Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to S$1.34, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 51x in the Semiconductor industry in Singapore. Total returns to shareholders of 30% over the past three years. Declared Dividend • Apr 10
Dividend of S$0.04 announced Shareholders will receive a dividend of S$0.04. Ex-date: 28th May 2026 Payment date: 30th June 2026 Dividend yield will be 3.5%, which is lower than the industry average of 4.0%. Sustainability & Growth The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Announcement • Apr 08
Global Testing Corporation Limited, Annual General Meeting, Apr 30, 2026 Global Testing Corporation Limited, Annual General Meeting, Apr 30, 2026, at 10:00 Singapore Standard Time. Location: voco orchard singapore, malaysia room level 5, 581 orchard road, singapore 238883, Singapore Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: US$0.12 (vs US$0.15 in FY 2024) Full year 2025 results: EPS: US$0.12 (down from US$0.15 in FY 2024). Revenue: US$46.4m (up 12% from FY 2024). Net income: US$3.87m (down 25% from FY 2024). Profit margin: 8.3% (down from 12% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. New Risk • Mar 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. 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 June 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.1% average weekly change). Market cap is less than US$100m (S$40.7m market cap, or US$32.0m). Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to S$1.22, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 29x in the Semiconductor industry in Singapore. Total returns to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to S$1.34, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 22x in the Semiconductor industry in Singapore. Total returns to shareholders of 24% over the past three years. Reported Earnings • Aug 20
First half 2025 earnings released: EPS: US$0.093 (vs US$0.026 in 1H 2024) First half 2025 results: EPS: US$0.093 (up from US$0.026 in 1H 2024). Revenue: US$22.6m (up 22% from 1H 2024). Net income: US$3.12m (up 242% from 1H 2024). Profit margin: 14% (up from 4.9% in 1H 2024). The increase in margin was driven by higher revenue. 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 2% per year, which means it is well ahead of earnings. Upcoming Dividend • May 22
Upcoming dividend of S$0.025 per share Eligible shareholders must have bought the stock before 29 May 2025. Payment date: 30 June 2025. Trailing yield: 2.2%. Lower than top quartile of Singaporean dividend payers (5.9%). Lower than average of industry peers (4.4%). Reported Earnings • Apr 11
Full year 2024 earnings released: EPS: US$0.15 (vs US$0.097 in FY 2023) Full year 2024 results: EPS: US$0.15 (up from US$0.097 in FY 2023). Revenue: US$41.5m (up 2.3% from FY 2023). Net income: US$5.15m (up 51% from FY 2023). Profit margin: 12% (up from 8.4% in FY 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Declared Dividend • Apr 10
Dividend of S$0.025 announced Shareholders will receive a dividend of S$0.025. Ex-date: 29th May 2025 Payment date: 30th June 2025 Dividend yield will be 2.4%, which is lower than the industry average of 4.0%. Sustainability & Growth The dividend has decreased over the past 96 years, indicating a lack of growth and stability in payments. Announcement • Apr 08
Global Testing Corporation Limited, Annual General Meeting, Apr 30, 2025 Global Testing Corporation Limited, Annual General Meeting, Apr 30, 2025, at 09:00 Singapore Standard Time. Location: sheraton towers singapore, amethyst room, level 3, 39 scotts road, singapore 228230, Singapore Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: US$0.15 (vs US$0.097 in FY 2023) Full year 2024 results: EPS: US$0.15 (up from US$0.097 in FY 2023). Revenue: US$41.5m (up 2.3% from FY 2023). Net income: US$5.15m (up 51% from FY 2023). Profit margin: 12% (up from 8.4% in FY 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Board Change • Jan 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Lead Independent Director Ambrose Law was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Jul 08
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.9% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (8.4% net profit margin). Market cap is less than US$100m (S$34.7m market cap, or US$25.7m). Upcoming Dividend • May 23
Upcoming dividend of S$0.05 per share Eligible shareholders must have bought the stock before 30 May 2024. Payment date: 28 June 2024. The company last paid an ordinary dividend in August 2016. The average dividend yield among industry peers is 5.1%. Reported Earnings • Apr 13
Full year 2023 earnings released: EPS: US$0.098 (vs US$0.32 in FY 2022) Full year 2023 results: EPS: US$0.098 (down from US$0.32 in FY 2022). Revenue: US$40.6m (down 13% from FY 2022). Net income: US$3.40m (down 70% from FY 2022). Profit margin: 8.4% (down from 24% in FY 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 12
Global Testing Corporation Limited, Annual General Meeting, Apr 29, 2024 Global Testing Corporation Limited, Annual General Meeting, Apr 29, 2024, at 10:00 Singapore Standard Time. Location: Sheraton Towers Singapore, Amethyst & Onyx Room, Level 3, 39 Scotts Road Singapore Singapore Agenda: To receive and adopt the Directors' Statement and the Audited Financial Statements of the Company for the financial year ended 31 December 2023 together with the Auditors' Report thereon; to re-elect the Directors of the Company; to approve the payment of Directors' fees of SGD 260,000 for the financial year ending 31 December 2024, to be paid quarterly in arrears; to re-appoint Messrs Deloitte & Touche LLP as the Company's Auditors and to authorise the Directors of the Company to fix their remuneration; and to transact any other ordinary business which may properly be transacted at an Annual General Meeting. Declared Dividend • Apr 07
Dividend of S$0.05 announced Shareholders will receive a dividend of S$0.05. Ex-date: 30th May 2024 Payment date: 28th June 2024 Dividend yield will be 5.7%, which is higher than the industry average of 4.0%. Sustainability & Growth Reported Earnings • Feb 27
Full year 2023 earnings released: EPS: US$0.098 (vs US$0.32 in FY 2022) Full year 2023 results: EPS: US$0.098 (down from US$0.32 in FY 2022). Revenue: US$40.6m (down 13% from FY 2022). Net income: US$3.40m (down 70% from FY 2022). Profit margin: 8.4% (down from 24% in FY 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 25% per year. New Risk • Feb 20
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 June 2023 fiscal period end). Profit margins are more than 30% lower than last year (18% net profit margin). Market cap is less than US$100m (S$31.6m market cap, or US$23.4m). New Risk • Dec 06
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 8.0% 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: Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Profit margins are more than 30% lower than last year (18% net profit margin). Market cap is less than US$100m (S$31.7m market cap, or US$23.7m). Reported Earnings • Aug 07
First half 2023 earnings released: EPS: US$0.063 (vs US$0.16 in 1H 2022) First half 2023 results: EPS: US$0.063 (down from US$0.16 in 1H 2022). Revenue: US$21.1m (down 12% from 1H 2022). Net income: US$2.19m (down 61% from 1H 2022). Profit margin: 10% (down from 24% in 1H 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. New Risk • Aug 06
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: 18% Last year net profit margin: 27% 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 Profit margins are more than 30% lower than last year (18% net profit margin). Market cap is less than US$100m (S$34.9m market cap, or US$26.1m). Announcement • Aug 03
Global Testing Corporation Limited to Report First Half, 2023 Results on Aug 14, 2023 Global Testing Corporation Limited announced that they will report first half, 2023 results on Aug 14, 2023 Announcement • Aug 02
Global Testing Corporation Limited Provides Earnings Guidance for the First Half Ended 30 June 2023 Global Testing Corporation Limited provides earnings guidance for the first half ended June 30, 2023. For the period, Group expected to record a decrease in net profits as compared to the previous corresponding financial period ended 30 June 2022. This decrease is mainly due to the surge in sales demand in 1H2022, which has subsequently declined in 1H2023. Nevertheless, the Group's capacity is being maintained to meet customers' requirements. New Risk • Jul 01
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 8.2% 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: Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Market cap is less than US$100m (S$36.7m market cap, or US$27.1m). Upcoming Dividend • May 23
Upcoming dividend of S$0.10 per share Eligible shareholders must have bought the stock before 30 May 2023. Payment date: 30 June 2023. The company last paid an ordinary dividend in August 2016. The average dividend yield among industry peers is 4.6%. Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: US$0.32 (vs US$0.27 in FY 2021) Full year 2022 results: EPS: US$0.32 (up from US$0.27 in FY 2021). Revenue: US$46.4m (up 20% from FY 2021). Net income: US$11.2m (up 19% from FY 2021). Profit margin: 24% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
First half 2022 earnings released: EPS: US$0.16 (vs US$0.066 in 1H 2021) First half 2022 results: EPS: US$0.16 (up from US$0.066 in 1H 2021). Revenue: US$24.1m (up 51% from 1H 2021). Net income: US$5.66m (up 143% from 1H 2021). Profit margin: 24% (up from 15% in 1H 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 127% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 10
Investor sentiment deteriorated over the past week After last week's 20% share price decline to S$1.23, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 16x in the Semiconductor industry in Singapore. Total returns to shareholders of 137% over the past three years. Upcoming Dividend • May 03
Upcoming dividend of S$0.20 per share Eligible shareholders must have bought the stock before 10 May 2022. Payment date: 30 June 2022. Trailing yield: 13%. Within top quartile of Singaporean dividend payers (5.8%). Higher than average of industry peers (2.8%). Announcement • May 02
Global Testing Corporation Limited Approves Final Dividend for the Financial Year Ended 31 December 2021, Payable on 30 June 2022 Global Testing Corporation Limited announced that at its AGM held on 29 April 2022, the shareholders approved the payment of a final dividend of SGD 0.20 per share for the financial year ended 31 December 2021. The dividend would be paid on 30 June 2022. Reported Earnings • Apr 16
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: US$0.27 (up from US$0.01 in FY 2020). Revenue: US$38.7m (up 69% from FY 2020). Net income: US$9.40m (up US$9.04m from FY 2020). Profit margin: 24% (up from 1.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 14%. Earnings per share (EPS) exceeded analyst estimates by 7.5%. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improved over the past week After last week's 17% share price gain to S$1.54, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 15x in the Semiconductor industry in Singapore. Total returns to shareholders of 175% over the past three years. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improved over the past week After last week's 121% share price gain to S$1.34, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 16x in the Semiconductor industry in Singapore. Total returns to shareholders of 134% over the past three years. Reported Earnings • Feb 27
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: US$0.27 (up from US$0.01 in FY 2020). Revenue: US$38.7m (up 69% from FY 2020). Net income: US$9.40m (up US$9.04m from FY 2020). Profit margin: 24% (up from 1.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 14%. Earnings per share (EPS) exceeded analyst estimates by 7.5%. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Feb 26
Global Testing Corporation Limited Announces the Dividend for the Financial Year Ended December 31, 2021, Payable on May 13, 2022 Global Testing Corporation Limited announced the dividend of SGD 0.2 per share for the financial year ended December 31, 2021. The dividend payable on May 13, 2022, with a record date of May 11, 2021. Reported Earnings • Feb 24
Full year 2020 earnings released: EPS US$0.01 (vs US$0.094 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$22.9m (up 2.3% from FY 2019). Net income: US$356.0k (up US$3.66m from FY 2019). Profit margin: 1.6% (up from net loss in FY 2019). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 25% per year. Is New 90 Day High Low • Feb 04
New 90-day high: S$0.52 The company is up 51% from its price of S$0.34 on 02 November 2020. The Singaporean market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 30% over the same period. 
