Major Estimate Revision • May 21
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from S$0.11 to S$0.096 per share. Revenue forecast steady at S$5.22b. Net income forecast to shrink 9.3% next year vs 6.8% growth forecast for Transportation industry in Singapore . Consensus price target down from S$1.67 to S$1.52. Share price fell 3.0% to S$1.29 over the past week. New Risk • May 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 0.6% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Price Target Changed • May 15
Price target decreased by 7.6% to S$1.54 Down from S$1.67, the current price target is an average from 9 analysts. New target price is 20% above last closing price of S$1.28. Stock is down 15% over the past year. The company is forecast to post earnings per share of S$0.10 for next year compared to S$0.11 last year. Buy Or Sell Opportunity • May 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.7% to S$1.42. The fair value is estimated to be S$1.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 15%. For the next 3 years, revenue is forecast to grow by 3.5% per annum. Earnings are also forecast to grow by 5.3% per annum over the same time period. Board Change • May 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. 9 experienced directors. 1 highly experienced director. Chairman Emeritus Jit Poh Lim was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Upcoming Dividend • Apr 27
Upcoming dividend of S$0.046 per share Eligible shareholders must have bought the stock before 04 May 2026. Payment date: 13 May 2026. Payout ratio is on the higher end at 80% but the company is not cash flow positive. Trailing yield: 5.6%. Within top quartile of Singaporean dividend payers (4.9%). Higher than average of industry peers (2.7%). Announcement • Mar 29
ComfortDelGro Corporation Limited to Report First Half, 2026 Results on Aug 14, 2026 ComfortDelGro Corporation Limited announced that they will report first half, 2026 results on Aug 14, 2026 Reported Earnings • Mar 01
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: S$0.11 (up from S$0.097 in FY 2024). Revenue: S$5.06b (up 13% from FY 2024). Net income: S$230.3m (up 9.4% from FY 2024). Profit margin: 4.6% (down from 4.7% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 1.4%. Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 3.0% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 01
Final dividend increased to S$0.046 Dividend of S$0.046 is 8.0% higher than last year. Ex-date: 4th May 2026 Payment date: 13th May 2026 Dividend yield will be 5.5%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (58% 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 decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 17% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 27
ComfortDelGro Corporation Limited, Annual General Meeting, Apr 24, 2026 ComfortDelGro Corporation Limited, Annual General Meeting, Apr 24, 2026. Announcement • Jan 15
ComfortDelGro Corporation Limited to Report Fiscal Year 2025 Results on Feb 27, 2026 ComfortDelGro Corporation Limited announced that they will report fiscal year 2025 results After-Market on Feb 27, 2026 Announcement • Sep 02
ComfortDelGro Corporation Limited (SGX:C52) acquired remaining 46.50% stake in Citycab Pte Ltd. from ST Engineering Land Systems Ltd. for approximately SGD 120 million. ComfortDelGro Corporation Limited (SGX:C52) acquired remaining 46.50% stake in Citycab Pte Ltd. from ST Engineering Land Systems Ltd. for approximately SGD 120 million on September 1, 2025. A cash consideration of SGD 116.3 million will be paid by ComfortDelGro Corporation Limited. As part of consideration, SGD 116.3 million is paid towards common equity of Citycab Pte Ltd. Deloitte & Touche Financial Advisory Services Pte. Ltd. acted as Fairness opinion provider to Citycab Pte Ltd.
ComfortDelGro Corporation Limited (SGX:C52) acquired remaining 46.50% stake in Citycab Pte Ltd. from ST Engineering Land Systems Ltd. on September 1, 2025 Declared Dividend • Aug 15
First half dividend increased to S$0.039 Dividend of S$0.039 is 11% higher than last year. Ex-date: 20th August 2025 Payment date: 28th August 2025 Dividend yield will be 5.3%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (80% 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 decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
First half 2025 earnings released: EPS: S$0.049 (vs S$0.044 in 1H 2024) First half 2025 results: EPS: S$0.049 (up from S$0.044 in 1H 2024). Revenue: S$2.42b (up 14% from 1H 2024). Net income: S$106.0m (up 11% from 1H 2024). Profit margin: 4.4% (down from 4.5% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • May 15
ComfortDelGro Corporation Limited Approves Tax-Exempt One-Tier Final Dividend for the Financial Year Ended 31 December 2024, Payable on 14 May 2025 ComfortDelGro Corporation Limited at its Annual General Meeting held on 25 April 2025, approved a tax-exempt one-tier final dividend of 4.25 Singapore cents (SGD 0.0425) per ordinary share in respect of the Financial Year ended 31 December 2024. be paid on 14 May 2025 to members whose names appear on the Register of Members as at 5.00 p.m. on 6 May 2025. Upcoming Dividend • Apr 28
Upcoming dividend of S$0.043 per share Eligible shareholders must have bought the stock before 05 May 2025. Payment date: 14 May 2025. Payout ratio is on the higher end at 80%, and the cash payout ratio is above 100%. Trailing yield: 5.1%. Lower than top quartile of Singaporean dividend payers (6.0%). Higher than average of industry peers (2.4%). New Risk • Mar 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 70% 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 Dividend is not well covered by cash flows (184% cash payout ratio). Large one-off items impacting financial results. Declared Dividend • Mar 01
Final dividend increased to S$0.043 Dividend of S$0.043 is 13% higher than last year. Ex-date: 5th May 2025 Payment date: 14th May 2025 Dividend yield will be 5.6%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (7% earnings payout ratio) but not covered by cash flows (184% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 28
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: S$0.097 (up from S$0.083 in FY 2023). Revenue: S$4.48b (up 15% from FY 2023). Net income: S$210.5m (up 17% from FY 2023). Profit margin: 4.7% (in line with FY 2023). Revenue exceeded analyst estimates by 7.0%. Earnings per share (EPS) missed analyst estimates by 1.1%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Feb 27
ComfortDelGro Corporation Limited, Annual General Meeting, Apr 25, 2025 ComfortDelGro Corporation Limited, Annual General Meeting, Apr 25, 2025. Announcement • Jan 08
ComfortDelGro Corporation Limited to Report Fiscal Year 2024 Results on Feb 27, 2025 ComfortDelGro Corporation Limited announced that they will report fiscal year 2024 results After-Market on Feb 27, 2025 Reported Earnings • Aug 17
First half 2024 earnings released: EPS: S$0.044 (vs S$0.036 in 1H 2023) First half 2024 results: EPS: S$0.044 (up from S$0.036 in 1H 2023). Revenue: S$2.12b (up 14% from 1H 2023). Net income: S$95.3m (up 21% from 1H 2023). Profit margin: 4.5% (up from 4.2% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 16
First half dividend increased to S$0.035 Dividend of S$0.035 is 21% higher than last year. Ex-date: 21st August 2024 Payment date: 29th August 2024 Dividend yield will be 5.1%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (80% earnings payout ratio) but not covered by cash flows (157% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 5.4% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 15
ComfortDelGro Corporation Limited Declares Tax-Exempt One-Tier Dividend, Payable on 29 August 2024 ComfortDelGro Corporation Limited declared a tax-exempt one-tier dividend of 3.52 cents (2023: 2.90 cents) per ordinary share. The interim dividend will be paid on 29 August 2024. Shareholders (being depositors) whose securities accounts with The Central Depository (Pte) Limited are credited with ordinary shares in the capital of the Company as at 5.00 p.m. on 22 August 2024 will be entitled to the interim dividend. Announcement • Jun 26
ComfortDelGro Corporation Limited Announces Retirement of Chia Jackson as CEO ComfortDelGro Corporation Limited announced that Mr. Chia Jackson, CEO of ComfortDelGro's Private Mobility Group (PMG), will be retiring from his role on 19 September 2024 to pursue personal interests. The PMG encompasses the Group's taxi, private hire, car rental and ride hailing businesses. Other DirectorShips Past includes COMFORTDELGRO SWAN PTY LTD 2. SWAN TAXI PTY LTD. Other DirectorShips Present includes CABCHARGE ASIA PTE LTD 2. CITYCAB PTE LTD 3. CDG ZIG HOLDINGS PTE. LTD. 4. CDG ZIG PTE. LTD. 5. COMFORT TRANSPORTATION PTE LTD 6. COMFORTDELGRO BUS PTE. LTD. 7. COMFORTDELGRO ENGINEERING PTE. LTD. 8. COMFORTDELGRO MEDCARE PTE. LTD. 9. COMFORTDELGRO RENT-A-CAR PTE. LTD. 10. MING CHUAN TRANSPORTATION PTE. LTD. 11. VICOM LTD 12. CITYLIMO LEASING (M) SDN BHD. Announcement • May 15
ComfortDelGro Corporation Limited Approves Tax-Exempt One-Tier Final Dividend in Respect of the Financial Year Ended 31 December 2023, Payable on 15 May 2024 ComfortDelGro Corporation Limited at its AGM held on April 26, 2024 approved tax-exempt one-tier final dividend of 3.76 Singapore cents (SGD 0.0376) per ordinary share in respect of the financial year ended 31 December 2023. A tax-exempt one-tier final dividend in respect of the Financial Year ended 31 December 2023, as proposed by the Board of Directors, be paid on 15 May 2024 to members whose names appear on the Register of Members as at 5.00p.m. on 7 May 2024. Declared Dividend • Mar 02
Final dividend of S$0.038 announced Shareholders will receive a dividend of S$0.038. Ex-date: 6th May 2024 Payment date: 15th May 2024 Dividend yield will be 4.9%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (0.684% earnings payout ratio) but not covered by cash flows (178% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: S$0.083 (vs S$0.08 in FY 2022) Full year 2023 results: EPS: S$0.083 (up from S$0.08 in FY 2022). Revenue: S$3.88b (up 2.6% from FY 2022). Net income: S$180.5m (up 4.3% from FY 2022). Profit margin: 4.7% (up from 4.6% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.7% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Feb 10
ComfortDelGro Corporation Limited to Report Fiscal Year 2023 Results on Feb 09, 2024 ComfortDelGro Corporation Limited announced that they will report fiscal year 2023 results After-Market on Feb 09, 2024 Announcement • Dec 29
ComfortDelGro Corporation Limited Announces Changes to the Board Committees, with Effect from 1 January 2024 ComfortDelGro Corporation Limited announced the appointment of Cher Ya Li, Sheryl as Company Secretary, with effect from 1 January 2024. Professional Qualifications are Bachelor of Laws from the National University of Singapore and is admitted to the Singapore Bar. Working Experience is 1 Nov. 2021 till Present - Assistant General Counsel, ComfortDelGro Corporation Limited 2017 to 2021 - Legal Cousel, Singapore Press Holdings Limited 2012 to 2016 - Associate, Withers KhattarWong. Mr. Choi Shing Kwok, the Deputy Chairman and an Independent Non-Executive Director,will step down as a member of the Audit & Risk Committee ("ARC") and join the SIC as itsmember, whilst Ms Tham Ee Mern Lilian, an Independent Non-Executive Director, will stepdown as a member of the SIC and be appointed a member of the ARC. Announcement • Aug 30
ComfortDelGro Corporation Limited Announces Promotion of Tommy Tan Ah Han as Chief Executive Officer of ComfortDelGro Taxi, Effective September 1, 2023 ComfortDelGro Corporation Limited announced that it will promote the Chief Operating Officer (COO) of its Singapore Taxi Business, Mr. Tommy Tan Ah Han, to Chief Executive Officer (CEO) of ComfortDelGro Taxi with effect from 1 September 2023, as part of its planned succession programme. He will take over from Mr. Jackson Chia, 53, who will continue as the CEO of ComfortDelGro's Private Mobility Group (PMG), which is the umbrella division that oversees its local taxi, private bus and car leasing businesses. Mr. Tan, 51, has been with the Group since September 2019; cutting his teeth in the taxi business just two months after he joined. As the COO for some three-and-a-half years now, he oversees and manages the entire operations of the nearly 10,000-strong vehicle fleets, including growing its electric taxi and private-hire fleets. He also had a six-month stint at Swan Taxi - the Group's taxi business in Perth, Western Australia - where he turned around the business and grew the number of taxis within the network by more than 20%. During the pandemic, he played an integral role in deploying safe management measures such as distributing masks and disinfectants to cabbies, as well as trialling cabin shields to keep drivers safe. He was also involved in disbursing the COVID-19 Relief Fund and the Company's rental waivers and subsidies to help cabbies cope financially. Mr. Tan also served as a member of the Tripartite Work Group on Representation for Platform Workers where the Government accepted all its eight recommendations last month. Prior to joining the Group, he had spent 28 years with the Republic of Singapore Air Force (RSAF) as a veteran fighter pilot and was its Chief of Staff - Air Staff (COS-AS). Announcement • Aug 23
ComfortDelGro Corporation Limited Declares Interim Dividend, Payable on 31 August 2023 ComfortDelGro Corporation Limited announced declaration of Interim Dividend of SGD 0.029 per ordinary share for the financial year ending 31 December 2023. The Declared Interim Dividend of the Company will now be paid on Thursday, 31 August 2023, instead of Friday, 1 September 2023. Shareholders (being depositors) whose securities accounts with The Central Depository (Pte) Limited are credited with ordinary shares in the capital of the Company as at 5.00 p.m. on Tuesday, 22 August 2023 will be entitled to the Declared Interim Dividend. Reported Earnings • Aug 15
First half 2023 earnings released: EPS: S$0.036 (vs S$0.053 in 1H 2022) First half 2023 results: EPS: S$0.036 (down from S$0.053 in 1H 2022). Revenue: S$1.86b (up 1.0% from 1H 2022). Net income: S$78.5m (down 32% from 1H 2022). Profit margin: 4.2% (down from 6.3% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Price Target Changed • May 16
Price target decreased by 7.8% to S$1.46 Down from S$1.58, the current price target is an average from 11 analysts. New target price is 26% above last closing price of S$1.16. Stock is down 21% over the past year. The company is forecast to post earnings per share of S$0.078 for next year compared to S$0.08 last year. Upcoming Dividend • May 02
Upcoming dividend of S$0.042 per share at 3.9% yield Eligible shareholders must have bought the stock before 08 May 2023. Payment date: 18 May 2023. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Singaporean dividend payers (6.4%). Higher than average of industry peers (1.9%). Major Estimate Revision • Mar 03
Consensus EPS estimates fall by 14%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from S$3.79b to S$3.91b. EPS estimate fell from S$0.091 to S$0.078 per share. Net income forecast to shrink 3.1% next year vs 13% growth forecast for Transportation industry in Singapore . Consensus price target down from S$1.58 to S$1.49. Share price was steady at S$1.21 over the past week. Reported Earnings • Feb 25
Full year 2022 earnings released: EPS: S$0.08 (vs S$0.06 in FY 2021) Full year 2022 results: EPS: S$0.08 (up from S$0.06 in FY 2021). Revenue: S$3.78b (up 6.9% from FY 2021). Net income: S$173.1m (up 33% from FY 2021). Profit margin: 4.6% (up from 3.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Board Change • Feb 01
High number of new directors There are 6 new directors who have joined the board in the last 3 years. MD, Group CEO, CEO of SBS Transit & Non-Independent Executive Director Siak Kian Cheng was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 17
First half 2022 earnings released: EPS: S$0.055 (vs S$0.042 in 1H 2021) First half 2022 results: EPS: S$0.055 (up from S$0.042 in 1H 2021). Revenue: S$1.86b (up 6.7% from 1H 2021). Net income: S$118.7m (up 30% from 1H 2021). Profit margin: 6.4% (up from 5.2% in 1H 2021). Over the next year, revenue is forecast to grow 3.9%, compared to a 15% growth forecast for the Transportation industry in Singapore. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 02
Upcoming dividend of S$0.021 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 27 May 2022. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Singaporean dividend payers (5.8%). Higher than average of industry peers (2.0%). Reported Earnings • Apr 02
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: S$0.06 (up from S$0.029 in FY 2020). Revenue: S$3.54b (up 9.6% from FY 2020). Net income: S$130.1m (up 111% from FY 2020). Profit margin: 3.7% (up from 1.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 24%. Over the next year, revenue is forecast to grow 5.9%, compared to a 17% growth forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 03
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: S$3.54b (up 9.6% from FY 2020). Net income: S$130.1m (up 111% from FY 2020). Profit margin: 3.7% (up from 1.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 6.1%, compared to a 19% growth forecast for the industry in Singapore. Reported Earnings • Mar 03
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: S$3.54b (up 9.6% from FY 2020). Net income: S$130.1m (up 111% from FY 2020). Profit margin: 3.7% (up from 1.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 6.1%, compared to a 19% growth forecast for the industry in Singapore. Major Estimate Revision • Mar 02
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from S$3.68b to S$3.75b. EPS estimate fell from S$0.10 to S$0.09 per share. Net income forecast to grow 15% next year vs 17% growth forecast for Transportation industry in Singapore. Consensus price target broadly unchanged at S$1.81. Share price fell 3.4% to S$1.43 over the past week. Upcoming Dividend • Apr 30
Upcoming dividend of S$0.014 per share Eligible shareholders must have bought the stock before 07 May 2021. Payment date: 20 May 2021. Trailing yield: 0.8%. Lower than top quartile of Singaporean dividend payers (4.6%). Lower than average of industry peers (2.0%). Recent Insider Transactions Derivative • Apr 17
Key Executive exercised options to buy S$591k worth of stock. On the 16th of April, Ban Seng Yang exercised options to buy 330k shares at a strike price of around S$1.47, costing a total of S$487k. This transaction amounted to 1,302% of their direct individual holding at the time of the trade. Since June 2020, Ban Seng has owned 25.35k shares directly. Company insiders have collectively bought S$1.0m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS S$0.029 (vs S$0.12 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: S$3.23b (down 17% from FY 2019). Net income: S$61.8m (down 77% from FY 2019). Profit margin: 1.9% (down from 6.8% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. 
