SGX:T24

Stock Analysis Report

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Executive Summary

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. More Details


Snowflake Analysis

Undervalued with proven track record.


Similar Companies

Share Price & News

How has Tuan Sing Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: T24 is less volatile than 75% of SG stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: T24's weekly volatility (3%) has been stable over the past year.


Market Performance


7 Day Return

-1.5%

T24

0.2%

SG Real Estate

0.3%

SG Market


1 Year Return

12.3%

T24

-10.7%

SG Real Estate

-3.4%

SG Market

Return vs Industry: T24 exceeded the SG Real Estate industry which returned -10.7% over the past year.

Return vs Market: T24 exceeded the SG Market which returned -3.4% over the past year.


Shareholder returns

T24IndustryMarket
7 Day-1.5%0.2%0.3%
30 Day0%1.4%1.6%
90 Day1.6%2.3%6.1%
1 Year15.2%12.3%-7.4%-10.7%1.7%-3.4%
3 Year-22.6%-27.3%-19.2%-26.4%-7.1%-18.5%
5 Year12.3%1.6%3.3%-10.7%17.8%-3.8%

Long-Term Price Volatility Vs. Market

How volatile is Tuan Sing Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Tuan Sing Holdings undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: T24 (SGD0.32) is trading below our estimate of fair value (SGD3.36)

Significantly Below Fair Value: T24 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: T24 is good value based on its PE Ratio (6.4x) compared to the SG Real Estate industry average (13.9x).

PE vs Market: T24 is good value based on its PE Ratio (6.4x) compared to the SG market (14.2x).


Price to Earnings Growth Ratio

PEG Ratio: T24's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: T24 is good value based on its PB Ratio (0.3x) compared to the SG Real Estate industry average (0.5x).


Next Steps

Future Growth

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

-27.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: T24's earnings are forecast to decline over the next 3 years (-27.7% per year).

Earnings vs Market: T24's earnings are forecast to decline over the next 3 years (-27.7% per year).

High Growth Earnings: T24's earnings are forecast to decline over the next 3 years.

Revenue vs Market: T24's revenue (23.4% per year) is forecast to grow faster than the SG market (9.1% per year).

High Growth Revenue: T24's revenue (23.4% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: T24's Return on Equity is forecast to be low in 3 years time (2.7%).


Next Steps

Past Performance

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

9.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: T24 has a large one-off gain of SGD59.2M impacting its December 31 2020 financial results.

Growing Profit Margin: T24's current net profit margins (30%) are higher than last year (10.7%).


Past Earnings Growth Analysis

Earnings Trend: T24's earnings have grown by 9.5% per year over the past 5 years.

Accelerating Growth: T24's earnings growth over the past year (77.5%) exceeds its 5-year average (9.5% per year).

Earnings vs Industry: T24 earnings growth over the past year (77.5%) exceeded the Real Estate industry -45.7%.


Return on Equity

High ROE: T24's Return on Equity (5%) is considered low.


Next Steps

Financial Health

How is Tuan Sing Holdings's financial position?


Financial Position Analysis

Short Term Liabilities: T24's short term assets (SGD1.1B) exceed its short term liabilities (SGD666.0M).

Long Term Liabilities: T24's short term assets (SGD1.1B) do not cover its long term liabilities (SGD1.3B).


Debt to Equity History and Analysis

Debt Level: T24's debt to equity ratio (125%) is considered high.

Reducing Debt: T24's debt to equity ratio has increased from 124.7% to 125% over the past 5 years.

Debt Coverage: T24's debt is not well covered by operating cash flow (4.7%).

Interest Coverage: T24's interest payments on its debt are not well covered by EBIT (0.4x coverage).


Balance Sheet


Next Steps

Dividend

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

1.88%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: T24's dividend (1.88%) isn’t notable compared to the bottom 25% of dividend payers in the SG market (1.97%).

High Dividend: T24's dividend (1.88%) is low compared to the top 25% of dividend payers in the SG market (4.77%).


Stability and Growth of Payments

Stable Dividend: T24's dividend payments have been volatile in the past 10 years.

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


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (12.1%), T24's dividend payments are thoroughly covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: T24's dividends in 3 years are forecast to be well covered by earnings (20.8% payout ratio).


Next Steps

Management

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

3.9yrs

Average management tenure


CEO

William Liem Nursalim (47 yo)

13.17yrs

Tenure

S$1,378,626

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

Compensation vs Market: William Liem's total compensation ($USD1.04M) is above average for companies of similar size in the SG market ($USD695.39K).

Compensation vs Earnings: William Liem's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
William Nursalim
CEO & Executive Director13.17yrsS$1.38mno data
Kok Leong
Chief Financial Officer2.58yrsno datano data
Peggy Wong
General Counsel3.67yrsno datano data
Joo Lim Ong
Senior Vice President of Sales3.92yrsno datano data
Kim Loh
Human Resource Director2.08yrsno datano data
Tiam Song Kock
Senior Vice President of Property Management3.92yrsno datano data
Fook Onn Yong
Managing Director of Soil & Foundationno datano datano data
Choong How Ng
Senior Vice President of Business Developmentno datano datano data
Tan Sin
Managing Director of Commodities Tradingno datano datano data
Lim Khoon
Managing Director of Tyre & Auto Productsno datano datano data
Teik Yean Chong
Senior Vice President of Projects3.92yrsno datano data
Boon Tan
Head of Asset & Fund Managementno datano datano data

3.9yrs

Average Tenure

Experienced Management: T24's management team is considered experienced (3.9 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
William Nursalim
CEO & Executive Director13.17yrsS$1.38mno data
Yee Ming Eu
Independent Non-Executive Chairman0.083yrS$31.90kno data
Hong Kok Cheng
Independent & Non-Executive Director3.58yrsS$86.50kno data
Mei Fung Liem
Non-Independent & Non-Executive Director19.92yrsS$69.00kno data
Teow Huat Choo
Independent & Non-Executive Director19.08yrsS$133.50kno data

17.2yrs

Average Tenure

63yo

Average Age

Experienced Board: T24's board of directors are seasoned and experienced ( 17.2 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

Tuan Sing Holdings Limited's company bio, 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
  • Market Cap: S$379.971m
  • Shares outstanding: 1.19b
  • Website: https://www.tuansing.com

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

Biography

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...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/03/05 11:00
End of Day Share Price2021/03/05 00:00
Earnings2020/12/31
Annual Earnings2020/12/31


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.