company background image
T24

Tuan Sing Holdings SGX:T24 Stock Report

Last Price

S$0.32

Market Cap

S$383.7m

7D

-7.4%

1Y

-33.0%

Updated

01 Oct, 2022

Data

Company Financials
T24 fundamental analysis
Snowflake Score
Valuation3/6
Future Growth0/6
Past Performance0/6
Financial Health2/6
Dividends3/6

T24 Stock Overview

Tuan Sing Holdings Limited, an investment holding company, engages in the property development and investment, hotels investment, and industrial services businesses in Singapore, Australia, China, Malaysia, and Indonesia.

Tuan Sing Holdings Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Tuan Sing Holdings
Historical stock prices
Current Share PriceS$0.32
52 Week HighS$0.51
52 Week LowS$0.30
Beta1
1 Month Change-13.70%
3 Month Change-16.00%
1 Year Change-32.98%
3 Year Change-5.97%
5 Year Change-25.00%
Change since IPO-4.75%

Recent News & Updates

Shareholder Returns

T24SG Real EstateSG Market
7D-7.4%-4.9%-3.6%
1Y-33.0%-4.5%-1.8%

Return vs Industry: T24 underperformed the SG Real Estate industry which returned -4.5% over the past year.

Return vs Market: T24 underperformed the SG Market which returned -1.8% over the past year.

Price Volatility

Is T24's price volatile compared to industry and market?
T24 volatility
T24 Average Weekly Movement3.6%
Real Estate Industry Average Movement3.6%
Market Average Movement4.4%
10% most volatile stocks in SG Market12.2%
10% least volatile stocks in SG Market2.3%

Stable Share Price: T24 is not significantly more volatile than the rest of SG stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: T24's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1969682William Liem Nursalimhttps://www.tuansing.com

Tuan Sing Holdings Limited, an investment holding company, engages in the property development and investment, hotels investment, and industrial services businesses in Singapore, Australia, China, Malaysia, and Indonesia. It operates through five segments: Real Estate Investment, Real Estate Development, Hospitality, Industrial Services, and Other Investments. The company develops and invests in residential, commercial, and industrial properties; and provides construction management services.

Tuan Sing Holdings Fundamentals Summary

How do Tuan Sing Holdings's earnings and revenue compare to its market cap?
T24 fundamental statistics
Market CapS$383.68m
Earnings (TTM)-S$7.36m
Revenue (TTM)S$215.35m

1.8x

P/S Ratio

-52.2x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
T24 income statement (TTM)
RevenueS$215.35m
Cost of RevenueS$156.69m
Gross ProfitS$58.66m
Other ExpensesS$66.01m
Earnings-S$7.36m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)-0.006
Gross Margin27.24%
Net Profit Margin-3.42%
Debt/Equity Ratio105.6%

How did T24 perform over the long term?

See historical performance and comparison

Dividends

2.2%

Current Dividend Yield

-114%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is T24 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for T24?

Other financial metrics that can be useful for relative valuation.

T24 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue6.3x
Enterprise Value/EBITDA107.2x
PEG Ration/a

Price to Sales Ratio vs Peers

How does T24's PS Ratio compare to its peers?

T24 PS Ratio vs Peers
The above table shows the PS ratio for T24 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average2.4x
BDX GSH
3.6xn/aS$352.2m
5JK Hiap Hoe
3.6xn/aS$352.9m
Z59 Yoma Strategic Holdings
2xn/aS$223.7m
C29 Chip Eng Seng
0.5xn/aS$549.0m
T24 Tuan Sing Holdings
1.8xn/aS$383.7m

Price-To-Sales vs Peers: T24 is good value based on its Price-To-Sales Ratio (1.8x) compared to the peer average (2.4x).


Price to Earnings Ratio vs Industry

How does T24's PE Ratio compare vs other companies in the SG Real Estate Industry?

Price-To-Sales vs Industry: T24 is good value based on its Price-To-Sales Ratio (1.8x) compared to the SG Real Estate industry average (2.2x)


Price to Sales Ratio vs Fair Ratio

What is T24's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

T24 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.8x
Fair PS Ration/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate T24's Price-To-Sales Fair Ratio for valuation analysis.


Share Price vs Fair Value

What is the Fair Price of T24 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: T24 (SGD0.32) is trading below our estimate of fair value (SGD0.32)

Significantly Below Fair Value: T24 is trading below fair value, but not by a significant amount.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.


Discover undervalued companies

Future Growth

How is Tuan Sing Holdings forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-0.8%

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 Tuan Sing Holdings 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.


Discover growth companies

  • Examine whether Tuan Sing Holdings is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  • Tuan Sing Holdings competitive advantages and company strategy can generally be found in its financial reports archived here.

Past Performance

How has Tuan Sing Holdings performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


2.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: T24 is currently unprofitable.

Growing Profit Margin: T24 is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: T24 is unprofitable, but has reduced losses over the past 5 years at a rate of 2.4% per year.

Accelerating Growth: Unable to compare T24's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: T24 is unprofitable, making it difficult to compare its past year earnings growth to the Real Estate industry (69%).


Return on Equity

High ROE: T24 has a negative Return on Equity (-0.73%), as it is currently unprofitable.


Discover strong past performing companies

Financial Health

How is Tuan Sing Holdings's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: T24's short term assets (SGD723.4M) do not cover its short term liabilities (SGD811.1M).

Long Term Liabilities: T24's short term assets (SGD723.4M) exceed its long term liabilities (SGD667.2M).


Debt to Equity History and Analysis

Debt Level: T24's net debt to equity ratio (75.6%) is considered high.

Reducing Debt: T24's debt to equity ratio has reduced from 158.2% to 105.6% over the past 5 years.

Debt Coverage: T24's debt is not well covered by operating cash flow (3.3%).

Interest Coverage: T24's interest payments on its debt are not well covered by EBIT (0.1x coverage).


Balance Sheet


Discover healthy companies

Dividend

What is Tuan Sing Holdings's current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


2.22%

Current Dividend Yield

Dividend Yield vs Market

Tuan Sing Holdings Dividend Yield vs Market
How does Tuan Sing Holdings dividend yield compare to the market?
SegmentDividend Yield
Company (Tuan Sing Holdings)2.2%
Market Bottom 25% (SG)2.4%
Market Top 25% (SG)6.5%
Industry Average (Real Estate)3.5%
Analyst forecast in 3 Years (Tuan Sing Holdings)n/a

Notable Dividend: T24's dividend (2.22%) isn’t notable compared to the bottom 25% of dividend payers in the SG market (2.42%).

High Dividend: T24's dividend (2.22%) is low compared to the top 25% of dividend payers in the SG market (6.45%).


Stability and Growth of Payments

Stable Dividend: T24's dividends per share have been stable in the past 10 years.

Growing Dividend: T24's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: T24 is paying a dividend but the company is unprofitable.


Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (19.6%), T24's dividend payments are well covered by cash flows.


Discover strong dividend paying companies

Management

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

5.4yrs

Average management tenure


CEO

William Liem Nursalim (49 yo)

18.67yrs

Tenure

S$1,833,986

Compensation

Mr. William Nursalim, also known as William Liem, B.Sc., MBA, serves as an Interim Executive Director of SP Corporation Limited since February 10, 2020. He has been the Chief Executive Officer of Tuan Sing...


CEO Compensation Analysis

William Liem Nursalim's Compensation vs Tuan Sing Holdings Earnings
How has William Liem Nursalim's remuneration changed compared to Tuan Sing Holdings's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

-S$7m

Mar 31 2022n/an/a

S$38m

Dec 31 2021S$2mS$1m

S$84m

Sep 30 2021n/an/a

S$118m

Jun 30 2021n/an/a

S$153m

Mar 31 2021n/an/a

S$106m

Dec 31 2020S$2mS$935k

S$59m

Sep 30 2020n/an/a

S$66m

Jun 30 2020n/an/a

S$40m

Mar 31 2020n/an/a

S$36m

Dec 31 2019S$1mS$864k

S$33m

Sep 30 2019n/an/a

S$116m

Jun 30 2019n/an/a

S$120m

Mar 31 2019n/an/a

S$126m

Dec 31 2018S$1mS$800k

S$132m

Sep 30 2018n/an/a

S$65m

Jun 30 2018n/an/a

S$67m

Mar 31 2018n/an/a

S$65m

Dec 31 2017n/an/a

S$63m

Sep 30 2017n/an/a

S$25m

Jun 30 2017n/an/a

S$26m

Mar 31 2017n/an/a

S$29m

Dec 31 2016n/an/a

S$34m

Sep 30 2016n/an/a

S$36m

Jun 30 2016n/an/a

S$45m

Mar 31 2016n/an/a

S$62m

Dec 31 2015S$1mS$629k

S$69m

Compensation vs Market: William Liem's total compensation ($USD1.28M) is above average for companies of similar size in the SG market ($USD686.06K).

Compensation vs Earnings: William Liem's compensation has increased whilst the company is unprofitable.


Leadership Team

Experienced Management: T24's management team is seasoned and experienced (5.4 years average tenure).


Board Members

Experienced Board: T24's board of directors are considered experienced (5.1 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

What is the ownership structure of T24?
Owner TypeNumber of SharesOwnership Percentage
Public Companies4,047,0670.3%
Institutions33,242,1662.7%
Individual Insiders90,862,1057.5%
General Public446,303,47236.6%
Private Companies643,589,09052.8%

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


Top Shareholders

Top 16 shareholders own 63.16% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
52.46%
Nuri Holdings (S) Pte. Ltd.
638,956,697SGD201.3m0%no data
6.09%
Wee Meng Koh
74,200,000SGD23.4m0%no data
2.08%
Dimensional Fund Advisors LP
25,355,804SGD8.0m-0.32%no data
0.36%
Lamipak KMP Pte Ltd
4,382,393SGD1.4m0%no data
0.35%
Thian Hwee Tan
4,222,217SGD1.3m0%no data
0.33%
Malayan Banking Berhad
4,047,067SGD1.3m0%no data
0.27%
Ifast Financial Pte. Ltd., Asset Management Arm
3,252,866SGD1.0m0%0.11%
0.25%
Hock Poh Chiam
3,061,315SGD964.3k0%no data
0.23%
Bee Hoe Leh
2,798,797SGD881.6k0%no data
0.21%
Junrui Low
2,557,581SGD805.6k0%no data
0.18%
American Century Investment Management Inc
2,188,796SGD689.5k0%no data
0.17%
Lat Shing Yee
2,017,332SGD635.5k0%no data
0.13%
Wan Looi Lim
1,600,000SGD504.0k0%no data
0.033%
Enk Tan
404,863SGD127.5k0%no data
0.021%
Estate Of David Lee Kay Tuan
250,000SGD78.8k0%no data
0.0028%
BlackRock, Inc.
34,400SGD10.8k-5.49%no data

Company Information

Tuan Sing Holdings Limited's employee growth, exchange listings and data sources


Key Information

  • Name: Tuan Sing Holdings Limited
  • Ticker: T24
  • Exchange: SGX
  • Founded: 1969
  • Industry: Real Estate Development
  • Sector: Real Estate
  • Implied Market Cap: S$383.684m
  • Shares outstanding: 1.22b
  • Website: https://www.tuansing.com

Number of Employees


Location

  • Tuan Sing Holdings Limited
  • 9 Oxley Rise
  • No. 03-02 The Oxley
  • Singapore
  • 238697
  • Singapore


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
T24SGX (Singapore Exchange)YesOrdinary SharesSGSGDJan 1992
TUSBST (Boerse-Stuttgart)YesOrdinary SharesDEEURJan 1992
TUSDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/01 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.