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Serial System

SGX:S69
Snowflake Description

Proven track record and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
S69
SGX
SGD80M
Market Cap
  1. Home
  2. SG
  3. Tech
Company description

Serial System Ltd, an investment holding company, distributes electronic and electrical components, and consumer products. The last earnings update was 19 days ago. More info.


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S69 Share Price and Events
7 Day Returns
2.3%
SGX:S69
-1.3%
SG Electronic
0.5%
SG Market
1 Year Returns
-48.3%
SGX:S69
-33.2%
SG Electronic
-8.3%
SG Market
S69 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Serial System (S69) 2.3% 4.7% 1.1% -48.3% -28.2% -34.6%
SG Electronic -1.3% 13.3% 25.1% -33.2% 80.8% 56.5%
SG Market 0.5% -0.6% 5.5% -8.3% 8% -1.9%
1 Year Return vs Industry and Market
  • S69 underperformed the Electronic industry which returned -33.2% over the past year.
  • S69 underperformed the Market in Singapore which returned -8.3% over the past year.
Price Volatility
S69
Industry
5yr Volatility vs Market

S69 Value

 Is Serial System 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 Serial System 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.
Raw Data    Our intrinsic value calculation method has changed recently, learn more here.

Below are the data sources, inputs and calculation used to determine the intrinsic value for Serial System.

SGX:S69 Discounted Cash Flow Data Sources
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 14.2%
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.

Calculation of Discount Rate/ Cost of Equity for SGX:S69
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
Electronic Unlevered Beta Simply Wall St/ S&P Global 1.07
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.069 (1 + (1- 17%) (364.51%))
3.213
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (2 * 5.96%)
14.22%

Discounted Cash Flow Calculation for SGX:S69 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Serial System 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.

SGX:S69 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 14.22%)
2019 6.44 Est @ -25.17% 5.63
2020 5.35 Est @ -16.93% 4.10
2021 4.75 Est @ -11.16% 3.19
2022 4.41 Est @ -7.12% 2.59
2023 4.22 Est @ -4.29% 2.17
2024 4.13 Est @ -2.31% 1.86
2025 4.09 Est @ -0.93% 1.61
2026 4.09 Est @ 0.04% 1.41
2027 4.12 Est @ 0.72% 1.24
2028 4.17 Est @ 1.19% 1.10
Present value of next 10 years cash flows $24.91
SGX:S69 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $4.17 × (1 + 2.3%) ÷ (14.22% – 2.3%)
$35.76
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $35.76 ÷ (1 + 14.22%)10
$9.46
SGX:S69 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $24.91 + $9.46
$34.37
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $34.37 / 895.84
$0.04
SGX:S69 Discount to Share Price
Calculation Result
Exchange Rate USD/SGD
(Reporting currency to currency of SGX:S69)
1.352
Value per Share
(SGD)
= Value per Share in USD x Exchange Rate (USD/SGD)
= $0.04 x 1.352
SGD0.05
Value per share (SGD) From above. SGD0.05
Current discount Discount to share price of SGD0.09
= -1 x (SGD0.09 - SGD0.05) / SGD0.05
-71.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Serial System is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Serial System's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Serial System's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:S69 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $0.02
SGX:S69 Share Price ** SGX (2019-03-19) in SGD SGD0.09
SGX:S69 Share Price converted to USD reporting currency Exchange rate (SGD/ USD) 0.74 $0.07
Singapore Electronic Industry PE Ratio Median Figure of 22 Publicly-Listed Electronic Companies 11.92x
Singapore Market PE Ratio Median Figure of 330 Publicly-Listed Companies 12.71x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Serial System.

SGX:S69 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:S69 Share Price ÷ EPS (both in USD)

= 0.07 ÷ 0.02

3.34x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Serial System is good value based on earnings compared to the SG Electronic industry average.
  • Serial System is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does Serial System's expected growth come at a high price?
Raw Data
SGX:S69 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 3.34x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Singapore Electronic Industry PEG Ratio Median Figure of 6 Publicly-Listed Electronic Companies 1.65x
Singapore Market PEG Ratio Median Figure of 121 Publicly-Listed Companies 1.4x

*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 Serial System, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Serial System's assets?
Raw Data
SGX:S69 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $0.15
SGX:S69 Share Price * SGX (2019-03-19) in SGD SGD0.09
SGX:S69 Share Price converted to USD reporting currency Exchange rate (SGD/ USD) 0.74 $0.07
Singapore Electronic Industry PB Ratio Median Figure of 23 Publicly-Listed Electronic Companies 0.83x
Singapore Market PB Ratio Median Figure of 433 Publicly-Listed Companies 0.75x
SGX:S69 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:S69 Share Price ÷ Book Value per Share (both in USD)

= 0.07 ÷ 0.15

0.43x

* Primary Listing of Serial System.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Serial System is good value based on assets compared to the SG Electronic industry average.
X
Value checks
We assess Serial System's value by looking at:
  1. 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. )
  2. Is the PE ratio less than the market average, and/ or less than the Electronic industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electronic industry average (and greater than 0)? (1 check)
  5. Serial System 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.

S69 Future Performance

 How is Serial System expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

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 Serial System 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 Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

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!
Annual Growth Rate
5.6%
Expected Electronic industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Serial System expected to grow at an attractive rate?
  • Unable to compare Serial System's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Serial System's earnings growth to the Singapore market average as no estimate data is available.
  • Unable to compare Serial System's revenue growth to the Singapore market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
SGX:S69 Future Growth Rates Data Sources
Data Point Source Value (per year)
Singapore Electronic Industry Earnings Growth Rate Market Cap Weighted Average 5.6%
Singapore Electronic Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.4%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.7%

*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
Raw Data
SGX:S69 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:S69 Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
SGX:S69 Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 1,527 11 18
2018-09-30 1,590 -27 18
2018-06-30 1,599 30 11
2018-03-31 1,564 31 12
2017-12-31 1,492 -11 10
2017-09-30 1,447 28 13
2017-06-30 1,398 1 14
2017-03-31 1,403 4 14
2016-12-31 1,403 20 5
2016-09-30 1,387 47 2
2016-06-30 1,362 28 0
2016-03-31 1,293 6 1

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Serial System is high growth as no earnings estimate data is available.
  • Unable to determine if Serial System is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:S69 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Serial System Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:S69 Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
SGX:S69 Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 0.02
2018-09-30 0.02
2018-06-30 0.01
2018-03-31 0.01
2017-12-31 0.01
2017-09-30 0.01
2017-06-30 0.02
2017-03-31 0.02
2016-12-31 0.01
2016-09-30 0.00
2016-06-30 0.00
2016-03-31 0.00

*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 Serial System will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether Serial System is trading at Serial System'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. Serial System's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Tech companies here
  3. Serial System's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Serial System's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Serial System has a total score of 0/6, 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.

S69 Past Performance

  How has Serial System 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
Below we compare Serial System's growth in the last year to its industry (Electronic).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Serial System's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Serial System's 1-year earnings growth exceeds its 5-year average (84.9% vs -0.1%)
  • Serial System's earnings growth has exceeded the SG Electronic industry average in the past year (84.9% vs -16.9%).
Earnings and Revenue History
Serial System's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Serial System Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:S69 Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 1,527.11 17.66 70.60
2018-09-30 1,589.59 17.86 72.10
2018-06-30 1,599.26 10.70 68.48
2018-03-31 1,564.49 12.03 65.96
2017-12-31 1,492.20 9.55 61.91
2017-09-30 1,447.05 13.24 61.87
2017-06-30 1,398.08 13.92 60.79
2017-03-31 1,402.72 13.83 61.51
2016-12-31 1,402.58 4.56 62.65
2016-09-30 1,386.71 1.54 60.69
2016-06-30 1,361.57 -0.07 60.09
2016-03-31 1,292.60 1.42 59.68
2015-12-31 1,221.56 11.04 57.89
2015-09-30 1,160.16 14.65 58.42
2015-06-30 1,132.14 16.79 57.94
2015-03-31 1,085.46 17.03 55.60
2014-12-31 1,036.06 16.09 54.25
2014-09-30 985.18 14.50 53.43
2014-06-30 914.73 13.05 51.83
2014-03-31 857.84 11.71 49.98
2013-12-31 817.05 11.21 47.46
2013-09-30 761.98 10.03 44.19
2013-06-30 718.54 9.38 42.09
2013-03-31 685.54 8.08 40.88
2012-12-31 658.12 7.93 39.90
2012-09-30 646.08 8.87 39.16
2012-06-30 612.23 8.41 37.37
2012-03-31 605.94 9.22 36.52

*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.
  • Serial System has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Serial System used its assets more efficiently than the SG Electronic industry average last year based on Return on Assets.
  • Serial System has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Serial System's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electronic industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Serial System has a total score of 4/6, 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.

S69 Health

 How is Serial System'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 Serial System's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Serial System is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Serial System's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Serial System's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2.1x 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.
Raw Data

All data from Serial System Company Filings, last reported 2 months ago.

SGX:S69 Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 144.46 215.04 130.13
2018-09-30 152.02 234.94 51.28
2018-06-30 147.27 217.29 68.82
2018-03-31 153.68 225.11 96.93
2017-12-31 145.02 239.58 74.57
2017-09-30 137.66 211.75 75.32
2017-06-30 135.34 214.99 56.92
2017-03-31 132.39 223.21 79.44
2016-12-31 124.79 204.43 68.17
2016-09-30 124.50 209.94 59.26
2016-06-30 120.89 225.22 77.16
2016-03-31 123.65 233.64 98.08
2015-12-31 119.38 202.02 65.90
2015-09-30 118.09 244.09 71.78
2015-06-30 124.52 236.88 88.26
2015-03-31 124.77 166.26 89.17
2014-12-31 122.23 178.45 60.15
2014-09-30 118.39 162.65 44.51
2014-06-30 115.88 185.46 49.25
2014-03-31 110.19 151.60 47.63
2013-12-31 109.96 138.41 41.15
2013-09-30 109.06 129.00 45.94
2013-06-30 105.70 111.51 43.42
2013-03-31 104.73 93.28 42.33
2012-12-31 104.54 93.49 37.96
2012-09-30 103.99 100.53 40.73
2012-06-30 102.04 100.05 36.64
2012-03-31 102.80 83.95 28.05
  • Serial System's level of debt (148.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (126% vs 148.9% today).
  • Debt is not well covered by operating cash flow (5%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.9x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Serial System's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Serial System has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. 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.

S69 Dividends

 What is Serial System'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
Dividend payments
9.61%
Current annual income from Serial System dividends.
If you bought SGD2,000 of Serial System shares you are expected to receive SGD192 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Serial System's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.61%).
  • Serial System's dividend is above the markets top 25% of dividend payers in Singapore (5.59%).
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.
Raw Data
SGX:S69 Annualized Past and Future Dividends
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 Electronic Industry Average Dividend Yield Market Cap Weighted Average of 19 Stocks 5%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 279 Stocks 4%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.6%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.6%
Singapore Top 25% Dividend Yield 75th Percentile 5.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:S69 Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
SGX:S69 Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-28 0.006 9.784
2018-04-06 0.006 6.757
2018-02-26 0.006 4.459
2017-08-08 0.003 2.708
2017-04-06 0.002 1.957
2016-08-08 0.005 4.718
2016-04-07 0.006 6.457
2015-08-05 0.008 7.908
2015-04-13 0.011 7.853
2014-08-11 0.004 4.246
2014-04-09 0.004 3.888
2014-02-26 0.004 3.949
2014-02-18 0.004 4.040
2013-08-06 0.004 4.285
2013-04-08 0.004 4.135
2012-04-05 0.005 5.986
2011-08-08 0.007 7.955
2011-04-08 0.008 6.460
2010-08-03 0.005 4.482
2010-04-26 0.004 4.675
2009-08-11 0.003 5.144
2009-04-08 0.004 9.112
2009-03-23 0.008 17.953

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Serial System's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Serial System's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Serial System afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Serial System has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

S69 Management

 What is the CEO of Serial System's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Derek Goh
COMPENSATION $2,444,103
TENURE AS CEO 22.2 years
CEO Bio

Dr. Bak Heng Goh, also known as Derek, BBM, serves as Chief Executive Officer of Serial Microelectronics Korea Limited. Dr. Goh founded Serial System Ltd. in 1988 and has been its Executive Chairman and Group Chief Executive Officer since 1997 and Group Managing Director since March 1, 2001. Dr. Goh serves as the Chief Executive Officer of Serial Microelectronics Pte. Ltd. He serves as the Managing Director at Serial System Ltd since March 1, 2001. Dr. Goh founded Serial System as a sole proprietorship in 1988 and incorporated Serial System Ltd., in 1992. He serves as Executive Chairman at Serial Microelectronics Pte. Ltd. He serves as an External Director of Serial AMSC Microelectronics Co., Ltd. He has been a Director of Serial System Ltd. since 1997. In 1996, Dr. Goh won the 'Entrepreneur of the Year Award', organised by the Rotary Club of Singapore and the Association of Small and Medium Enterprises and supported by the Trade Development Board. In 1999, he was also conferred the ASEAN Best Young Entrepreneur Award 1999 by the ASEAN Secretariat. On March 29, 2000, Dr. Goh was conferred the World Association at Small and Medium Enterprises (WASME) Special Honour Award by the World Association of Small and Medium Enterprises. In 2004, Dr. Goh was awarded the Public Service Medal by the President of the Republic of Singapore. Dr. Goh holds an Honorary MBA degree from the American University of Hawaii and the Honorary Doctor of Business Administration in Marketing degree from the Wisconsin International University. He was also conferred the Degree of Honorary Doctor of Philosophy in Business Administration by the Kennedy-Western University.

CEO Compensation
  • Derek's compensation has increased by more than 20% in the past year.
  • Derek's remuneration is higher than average for companies of similar size in Singapore.
Management Team Tenure

Average tenure of the Serial System management team in years:

12.2
Average Tenure
  • The average tenure for the Serial System management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Derek Goh

TITLE
Founder
COMPENSATION
$2M
TENURE
22.2 yrs

Alex Wui

TITLE
Group CFO & Group Company Secretary
TENURE
7.9 yrs

Teck Ng

TITLE
Senior Vice President of Operations & Asset Management
TENURE
9.4 yrs

Sean Goh

TITLE
Senior Vice President of Corporate Planning
TENURE
7.7 yrs

Jesse Jeng

TITLE
President of Serial Microelectronics Inc - Taiwan
TENURE
12.2 yrs

Lawrence Ho

TITLE
President of Serial Microelectronics (Hk) Ltd - Hong Kong & China
TENURE
17.7 yrs

Sang Kim

TITLE
President of Serial Microelectronics Korea Limited - South Korea
TENURE
19.8 yrs
Board of Directors Tenure

Average tenure and age of the Serial System board of directors in years:

9.8
Average Tenure
58
Average Age
  • The tenure for the Serial System board of directors is about average.
Board of Directors

Derek Goh

TITLE
Founder
COMPENSATION
$2M
TENURE
22.2 yrs

Ser Luck Teo

TITLE
Non-Executive Independent Deputy Chairman
COMPENSATION
$28K
TENURE
1.7 yrs

Cher Yan Ng

TITLE
Non-Executive & Independent Director
COMPENSATION
$34K
AGE
59
TENURE
2 yrs

Ravi Ramasamy

TITLE
Non-Executive & Independent Director
COMPENSATION
$45K
AGE
58
TENURE
17.6 yrs

Paul Tan

TITLE
Lead Independent Director
COMPENSATION
$45K
AGE
53
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
18. Jun 18 Buy Seng Hui Sam Goi Individual 18. Jun 18 18. Jun 18 110,000 SGD0.15 SGD16,489
03. May 18 Buy Lye Heng Tan Individual 03. May 18 03. May 18 50,000 SGD0.17 SGD8,450
03. Apr 18 Buy Seng Hui Sam Goi Individual 03. Apr 18 03. Apr 18 247,200 SGD0.17 SGD40,788
X
Management checks
We assess Serial System's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Serial System 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.

S69 News

Simply Wall St News

What You Must Know About Serial System Ltd's (SGX:S69) Financial Strength

Investors are always looking for growth in small-cap stocks like Serial System Ltd (SGX:S69), with a market cap of S$82m. … However, an important fact which most ignore is: how financially healthy is the business? … So, understanding the company's financial health becomes

Simply Wall St -

Does The Serial System Ltd (SGX:S69) Share Price Fall With The Market?

Modern finance theory considers volatility to be a measure of risk, and there are two main types of price volatility. … Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility).

Simply Wall St -

Does Serial System Ltd's (SGX:S69) P/E Ratio Signal A Buying Opportunity?

This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … How Do I Calculate A Price To Earnings Ratio … Price to Earnings Ratio = Share Price (in reporting currency) ÷ Earnings per Share (EPS)

Simply Wall St -

Should You Worry About Serial System Ltd's (SGX:S69) CEO Pay?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … Take the survey and be part of one of the most advanced studies of stock market investors to date … How Does Derek Goh's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Do Directors Own Serial System Ltd (SGX:S69) Shares?

A look at the shareholders of Serial System Ltd (SGX:S69) can tell us which group is most powerful. … Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … As Nassim Nicholas Taleb said, 'Don’t tell me what you think, tell me what you have in your portfolio.'.

Simply Wall St -

What Does Serial System Ltd's (SGX:S69) Share Price Indicate?

Serial System Ltd (SGX:S69), which is in the electronic business, and is based in Singapore,. … As a small cap stock, hardly covered by any analysts, there is generally more of an opportunity for mispricing as there is less activity to push the stock closer to fair value? … Let’s examine Serial System’s valuation and outlook in more detail to determine if there’s still a bargain opportunity

Simply Wall St -

What Should Investors Know About Serial System Ltd's (SGX:S69) Capital Returns?

Your equity share is granted in return for the capital provided to the business to operate, and in order for an investment to be successful the business has to create earnings from the funds that make up this capital. … To understand Serial System’s capital returns we will look at a useful metric called return on capital employed. … This will tell us if the company is growing your capital and placing you in good stead to sell your shares at a profit

Simply Wall St -

How Serial System Ltd (SGX:S69) Can Impact Your Portfolio Volatility

Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … Any stock with a beta of greater than one is considered more volatile than the market, while those with a beta below one are either less volatile or poorly correlated with the market.

Simply Wall St -

Is Serial System Ltd (SGX:S69) Undervalued After Accounting For Its Future Growth?

Growth expectations for Serial System Ltd (SGX:S69) are high, but many investors are starting to ask whether its last close at SGD0.084 can still be rationalized by the future potential. … See our latest analysis for Serial System? … Serial System is poised for extremely high earnings growth in the near future

Simply Wall St -

Why We Think Serial System Ltd (SGX:S69) Could Be Worth Looking At

I've been keeping an eye on Serial System Ltd (SGX:S69) because I'm attracted to its fundamentals. … Looking at the company as a whole, as a potential stock investment, I believe S69 has a lot to offer. … that has been a rockstar for income investors, currently trading at an attractive share price

Simply Wall St -

S69 Company Info

Description

Serial System Ltd, an investment holding company, distributes electronic and electrical components, and consumer products. It operates in three segments: Electronic Components Distribution, Consumer Products Distribution, and Other Businesses. The company offers consumer products, including household appliances and lifestyle goods, such as camera accessories, printer accessories, motherboards, and hard-disk drives. It is also involved in the trading and rental of investment properties; distribution of printer accessories; wholesale and sub-assembly of electrical signals and controls products; assembly and distribution of medical devices and ethylene oxide sterilization; trading and distribution of IT, photographic, and timepiece products; and distribution and marketing of information technology, computer peripherals, parts, software, and related products, as well as electronic component modules focusing on automotive customers. In addition, the company offers hospitality and healthcare, outdoor advertising media, laundry, project financing, and food manufacturer and caterer services, as well as distributes and trades in mobile phone’s subscriber identity module cards and top up cards. Further, it manufactures, processes, trades in, and exports durian puree and durian related products; provides management, marketing, and administrative services; markets, promotes, sells, exports, and distributes semiconductor components; and offers managed print services, as well as administers, maintains, and distributes copiers and printers. The company serves various industries comprising consumer electronics, telecommunication, household appliances, industrial, electronics manufacturing services, automotive, and medical. It operates in Singapore, Malaysia, Thailand, the Philippines, Indonesia, Vietnam, Cambodia, India, Hong Kong, China, South Korea, Taiwan, Australia, Kazakhstan, the United Arab Emirates, and Bangladesh. The company was founded in 1988 and is based in Singapore.

Details
Name: Serial System Ltd
S69
Exchange: SGX
Founded: 1988
SGD79,729,930
895,841,914
Website: http://www.serialsystem.com
Address: Serial System Ltd
No. 05-01, Serial System Building,
8 Ubi View,
Singapore,
408554,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX S69 Ordinary Shares Singapore Exchange SG SGD 11. Apr 1997
Number of employees
Current staff
Staff numbers
1,000
Serial System employees.
Industry
Technology Distributors
Tech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/19 12:36
End of day share price update: 2019/03/19 00:00
Last estimates confirmation: 2019/02/28
Last earnings filing: 2019/02/28
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


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.