Reported Earnings • Apr 19
Full year 2025 earnings released: EPS: US$0.003 (vs US$0.001 in FY 2024) Full year 2025 results: EPS: US$0.003 (up from US$0.001 in FY 2024). Revenue: US$860.5m (up 9.1% from FY 2024). Net income: US$2.29m (up 344% from FY 2024). Profit margin: 0.3% (up from 0.1% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Apr 16
Serial System Ltd, Annual General Meeting, Apr 30, 2026 Serial System Ltd, Annual General Meeting, Apr 30, 2026, at 11:00 Singapore Standard Time. Location: 8 ubi view, 05-01, serial system building, singapore 408554, Singapore Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: US$0.003 (vs US$0.001 in FY 2024) Full year 2025 results: EPS: US$0.003 (up from US$0.001 in FY 2024). Revenue: US$860.5m (up 9.1% from FY 2024). Net income: US$2.29m (up 344% from FY 2024). Profit margin: 0.3% (up from 0.1% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Mar 02
New major risk - Revenue and earnings growth Earnings have declined by 21% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.9x net interest cover). Earnings have declined by 21% per year over the past 5 years. Minor Risk Market cap is less than US$100m (S$68.8m market cap, or US$54.2m). New Risk • Feb 23
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: Major Risk Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Large one-off items impacting financial results. Market cap is less than US$100m (S$73.3m market cap, or US$58.0m). Announcement • Jan 19
Serial System Ltd Announces Board Changes, with Effect from 1 February 2026 The Board of Directors of Serial System Ltd. announced the following: Re-designation of Executive Director to Non-Executive Director and Changes in Appointment: Ms. Victoria Goh Si Hui will be re-designated from Executive Director to Non-Executive Director of the Company following her appointment as chief executive officer and executive director of Serial Achieva Limited, a 77.64%- owned subsidiary listed on the Catalist Board of the Singapore Exchange, with effect from 1 February 2026. She will also relinquish her roles of Group Vice President, Business Development & Marketing, and Chief Operating Officer of Consumer Products Distribution Division of Serial System Ltd, and be re-designated as non-executive director of all subsidiaries and associated companies within the Serial System Ltd. group with effect from 1 February 2026. Ms. Victoria Goh Si Hui will continue to oversee and manage the business of Serial Multivision Pte. Ltd., a wholly-owned subsidiary engaged in hospitality and healthcare solutions, which is a non-core business segment classified under ‘Other Businesses’ of Serial System Ltd. Changes in the Composition of the Board of Directors: Taking into account the above, the composition of the Board of the Company shall be reconstituted as follows with effect from 1 February 2026:- Board of Directors: Mr. Derek Goh Bak Heng: Executive Chairman and Group Chief Executive Officer; Mr. Teo Ser Luck: Non-Executive Deputy Chairman and Lead Independent Director; Mr. Sean Goh Su Teng: Executive Director and Deputy Group Chief Executive Officer; Mr. Heng Yeow Meng Michael: Independent Director and Audit Committee Chairman; Mr. Lye Hoong Yip Raymond: Independent Director and Remuneration Committee Chairman; Mr. Khua Kian Kheng Ivan: Independent Director and Nominating Committee Chairman; Mr. Ng Yong Hwee: Independent Director; Mr. Goi Kok Ming Kenneth: Non-Executive Director; Ms. Victoria Goh Si Hui: Non-Executive Director. There will be no changes to the composition of the Audit Committee, Nominating Committee, Remuneration Committee and Serial System Employee Share Option Scheme 2024 Committee of the Company. Buy Or Sell Opportunity • Jan 16
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to S$0.084. The fair value is estimated to be S$0.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Jan 14
Serial System Ltd. Announces Update on Taiwan Civil Suit The Board of Directors of Serial System Ltd. referred to the Company's announcements dated 23 February 2017, 15 June 2021, 25 June 2021, 14 July 2021, 20 August 2025 and 16 September 2025 (the "Taiwan Civil Suit Announcement(s)"). Unless otherwise defined herein, all capitalized terms shall have the same meaning assigned to them in the Taiwan Civil Suit Announcements. The Company was informed by its 12.91% associated company, Bull Will Co. Ltd. that based on the summary of the court decision published on the notification issued by the Clerk's Office of the Supreme Court of Taiwan: (1) the appeal against the Taiwan High Court's decision on the Taiwan Civil Suit by the plaintiff and appellant, Securities and Futures Investors Protection Centre of Taiwan ("SFIPC") has been dismissed by the Supreme Court of Taiwan and the Supreme Court of Taiwan's decision is final and conclusive and (2) the court's litigation costs were ordered to be borne by the SFIPC. Buy Or Sell Opportunity • Dec 30
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.0% to S$0.084. The fair value is estimated to be S$0.069, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Oct 27
Now 30% overvalued after recent price rise Over the last 90 days, the stock has risen 94% to S$0.091. The fair value is estimated to be S$0.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Sep 26
Now 34% overvalued after recent price rise Over the last 90 days, the stock has risen 114% to S$0.094. The fair value is estimated to be S$0.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Aug 13
First half 2025 earnings released: EPS: US$0.001 (vs US$0.006 loss in 1H 2024) First half 2025 results: EPS: US$0.001 (up from US$0.006 loss in 1H 2024). Revenue: US$392.7m (up 4.8% from 1H 2024). Net income: US$810.0k (up US$5.99m from 1H 2024). Profit margin: 0.2% (up from net loss in 1H 2024). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Announcement • Jun 30
Serial System Ltd Appoints Goh Si Hui Victoria as Chief Operating Officer of Consumer Products Distribution Division of Serial System Ltd Serial System Ltd. appointed Goh Si Hui Victoria as Chief Operating Officer of Consumer Products Distribution Division of Serial System Ltd. to the Board of Directors for consideration. The Board of Directors concurred with the recommendation of the Nominating Committee and approved Ms. Victoria Goh Si Hui's additional appointment as Chief Operating Officer of Consumer Products Distribution Division of Serial System Ltd. The appointment is executive. Ms. Victoria Goh Si Hui will oversee the Group's business and operations of the Consumer Products Distribution Division as its Chief Operating Officer. In addition, she will continue to manage the business of the Hospitality and Healthcare Solutions and Medical Devices Assembly and Distribution Divisions as well as supply chain and inventory management of the Group. As Executive Director and Group Vice President, Business Development & Marketing of Serial System Ltd, Ms. Victoria Goh Si Hui will work with the Management Team and the Board of Serial System Ltd. on corporate development and strategic planning of the Group. Working Experience Corporate Development Executive with Serial Microelectronics Pte Ltd. (a wholly owned subsidiary of Serial System Ltd) from Aug. 2015 to Feb. 2016 - Business Development Executive (Management Trainee Program) with Future Electronics Inc. (Distribution) Pte. Ltd. from Feb. 2016 to Dec 2016 - Business Development Executive with Serial System Ltd. from Jan 2017 to May 2018 - Business Development Manager with Serial System Ltd. from Jun 2018 to Mar 2019 - Director, Business Development & Marketing with Serial System Ltd. from Apr. 2019 to Dec 2021 - Group Vice President, Business Development & Marketing with Serial System Ltd. from Jan 2022 to present Familial RelationShip includes Ms. Goh Si Hui Victoria Goh is the daughter of Derek Goh Bak Heng, Executive Chairman and Group Chief Executive Officer of Serial System Ltd. and niece of Sean Goh Su Teng, Deputy Group Chief Executive Officer and Executive Director of Serial System Ltd. and Non-Executive Chairman of Serial Achieva Limited. Professional Qualifications includes Bachelor of Business degree from Nanyang Technological University. Present Directorships Listed Companies · Serial System Ltd. · Bull Will Co. Ltd. (listed on the Over-The-Counter Securities Exchange in Taiwan) · Serial Achieva Limited (listed on Catalist Board of the SGX-ST) Non-Listed Companies · Asian Prosperity Singapore Pte. Ltd. · C & G Investment Pte Ltd. · D&C Goh Holdings Pte Ltd. · G2 Unity Investment Pte. Ltd. · Global Voice Pte Ltd. · Nuline Marketing Singapore Pte Ltd. · Teabrary International Pte. Ltd. · Teabrary Investment Pte. Ltd. · Yuan Premium Foods Pte. Ltd. Group Companies (subsidiaries and associated companies) of Serial System Ltd. · Bast Global Sdn. Bhd. · Bast Investment Pte. Ltd. · Contract Sterilization Services Pte. Ltd. · CSS Medisys Pte. Ltd. · Inkcarts Pte. Ltd. · Newstone Technology Limited · Print IQ MPS Company Limited · Print-IQ Singapore Pte. Ltd. · SCE Enterprise Pte. Ltd. · Serial Investment (Korea) Limited · Serial Investment Pte Ltd. · Serial Investment Taiwan Inc. · Serial I-Tech (Far East) Pte. Ltd. · Serial Microelectroncs (Shenzhen) Co. Ltd. · Serial Microelectronics (HK) Limited · Serial Microelectronics Inc. · Serial Microelectronics Korea Limited · Serial Microelectronics Pte Ltd. · Serial System International Pte. Ltd. · Stars Tea & Coffee Asia Pte. Ltd. · SerialTec Pte. Ltd. · Swift-Value Business Pte. Ltd. · UniSerial Electronics Limited Past Directorships (Last 5 years) · Bull Will Trading (S) Pte. Ltd. · Serial JTech System Pte. Ltd. · Serial Microelectronics Information Limited. New Risk • May 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 8.8% 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 Risks Interest payments are not well covered by earnings (0.9x net interest cover). Earnings have declined by 47% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (S$41.6m market cap, or US$32.3m). Reported Earnings • Apr 18
Full year 2024 earnings released: EPS: US$0.001 (vs US$0.016 loss in FY 2023) Full year 2024 results: EPS: US$0.001 (up from US$0.016 loss in FY 2023). Revenue: US$788.7m (up 3.9% from FY 2023). Net income: US$516.0k (up US$15.3m from FY 2023). Profit margin: 0.1% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 33% per year, which means it has not declined as severely as earnings. Announcement • Apr 15
Serial System Ltd, Annual General Meeting, Apr 30, 2025 Serial System Ltd, Annual General Meeting, Apr 30, 2025, at 15:00 Singapore Standard Time. Location: 8 ubi view, 05-01, serial system building, singapore 408554, Singapore Announcement • Apr 11
Serial System Ltd Announces Retirement of Kenny Yap Kim Lee as Independent Director of the Company, Chairman of Remuneration Committee, Member of Audit and Risk Committee and Nominating Committee Serial System Ltd. announced that Mr. Kenny Yap Kim Lee ("Mr. Kenny Yap") will not be seeking re-election and will retain office until the conclusion of the forthcoming annual general meeting to be held on 29 April 2025 at 11 am. Accordingly, he will retire as an Independent Director of the Company and step down as Chairman of Remuneration Committee, Member of Audit and Risk Committee and Nominating Committee respectively. Reported Earnings • Mar 05
Full year 2024 earnings released: EPS: US$0.001 (vs US$0.016 loss in FY 2023) Full year 2024 results: EPS: US$0.001 (up from US$0.016 loss in FY 2023). Revenue: US$788.7m (up 3.9% from FY 2023). Net income: US$516.0k (up US$15.3m from FY 2023). Profit margin: 0.1% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. New Risk • Feb 28
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 Risks Interest payments are not well covered by earnings (0.6x net interest cover). Earnings have declined by 57% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (S$39.8m market cap, or US$29.5m). New Risk • Nov 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Singaporean stocks, typically moving 15% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.6x net interest cover). Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 57% per year over the past 5 years. Minor Risk Market cap is less than US$100m (S$39.8m market cap, or US$29.5m). Announcement • Oct 18
Serial System Ltd Announces Change of Company Secretary Serial System Ltd. announced that Ms. Nor Hafiza Alwi has been appointed as Secretary of the Company with effect from 31 October 2024, in place of Mr. Chen Chuanjian, Jason and Ms Tan Ching Ching who have resigned as Joint Secretaries of the Company with effect from 31 October 2024. Hans Corporate Services Ltd. will remain as the resident secretary of the Company to fulfil the requirement under the Labuan Companies Act 1990. Reported Earnings • Aug 15
First half 2024 earnings released: US$0.006 loss per share (vs US$0.014 loss in 1H 2023) First half 2024 results: US$0.006 loss per share (improved from US$0.014 loss in 1H 2023). Revenue: US$374.7m (up 1.3% from 1H 2023). Net loss: US$5.18m (loss narrowed 59% from 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Announcement • Aug 03
Serial System Ltd to Report First Half, 2024 Results on Aug 14, 2024 Serial System Ltd announced that they will report first half, 2024 results on Aug 14, 2024 Board Change • May 08
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. Independent Non-Executive Deputy Chairman of the Board Ser-Luck Teo is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Apr 17
Full year 2023 earnings released: US$0.016 loss per share (vs US$0.005 loss in FY 2022) Full year 2023 results: US$0.016 loss per share (further deteriorated from US$0.005 loss in FY 2022). Revenue: US$759.0m (down 16% from FY 2022). Net loss: US$14.8m (loss widened 221% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Announcement • Apr 16
Serial System Ltd, Annual General Meeting, Apr 30, 2024 Serial System Ltd, Annual General Meeting, Apr 30, 2024, at 11:00 Singapore Standard Time. Location: 8 Ubi View, #05-01, Serial System Building, Singapore 408554 Singapore Singapore Agenda: To consider the adoption of Audited Financial Statements and Directors' Statement and Auditor's report for the financial year ended 31 December 2023; to consider the approval of payment of Directors' Fees for the financial year ending 31 December 2024 payable quarterly in arrears; to consider the re-election of Mr. Derek Goh Bak Heng as a Director of the Company; to consider the re-appointment of Moore Stephens LLP as Auditors and authorisation for the Directors to fix their remuneration; and to consider other matters. Reported Earnings • Feb 24
Full year 2023 earnings released: US$0.016 loss per share (vs US$0.005 loss in FY 2022) Full year 2023 results: US$0.016 loss per share (further deteriorated from US$0.005 loss in FY 2022). Revenue: US$759.0m (down 16% from FY 2022). Net loss: US$14.8m (loss widened 221% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Announcement • Feb 17
Serial System Ltd to Report Fiscal Year 2023 Results on Feb 29, 2024 Serial System Ltd announced that they will report fiscal year 2023 results on Feb 29, 2024 Announcement • Jan 11
Serial System Ltd Announces Board Changes Serial System Ltd. announced that Mr. Derek Goh Bak Heng has been appointed the Executive Director and Executive Chairman of the Company with effect from 9 January 2024 and will continue to concurrently serve as the Group CEO of the Company and its subsidiaries (the Group). Following Mr. Derek Goh Bak Heng's appointment by the Board as the Executive Director and Executive Chairman of the Company, Mr. Teo Ser Luck will relinquish his role as Independent Non-Executive Acting Chairman of the Board and will be re-designated as Independent Non-Executive Deputy Chairman of the Board. Announcement • Jan 10
Serial System Ltd Appoints Lye Hoong Yip Raymond as Independent Non-Executive Director Serial System Ltd. announced that appointment of Lye Hoong Yip Raymond as Independent Non-Executive Director. Mr. Lye Hoong Yip Raymond ("Raymond Lye") has more than fourteen years of experience as an Independent Director of Goodland Group Ltd, a company listed on the Mainboard of the Singapore Exchange Securities Trading Limited. He was also Independent Director of 800 Super Holdings Ltd. from June 2011 to August 2019 and SK Jewellery Group Ltd. from June 2015 to December 2020, prior to their de-listing on Catalist of the Singapore Exchange Securities Trading Limited. Raymond Lye is currently the Managing Partner of Union Law LLP. Working Experience: Managing Partner, Union Law LLP from January 2014 to present Independent Director, Goodland Group Ltd. from August 2009 to present Independent Director, 800 Super Holdings Ltd. from June 2011 to August 2019 (delisted) Independent Director, SK Jewellery Group Ltd. from June 2015 to December 2020 (delisted) Director, TCR Investment Holdings Pte Ltd, from September 2017 to December 2018 (stuck-off due to dormant with no activity since incorporation). Reported Earnings • Aug 13
First half 2023 earnings released: US$0.014 loss per share (vs US$0 in 1H 2022) First half 2023 results: US$0.014 loss per share (further deteriorated from US$0 in 1H 2022). Revenue: US$369.8m (down 20% from 1H 2022). Net loss: US$12.7m (down US$13.1m from profit in 1H 2022). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. New Risk • Aug 12
New major 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 13% 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 Risks Debt is not well covered by operating cash flow (4.0% operating cash flow to total debt). Earnings have declined by 48% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (S$72.4m market cap, or US$53.5m). Announcement • Jul 29
Serial System Ltd to Report First Half, 2023 Results on Aug 14, 2023 Serial System Ltd announced that they will report first half, 2023 results on Aug 14, 2023 Reported Earnings • Apr 15
Full year 2022 earnings released: US$0.005 loss per share (vs US$0.012 profit in FY 2021) Full year 2022 results: US$0.005 loss per share (down from US$0.012 profit in FY 2021). Revenue: US$906.7m (up 1.2% from FY 2021). Net loss: US$4.62m (down 142% from profit in FY 2021). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Feb 24
Full year 2022 earnings released: US$0.005 loss per share (vs US$0.012 profit in FY 2021) Full year 2022 results: US$0.005 loss per share (down from US$0.012 profit in FY 2021). Revenue: US$906.7m (up 1.2% from FY 2021). Net loss: US$4.62m (down 142% from profit in FY 2021). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Feb 16
Serial System Ltd. Provides Group Earnings Guidance for the Full Year Ended 31 December 2022 Serial System Ltd. provided group earnings guidance for the full year ended 31 December 2022. For the year, the group expects to report a net loss. Based on the preliminary review of the Group's unaudited financial results for the fiscal year 2022, the losses are primarily due to foreign exchange loss and allowances for inventory obsolescence. Announcement • Oct 14
Serial System Ltd Announces Interim One-Tier Tax-Exempt Cash Dividend for the Financial Year Ending 31 December 2022, Payable on 18 November 2022 Serial System Ltd. announced the interim one-tier tax-exempt cash dividend of 0.11 Singapore cent per share for the financial year ending 31 December 2022. The share transfer books and Register of Members of the Company will be closed on 12 November 2022. The interim dividend will be paid on 18 November 2022. Announcement • Aug 14
Serial System Ltd. Declares Interim One Tier Tax Exempt Dividend for the Half Year Ended June 30, 2022 Serial System Ltd. declared interim one tier tax exempt dividend of 0.11 cents per share for the half year ended June 30, 2022. Reported Earnings • Aug 14
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down US$5.84m from profit in 1H 2021). Profit margin: (down from 1.3% in 1H 2021). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 8% per year. Announcement • Jul 09
Serial System Ltd Appoints Goh Su Teng Sean as Deputy Group Chief Executive Officer The board of directors of Serial System Ltd. announced the appointment of Goh Su Teng Sean as Deputy Group Chief Executive Officer. The appointment is part of Serial System Group's succession plan that is focused on developing leaders who can contribute to making Serial System Group a strong and successful company for all its stakeholders. Sean Goh has been the Group's Chief Operating Officer since 2019 and was appointed as Executive Director of the Company on 5th October 2021. Sean Goh has demonstrated excellent leadership in the growth of the Group's electronic components distribution and consumer products distribution businesses and the development of new businesses covering FMCG and new Tech. He will continue to work under the leadership of Mr. Derek Goh Bak Heng, the Group Chief Executive Officer of Serial System Ltd. The Nominating Committee has recommended and the Board has approved Sean Goh's appointment as Deputy Group Chief Executive Officer of Serial System Ltd. The NC and the Board opined that Sean Goh is a focused and driven leader with a deep understanding of the Serial System Group's businesses and the needs of Serial System Group's customers, employees and other stakeholders, and he is fully committed to continue to drive sustainable long term growth for the Serial System Group. Sean Goh will relinquish his title as Group Chief Operating Officer of Serial System Ltd. following this appointment. Sales Engineer with Serial Microelectronics Pte Ltd. from June 2004 to December 2005 Product Manager with Serial Microelectronics Pte Ltd. from January 2006 to December 2008 Marketing Director with Serial Microelectronics Pte Ltd. from January 2009 to September 2009 Vice President of Regional Marketing with Serial Microelectronics Pte Ltd. from October 2009 to June 2011 Senior Vice President of Corporate Planning, Development and Regional Marketing with Serial Microelectronics Pte Ltd. from July 2011 to June 2018 Group Senior Vice President and Chief Operating Officer of Consumer Products Distribution Division from July 2018 to May 2019 Group Chief Operating Officer from June 2019 to present. Professional Qualifications: Bachelor of Engineering degree with Honours from the Nanyang Technological University. Appointment date is July 08, 2022. Buying Opportunity • May 04
Now 22% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be S$0.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 19% over the last 3 years. Earnings per share has declined by 29%. Reported Earnings • Apr 08
Full year 2021 earnings released: EPS: US$0.012 (vs US$0 in FY 2020) Full year 2021 results: EPS: US$0.012 (up from US$0 in FY 2020). Revenue: US$895.9m (up 23% from FY 2020). Net income: US$11.1m (up US$10.9m from FY 2020). Profit margin: 1.2% (up from 0% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • Feb 25
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$0.012 (up from US$0 in FY 2020). Revenue: US$895.9m (up 23% from FY 2020). Net income: US$11.1m (up US$10.9m from FY 2020). Profit margin: 1.2% (up from 0% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Feb 25
SSTW Technology Pte. Ltd. acquired Serial Microelectronics Inc. for NTD 1.5 million. SSTW Technology Pte. Ltd. acquired Serial Microelectronics Inc. for NTD 1.5 million on December 23, 2021. The investment was funded through internal resources. The net assets of SMI as at 30 November 2021 were NTD 1.5 million.
SSTW Technology Pte. Ltd. completed the acquisition of Serial Microelectronics Inc. for on December 23, 2021. Announcement • Feb 24
Serial System Ltd Proposes Final Cash Dividend Serial System Ltd. proposed a final cash dividend of 0.45 Singapore cent a share. Together with an interim payout of 0.22 Singapore cent a share, shareholders can expect a total amount of 0.67 Singapore cent a share in FY2021 compared to 0.11 Singapore cent a share in FY2020. Recent Insider Transactions • Aug 18
Founder recently bought S$64k worth of stock On the 16th of August, Bak Heng Goh bought around 450k shares on-market at roughly S$0.14 per share. In the last 3 months, they made an even bigger purchase worth S$77k. Bak Heng has been a buyer over the last 12 months, purchasing a net total of S$364k worth in shares. Announcement • Jul 15
Serial System Ltd Announces Update on Taiwan Civil Suit Serial System Ltd. was informed by its 19.02% associated company, Bull Will Co. Ltd. that the plaintiff, Securities and Futures Investors Protection Centre of Taiwan, had filed an appeal with the Taiwan High Court. The company wishes to reiterate that Bull Will has insured its directors and supervisors with a USD 5 million directors and supervisors liability insurance from Cathay Century Insurance, which is more than adequate to cover any potential damages from the appeal. The company will make further announcements to update its shareholders on any further material developments in connection with the Taiwan Civil Suit. As at the date of this announcement, the Board does not expect the Taiwan Civil Suit to have any material impact on the net tangible assets per share and earnings per share of the Company and the Group for the financial year ending 31 December 2021. Recent Insider Transactions • Jun 17
Founder recently bought S$60k worth of stock On the 16th of June, Bak Heng Goh bought around 400k shares on-market at roughly S$0.15 per share. This was the largest purchase by an insider in the last 3 months. Bak Heng has been a buyer over the last 12 months, purchasing a net total of S$82k worth in shares. Announcement • May 11
Serial System Ltd Approves One-Tier Tax-Exempt Final Cash Dividend for the Financial Year Ended December 31, 2020 Serial System Ltd. approved the payment of one-tier tax-exempt Final Cash Dividend of 0.11 Singapore cent per ordinary share for the financial year ended 31 December 2020 at its AGM held 28 April 2021.