Duyuru • Jun 11
Shorea HwaHong Newfields VCC managed by NF Capital Partners Limited, Teo Shao-Lynn, Dawn, Albert Teo Hock Chuan and Wing Tai Land Pte. Ltd. completed the acquisition of Amara Holdings Limited (SGX:A34). Shorea HwaHong Newfields VCC managed by NF Capital Partners Limited, Teo Shao-Lynn, Dawn, Albert Teo Hock Chuan and Wing Tai Land Pte. Ltd. proposed to acquire Amara Holdings Limited (SGX:A34) for approximately SGD 510 million on April 28, 2025. A cash consideration of SGD 514.6 million valued at SGD 0.895 per share will be paid by the offerors. As part of consideration, SGD 514.6 million is paid towards common equity of Amara Holdings Limited. The acquisition shall be funded via a term loan facility. As of June 2, 2025, aggregate of 557,759,433 Shares, representing approximately 97.01% valid acceptances received. The offer will expire on June 10, 2025.
United Overseas Bank Limited acted as financial advisor for Shorea HwaHong Newfields VCC managed by NF Capital Partners Limited, Teo Shao-Lynn, Dawn, Albert Teo Hock Chuan and Wing Tai Land Pte. Ltd. W Capital Markets Pte Ltd acted as financial advisor to Amara Holdings Limited.
Shorea HwaHong Newfields VCC managed by NF Capital Partners Limited, Teo Shao-Lynn, Dawn, Albert Teo Hock Chuan and Wing Tai Land Pte. Ltd. completed the acquisition of Amara Holdings Limited (SGX:A34) on June 10, 2025. Accordingly, the Offeror is entitled to and will in due course exercise its right under Section 215(1) of the Companies Act to compulsorily acquire, at the Offer Price, all the Offer Shares held by Shareholders who have not accepted the Offer. As of the Closing Date, the total number of Shares owned, controlled, acquired or agreed to be acquired by the Offeror (including valid acceptances of the Offer) amount to an aggregate of 561,994,733 Shares, representing approximately 97.74 per cent. of the total number of Shares. Duyuru • Apr 30
Shorea HwaHong Newfields VCC managed by NF Capital Partners Limited, Teo Shao-Lynn, Dawn, Albert Teo Hock Chuan and Wing Tai Land Pte. Ltd. proposed to acquire Amara Holdings Limited (SGX:A34) for approximately SGD 510 million. Shorea HwaHong Newfields VCC managed by NF Capital Partners Limited, Teo Shao-Lynn, Dawn, Albert Teo Hock Chuan and Wing Tai Land Pte. Ltd. proposed to acquire Amara Holdings Limited (SGX:A34) for approximately SGD 510 million on April 28, 2025. A cash consideration of SGD 514.6 million valued at SGD 0.895 per share will be paid by the offerors. As part of consideration, SGD 514.6 million is paid towards common equity of Amara Holdings Limited. The acquisition shall be funded via a term loan facility.
United Overseas Bank Limited acted as financial advisor for Shorea HwaHong Newfields VCC managed by NF Capital Partners Limited, Teo Shao-Lynn, Dawn, Albert Teo Hock Chuan and Wing Tai Land Pte. Ltd. New Risk • Apr 29
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 9.5% 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 (1.5x net interest cover). Earnings have declined by 23% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.5% net profit margin). Reported Earnings • Apr 12
Full year 2024 earnings released: EPS: S$0.003 (vs S$0.012 in FY 2023) Full year 2024 results: EPS: S$0.003 (down from S$0.012 in FY 2023). Revenue: S$123.9m (up 7.2% from FY 2023). Net income: S$1.84m (down 74% from FY 2023). Profit margin: 1.5% (down from 6.2% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Declared Dividend • Apr 12
Final dividend of S$0.005 announced Dividend of S$0.005 is the same as last year. Ex-date: 12th June 2025 Payment date: 26th June 2025 Dividend yield will be 1.6%, which is lower than the industry average of 2.9%. Sustainability & Growth Dividend is not covered by earnings (313% earnings payout ratio). However, it is well covered by cash flows (18% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 248% to bring the payout ratio under control. However, EPS has declined by 42% over the last 5 years so the company would need to reverse this trend. Duyuru • Apr 10
Amara Holdings Limited, Annual General Meeting, Apr 25, 2025 Amara Holdings Limited, Annual General Meeting, Apr 25, 2025, at 10:30 Singapore Standard Time. Location: amara ballroom 2, level 3, amara singapore, 165 tanjong pagar road, singapore 088539, Singapore Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: S$0.003 (vs S$0.012 in FY 2023) Full year 2024 results: EPS: S$0.003 (down from S$0.012 in FY 2023). Revenue: S$124.3m (up 7.5% from FY 2023). Net income: S$1.84m (down 74% from FY 2023). Profit margin: 1.5% (down from 6.2% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Duyuru • Sep 26
Amara Holdings Limited Announces Interim One-Tier Tax Exempt Dividend for the Year Ending 31 December 2024, Payable on 30 October 2024 The Board of Directors of Amara Holdings Limited announced the interim one-tier tax exempt dividend of 0.50 cents per ordinary share for the financial year ending 31 December 2024. The FY24 Interim Dividend will be paid on 30 October 2024. Duyuru • Sep 02
Amara Holdings Limited Announces Cessation of Tan Kim Seng as Independent Director and Member of Audit Committee and Remuneration Committee On September 2, 2024, Amara Holdings Limited announced cessation of Tan Kim Seng as Independent Director and Member of Audit Committee and Remuneration Committee. Other Director ships Past include Mandarin Hotel (Singapore) Private Limited; Singapore Mandarin International Hotels Pte Ltd; Hotel Investment (Marina) Private Limited; Singapore Meritus Hotels Pte. Ltd.; Meritus Hotels Pte. Ltd.; Meritus International Pte. Ltd.; OUE Trademarks Pte. Ltd.; Chatterbox Pte. Ltd.; and Chenexpress Pte. Ltd. Other Director ships include Present Hiap Hoe Limited. The cessation is due to increased work commitments. New Risk • Aug 27
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.0% Last year net profit margin: 6.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings have declined by 36% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (3.0% net profit margin). Reported Earnings • Apr 13
Full year 2023 earnings released: EPS: S$0.012 (vs S$0.011 in FY 2022) Full year 2023 results: EPS: S$0.012 (up from S$0.011 in FY 2022). Revenue: S$115.6m (up 23% from FY 2022). Net income: S$7.18m (up 11% from FY 2022). Profit margin: 6.2% (down from 6.9% in FY 2022). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Declared Dividend • Apr 13
Dividend of S$0.005 announced Shareholders will receive a dividend of S$0.005. Ex-date: 5th June 2024 Payment date: 20th June 2024 Dividend yield will be 0.8%, which is lower than the industry average of 2.9%. Payout Ratios Payout ratio: 40%. Cash payout ratio: 7%. Duyuru • Apr 11
Amara Holdings Limited, Annual General Meeting, Apr 26, 2024 Amara Holdings Limited, Annual General Meeting, Apr 26, 2024, at 10:30 Singapore Standard Time. Location: Ballroom 2, Amara Sanctuary Resort Sentosa, 1 Larkhill Road, Singapore 099394 Singapore Singapore Agenda: To receive and adopt the Audited Financial Statements for the year ended 31 December 2023 together with the Directors' Statement and Independent Auditor's Report thereon; to declare a first and final tax exempt dividend of 0.5 cent per ordinary share for the year ended 31 December 2023; to re-elect Albert Teo Hock Chuan as a Director retiring under Regulation 87 of the Constitution of the Company; to re-elect Susan Teo Geok Tin as a Director retiring under Regulation 87 of the Constitution of the Company; to re-elect Keith Tan Keng Soon as a Director retiring under egulation 94 of the Constitution of the Company; to approve payment of Directors' Fees of $231,318 for the year ended 31 December 2023; to re-appoint Messrs Deloitte & Touche LLP as Auditor of the Company and to authorize the Directors to fix its remuneration; to authorize Directors to issue shares pursuant to Section 161 of the Companies Act 1967; and to approve the renewal of the Share Purchase Mandate. Duyuru • Mar 21
Amara Holdings Limited Appoints Tan Keng Soon as Non-Executive Non-Independent Director Amara Holdings Limited announced that upon the recommendation of the Nominating Committee which has reviewed the qualification and experience of Mr. Tan Keng Soon, the Board of Directors has approved the appointment of Mr. Tan as Non-Executive Non-Independent Director Member of Audit Committee Member of Nominating Committee Member of Remuneration Committee. Working Experience: Dymon Asia Capital, Co-Founder and Managing Partner.Other DirectorShips Present: CEO: Dymon Asia Private Equity (Singapore) Pte. Ltd. Director: Emet Grace Ltd. Dymon Asia Capital Ltd. Select Group Pte. Ltd. EDC@SCCCI Pte. Ltd. Digileap Capital Limited Lotto Investment Pte. Ltd. DAPE Ltd. International Culinary Management Ltd. Dymon Asia Private Equity Management Consulting (Malaysia) Sdn. Bhd. Dymon Asia Private Equity (S.E. Asia) Ltd. Dymon Asia Private Equity (S.E. Asia) 2012 Ltd. Dymon Asia Private Equity (S.E. Asia) II Ltd. Dymon Asia Private Equity (S.E. Asia) 2017 LLC Dymon Asia Private Equity (S.E. Asia) Fund II Pte. Ltd. Dymon Asia Private Equity (S.E. Asia) III Ltd. Dymon Asia Private Equity (S.E. Asia) 2022 LLC Dymon Asia Private Equity (S.E. Asia) Fund III Pte. Ltd. Penguin International Limited Chye Thiam Maintenance Pte. Ltd. Challenger Technologies Limited Hanaan Health Group Ltd. NewMedCo Group Ltd. SL Vista Group Ltd. Aleph Tav Ltd. DigiTech Holding Limited RMC Health Limited SOG Health Pte. Ltd. (Formerly known as Singapore O&G Limited) Amethyst Assets Pte. Ltd. Ram Lifting Technologies Pte. Ltd. Global Lifter Infrastructure Pte. Ltd. Member: The Yellow Ribbon Fund. Director Experience Details: Non-Executive Non-Independent Director of Penguin International Limited Non-Executive Non-Independent Director of Challenger Technologies Limited (delisted on 11 September 2023). New Risk • Feb 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% 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: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings have declined by 41% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Large one-off items impacting financial results. Significant insider selling over the past 3 months (S$1.0m sold). Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: S$0.013 (vs S$0.011 in FY 2022) Full year 2023 results: EPS: S$0.013 (up from S$0.011 in FY 2022). Revenue: S$116.0m (up 23% from FY 2022). Net income: S$7.18m (up 11% from FY 2022). Profit margin: 6.2% (down from 6.9% in FY 2022). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. New Risk • Feb 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. 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 (1.6x net interest cover). Earnings have declined by 40% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Significant insider selling over the past 3 months (S$1.0m sold). Duyuru • Jan 18
Dymon Asia Private Equity (S.E. Asia) Fund III managed by Dymon Asia Capital (Singapore) Pte. Ltd., AT, ST, CT and KCT completed the acquisition of Amara Holdings Limited (SGX:A34). Dymon Asia Private Equity (S.E. Asia) Fund III managed by Dymon Asia Capital (Singapore) Pte. Ltd., AT, ST, CT and KCT made an offer to acquire Amara Holdings Limited (SGX:A34) for SGD350 million on November 14, 2023. The Offer will be funded by a combination of interest-free loans and a bank loan and subject to certain agreed maximum funding amounts as agreed between the members of the Consortium. UOB, as the sole financial adviser to the Offeror in connection with the Offer. Xandar Capital Pte. Ltd. acted as financial advisor to Amara Holdings Limited. Dymon Asia Private Equity (S.E. Asia) Fund III managed by Dymon Asia Capital (Singapore) Pte. Ltd., AT, ST, CT and KCT completed the acquisition of Amara Holdings Limited (SGX:A34) on January 16, 2024. New Risk • Nov 15
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% 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 (1.6x net interest cover). Earnings have declined by 40% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). Reported Earnings • Aug 14
First half 2023 earnings released: EPS: S$0.001 (vs S$0 in 1H 2022) First half 2023 results: EPS: S$0.001 (up from S$0 in 1H 2022). Revenue: S$49.8m (up 37% from 1H 2022). Net income: S$725.0k (up S$623.0k from 1H 2022). Profit margin: 1.5% (up from 0.3% in 1H 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 9% per year. Duyuru • May 31
Amara Holdings Limited Announces Change of Company Secretary The Board of Directors of Amara Holdings Limited announced the change of Company Secretary of the Company as follows: Resignation of Ms. Foo Soon Soo as Company Secretary of the Company with effect from 31 May 2023. Appointment of Ms. Zhan Aijuan as Company Secretary of the Company with effect from 1 June 2023. Ms. Susan Teo Geok Tin remains as Company Secretary of the Company. Reported Earnings • Apr 14
Full year 2022 earnings released: EPS: S$0.011 (vs S$0.013 in FY 2021) Full year 2022 results: EPS: S$0.011 (down from S$0.013 in FY 2021). Revenue: S$93.7m (up 40% from FY 2021). Net income: S$6.45m (down 14% from FY 2021). Profit margin: 6.9% (down from 11% 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 51% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Board Change • Apr 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Alternate Director Dawn Teo 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 • Mar 02
Full year 2022 earnings released: EPS: S$0.011 (vs S$0.013 in FY 2021) Full year 2022 results: EPS: S$0.011 (down from S$0.013 in FY 2021). Revenue: S$94.9m (up 41% from FY 2021). Net income: S$6.45m (down 14% from FY 2021). Profit margin: 6.8% (down from 11% 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 51% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 12
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down S$2.88m from profit in 1H 2021). Profit margin: (down from 9.0% in 1H 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Duyuru • Jun 07
Amara Holdings Limited Announces Appointment of Lim May Ling Ginney as Lead Independent Director Amara Holdings Limited announced appointment of Ms. Lim May Ling Ginney as Lead Independent Director of the company, with effect from June 6, 2022. Professional Qualifications is Bachelor of Laws (LLB) Honours Degree, National University of Singapore. Director Experience Details is Director of Amara Holdings Limited since May 11, 2022 until present. Director of SPH REIT, since June 10, 2013 until present. Other DirectorShips Present is Director, Times Development Pte. Ltd. (September 1, 2006 until present) Director, Orchard 290 Ltd. (April 1, 2007 until present) Director, SPH REIT Management Pte. Ltd./SPH REIT (June 10, 2013 until present) Director, SPH REIT (Investments) Pte. Ltd. (10.12.2018 until present) Member, NUS Law Advisory Council (July 7, 2018 until present) Specialist Mediator, Singapore International Mediation Centre (Aug 2020 until present). Other DirectorShips Past is Director, Times Development Pte. Ltd. (September 1, 2006 until present) Director, Orchard 290 Ltd. (April 1, 2007 until present) Director, SPH REIT Management Pte. Ltd./SPH REIT (June 6, 2013 until present) Director, SPH REIT (Investments) Pte. Ltd. (December 10, 2018 until present) Member, NUS Law Advisory Council (July 1, 2018 until present) Specialist Mediator, Singapore International Mediation Centre (Aug 2020 until present). Working Experience is General Counsel, Company Secretary and Executive Vice President, Corporate Communications & IR, Singapore Press Holdings Limited. Job Title is Lead Independent Director Chairperson of Remuneration Committee Member of Nominating Committee Member of Audit Committee. Role And Responsibilities is Non-Executive. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. 2 independent directors (3 non-independent directors). Non-Executive Independent Director Tiong Cheng Tan was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 13
Full year 2021 earnings released Full year 2021 results: Net income: S$7.55m (up S$19.0m from FY 2020). Duyuru • Mar 04
Amara Holdings Limited Recommends Final Tax Exempt Cash Dividend for the Year Ended December 31, 2021 Amara Holdings Limited recommended final tax exempt cash dividend of 0.5 cents per share for the year ended December 31, 2021. Reported Earnings • Mar 03
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: S$0.013 (up from S$0.02 loss in FY 2020). Revenue: S$69.9m (up 14% from FY 2020). Net income: S$7.55m (up S$19.0m from FY 2020). Profit margin: 11% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Board Change • Dec 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. 2 experienced directors. 4 highly experienced directors. Non-Executive Independent Director Tiong Cheng Tan was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 24
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: S$64.6m (down 39% from FY 2019). Net loss: S$11.4m (down 141% from profit in FY 2019). Is New 90 Day High Low • Jan 15
New 90-day high: S$0.40 The company is up 19% from its price of S$0.34 on 16 October 2020. The Singaporean market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 16% over the same period. Is New 90 Day High Low • Dec 15
New 90-day high: S$0.38 The company is up 12% from its price of S$0.34 on 16 September 2020. The Singaporean market is also up 12% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Hospitality industry, which is up 15% over the same period. Is New 90 Day High Low • Nov 12
New 90-day high: S$0.37 The company is up 9.0% from its price of S$0.34 on 14 August 2020. The Singaporean market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 4.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: S$0.33 The company is down 11% from its price of S$0.36 on 26 June 2020. The Singaporean market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is down 3.0% over the same period.