Hour Glass
The Hour Glass Limited, an investment holding company, retails and distributes watches, jewelry, and other luxury products in Singapore, Malaysia, Australia, Vietnam, Thailand, Japan, and Hong Kong. The last earnings update was 12 days ago. More info.
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AGS Share Price and Events
7 Day Returns
1 Year Returns
AGS Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Hour Glass (AGS) | 1.2% | 7.1% | 9.3% | 29.9% | 3.1% | 33.4% |
| SG Specialty Retail | 0.9% | -1.2% | -1.3% | 3.4% | -25% | -41.4% |
| SG Market | 0.1% | 3.1% | 0.5% | 2% | 9.2% | -4.6% |
1 Year Return vs Industry and Market
- AGS outperformed the Specialty Retail industry which returned 3.4% over the past year.
- AGS outperformed the Market in Singapore which returned 2% over the past year.
Value
Is Hour Glass 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
Hour Glass
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Hour Glass.
| 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 | 7.7% |
| 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.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year SG Govt Bond Rate | 2.3% |
| Equity Risk Premium | S&P Global | 6% |
| Specialty Retail Unlevered Beta | Simply Wall St/ S&P Global | 0.84 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.839 (1 + (1- 17%) (2.59%)) |
0.904 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.9 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (0.904 * 5.96%) |
7.69% |
Discounted Cash Flow Calculation for SGX:AGS using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Hour Glass 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.
| Levered FCF (SGD, Millions) | Source |
Present Value Discounted (@ 7.69%) |
|
|---|---|---|---|
| 2020 | 54.00 | Est @ 0.15% | 50.14 |
| 2021 | 54.43 | Est @ 0.8% | 46.93 |
| 2022 | 55.11 | Est @ 1.25% | 44.12 |
| 2023 | 55.97 | Est @ 1.56% | 41.61 |
| 2024 | 56.97 | Est @ 1.79% | 39.33 |
| 2025 | 58.07 | Est @ 1.94% | 37.23 |
| 2026 | 59.27 | Est @ 2.05% | 35.28 |
| 2027 | 60.52 | Est @ 2.13% | 33.45 |
| 2028 | 61.84 | Est @ 2.18% | 31.74 |
| 2029 | 63.21 | Est @ 2.22% | 30.13 |
| Present value of next 10 years cash flows | SGD389.96 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2029
× (1 + g) ÷ (Discount Rate – g)
= SGD63.21 × (1 + 2.3%) ÷ (7.69% – 2.3%) |
SGD1,199.89 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= SGD1,199.89 ÷ (1 + 7.69%)10 |
SGD571.85 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= SGD389.96 + SGD571.85 |
SGD961.80 |
| Equity Value per Share (SGD) |
= Total value / Shares Outstanding
= SGD961.80 / 705.01 |
SGD1.36 |
| Calculation | Result | |
|---|---|---|
| Value per share (SGD) | From above. | SGD1.36 |
| Current discount | Discount to share price of
SGD0.83
= -1 x (SGD0.83 - SGD1.36) / SGD1.36 |
39.5% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Hour Glass's share price is below the future cash flow value, and at a moderate discount (> 20%).
- Hour Glass's share price is below the future cash flow value, but not 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 Hour Glass's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Hour Glass's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in SGD | SGD0.10 |
| SGX:AGS Share Price ** | SGX (2019-07-16) in SGD | SGD0.83 |
| Singapore Specialty Retail Industry PE Ratio | Median Figure of 6 Publicly-Listed Specialty Retail Companies | 10.02x |
| Singapore Market PE Ratio | Median Figure of 326 Publicly-Listed Companies | 13.11x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Hour Glass.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = SGX:AGS Share Price ÷ EPS (both in SGD) = 0.83 ÷ 0.10 |
8.26x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Hour Glass is good value based on earnings compared to the SG Specialty Retail industry average.
- Hour Glass is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does
Hour Glass's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 8.26x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts |
4.3%per year |
| Asia Specialty Retail Industry PEG Ratio | Median Figure of 16 Publicly-Listed Specialty Retail Companies | 0.86x |
| Singapore Market PEG Ratio | Median Figure of 119 Publicly-Listed Companies | 1.62x |
*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 Hour Glass, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on
Hour Glass's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in SGD | SGD0.79 |
| SGX:AGS Share Price * | SGX (2019-07-16) in SGD | SGD0.83 |
| Singapore Specialty Retail Industry PB Ratio | Median Figure of 10 Publicly-Listed Specialty Retail Companies | 0.86x |
| Singapore Market PB Ratio | Median Figure of 430 Publicly-Listed Companies | 0.72x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = SGX:AGS Share Price ÷ Book Value per Share (both in SGD) = 0.83 ÷ 0.79 |
1.04x |
* Primary Listing of Hour Glass.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Hour Glass is overvalued based on assets compared to the SG Specialty Retail industry average.
Value checks
We assess Hour Glass's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the Specialty Retail industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Specialty Retail industry average (and greater than 0)? (1 check) Hour Glass has a total score of 3/6, 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 Hour Glass expected to perform in the next 1 to 3 years based on estimates from 0 analysts?
- No analysts cover Hour Glass, 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!
Earnings growth vs Low Risk Savings
- Hour Glass's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
- Hour Glass's earnings growth is positive but not above the Singapore market average.
- Unable to compare Hour Glass's revenue growth to the Singapore market average as no estimate data is available.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| SGX:AGS Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts | 4.3% |
| Singapore Specialty Retail Industry Earnings Growth Rate | Market Cap Weighted Average | 12.9% |
| Asia Specialty Retail Industry Revenue Growth Rate | Market Cap Weighted Average | 9% |
| Singapore Market Earnings Growth Rate | Market Cap Weighted Average | 5.6% |
| 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
| 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 |
| Date (Data in SGD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 722 | 66 | 70 |
| 2018-12-31 | 716 | 71 | 64 |
| 2018-09-30 | 710 | 95 | 60 |
| 2018-06-30 | 709 | 105 | 57 |
| 2018-03-31 | 692 | 81 | 50 |
| 2017-12-31 | 710 | 78 | 51 |
| 2017-09-30 | 723 | 57 | 50 |
| 2017-06-30 | 713 | 64 | 47 |
| 2017-03-31 | 697 | 67 | 49 |
| 2016-12-31 | 694 | 66 | 48 |
| 2016-09-30 | 685 | 49 | 49 |
| 2016-06-30 | 697 | 35 | 50 |
*GAAP earnings excluding extraordinary items.
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 Hour Glass Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in SGD Millions) | EPS * |
|---|---|
| 2019-03-31 | 0.10 |
| 2018-12-31 | 0.09 |
| 2018-09-30 | 0.08 |
| 2018-06-30 | 0.08 |
| 2018-03-31 | 0.07 |
| 2017-12-31 | 0.07 |
| 2017-09-30 | 0.07 |
| 2017-06-30 | 0.07 |
| 2017-03-31 | 0.07 |
| 2016-12-31 | 0.07 |
| 2016-09-30 | 0.07 |
| 2016-06-30 | 0.07 |
*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 Hour Glass will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
Future performance checks
We assess Hour Glass's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Asia market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Hour Glass has a total score of 1/6, 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 Hour Glass 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
Past Earnings growth analysis
- Hour Glass's year on year earnings growth rate has been positive over the past 5 years.
- Hour Glass's 1-year earnings growth exceeds its 5-year average (41.4% vs 0.9%)
- Hour Glass's earnings growth has exceeded the SG Specialty Retail industry average in the past year (41.4% vs 17.8%).
Earnings and Revenue History
All data from Hour Glass Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in SGD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 721.98 | 70.43 | 102.44 | |
| 2018-12-31 | 716.46 | 64.06 | 98.92 | |
| 2018-09-30 | 710.47 | 59.92 | 96.69 | |
| 2018-06-30 | 708.81 | 57.13 | 94.10 | |
| 2018-03-31 | 692.42 | 49.82 | 91.42 | |
| 2017-12-31 | 709.94 | 50.66 | 93.31 | |
| 2017-09-30 | 722.90 | 49.87 | 92.17 | |
| 2017-06-30 | 712.95 | 47.49 | 91.62 | |
| 2017-03-31 | 696.76 | 48.70 | 90.63 | |
| 2016-12-31 | 694.46 | 47.60 | 92.18 | |
| 2016-09-30 | 684.88 | 48.71 | 93.31 | |
| 2016-06-30 | 697.07 | 50.04 | 93.29 | |
| 2016-03-31 | 708.24 | 52.32 | 94.09 | |
| 2015-12-31 | 748.28 | 57.62 | 95.85 | |
| 2015-09-30 | 748.40 | 57.95 | 92.95 | |
| 2015-06-30 | 737.92 | 60.05 | 91.31 | |
| 2015-03-31 | 735.57 | 57.95 | 88.83 | |
| 2014-12-31 | 697.59 | 57.80 | 82.64 | |
| 2014-09-30 | 690.14 | 56.78 | 81.38 | |
| 2014-06-30 | 685.64 | 54.50 | 82.12 | |
| 2014-03-31 | 683.25 | 54.94 | 82.06 | |
| 2013-12-31 | 662.93 | 50.95 | 79.99 | |
| 2013-09-30 | 641.69 | 51.73 | 79.59 | |
| 2013-06-30 | 621.73 | 52.31 | 77.28 | |
| 2013-03-31 | 602.37 | 52.84 | 74.02 | |
| 2012-12-31 | 591.51 | 51.38 | 73.91 | |
| 2012-09-30 | 603.34 | 54.86 | 72.97 |
*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.
- Hour Glass has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Hour Glass used its assets more efficiently than the SG Specialty Retail industry average last year based on Return on Assets.
- Hour Glass has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Hour Glass's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Specialty Retail industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Hour Glass has a total score of 5/6, 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 Hour Glass'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 Hour Glass's finances.
The net worth of a company is the difference between its assets and liabilities.
- Hour Glass is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- Hour Glass's cash and other short term assets cover its long term commitments.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is covered by short term assets, assets are 32.4x 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.
All data from Hour Glass Company Filings, last reported 3 months ago.
| Date (Data in SGD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 573.02 | 14.97 | 182.67 |
| 2018-12-31 | 550.86 | 28.46 | 163.33 |
| 2018-09-30 | 534.71 | 25.69 | 159.76 |
| 2018-06-30 | 536.41 | 47.02 | 187.96 |
| 2018-03-31 | 519.60 | 49.66 | 182.22 |
| 2017-12-31 | 504.19 | 51.71 | 146.14 |
| 2017-09-30 | 492.89 | 53.08 | 120.43 |
| 2017-06-30 | 497.09 | 52.16 | 112.22 |
| 2017-03-31 | 491.80 | 51.16 | 127.17 |
| 2016-12-31 | 474.18 | 55.42 | 95.14 |
| 2016-09-30 | 456.82 | 54.84 | 85.26 |
| 2016-06-30 | 457.85 | 63.87 | 80.69 |
| 2016-03-31 | 452.25 | 63.42 | 95.17 |
| 2015-12-31 | 435.73 | 70.43 | 69.46 |
| 2015-09-30 | 420.65 | 64.75 | 76.01 |
| 2015-06-30 | 427.22 | 62.70 | 74.53 |
| 2015-03-31 | 421.96 | 61.19 | 100.77 |
| 2014-12-31 | 396.28 | 76.86 | 75.22 |
| 2014-09-30 | 382.08 | 41.95 | 88.60 |
| 2014-06-30 | 385.69 | 40.51 | 84.30 |
| 2014-03-31 | 376.74 | 39.74 | 117.77 |
| 2013-12-31 | 352.09 | 45.12 | 83.43 |
| 2013-09-30 | 340.42 | 42.13 | 71.96 |
| 2013-06-30 | 345.16 | 33.80 | 64.80 |
| 2013-03-31 | 340.28 | 41.20 | 80.90 |
| 2012-12-31 | 319.41 | 52.33 | 63.20 |
| 2012-09-30 | 306.02 | 47.27 | 52.63 |
- Hour Glass's level of debt (2.6%) 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 (10.5% vs 2.6% today).
- Debt is well covered by operating cash flow (441.1%, greater than 20% of total debt).
- Hour Glass earns more interest than it pays, coverage of interest payments is not a concern.
Financial health checks
We assess Hour Glass's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Hour Glass has a total score of 6/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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 Hour Glass'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
If you bought
SGD2,000 of
Hour Glass
shares you are expected to receive
SGD73
in your first year as a dividend.
Dividend Amount
- Hour Glass's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.56%).
- Hour Glass's dividend is below the markets top 25% of dividend payers in Singapore (5.53%).
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.
| 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 Specialty Retail Industry Average Dividend Yield | Market Cap Weighted Average of 6 Stocks | 4.8% |
| 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.
| Date (Data in SGD) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-07-04 | 0.030 | 3.681 |
| 2019-05-28 | 0.030 | 3.883 |
| 2018-07-11 | 0.020 | 3.005 |
| 2018-05-22 | 0.020 | 3.108 |
| 2017-07-04 | 0.020 | 3.045 |
| 2017-05-31 | 0.020 | 2.963 |
| 2016-07-20 | 0.020 | 2.957 |
| 2015-06-29 | 0.022 | 2.891 |
| 2014-07-23 | 0.020 | 2.875 |
| 2013-07-17 | 0.018 | 3.222 |
| 2012-06-28 | 0.020 | 3.673 |
| 2012-05-25 | 0.020 | 4.711 |
| 2011-07-04 | 0.017 | 4.308 |
| 2010-05-25 | 0.012 | 3.726 |
| 2009-07-06 | 0.008 | 3.472 |
| 2009-05-27 | 0.008 | 4.117 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been stable in the past 10 years.
- Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of
Hour Glass's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are well covered by earnings (3.3x coverage).
- Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
Income/ dividend checks
We assess Hour Glass's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.7%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Hour Glass afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Hour Glass has a total score of 4/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| AGE | 66 |
| TENURE AS CEO | 10.1 years |
CEO Bio
Dr. Swee Kheng Chan, also known as Kenny, has been the Group Managing Director of Hour Glass Limited since June 2009. Dr. Chan served as the Group Chief Operating Officer of Hour Glass Ltd. since July 1, 2002. Dr. Chan served as the Managing Director of Hour Glass Ltd. since April 1, 2004. Dr. Chan is responsible for the General Management and Operations of Hour Glass. Dr. Chan served as Managing Director of Burberry Singapore Pte Ltd. from 1992 to 2001 and Burberry Australia Pty Ltd. from 1989 to 2001. He has over 20 years of experience in the luxury goods industry. Dr. Chan has been a Director of Hour Glass Ltd. since April 1, 2004. He is a Member of the Young President Organisation, Singapore. He held the positions of Education Chairman and Chapter Chairman. He was also Council Member in the Singapore Retailers Association from 2000 to 2002. Dr. Chan graduated with a MBBS (Hons) from Monash University, Melbourne, in 1977.
CEO Compensation
- Insufficient data for Kenny to compare compensation growth.
- Insufficient data for Kenny to establish whether their remuneration is reasonable compared to companies of similar size in Singapore.
Management Team Tenure
Average tenure and age of the Hour Glass management team in years:
- The average tenure for the Hour Glass management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team
Henry Tay
Co-Founder & Executive Chairman
75
40.5 yrs
Kenny Chan
Group MD & Executive Director
66
10.1 yrs
Michael Tay
Group MD & Executive Director
44
4.3 yrs
Siak Yong Ng
Chief Financial Officer
50
11.3 yrs
Norman Ho
Group General Manager
Christine Chan
Company Secretary
Wai Yang Chung
Managing Director of the Hour Glass (HK) Limited
John Glajz
Managing Director of Glajz-THG Pte Ltd
Atsushi Momoi
GM of the Hour Glass Japan Ltd & Director of the Hour Glass Japan Ltd
Board of Directors Tenure
Average tenure and age of the Hour Glass board of directors in years:
- The tenure for the Hour Glass board of directors is about average.
Board of Directors
Henry Tay
Co-Founder & Executive Chairman
75
31.8 yrs
Kenny Chan
Group MD & Executive Director
66
15.3 yrs
Michael Tay
Group MD & Executive Director
44
13.9 yrs
Atsushi Momoi
GM of the Hour Glass Japan Ltd & Director of the Hour Glass Japan Ltd
Boon Wee Kuah
Lead Independent Non-Executive Director
52
6 yrs
Choon Wei Liew
Independent Non Executive Director
65
2.3 yrs
Pascal Demierre Guy
Independent Non-Executive Director
45
8.3 yrs
Jeffry Lee
Independent Non-Executive Director
55
1.8 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (SGD) | Value (SGD) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 09. Jul 19 | Buy | FMR LLC | Company | 04. Jul 19 | 04. Jul 19 | 151,300 | SGD0.82 | SGD124,254 | ||
| 17. Apr 19 | Buy | Yun Tay | Individual | 15. Apr 19 | 15. Apr 19 | 9,721,000 | SGD0.71 | SGD6,901,903 | ||
| 05. Apr 19 | Buy | Yun Tay | Individual | 03. Apr 19 | 03. Apr 19 | 500,000 | SGD0.67 | SGD335,000 | ||
| 21. Aug 18 | Buy | Yun Tay | Individual | 17. Aug 18 | 17. Aug 18 | 12,993,000 | SGD0.66 | SGD8,510,412 | ||
Management checks
We assess Hour Glass's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Hour Glass 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
Did The Hour Glass Limited (SGX:AGS) Insiders Buy Up More Shares?
So we'll take a look at whether insiders have been buying or selling shares in The Hour Glass Limited (SGX:AGS). … As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.' See our latest analysis for Hour Glass Hour Glass Insider Transactions Over The Last Year Over the last year, we can see that the biggest insider purchase was by Co-Founder & Executive Chairman Yun Tay for S$8.5m worth of shares, at about S$0.66 per share. … When combined with notable insider ownership, these factors suggest Hour Glass insiders are well aligned, and that they may think the share price is too low.
Simply Wall St - – Full articleDid Hour Glass's (SGX:AGS) Share Price Deserve to Gain 29%?
To wit, the Hour Glass share price has climbed 29% in five years, easily topping the market return of -4.6% (ignoring dividends). … Over half a decade, Hour Glass managed to grow its earnings per share at 5.1% a year. … We note that for Hour Glass the TSR over the last 5 years was 49%, which is better than the share price return mentioned above.
Simply Wall St - – Full articleHour Glass (SGX:AGS) Shareholders Booked A 29% Gain In The Last Five Years
For example, long term The Hour Glass Limited (SGX:AGS) shareholders have enjoyed a 29% share price rise over the last half decade, well in excess of the market return of around -4.6% (not including dividends). … During five years of share price growth, Hour Glass achieved compound earnings per share (EPS) growth of 5.1% per year. … Given the share price momentum remains strong, it might be worth taking a closer look at the stock, lest you miss an opportunity.
Simply Wall St - – Full articleRead This Before You Buy The Hour Glass Limited (SGX:AGS) Because Of Its P/E Ratio
The formula for price to earnings is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Hour Glass: P/E of 7.81 = SGD0.78 ÷ SGD0.10 (Based on the trailing twelve months to March 2019.) Is A High Price-to-Earnings Ratio Good? … SGX:AGS Price Estimation Relative to Market, June 10th 2019 Hour Glass's P/E tells us that market participants think it will not fare as well as its peers in the same industry. … The Bottom Line On Hour Glass's P/E Ratio Hour Glass trades on a P/E ratio of 7.8, which is below the SG market average of 12.4.
Simply Wall St - – Full articleBrief Commentary On The Hour Glass Limited's (SGX:AGS) Fundamentals
For those interested in understanding where the figures come from and want to see the analysis, read the full report on Hour Glass here. … SGX:AGS Historical Debt, May 29th 2019 For those seeking income streams from their portfolio, AGS is a robust dividend payer as well. … SGX:AGS Historical Dividend Yield, May 29th 2019 Next Steps: For Hour Glass, I've put together three key aspects you should look at: Future Outlook: What are well-informed industry analysts predicting for AGS’s future growth?
Simply Wall St - – Full articleHere's Why I Think Hour Glass (SGX:AGS) Might Deserve Your Attention Today
See our latest analysis for Hour Glass How Fast Is Hour Glass Growing Its Earnings Per Share? … On top of the insider buying, it's good to see that Hour Glass insiders have a valuable investment in the business. … The good news is that Hour Glass is not the only growth stock with insider buying.
Simply Wall St - – Full articleWhat Can We Make Of The Hour Glass Limited’s (SGX:AGS) High Return On Capital?
In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … What is Return On Capital Employed (ROCE)? … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.
Simply Wall St - – Full articleDo Insiders Own Shares In The Hour Glass Limited (SGX:AGS)?
A look at the shareholders of The Hour Glass Limited (SGX:AGS) can tell us which group is most powerful. … Hour Glass is a smaller company with a market capitalization of S$511m, so it may still be flying under the radar of many institutional investors. … Check out our latest analysis for Hour Glass
Simply Wall St - – Full articleCan You Imagine How Hour Glass's (SGX:AGS) Shareholders Feel About The 21% Share Price Increase?
For example, long term The Hour Glass Limited (SGX:AGS) shareholders have enjoyed a 21% share price rise over the last half decade, well in excess of the market return of around -0.9% (not including dividends). … One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price. … Over half a decade, Hour Glass managed to grow its earnings per share at 4.7% a year.
Simply Wall St - – Full articleAre Insiders Buying The Hour Glass Limited (SGX:AGS) Stock?
So before you buy or sell The Hour Glass Limited (SGX:AGS), you may well want to know whether insiders have been buying or selling. … The Last 12 Months Of Insider Transactions At Hour Glass. … Yun Tay was the only individual insider to buy shares in the last twelve months
Simply Wall St - – Full articleCompany Info
Description
The Hour Glass Limited, an investment holding company, retails and distributes watches, jewelry, and other luxury products in Singapore, Malaysia, Australia, Vietnam, Thailand, Japan, and Hong Kong. The company also invests in properties. It operates approximately 38 boutiques. The company was founded in 1979 and is based in Singapore.
Details
| Name: | The Hour Glass Limited |
| AGS | |
| Exchange: | SGX |
| Founded: | 1979 |
| SGD578,109,741 | |
| 705,011,880 | |
| Website: | http://www.thehourglass.com |
| Address: |
The Hour Glass Limited No. 11-01 Tong Building, 302 Orchard Road, Singapore, 238862, Singapore |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| SGX | AGS | Ordinary Shares | Singapore Exchange | SG | SGD | 02. Jan 1992 |
Number of employees
Current staff
Industry
| Specialty Stores | |
| Retail |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/07/16 12:50 |
| End of day share price update: | 2019/07/16 00:00 |
| Last earnings filing: | 2019/07/04 |
| Last earnings reported: | 2019/03/31 |
| Last annual earnings reported: | 2019/03/31 |
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.
