Reported Earnings • Aug 11
Full year 2026 earnings released: EPS: S$0.004 (vs S$0.004 in FY 2025) Full year 2026 results: EPS: S$0.004 (in line with FY 2025). Revenue: S$185.9m (down 3.5% from FY 2025). Net income: S$1.05m (up 14% from FY 2025). Profit margin: 0.6% (up from 0.5% in FY 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Declared Dividend • Aug 08
Dividend of S$0.01 announced Dividend of S$0.01 is the same as last year. Ex-date: 10th September 2026 Payment date: 22nd September 2026 Dividend yield will be 5.1%, which is lower than the industry average of 7.5%. Sustainability & Growth Dividend is not covered by earnings (227% earnings payout ratio). However, it is well covered by cash flows (20% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 153% to bring the payout ratio under control. However, EPS has declined by 16% over the last 5 years so the company would need to reverse this trend. Announcement • Aug 06
Stamford Tyres Corporation Limited, Annual General Meeting, Aug 28, 2026 Stamford Tyres Corporation Limited, Annual General Meeting, Aug 28, 2026, at 15:00 Singapore Standard Time. Location: 19 lok yang way, singapore 628635, Singapore Reported Earnings • Jun 25
Full year 2026 earnings released Full year 2026 results: Revenue: S$186.5m (down 3.2% from FY 2025). Net income: S$1.05m (up 14% from FY 2025). Profit margin: 0.6% (up from 0.5% in FY 2025). The increase in margin was driven by lower expenses. Reported Earnings • Dec 13
First half 2026 earnings released: EPS: S$0.001 (vs S$0.002 in 1H 2025) First half 2026 results: EPS: S$0.001 (down from S$0.002 in 1H 2025). Revenue: S$96.8m (flat on 1H 2025). Net income: S$168.0k (down 58% from 1H 2025). Profit margin: 0.2% (down from 0.4% in 1H 2025). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Nov 28
Stamford Tyres Corporation Limited Announces Promotion of Kenneth Yeo Kok Yuen as Group Financial Controller, Effective December 01, 2025 The Board of Directors of Stamford Tyres Corporation Limited, having considered the recommendation of Management and the review by the Nominating Committee, and assessed the qualifications, experience and performance of Mr. Kenneth Yeo Kok Yuen (Mr Yeo) since his appointment as Financial Controller, is of the view that Mr. Yeo has the requisite experience and capabilities to assume the role of Group Financial Controller. The appointment is executive. Mr. Yeo will be responsible to oversee the Group's financial operations, which include the Group's financial and management accounting, treasury, taxation, and ensuring corporate regulatory compliance. Working Experience: 2022 to 2024 ComfortDelGro (Senior Manager) 2015 to 2019 Shanda (Group Accounting Manager). Professional Qualifications: Chartered Accountant of Singapore Degree of Bachelor of Accountancy (Nanyang Technological University). Appointment date is December 01, 2025. Upcoming Dividend • Sep 04
Upcoming dividend of S$0.01 per share Eligible shareholders must have bought the stock before 11 September 2025. Payment date: 23 September 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.5%. Lower than top quartile of Singaporean dividend payers (5.5%). Higher than average of industry peers (3.9%). Declared Dividend • Aug 09
Dividend of S$0.01 announced Shareholders will receive a dividend of S$0.01. Ex-date: 11th September 2025 Payment date: 23rd September 2025 Dividend yield will be 4.8%, which is lower than the industry average of 7.5%. Sustainability & Growth Dividend is not covered by earnings (256% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 185% to bring the payout ratio under control, which is more than the 36% EPS growth achieved over the last 5 years. Announcement • Aug 07
Stamford Tyres Corporation Limited, Annual General Meeting, Aug 29, 2025 Stamford Tyres Corporation Limited, Annual General Meeting, Aug 29, 2025, at 15:00 Singapore Standard Time. Location: 19 lok yang way, singapore 628635, Singapore New Risk • Jul 17
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 256% The company is paying a dividend despite having no free cash flows. Dividend yield: 4.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 256% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (S$49.9m market cap, or US$38.8m). New Risk • Jul 16
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.5% Last year net profit margin: 3.2% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (S$49.9m market cap, or US$38.8m). New Risk • Jul 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended October 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported October 2024 fiscal period end). Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Market cap is less than US$100m (S$49.9m market cap, or US$39.2m). Buy Or Sell Opportunity • Jun 27
Now 21% undervalued Over the last 90 days, the stock has risen 9.1% to S$0.21. The fair value is estimated to be S$0.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 20%. Buy Or Sell Opportunity • Jun 12
Now 21% undervalued Over the last 90 days, the stock has risen 4.9% to S$0.21. The fair value is estimated to be S$0.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 20%. Buy Or Sell Opportunity • Apr 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.8% to S$0.20. The fair value is estimated to be S$0.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 20%. Buy Or Sell Opportunity • Mar 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to S$0.20. The fair value is estimated to be S$0.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 20%. Buy Or Sell Opportunity • Feb 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.0% to S$0.20. The fair value is estimated to be S$0.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 20%. Buy Or Sell Opportunity • Feb 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.3% to S$0.21. The fair value is estimated to be S$0.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 20%. New Risk • Feb 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Singaporean stocks, typically moving 9.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.7% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (S$53.4m market cap, or US$39.6m). Buy Or Sell Opportunity • Jan 07
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.4% to S$0.20. The fair value is estimated to be S$0.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 20%. Buy Or Sell Opportunity • Dec 23
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.8% to S$0.20. The fair value is estimated to be S$0.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 20%. Reported Earnings • Dec 17
First half 2025 earnings released: EPS: S$0.002 (vs S$0.007 in 1H 2024) First half 2025 results: EPS: S$0.002 (down from S$0.007 in 1H 2024). Revenue: S$96.7m (down 1.4% from 1H 2024). Net income: S$401.0k (down 75% from 1H 2024). Profit margin: 0.4% (down from 1.6% in 1H 2024). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. New Risk • Dec 14
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Market cap is less than US$100m (S$53.4m market cap, or US$39.6m). Announcement • Oct 22
Stamford Tyres Corporation Limited Announces Demise of Founder and Senior Advisor, Mr. Wee Kok Wah The Board of Directors of Stamford Tyres Corporation Limited and together with its subsidiaries announced that Mr. Wee Kok Wah, the Founder and Senior Advisor, aged 78, passed away peacefully late on 21 October 2024. Mr. Wee propelled the Stamford Tyres Group to achieve growth and overseas expansion, as its Managing Director and President since the 1970s. Mr. Wee went on to steer the Company to a public listing in 1991, and steadily expanded its business into a global international player in the distribution and retailing of tyres and wheels, and the manufacturing of wheels. Highly-regarded in the tyre industry and the business world, his passion for and in-depth knowledge of the tyre business gained him international recognition. Mr. Wee stepped down from the Board of Stamford Tyres Corporation Limited on 1 November 2021 as its Managing Director but stayed on as the Founder and Senior Advisor, providing invaluable guidance and counsel to the Board as well as to the senior management team. Upcoming Dividend • Sep 05
Upcoming dividend of S$0.02 per share Eligible shareholders must have bought the stock before 12 September 2024. Payment date: 24 September 2024. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 6.4%. Within top quartile of Singaporean dividend payers (6.1%). In line with average of industry peers (5.9%). Announcement • Sep 03
Stamford Tyres Corporation Limited Announces Cessation of Frank Ng Tse Lim as Group Financial Controller Stamford Tyres Corporation Limited announced the cessation of Frank Ng Tse Lim as Group Financial Controller. Mr. Ng is responsible for the overall financial accounting and reporting functions of the Group's business and oversight of the Group's treasury functions and regulatory compliance matters with regulatory bodies. Mr. Ng's responsibilities will be overseen by other finance team members until a replacement is appointed. Mr. Frank Ng Tse Lim has resigned as Group Financial Controller of the Company for health reasons. Mr. Ng, who joined the Company as Finance Manager in September 2008, has been a valued member of the Stamford Tyres management team and the Board thanks him for his service and contribution to the Stamford Tyres Group. There are no concerns with regard to financial reporting that led to Mr. Ng's resignation and there is no disagreements between Mr. Ng and the Board of Directors with regard to practices that may have an impact on the Company's financial reporting. The Company is in the process of identifying a suitable replacement and will make the necessary announcement to update shareholders in due course. Announcement • Aug 30
Stamford Tyres Corporation Limited Announces Board and Committee Changes Stamford Tyres Corporation Limited announced the following changes to the composition of the Board of Directors and Board Committees following the conclusion of the Company's Annual General Meeting held on 30 August 2024: RETIREMENT OF NON-EXECUTIVE AND INDEPENDENT DIRECTOR: Mr. Kazumichi Mandai who has served as an Independent Director of the Company for an aggregate period of more than 9 years, has retired from the Board at the conclusion of the AGM. Accordingly, he has also stepped down as a member of the Audit Committee and Remuneration Committee. 2) RE-DESIGNATION OF CHAIRMAN TO NON-INDEPENDENT CHAIRMAN: Mr. Sam Chong Keen joined the Company a Non-executive Independent Director of the Company on 9 December 1994 and was subsequently appointed as the Chairman of the Board on 23 August 2012. As Mr. Sam has been a Non-executive Independent Director for an aggregate period of more than nine years, he has been re-designated as the Non-executive Non-independent Chairman pursuant to Rule 210(5)(d)(iv) of the Listing Manual of the SGX, at the conclusion of the AGM. Accordingly, Mr. Sam has also stepped down from his role as the Chairman of the Nominating Committee and Chairman of the Remuneration Committee. He will continue to serve as a member of the Audit Committee and Remuneration Committee. (3) COMPOSITION OF THE BOARD OF DIRECTORS AND BOARD COMMITTEES (a) In compliance with Provision 3.3 of the Code, Ms. Caroline Wee will be appointed as Lead Independent Director with effect from 31 August 2024. Ms. Caroline Wee will also be appointed as Chairman of the Remuneration Committee with effect from 31 August 2024. (b) Mr. Ho Fook Meng will be appointed as a member of Audit Committee and Remuneration Committee and Chairman of the Nominating Committee with effect from 31 August 2024. The Board considers Mr. Ho Fook Meng to be independent for the purpose of Rule 704(8) of the Listing Manual of the SGX-ST. (c) Following the above changes, the composition of the Board of Directors and its committees, with effect from 31 August 2024 will be as follows: Board of Directors, Mr. Sam Chong Keen (Non-Executive and Non-Independent Chairman), Mrs. Dawn Wee Wai Ying (Executive Director), Dr. Wee Li Ann (Executive Director), Ms. Caroline Wee (Lead Independent Director, Non-Executive and Independent Director) Mr. Ho Fook Meng (Non-Executive and Independent Director),Audit Committee: Ms. Caroline Wee (AC Chairman), Mr. Sam Chong Keen (Member), Mr. Ho Fook Meng (Member). Nominating Committee: Mr. Ho Fook Meng (NC Chairman), Dr. Wee Li Ann (Member), Ms. Caroline Wee (Member), Remuneration Committee:, Ms. Caroline Wee (RC Chairman), Mr. Sam Chong Keen (Member),Mr. Ho Fook Meng (Member). Buy Or Sell Opportunity • Aug 15
Now 22% undervalued Over the last 90 days, the stock has risen 11% to S$0.21. The fair value is estimated to be S$0.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 28%. Reported Earnings • Aug 13
Full year 2024 earnings released: EPS: S$0.025 (vs S$0.017 in FY 2023) Full year 2024 results: EPS: S$0.025 (up from S$0.017 in FY 2023). Revenue: S$189.7m (down 1.9% from FY 2023). Net income: S$6.01m (up 45% from FY 2023). Profit margin: 3.2% (up from 2.1% in FY 2023). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Declared Dividend • Aug 10
Dividend of S$0.02 announced Shareholders will receive a dividend of S$0.02. Ex-date: 12th September 2024 Payment date: 24th September 2024 Dividend yield will be 9.3%, which is higher than the industry average of 7.5%. Sustainability & Growth Dividend is covered by both earnings (59% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. Earnings per share has grown by 66% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 10
Stamford Tyres Corporation Limited Announces Retirement of Kazumichi Mandai as Non-Executive and Independent Director, Member of the Audit Committee and Remuneration Committee Stamford Tyres Corporation Limited announced retirement of Kazumichi Mandai as Non-Executive and Independent Director. Mr. Kazumichi Mandai ("Mr Mandai") has served as an Independent Director of the Company for an aggregate period of more than 9 years. In view of the new requirements that impose a hard tenure limit for independent director and the need for Board renewal, Mr. Mandai has expressed his intention not to seek for re-election and will retire upon the conclusion of the annual general meeting to be held on 30 August 2024. Following his retirement from the Board, Mr. Mandai will also step down as a member of the Audit Committee and Remuneration Committee. The Board and Management would like to express their gratitude to Mr. Mandai for his invaluable contributions and guidance to the Board and the Stamford Tyres Group. Announcement • Aug 08
Stamford Tyres Corporation Limited, Annual General Meeting, Aug 30, 2024 Stamford Tyres Corporation Limited, Annual General Meeting, Aug 30, 2024, at 15:00 Singapore Standard Time. Location: 19 lok yang way, singapore 628635, Singapore New Risk • Jul 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (S$49.9m market cap, or US$37.0m). New Risk • Jul 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended October 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported October 2023 fiscal period end). Dividend is not well covered by earnings (98% payout ratio). Market cap is less than US$100m (S$51.0m market cap, or US$37.6m). Buy Or Sell Opportunity • May 20
Now 22% undervalued Over the last 90 days, the stock has risen 1.1% to S$0.18. The fair value is estimated to be S$0.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jan 19
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.4% to S$0.17. The fair value is estimated to be S$0.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Board Change • Dec 22
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Non-Executive Independent Director Caroline Wee was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Dec 16
First half 2024 earnings released: EPS: S$0.007 (vs S$0.009 in 1H 2023) First half 2024 results: EPS: S$0.007 (down from S$0.009 in 1H 2023). Revenue: S$98.1m (down 1.5% from 1H 2023). Net income: S$1.61m (down 25% from 1H 2023). Profit margin: 1.6% (down from 2.1% in 1H 2023). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Oct 01
Stamford Tyres Corporation Limited Approves First and Final Tax Exempt (One-Tier) Dividend for the Year Ended 30 April 2023, Payable on 25 September 2023 Stamford Tyres Corporation Limited at its Annual General Meeting held on August 31, 2023, approved the First and Final Tax Exempt (One-Tier) Dividend of 1.5 cent per ordinary share for the year ended 30 April 2023. The dividend will be paid on 25 September 2023 to shareholders registered with the Company at the close of business on 14 September 2023. Upcoming Dividend • Sep 06
Upcoming dividend of S$0.015 per share at 7.3% yield Eligible shareholders must have bought the stock before 13 September 2023. Payment date: 25 September 2023. Payout ratio is on the higher end at 86%, however this is supported by cash flows. Trailing yield: 7.3%. Within top quartile of Singaporean dividend payers (6.2%). In line with average of industry peers (7.1%). Announcement • Sep 01
Stamford Tyres Corporation Limited Announces Change to the Composition of Board of Directors and Board Committees The Board of Directors of Stamford Tyres Corporation Limited announced the following changes to the composition of the Board of Directors and Board Committees: As part of the Board renewal process, Mr. Leslie Mah Kim Loong has retired from the Board and ceased to be a Non-Executive and Independent Director at the conclusion of the Annual General Meeting of the Company held on 31 August 2023 (the "AGM"). Accordingly, he has also ceased to be Chairman of the Audit Committee and a member of both the Nominating and Remuneration Committees. These positions on the respective Board Committees will be assumed by Ms Caroline Wee, an existing Non-Executive and Independent Director, with effect from 1 September 2023. Following the above changes, the composition of the Board of Directors and Board Committees is as follows: Board of Directors: Mr. Sam Chong Keen (Non-Executive and Independent Chairman), Mrs. Dawn Wee Wai Ying (Executive Director), Dr Wee Li Ann (Executive Director), Mr. Kazumichi Mandai (Non-Executive and Independent Director) and Ms Caroline Wee (Non-Executive and Independent Director). Audit Committee: Ms Caroline Wee (AC Chairman), Mr. Sam Chong Keen (Member) and Mr. Kazumichi Mandai (Member). Nominating Committee: Mr. Sam Chong Keen (NC Chairman), Dr Wee Li Ann (Member) and Ms Caroline Wee (Member). Remuneration Committee: Mr. Sam Chong Keen (RC Chairman), Mr. Kazumichi Mandai (Member) and Ms Caroline Wee (Member). Reported Earnings • Aug 09
Full year 2023 earnings released: EPS: S$0.017 (vs S$0.016 in FY 2022) Full year 2023 results: EPS: S$0.017 (up from S$0.016 in FY 2022). Revenue: S$193.4m (flat on FY 2022). Net income: S$4.15m (up 6.8% from FY 2022). Profit margin: 2.1% (up from 2.0% in FY 2022). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Aug 08
Stamford Tyres Corporation Limited, Annual General Meeting, Aug 31, 2023 Stamford Tyres Corporation Limited, Annual General Meeting, Aug 31, 2023, at 15:00 Singapore Standard Time. Location: 19 Lok Yang Way Singapore Singapore Agenda: To receive and adopt the Directors' Statement, Auditor's Report and Audited Financial Statements for the financial year ended 30 April 2023; to approve the Directors' fees of up to SGD 232,477 for the financial year ending 30 April 2024; to declare the payment of a first and final tax exempt (one-tier) dividend of 1.5 cent per ordinary share for the financial year ended 30 April 2023; and to consider any other matters. Announcement • Aug 01
Stamford Tyres Corporation Limited Appoints Conson Tiu Sia as Chief Executive Officer, Effective 1 August 2023 Stamford Tyres Corporation Limited announced that following the Company's announcement on 30 January 2023 on the appointment of Mr. Conson Tiu Sia as Chief Executive Officer-Designate ("CEO-Designate"), the Board announced that Mr. Sia has successfully completed the 6-month assessment period as CEO-Designate. Having evaluated his qualifications, experience, and capabilities, the Nominating Committee ("NC") has recommended Mr. Sia's appointment as Chief Executive Officer ("CEO") to the Board. After due consideration of the NC's recommendation, as well as Mr. Sia's qualifications and experience, along with his in-depth understanding of the Group's business and operations, the Board is satisfied that he is suitable for the role. Accordingly, the Board has approved the appointment of Mr. Sia as CEO with effect from 1 August 2023. Role and Responsibilities: Executive. Mr. Sia will oversee the commercial and business operations of the Stamford Tyres Group. Working Experience: Mr. Conson Tiu Sia joined the Stamford Tyres Group in 1993. He was in charge of the Philippines operations prior to his appointment as Group Finance Manager in 1999. He was the Group's Chief Financial Officer ("CFO") from 1 August 2001 to September 2013. On 1 October 2013, Mr. Sia relinquished his CFO appointment to focus on his continuing role as a Group Senior Vice President ("SVP") as the SVP, Head of South Africa. In July 2019, he took on the role of SVP, Head of Malaysia and additionally the appointment as Head of Singapore from May 2022 to present. In recognition of his contributions to the Group, Mr. Sia was promoted to Chief Executive Officer-Designate ("CEO-Designate") on 1 February 2023. After the successful completion of the 6-month tenure as the CEO-Designate, he was appointed as Chief Executive Officer effective from 1 August 2023. Other directorships present: Stamford Tyres International Pte Ltd; Stamford Tyres (M) Sdn Bhd; STC Tyre Mart Sdn Bhd; STC Tyres (Malaysia) Sdn Bhd; SR Industries (M) Sdn Bhd; PT Stamford Tyres Indonesia; Real Courage Limited 8. Orizz (Shanghai) Limited; Stamford Tyres Australia Pty Ltd; Stamford Tyres (Africa) Pty Ltd; Falken Tyre India Private Ltd. Professional Qualifications: Certified Public Accountant (Philippines) Degree in Accountancy, University of Santo Tomas, Philippines. Reported Earnings • Jun 28
Full year 2023 earnings released: EPS: S$0.018 (vs S$0.016 in FY 2022) Full year 2023 results: EPS: S$0.018 (up from S$0.016 in FY 2022). Revenue: S$193.9m (flat on FY 2022). Net income: S$4.15m (up 6.8% from FY 2022). Profit margin: 2.1% (up from 2.0% in FY 2022). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. New Risk • Jun 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended October 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.6x net interest cover). Earnings have declined by 11% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported October 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (S$44.6m market cap, or US$33.4m). Reported Earnings • Dec 15
First half 2023 earnings released: EPS: S$0.009 (vs S$0.003 in 1H 2022) First half 2023 results: EPS: S$0.009 (up from S$0.003 in 1H 2022). Revenue: S$99.6m (up 11% from 1H 2022). Net income: S$2.13m (up 206% from 1H 2022). Profit margin: 2.1% (up from 0.8% in 1H 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 06
Upcoming dividend of S$0.015 per share Eligible shareholders must have bought the stock before 13 September 2022. Payment date: 23 September 2022. Payout ratio is on the higher end at 92% but the company is not cash flow positive. Trailing yield: 6.5%. Within top quartile of Singaporean dividend payers (6.0%). In line with average of industry peers (6.5%). Announcement • Sep 03
Stamford Tyres Corporation Limited Appoints Caroline Wee as A Non-Executive and Independent Director The board of directors of Stamford Tyres Corporation Limited announced the appointment of Ms. Caroline Wee as a non-executive and independent director of the company with effect from 2 September 2022. Ms. Caroline Wee is not related to any existing director or substantial shareholder of the company, including the Wee family. Following her appointment as director, Ms. Caroline Wee will be appointed a member of the audit committee. With the aforementioned changes, the composition of the board and the audit committee will be as follows: Board of Directors: Mr. Sam Chong Keen (non-executive and independent chairman); Mrs. Dawn Wee Wai Ying (executive director); Dr. Wee Li Ann (executive director); Mr. Leslie Mah Kim Loong (non-executive and independent director); Mr. Kazumichi Mandai (non-executive and independent director); Ms. Caroline Wee (non-executive and independent director). Audit Committee: Mr. Leslie Mah Kim Loong (AC Chairman); Mr. Sam Chong Keen (member); Mr. Kazumichi Mandai (Member); Ms. Caroline Wee (member). Reported Earnings • Aug 08
Full year 2022 earnings released: EPS: S$0.016 (vs S$0.01 in FY 2021) Full year 2022 results: EPS: S$0.016 (up from S$0.01 in FY 2021). Revenue: S$194.4m (flat on FY 2021). Net income: S$3.89m (up 56% from FY 2021). Profit margin: 2.0% (up from 1.3% in FY 2021). Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Jun 25
Stamford Tyres Corporation Limited Recommends First and Final Dividend Stamford Tyres Corporation Limited recommended first and final dividend of 1.5 cents per ordinary share, which, if approved at the upcoming Annual General Meeting, will be paid to shareholders on a date to be announced later. The company paid 1.25 cents per ordinary share for the same period last year. Reported Earnings • Jun 25
Full year 2022 earnings released: EPS: S$0.016 (vs S$0.01 in FY 2021) Full year 2022 results: EPS: S$0.016 (up from S$0.01 in FY 2021). Revenue: S$194.9m (flat on FY 2021). Net income: S$3.89m (up 56% from FY 2021). Profit margin: 2.0% (up from 1.3% in FY 2021). Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • May 02
Stamford Tyres Corporation Limited Announces Changes of Company Secretary The Board of Directors of Stamford Tyres Corporation Limited announced the appointment of Ms Lim Guek Hong as its Company Secretary with immediate effect in place of Ms Lo Swee Oi who has resigned on April 29, 2022. Upcoming Dividend • Sep 30
Upcoming dividend of S$0.013 per share Eligible shareholders must have bought the stock before 07 October 2021. Payment date: 20 October 2021. Trailing yield: 5.6%. Within top quartile of Singaporean dividend payers (5.3%). Higher than average of industry peers (3.8%). Reported Earnings • Aug 04
Full year 2021 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: S$194.2m (down 2.7% from FY 2020). Net income: S$2.48m (up S$6.50m from FY 2020). Profit margin: 1.3% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Reported Earnings • Dec 14
First half 2021 earnings released: EPS S$0.007 The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: S$98.0m (down 11% from 1H 2020). Net income: S$1.75m (up S$2.49m from 1H 2020). Profit margin: 1.8% (up from net loss in 1H 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 125% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Announcement • Sep 09
Stamford Tyres Corporation Limited to Report Fiscal Year 2020 Results on Sep 11, 2020 Stamford Tyres Corporation Limited announced that they will report fiscal year 2020 results on Sep 11, 2020