Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to S$1.50, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 15x in the Machinery industry in Singapore. Total returns to shareholders of 103% over the past three years. New Risk • Jul 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 10.0% 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 Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (10.0% average weekly change). Large one-off items impacting financial results. Upcoming Dividend • May 13
Upcoming dividend of S$0.05 per share Eligible shareholders must have bought the stock before 20 May 2026. Payment date: 29 May 2026. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Singaporean dividend payers (5.0%). In line with average of industry peers (3.3%). Announcement • Apr 10
Penguin International Limited, Annual General Meeting, Apr 27, 2026 Penguin International Limited, Annual General Meeting, Apr 27, 2026, at 10:00 Singapore Standard Time. Location: 21 tuas road, singapore 638489, Singapore New Risk • Mar 03
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 38% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: S$0.16 (vs S$0.16 in FY 2024) Full year 2025 results: EPS: S$0.16 (in line with FY 2024). Revenue: S$267.0m (up 13% from FY 2024). Net income: S$35.5m (flat on FY 2024). Profit margin: 13% (down from 15% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to S$1.70, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 12x in the Machinery industry in Singapore. Total returns to shareholders of 164% over the past three years. 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: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Board Change • Dec 23
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Tan Poh was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 13
First half 2025 earnings released: EPS: S$0.032 (vs S$0.013 in 1H 2024) First half 2025 results: EPS: S$0.032 (up from S$0.013 in 1H 2024). Revenue: S$122.0m (up 104% from 1H 2024). Net income: S$7.03m (up 143% from 1H 2024). Profit margin: 5.8% (up from 4.8% in 1H 2024). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to S$1.30, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 14x in the Machinery industry in Singapore. Total returns to shareholders of 114% over the past three years. Buy Or Sell Opportunity • Jun 13
Now 30% overvalued after recent price rise Over the last 90 days, the stock has risen 26% to S$1.18. The fair value is estimated to be S$0.91, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 27%. Upcoming Dividend • Apr 28
Upcoming dividend of S$0.048 per share Eligible shareholders must have bought the stock before 05 May 2025. Payment date: 16 May 2025. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 5.0%. Lower than top quartile of Singaporean dividend payers (6.0%). Higher than average of industry peers (3.5%). Declared Dividend • Apr 10
Dividend increased to S$0.048 Dividend of S$0.048 is 42% higher than last year. Ex-date: 5th May 2025 Payment date: 16th May 2025 Dividend yield will be 5.5%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (30% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 13% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 07
Penguin International Limited, Annual General Meeting, Apr 22, 2025 Penguin International Limited, Annual General Meeting, Apr 22, 2025, at 10:30 Singapore Standard Time. Location: 21 tuas road, singapore 638489, Singapore Reported Earnings • Feb 22
Full year 2024 earnings released: EPS: S$0.16 (vs S$0.076 in FY 2023) Full year 2024 results: EPS: S$0.16 (up from S$0.076 in FY 2023). Revenue: S$235.8m (up 29% from FY 2023). Net income: S$35.5m (up 112% from FY 2023). Profit margin: 15% (up from 9.2% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Board Change • Feb 03
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. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Henry Tan 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. Board Change • Jan 06
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. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Henry Tan 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. Buy Or Sell Opportunity • Dec 06
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at S$0.86. The fair value is estimated to be S$0.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 7.5%. Board Change • Nov 28
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. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Henry Tan 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. Buy Or Sell Opportunity • Sep 27
Now 23% overvalued The stock has been flat over the last 90 days, currently trading at S$0.89. The fair value is estimated to be S$0.72, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 7.5%. Buy Or Sell Opportunity • Aug 15
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 4.8% to S$0.88. The fair value is estimated to be S$0.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 7.5%. Reported Earnings • Aug 13
First half 2024 earnings released: EPS: S$0.013 (vs S$0.011 in 1H 2023) First half 2024 results: EPS: S$0.013 (up from S$0.011 in 1H 2023). Revenue: S$59.9m (down 34% from 1H 2023). Net income: S$2.89m (up 20% from 1H 2023). Profit margin: 4.8% (up from 2.7% in 1H 2023). Over the last 3 years on average, earnings per share has increased by 8% per year and the company’s share price has also increased by 8% per year. Board Change • Aug 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. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Henry Tan 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. Announcement • May 18
Penguin International Limited Approves First and Final Tax Exempt (One-Tier) Dividend for the Financial Year Ended 31 December 2023, Payable on 20 May 2024 Penguin International Limited at the Annual General Meeting held on 23 April 2024, approved First and Final tax exempt (one-tier) dividend of 3.42 cents per ordinary share for the financial year ended 31 December 2023 be and is hereby approved and that it be paid on 20 May 2024 to the shareholders registered with the Company at the close of business on 7 May 2024. Declared Dividend • Apr 25
Dividend increased to S$0.034 Dividend of S$0.034 is 52% higher than last year. Ex-date: 6th May 2024 Payment date: 20th May 2024 Dividend yield will be 4.0%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (45% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 4.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 23
Penguin International Limited Announces Changes to the Composition of the Board and Board Committees Penguin International Limited announced that Mr. Leow Ban Tat will step down as a Non-Executive and Independent Director of the Company on 27 April 2024, having served 9 years on the Board. Accordingly, Mr. Leow will cease to be Chairman of the Nominating Committee and member of Audit and Risk Committee and Remuneration Committee. The Board also announced the following appointments to the Board Committees: Mr. Keith Tan Keng Soon ("Mr Keith Tan") as a member of the Audit and Risk Committee and the Remuneration Committee. Mr. Keith Tan is a Non-Independent Non-Executive Director (b) Mr. Henry Tan Song Kok ("Mr Henry Tan") as a member of the Nominating Committee. Mr. Henry Tan is an Independent and Non-Executive Director; Director. The composition of the Board and the Board Committees of the Company with effect from 27 April 2024 will be as follows: Board of Directors: Mr. Jeffrey Hing Yih Peir (Executive Chairman), Mr. James Tham Tuck Choong (Managing Director), Ms Joanna Tung May Fong (Finance & Administration Director), Mr. Winston Kwek Choon Lin (Lead Independent and Non-Executive Director), Mr. Henry Tan Song Kok (Independent and Non-Executive Director), Mr. Keith Tan Keng Soon (Non-Independent Non-Executive Director). Audit and Risk Committee: Mr. Henry Tan Song Kok (Chairman), Mr. Winston Kwek Choon Lin, Mr. Keith Tan Keng Soon, Nominating Committee, Mr. Winston Kwek Choon Lin (Chairman), Mr. Jeffrey Hing Yih Peir, Mr. Henry Tan Song Kok Remuneration Committee: Mr. Winston Kwek Choon Lin (Chairman), Mr. Henry Tan Song Kok and Mr. Keith Tan Keng Soon. Declared Dividend • Apr 10
Dividend of S$0.034 announced Shareholders will receive a dividend of S$0.034. Ex-date: 6th May 2024 Payment date: 20th May 2024 Dividend yield will be 3.8%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (45% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 4.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 08
Penguin International Limited, Annual General Meeting, Apr 23, 2024 Penguin International Limited, Annual General Meeting, Apr 23, 2024, at 15:00 Singapore Standard Time. Location: 22 Tuas Avenue 6 Singapore Singapore Agenda: To receive and adopt the Directors' Statement and the Audited Financial Statements for the financial year ended 31 December 2023 and the Auditor's Report thereon; To declare and approve a first and final tax exempt (one-tier) dividend of 3.42 cents per ordinary share for the financial year ended 31 December 2023; To approve the payment of Directors' fees of SGD 184,000.00 for the financial year ended 31 December 2023; To re-appoint PKF-CAP LLP as the auditor of the Company for the ensuing year and to authorize the Directors to fix their remuneration; to consider Share Issue Mandate Resolution. Reported Earnings • Feb 24
Full year 2023 earnings released: EPS: S$0.076 (vs S$0.048 in FY 2022) Full year 2023 results: EPS: S$0.076 (up from S$0.048 in FY 2022). Revenue: S$182.4m (up 35% from FY 2022). Net income: S$16.7m (up 59% from FY 2022). Profit margin: 9.2% (up from 7.8% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Aug 13
First half 2023 earnings released: EPS: S$0.011 (vs S$0.031 in 1H 2022) First half 2023 results: EPS: S$0.011 (down from S$0.031 in 1H 2022). Revenue: S$89.0m (up 45% from 1H 2022). Net income: S$2.42m (down 65% from 1H 2022). Profit margin: 2.7% (down from 11% in 1H 2022). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. New Risk • Aug 12
New major risk - Revenue and earnings growth Earnings have declined by 2.3% 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 Risk Earnings have declined by 2.3% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.8% net profit margin). Announcement • May 25
Penguin International Limited Approves First and Final Tax Exempt (One-Tier) Dividend for the Financial Year Ended 31 December 2022, Payable on 23 May 2023 Penguin International Limited at its 2023 Annual General Meeting held on 27 April 2023, declared First and Final tax exempt (one-tier) dividend of 2.25 cents per ordinary share for the financial year ended 31 December 2022 be and is hereby approved and that it be paid on 23 May 2023 to the shareholders registered with the Company at the close of business on 10 May 2023. Upcoming Dividend • May 02
Upcoming dividend of S$0.022 per share at 3.3% yield Eligible shareholders must have bought the stock before 09 May 2023. Payment date: 23 May 2023. Payout ratio is a comfortable 47% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Singaporean dividend payers (6.4%). Lower than average of industry peers (3.8%). Reported Earnings • Apr 08
Full year 2022 earnings released: EPS: S$0.048 (vs S$0.058 in FY 2021) Full year 2022 results: EPS: S$0.048 (down from S$0.058 in FY 2021). Revenue: S$135.2m (up 1.9% from FY 2021). Net income: S$10.6m (down 17% from FY 2021). Profit margin: 7.8% (down from 9.6% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: S$0.048 (vs S$0.058 in FY 2021) Full year 2022 results: EPS: S$0.048 (down from S$0.058 in FY 2021). Revenue: S$135.2m (up 1.9% from FY 2021). Net income: S$10.6m (down 17% from FY 2021). Profit margin: 7.8% (down from 9.6% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Aug 13
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down S$308.0k from profit in 1H 2021). Profit margin: (down from 0.7% in 1H 2021). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Upcoming Dividend • May 03
Upcoming dividend of S$0.022 per share Eligible shareholders must have bought the stock before 10 May 2022. Payment date: 24 May 2022. Trailing yield: 3.2%. Lower than top quartile of Singaporean dividend payers (5.8%). Lower than average of industry peers (7.0%). Reported Earnings • Apr 10
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: S$0.058 (down from S$0.06 in FY 2020). Revenue: S$132.6m (up 11% from FY 2020). Net income: S$12.7m (down 4.1% from FY 2020). Profit margin: 9.6% (down from 11% in FY 2020). Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) also surpassed analyst estimates by 40%. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: S$0.058 (down from S$0.06 in FY 2020). Revenue: S$132.6m (up 11% from FY 2020). Net income: S$12.7m (down 4.1% from FY 2020). Profit margin: 9.6% (down from 11% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) also surpassed analyst estimates by 40%. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Reported Earnings • Aug 09
First half 2021 earnings released: EPS S$0.001 (vs S$0.018 in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2021 results: Revenue: S$42.1m (down 16% from 1H 2020). Net income: S$308.0k (down 92% from 1H 2020). Profit margin: 0.7% (down from 7.8% in 1H 2020). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Jul 31
High number of new directors Independent Non-Executive Director Henry Tan was the last director to join the board, commencing their role in 2021. Executive Departure • May 05
Lead Independent Director has left the company On the 29th of April, Kian Min Ong's tenure as Lead Independent Director ended after 23.7 years in the role. We don't have any record of a personal shareholding under Kian Min's name. A total of 2 executives have left over the last 12 months. Executive Departure • May 05
Independent & Non-Executive Director has left the company On the 29th of April, Poh Lee Tan's tenure as Independent & Non-Executive Director ended after 4.0 years in the role. We don't have any record of a personal shareholding under Poh Lee's name. A total of 2 executives have left over the last 12 months. Reported Earnings • Apr 17
Full year 2020 earnings released: EPS S$0.06 (vs S$0.088 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: S$119.4m (down 12% from FY 2019). Net income: S$13.2m (down 32% from FY 2019). Profit margin: 11% (down from 14% in FY 2019). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 15
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: S$119.4m (down 12% from FY 2019). Net income: S$13.2m (down 32% from FY 2019). Profit margin: 11% (down from 14% in FY 2019). The decrease in margin was driven by lower revenue. Analyst Estimate Surprise Post Earnings • Feb 15
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) also surpassed analyst estimates by 40%. Over the next year, revenue is forecast to grow 1.5%, compared to a 14% growth forecast for the Shipping industry in Singapore. Recent Insider Transactions • Jan 27
Insider recently sold S$319k worth of stock On the 25th of January, Kok Wah Ng sold around 490k shares on-market at roughly S$0.65 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of S$89k more than they bought in the last 12 months. Is New 90 Day High Low • Jan 22
New 90-day high: S$0.65 The company is up 51% from its price of S$0.43 on 23 October 2020. The Singaporean market is up 27% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Shipping industry, which is up 33% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is S$3.60 per share. Announcement • Jan 22
Jeffrey Hing Yih Peir, James Tham Tuck Choong and Dymon Asia Private Equity (S.E. Asia) Fund II, L.P. managed by Dymon Asia Capital (Singapore) Pte. Ltd. intend to make a voluntary conditional cash offer to acquire remaining 76.79% stake in Penguin International Limited (SGX:BTM) for approximately SGD 110 million. Jeffrey Hing Yih Peir, James Tham Tuck Choong and Dymon Asia Private Equity (S.E. Asia) Fund II, L.P. managed by Dymon Asia Capital (Singapore) Pte. Ltd. intend to make a voluntary conditional cash offer to acquire remaining 76.79% stake in Penguin International Limited (SGX:BTM) for approximately SGD 110 million On January 21, 2021. Under the terms, buyers will pay SGD 0.65 for each shares. Buyers have sufficient funds to satisfy full acceptance. Buyers intend to exercise compulsory acquisition right if tendered shares reaches minimum level of 90%. Buyers will delist Penguin from SGX-ST after the completion of offer. Sheila Ong and Foo Say Nam of W Capital Markets Pte Ltd acted as financial advisors for buyers. Is New 90 Day High Low • Jan 05
New 90-day high: S$0.64 The company is up 51% from its price of S$0.42 on 07 October 2020. The Singaporean market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Shipping industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is S$3.65 per share. Recent Insider Transactions • Dec 29
Insider recently bought S$87k worth of stock On the 24th of December, Kok Wah Ng bought around 150k shares on-market at roughly S$0.58 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Is New 90 Day High Low • Dec 18
New 90-day high: S$0.50 The company is up 19% from its price of S$0.42 on 17 September 2020. The Singaporean market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping industry, which is up 32% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is S$3.61 per share. Is New 90 Day High Low • Nov 19
New 90-day high: S$0.45 The company is up 9.0% from its price of S$0.41 on 21 August 2020. The Singaporean market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Shipping industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is S$3.22 per share. Announcement • Sep 08
Penguin International Limited (SGX:BTM) completed the acquisition of Swissco Offshore Pte Ltd. from Allianz Middle East Inc. Penguin International Limited (SGX:BTM) entered into a sale and purchase agreement to acquire Swissco Offshore Pte Ltd. from Allianz Middle East Inc for $1.4 million on April 9, 2020. Under the terms of the transaction, Penguin International will acquire 20 million shares. The consideration shall be fully satisfied in cash and will be funded by internal resources. Upon completion of the acquisition, Swissco Offshore will become a direct wholly owned subsidiary of Penguin International. Transaction is subject to Penguin International being satisfied with the results of due diligence into Swissco Offshore and all approvals, consents, licences, permits, waivers and exemptions for the transaction being granted by the relevant third parties, including all legislative, executive, regulatory, judicial or other authorities in Singapore. The transaction is not expected to result in any gain or loss, nor have any material impact on the consolidated net tangible assets per share and consolidated earnings per share of Penguin International for the financial year ending December 31, 2020.
Penguin International Limited (SGX:BTM) completed the acquisition of Swissco Offshore Pte Ltd. from Allianz Middle East Inc on September 7, 2020. 
