30 1,229.75 690.13 76.23
2013-03-31 1,217.19 703.99 117.90
2012-12-31 1,204.76 592.93 72.96
2012-09-30 1,142.87 592.31 70.02
  • Hong Fok's level of debt (31.2%) 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 (49.2% vs 31.2% today).
  • Debt is not well covered by operating cash flow (11.1%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.1x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Hong Fok'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. Hong Fok has a total score of 3/6, 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.

H30 Dividends

 What is Hong Fok'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
1.15%
Current annual income from Hong Fok dividends.
If you bought SGD2,000 of Hong Fok shares you are expected to receive SGD23 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?
  • Hong Fok's pays a lower dividend yield than the bottom 25% of dividend payers in Singapore (2.55%).
  • Hong Fok's dividend is below the markets top 25% of dividend payers in Singapore (5.5%).
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:H30 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 33 Stocks 3.2%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 278 Stocks 3.8%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.7%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.6%
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:H30 Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
SGX:H30 Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-04-15 0.010 1.186
2018-04-12 0.010 1.392
2017-04-13 0.010 1.228
2017-02-28 0.010 1.285
2016-04-13 0.009 1.349
2015-04-13 0.009 1.318
2014-04-22 0.014 1.640
2014-02-28 0.014 2.024
2013-04-12 0.006 0.870

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

  • Hong Fok is not paying a notable dividend for Singapore, therefore no need to check if the payments are stable.
  • Hong Fok is not paying a notable dividend for Singapore, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Hong Fok's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Hong Fok's dividends as it is not paying a notable one for Singapore.
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 Hong Fok's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.7%) - 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 Hong Fok afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Hong Fok 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.

H30 Management

 What is the CEO of Hong Fok'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
Patrick Cheong
AGE 70
TENURE AS CEO 5.5 years
CEO Bio

Mr. Pin Chuan Cheong, also known as Patrick, served as Joint Chairman and Joint Managing Director of Winfoong International Ltd. from June 23, 2014 to November 27, 2015. Mr. Cheong has been Joint Chairman and Joint Chief Executive Officer of Hong Fok Corporation Ltd. since January 31, 2014. He served as the Chairman and Managing Director of Winfoong International Ltd. until June 23, 2014. He served as Managing Director of Hong Fok Corporation Ltd from September 4, 1981 to January 31, 2014. He joined Winfoong International Ltd., in 1991. Mr. Cheong has over 30 years’ experience in property development. He serves as the Chairman at Hong Fok Land International Limited. He has been an Executive Director of Hong Fok Corporation Ltd., since July 26, 1971. He served as an Executive Director of Winfoong International Ltd. from 1996 to November 27, 2015. He is a Graduate of the Footscray Institute of Technology in Australia and Member of the Australian Society of Certified Practising Accountants and the Hong Kong Society of Accountants.

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

Average tenure and age of the Hong Fok management team in years:

5.5
Average Tenure
65
Average Age
  • The average tenure for the Hong Fok management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Patrick Cheong

TITLE
Joint Chairman & Joint CEO
AGE
70
TENURE
5.5 yrs

Sim Eng Cheong

TITLE
Joint CEO & Director
AGE
58
TENURE
5.5 yrs

Chay Koh

TITLE
VP of Accounts & Finance and Company Secretary

Hooi Kheng Cheong

TITLE
COO & Executive Director
AGE
66
TENURE
5.5 yrs

Puay Kheng Cheong

TITLE
Vice President of Administration & Personnel
AGE
64
TENURE
5.1 yrs

Jimmy Yeo

TITLE
Vice President of Marketing

Swee Oi Lo

TITLE
Company Secretary
TENURE
4.6 yrs
Board of Directors Tenure

Average tenure and age of the Hong Fok board of directors in years:

5.3
Average Tenure
64.5
Average Age
  • The tenure for the Hong Fok board of directors is about average.
Board of Directors

Patrick Cheong

TITLE
Joint Chairman & Joint CEO
AGE
70
TENURE
5.5 yrs

Adrian Chan

TITLE
Non-Executive Independent Chairman
COMPENSATION
SGD85K
AGE
54
TENURE
0.3 yrs

Sim Eng Cheong

TITLE
Joint CEO & Director
AGE
58
TENURE
29.2 yrs

Hooi Kheng Cheong

TITLE
COO & Executive Director
AGE
66
TENURE
30.3 yrs

Yew Hon Chow

TITLE
Lead Independent Director
COMPENSATION
SGD95K
AGE
68
TENURE
4.8 yrs

Steven Lim

TITLE
Non-Executive Director
COMPENSATION
SGD88K
AGE
63
TENURE
5 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Hong Fok individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
20. Jun 19 Buy Sim Eng Cheong Individual 19. Jun 19 19. Jun 19 65,000 SGD0.82 SGD53,625
06. Jun 19 Buy Sim Eng Cheong Individual 04. Jun 19 04. Jun 19 50,000 SGD0.79 SGD39,500
23. May 19 Buy Sim Eng Cheong Individual 22. May 19 22. May 19 70,000 SGD0.79 SGD55,650
29. Mar 19 Buy Goodyear Realty Co. Pte. Ltd. Company 28. Mar 19 28. Mar 19 500,000 SGD0.92 SGD462,500
20. Mar 19 Buy Sim Eng Cheong Individual 19. Mar 19 19. Mar 19 350,000 SGD0.89 SGD313,250
08. Mar 19 Buy Sim Eng Cheong Individual 07. Mar 19 07. Mar 19 170,000 SGD0.77 SGD130,600
06. Mar 19 Buy Sim Eng Cheong Individual 05. Mar 19 05. Mar 19 291,000 SGD0.72 SGD209,520
05. Mar 19 Buy Sim Eng Cheong Individual 04. Mar 19 04. Mar 19 245,000 SGD0.72 SGD175,900
14. Dec 18 Buy Goodyear Realty Co. Pte. Ltd. Company 12. Dec 18 12. Dec 18 2,170,000 SGD0.75 SGD1,627,498
06. Dec 18 Buy Pin Chuan Cheong Individual 06. Dec 18 06. Dec 18 5,000,000 SGD0.75 SGD3,749,996
03. Dec 18 Buy Hooi Kheng Cheong Individual 03. Dec 18 03. Dec 18 651,100 SGD0.75 SGD488,325
03. Dec 18 Buy Sim Eng Cheong Individual 03. Dec 18 03. Dec 18 5,000,000 SGD0.75 SGD3,749,997
X
Management checks
We assess Hong Fok'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. Hong Fok 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.

H30 News

Simply Wall St News

If You Had Bought Hong Fok (SGX:H30) Shares Three Years Ago You'd Have Made 26%

For example, the Hong Fok Corporation Limited (SGX:H30) share price is up 26% in the last three years, clearly besting than the market return of around 9.8% (not including dividends). … Hong Fok was able to grow its EPS at 5.1% per year over three years, sending the share price higher. … We note that for Hong Fok the TSR over the last 3 years was 31%, which is better than the share price return mentioned above.

Simply Wall St -

Does Hong Fok Corporation Limited's (SGX:H30) P/E Ratio Signal A Buying Opportunity?

Check out our latest analysis for Hong Fok How Do I Calculate A Price To Earnings Ratio? … The formula for price to earnings is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Hong Fok: P/E of 3.07 = SGD0.85 ÷ SGD0.28 (Based on the trailing twelve months to March 2019.) Is A High Price-to-Earnings Ratio Good? … The Bottom Line On Hong Fok's P/E Ratio Hong Fok trades on a P/E ratio of 3.1, which is below the SG market average of 13.

Simply Wall St -

One Thing To Remember About The Hong Fok Corporation Limited (SGX:H30) Share Price

Some stocks mimic the volatility of the market quite closely, while others demonstrate muted, exagerrated or uncorrelated price movements. … See our latest analysis for Hong Fok What we can learn from H30's beta value With a beta of 1, (which is quite close to 1) the share price of Hong Fok has historically been about as voltile as the broader market. … If the future looks like the past, we could therefore consider it likely that the stock price will experience share price volatility that is roughly similar to the overall market.

Simply Wall St -

Could The Hong Fok Corporation Limited (SGX:H30) Ownership Structure Tell Us Something Useful?

See our latest analysis for Hong Fok SGX:H30 Ownership Summary, May 20th 2019 What Does The Institutional Ownership Tell Us About Hong Fok? … Private Company Ownership Our data indicates that Private Companies hold 38%, of the company's shares. … Sometimes insiders or other related parties have an interest in shares in a public company through a separate private company.

Simply Wall St -

Who Has Been Buying Hong Fok Corporation Limited (SGX:H30) Shares?

So before you buy or sell Hong Fok Corporation Limited (SGX:H30), you may well want to know whether insiders have been buying or selling. … Hong Fok Insider Transactions Over The Last Year. … In this case we're pleased to report that the insider purchases were made at close to current prices.

Simply Wall St -

Should You Be Holding Hong Fok Corporation Limited (SGX:H30)?

Building up an investment case requires looking at a stock holistically. … Today I've chosen to put the spotlight on Hong Fok Corporation Limited (SGX:H30) due to its excellent fundamentals in more than one area.

Simply Wall St -

Has Hong Fok Corporation Limited (SGX:H30) Improved Earnings Growth In Recent Times?

In this article, I will take a look at Hong Fok Corporation Limited's (SGX:H30) most recent earnings update (31 December 2018) and compare these latest figures against its performance over the past few years, along with how the rest of H30's industry performed. … Were H30's earnings stronger than its past performances and the industry. … H30's trailing twelve-month earnings (from 31 December 2018) of S$189m has.

Simply Wall St -

Did You Miss Hong Fok's (SGX:H30) 32% Share Price Gain?

One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … Because earnings per share don't seem to match up with the share price, we'll take a look at other metrics instead. … So it seems one might have to take closer look at earnings and revenue trends to see how they might influence the share price

Simply Wall St -

Is Hong Fok Corporation Limited (SGX:H30) A Financially Sound Company?

While small-cap stocks, such as Hong Fok Corporation Limited (SGX:H30) with its market cap of S$489m, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … Evaluating financial health as part of your investment thesis is. … Here are a few basic checks that are good enough to have a broad overview of the company’s financial strength.

Simply Wall St -

Should You Take Comfort From Insider Transactions At Hong Fok Corporation Limited (SGX:H30)?

So shareholders might well want to know whether insiders have been buying or selling shares in Hong Fok Corporation Limited (SGX:H30). … In the last twelve months, the biggest single purchase by an insider was when Joint Chairman & Joint MD Sim Eng Cheong bought S$3.7m worth of shares at a price of S$0.75 per share. … In the last twelve months there was more buying than selling by Hong Fok insiders

Simply Wall St -

H30 Company Info

Description

Hong Fok Corporation Limited, an investment holding company, primarily engages in the investment, construction, development, and management of properties in Singapore and Hong Kong. The company develops residential and other properties; invests in office, shop, restaurant, retail, residential, and commercial properties; and provides property maintenance services. It also offers investment trading and investment management services. The company was incorporated in 1967 and is based in Singapore.

Details
Name: Hong Fok Corporation Limited
H30
Exchange: SGX
Founded: 1967
SGD749,659,198
861,677,240
Website: http://www.hongfok.com.sg
Address: Hong Fok Corporation Limited
The Concourse,
No. 41-00, 300 Beach Road,
Singapore,
199555,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX H30 Ordinary Shares Singapore Exchange SG SGD 02. Jan 1992
BST H8V Ordinary Shares Boerse-Stuttgart DE EUR 02. Jan 1992
Number of employees
Current staff
Staff numbers
0
Hong Fok employees.
Industry
Real Estate Development
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/20 12:42
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2018/03/01
Last earnings filing: 2019/05/14
Last earnings reported: 2019/03/31
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.