SGX:I11

Stock Analysis Report

Renaissance United

Executive Summary

Renaissance United Limited, an investment holding company, operates as a developer, turnkey contractor, and investor in oil and gas, power, transportation, water and environment, and industrial infrastructure projects.

Risk Analysis

Earnings have declined by -9.03% per year over past 5 years

Does not have a meaningful market cap (SGD12M)

Currently unprofitable and not forecast to become profitable over the next 3 years

Highly volatile share price over past 3 months



Snowflake Analysis

Mediocre balance sheet and overvalued.

Share Price & News

How has Renaissance United's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: I11's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

0%

I11

-0.4%

SG Gas Utilities

0.6%

SG Market


1 Year Return

100.0%

I11

-4.8%

SG Gas Utilities

-2.7%

SG Market

Return vs Industry: I11 exceeded the SG Gas Utilities industry which returned -4.6% over the past year.

Return vs Market: I11 exceeded the SG Market which returned -2.4% over the past year.


Shareholder returns

I11IndustryMarket
7 Day0%-0.4%0.6%
30 Day100.0%-5.5%-3.3%
90 Day0%-3.7%-1.4%
1 Year100.0%100.0%-2.4%-4.8%1.2%-2.7%
3 Year-33.3%-33.3%26.1%17.6%9.3%-2.3%
5 Year-60.0%-60.0%21.0%8.0%8.6%-9.7%

Price Volatility Vs. Market

How volatile is Renaissance United's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Renaissance United undervalued compared to its fair value and its price relative to the market?

0.31x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: I11 (SGD0) is trading above our estimate of fair value (SGD0)

Significantly Below Fair Value: I11 is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: I11 is unprofitable, so we can't compare its PE Ratio to the Gas Utilities industry average.

PE vs Market: I11 is unprofitable, so we can't compare its PE Ratio to the SG market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate I11's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: I11 is good value based on its PB Ratio (0.3x) compared to the XA Gas Utilities industry average (1.4x).


Next Steps

Future Growth

How is Renaissance United forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

7.8%

Forecasted Utilities industry annual growth in earnings


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 Renaissance United 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 SimplyWall St do have past financial data.


Next Steps

Past Performance

How has Renaissance United performed over the past 5 years?

-9.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: I11 is currently unprofitable.

Growing Profit Margin: I11 is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: I11 is unprofitable, and losses have increased over the past 5 years at a rate of -9% per year.

Accelerating Growth: Unable to compare I11's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: I11 is unprofitable, making it difficult to compare its past year earnings growth to the Gas Utilities industry (11.9%).


Return on Equity

High ROE: I11 has a negative Return on Equity (-65.04%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Renaissance United's financial position?


Financial Position Analysis

Short Term Liabilities: I11's short term assets (SGD39.9M) do not cover its short term liabilities (SGD48.8M).

Long Term Liabilities: I11's short term assets (SGD39.9M) exceed its long term liabilities (SGD10.4M).


Debt to Equity History and Analysis

Debt Level: I11's debt to equity ratio (41.6%) is considered high.

Reducing Debt: I11's debt to equity ratio has increased from 24.5% to 41.6% over the past 5 years.


Balance Sheet

Inventory Level: I11 has a high level of physical assets or inventory.

Debt Coverage by Assets: I11's debt is covered by short term assets (assets are 1.8x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable I11 has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: I11 is unprofitable but has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by -14.5% per year.


Next Steps

Dividend

What is Renaissance United's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

companyn/amarketbottom25%2.6%markettop25%5.7%industryaverage2.4%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: Unable to evaluate I11's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate I11's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if I11's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if I11's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of I11's dividend in 3 years as they are not forecast to pay a notable one for the SG market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.9yrs

Average board tenure


CEO

William Koh 0

0

Mr. William Koh serves as Chief Executive Officer of ESA Electronics Pte Ltd. Mr. Koh is a co-founder of ESA. Mr. Koh has valuable experience in the field of engineering as from his past appointments and p ...


Board Members

NamePositionTenureCompensationOwnership
James Blythman
CFO & Executive Director1.8yrsno data14.24% SGD1.8m
Fook San Ng
Independent & Non-Executive Director2.1yrsno datano data
Joseph Chen
Independent & Non-Executive Director2.1yrsno datano data
Sazali Bin Mohd Nor
Non-Executive Independent Director1.1yrsno datano data

1.9yrs

Average Tenure

Experienced Board: I11's board of directors are not considered experienced ( 1.9 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Renaissance United Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Renaissance United Limited
  • Ticker: I11
  • Exchange: SGX
  • Founded: 1975
  • Industry: Gas Utilities
  • Sector: Utilities
  • Market Cap: S$12.362m
  • Shares outstanding: 6.18b
  • Website: https://www.ipco.com.sg

Location

  • Renaissance United Limited
  • 16 Kallang Place, No. 05-10/18
  • Kallang Basin Industrial Estate
  • Singapore
  • 339156
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
I11SGX (Singapore Exchange)YesOrdinary SharesSGSGDJul 1993
IOJDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJul 1993

Biography

Renaissance United Limited, an investment holding company, operates as a developer, turnkey contractor, and investor in oil and gas, power, transportation, water and environment, and industrial infrastructure projects. The company operates through five segments: Infrastructure Development and Turnkey Construction; Development of Residential Real Estate for Sale; Supplying Gas to Households, Commercial and Industrial Users; Manufacture and Sale of Electronic Components; and Investment Securities Trading. It is involved in the provision of engineering, construction, and warehousing services; and trading and provision of consultancy services in semi-conductor industry. The company also manufactures, assembles, installs, maintains, repairs, and deals in electronic components; provides management services; and distributes and transports natural gas. In addition, it engages in the turnkey construction of onshore and offshore oil and gas facilities; and development of power plants, transmission systems, and water supply systems; and building of piers, jetties, and terminals, as well as land transport projects, including toll roads and bridges. Further, the company constructs pulp and paper mills, as well as light and heavy manufacturing facilities; and develops and owns industrial estates. Additionally, it offers project finance; revolving credit facilities; export credits; and build, own, operate, and transfer structures. The company operates in Singapore, the People’s Republic of China, Taiwan, the Philippines, the United States, and internationally. The company was formerly known as Ipco International Limited and changed its name to Renaissance United Limited in December 2018. Renaissance United Limited was founded in 1975 and is based in Singapore. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/18 12:37
End of Day Share Price2020/02/17 00:00
Earnings2019/10/31
Annual Earnings2019/04/30


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.