Isetan (Singapore) (SGX:I15) - Share price, News & Analysis

I15 fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	0/6
Past Performance	2/6
Financial Health	6/6
Dividends	0/6

I15 Stock Overview

Isetan (Singapore) Limited operates department stores and supermarkets in Singapore.

Rewards

Trading at 78.8% below our estimate of its fair value

Became profitable this year

Risk Analysis

Large one-off items impacting financial results

Isetan (Singapore) Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Isetan (Singapore)
Historical stock prices
Current Share Price	S$3.50
52 Week High	S$4.78
52 Week Low	S$3.32
Beta	0.51
1 Month Change	-2.78%
3 Month Change	-2.24%
1 Year Change	-13.58%
3 Year Change	0.86%
5 Year Change	-9.56%
Change since IPO	-27.08%

Recent News & Updates

Mar 07

The Strong Earnings Posted By Isetan (Singapore) (SGX:I15) Are A Good Indication Of The Strength Of The Business

The subdued stock price reaction suggests that Isetan (Singapore) Limited's ( SGX:I15 ) strong earnings didn't offer...

Shareholder Returns

	I15	SG Multiline Retail	SG Market
7D	3.9%	-1.6%	-1.2%
1Y	-13.6%	-9.7%	-2.6%

Return vs Industry: I15 underperformed the SG Multiline Retail industry which returned -9.7% over the past year.

Return vs Market: I15 underperformed the SG Market which returned -2.6% over the past year.

Price Volatility

Is I15's price volatile compared to industry and market?
I15 volatility
I15 Average Weekly Movement	n/a
Multiline Retail Industry Average Movement	6.2%
Market Average Movement	4.9%
10% most volatile stocks in SG Market	11.6%
10% least volatile stocks in SG Market	2.4%

Stable Share Price: Insufficient data to determine I15's volatility over the past 3 months.

Volatility Over Time: Insufficient data to determine I15's volatility change over the past year.

About the Company

Founded	Employees	CEO	Website
1886	370	Koji Oyama	https://www.isetan.com.sg

Isetan (Singapore) Limited operates department stores and supermarkets in Singapore. It operates in two segments, Retail and Property. The company operates stores under the Isetan Scotts, Isetan Katong, Isetan Tampines, and Isetan Serangoon Central names.

Isetan (Singapore) Fundamentals Summary

How do Isetan (Singapore)'s earnings and revenue compare to its market cap?
I15 fundamental statistics
Market Cap	S$144.38m
Earnings (TTM)	S$2.16m
Revenue (TTM)	S$87.55m

67.0x

P/E Ratio

1.6x

P/S Ratio

Is I15 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
I15 income statement (TTM)
Revenue	S$87.55m
Cost of Revenue	S$33.64m
Gross Profit	S$53.92m
Other Expenses	S$51.76m
Earnings	S$2.16m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)	0.052
Gross Margin	61.58%
Net Profit Margin	2.46%
Debt/Equity Ratio	0%

How did I15 perform over the long term?

See historical performance and comparison

Dividends

0.9%

Current Dividend Yield

57%

Payout Ratio

Valuation

Is Isetan (Singapore) undervalued compared to its fair value and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

>50%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: I15 (SGD3.5) is trading below our estimate of fair value (SGD16.53)

Significantly Below Fair Value: I15 is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: I15 is poor value based on its Price-To-Earnings Ratio (67x) compared to the Asian Multiline Retail industry average (19x).

PE vs Market: I15 is poor value based on its Price-To-Earnings Ratio (67x) compared to the SG market (11.9x).

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate I15's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: I15's Price-To-Book Ratio (1.3x) is in line with the XA Multiline Retail industry average.

Future Growth

How is Isetan (Singapore) 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

25.2%

Forecasted Retail 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 Isetan (Singapore) 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.

Past Performance

How has Isetan (Singapore) performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-44.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: I15 has a large one-off gain of SGD569.0K impacting its December 31 2021 financial results.

Growing Profit Margin: I15 became profitable in the past.

Past Earnings Growth Analysis

Earnings Trend: I15 has become profitable over the past 5 years, growing earnings by -44.2% per year.

Accelerating Growth: I15 has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: I15 has become profitable in the last year, making it difficult to compare its past year earnings growth to the Multiline Retail industry (-9.7%).

Return on Equity

High ROE: I15's Return on Equity (2%) is considered low.

Financial Health

How is Isetan (Singapore)'s financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: I15's short term assets (SGD89.8M) exceed its short term liabilities (SGD51.5M).

Long Term Liabilities: I15's short term assets (SGD89.8M) exceed its long term liabilities (SGD43.6M).

Debt to Equity History and Analysis

Debt Level: I15 is debt free.

Reducing Debt: I15 has not had any debt for past 5 years.

Debt Coverage: I15 has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: I15 has no debt, therefore coverage of interest payments is not a concern.

Balance Sheet

Dividend

What is Isetan (Singapore) current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

0.86%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: I15's dividend (0.86%) isn’t notable compared to the bottom 25% of dividend payers in the SG market (2.23%).

High Dividend: I15's dividend (0.86%) is low compared to the top 25% of dividend payers in the SG market (6.01%).

Stability and Growth of Payments

Stable Dividend: I15 is not paying a notable dividend for the SG market, therefore no need to check if payments are stable.

Growing Dividend: I15 is not paying a notable dividend for the SG market, therefore no need to check if payments are increasing.

Earnings Payout to Shareholders

Earnings Coverage: I15 is not paying a notable dividend for the SG market.

Cash Payout to Shareholders

Cash Flow Coverage: I15 is not paying a notable dividend for the SG market.

Discover strong dividend paying companies

Management

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

5.0yrs

Average board tenure

CEO

Koji Oyama (53 yo)

1.75yrs

Tenure

Mr. Koji Oyama serves as Chief Executive Officer of Isetan (Singapore) Limited since April 28, 2022. He served as Executive Director & Managing Director at Isetan (Singapore) Limited since August 1, 2020 u...

Board Members

Experienced Board: I15's board of directors are considered experienced (5 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.

Data	Last Updated (UTC time)
Company Analysis	2022/05/26 00:00
End of Day Share Price	2022/05/26 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31