SGX Mainboard-listed Chasen Holdings said it rode a broad-based recovery and pandemic-driven demand for its specialised services.

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For 9MFY2022, the diversified logistics group recorded higher revenue from all 3 business segments – Specialist Relocation, Third-Party Logistics (“3PL”) and Technical and Engineering (“T&E”).

Revenue rose 37% to S$127.3 million y-o-y.  Net profit after tax was 33% higher at S$3.3 million.

Gross profit margin for 9MFY2022 held steady for the Specialist Relocation Services and 3PL segments despite higher cost of sales.

However, manpower constraints, costs and power shortages in the PRC led to a 2 percentage-point decline in the overall gross profit margin for the Group to 17.2%.

Revenue for the three months ended 31 December 2021 increased 25% to S$43.4 million while net profit after tax rose 23% to S$583,000.


9M FY2022

9M FY2021






Gross Profit




Gross Profit margin

17.2 %

19.4 %

(2.2) points

Pre-tax profit




Net profit




Here's Chasen's report by segment: 

• Specialist Relocation: This segment, the Group’s leading revenue contributor, continues to secure new projects, as the semiconductor, solar panel and TFT LCDs sectors remain resilient despite the pandemic.

The Group expects to secure a move-in project for a TFT LCD company in the People’s Republic of China and is also tapping opportunities in Singapore as semiconductor activity picks up locally. 

equipment relocate

 3PL business: This segment saw comparatively strong revenue growth, driven in particular by cross-border transportation and associated warehouse services. Revenue and net profit from warehouse services, feeding through new contracts in Penang, contributed to the division’s performance.

• T&E: Construction activities in Singapore continue to be challenged. However, the gradual re-opening of the border has eased manpower constraints. Chasen has been awarded a project to install solar panels for 180 public housing blocks and three commercial buildings. It has further secured a separate project to install solar panels for four commercial buildings.

As border controls ease, the T&E segment aims to accelerate training of new workers and draw from its recent project experience to improve team productivity and take on additional solar panel installation projects.

Outlook for the three business segments
In the next few quarters, the outlook is positive on the back of resumption of activities based on successful vaccination programs and a less virulent though highly transmissible Omicron variant of the coronavirus, said Chasen. 

Specialist Relocation Services: Singapore is home to several key global semiconductor players who are poised to continue expansion plans disrupted by the pandemic.

These include makers of the memory chip, IC foundries and Fabless chip “manufacturers” who consign equipment to chip foundries. In turn, they drive Original Equipment Manufacturers (“OEMs”) in the region to invest or expand capacity to meet demand.

Chasen aims to provide Specialist Relocation services to some of these players.

• 3PL segment: The Group’s 72%-held Penang-based subsidiary City Zone Express Sdn Bhd continues to expand its fleet of trucks to meet the pandemic-driven demand for cross-border transportation. Its fleet has increased to 135 trucks as at end-December 2021 from 105 pre-pandemic. It will add more trucks and drivers to its network connecting SingaporeMalaysia-Thailand-Vietnam-PRC.

To enhance service quality, it will beef up operations and service centres, including at the Tanjung Pelepas Port, Malaysia. The segment’s warehouse services are expected to experience sustained growth due to pandemic-driven demand for e-commerce and expansion of OEM activity in Malaysia.

• T&E segment: Its outlooks is "very positive" with the easing of entry for foreign workers, and expectation of more commercial solar panel installation projects in Singapore (having successfully completed one such project), on top of previously announced HDB projects.

It also expects to pick up contracts for specialty glass and façade cladding, which has already been deployed in projects such as the Singapore-Johor Bahru RTS in Woodlands. The component and parts manufacturing activities, the segment’s leading revenue contributor, continue to perform despite power outages in the PRC and cost increases. This segment will also benefit from longterm growth drivers in the AI, energy stability, EV mobility and 5G activities in the PRC.

In particular, demand for 5G components in the PRC is expected to offer strong growth opportunities in the next few years.

JustinLow120aJustin Low, MD and CEO. NextInsight file photo.Mr Low Weng Fatt, Chasen’s Managing Director and CEO, said, “Having achieved a decisive recovery, we are seeing several bright spots on the horizon, and are well-positioned to capitalise on them. The 3PL cross-border land transportation segment is well anchored even as it continues to capture growth in an underserved market disrupted by the pandemic. We will also focus efforts to execute several growth strategies in the Specialist Relocation and T&E segments. We expect the shift towards OLED adoption and increased solar panel installation in Singapore to gain momentum in the coming months.” 

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