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The latest CGS International report titled "Make Singapore Great Again - Value Up A-Z Chart Book 2" offers a lineup of small mid-caps that rarely get analyst attention. |
|
Name |
Mkt Cap |
PX |
P/BV |
P/E |
|
Acesian Partners |
12.1 |
0.033 |
0.75 |
na |
|
Addvalue Technologies |
165.3 |
0.063 |
14.42 |
45.65 |
|
Asian Pay Television Trust |
142.8 |
0.102 |
0.26 |
9.27 |
|
Banyan Tree Holdings |
416.7 |
0.620 |
0.74 |
11.97 |
|
Beng Kuang Marine |
45.4 |
0.280 |
2.37 |
9.49 |
|
Chasen Holdings |
24.3 |
0.082 |
0.38 |
na |
|
Duty Free International |
75.2 |
0.081 |
0.83 |
5.16 |
|
GKE Corp |
60.6 |
0.091 |
0.70 |
7.91 |
|
Hafary Holdings |
166.9 |
0.500 |
1.61 |
7.07 |
|
Kencana Agri |
62.3 |
0.280 |
1.23 |
2.94 |
|
King Wan Corp |
29.2 |
0.053 |
0.53 |
19.91 |
|
Ley Choon Group |
86.4 |
0.074 |
1.54 |
8.41 |
|
Nam Lee Pressed Metal |
118.2 |
0.630 |
0.82 |
6.15 |
|
Sing Investments & Finance |
289.6 |
1.580 |
0.98 |
8.91 |
|
Thankral Corp |
157.6 |
1.620 |
0.77 |
1.62 |
|
Xmh Holdings |
133.5 |
1.570 |
1.81 |
6.06 |
| • Banyan Tree Holdings: Let's start with the luxury hotel and resort operator. CGS highlights its asset-light pivot, aiming for 90% fee-based hotels by 2027, slashing capital needs from 34% in 2009. FY24 core profit hit S$69m with 27% EBITDA margins, close to pre-IPO peaks. There's strong revenue visibility from the residential segment, with S$621m unrecognized and S$262m expected in FY25. Trading at 0.74x P/BV and 12x P/E, plus a 2.1% yield.  This is a key Banyan project in Phuket: Laguna Lakelands |
• Chasen Holdings, the industrial relocation and logistics player, is seeing results from cost cuts.
It swung to S$0.87m profit in 1HFY3/26 after a FY3/25 loss (excluding one-offs), thanks to tighter expenses.
Order wins ramped up to S$70m in Nov 25, the biggest post-Covid haul, mainly in specialist relocation.
Valued at 0.38x P/BV, it's trading below book -- and 20.5x annualized P/E.
• GKE Corp, an integrated logistics play, did well with 14% revenue growth in FY25 to S$127m and 106% net profit jump to S$8.9m, plus a 0.40 cents dividend/share.
Its China infrastructure materials biz is rebounding due to new rural highway regulations boosting connectivity.
A strategic review of that segment could unlock value via corporate actions.
Order book looks solid, trading at 0.7x P/BV and 7.9x P/E with a 3.8% yield.
• King Wan Corp shines in mechanical engineering with a S$198m order book as of Sep 25 coming from the HDB, mixed-use developments, and school projects.
1HFY3/26 gross margins dipped to 2.1% due to fewer completions and pre-construction phases, but it's net cash with a S$0.6m buffer.
At 0.53x P/BV, it's a bargain below book -- but with a 19.9x P/E.
• Ley Choon Group, the underground utilities whiz, has a S$350m order book (2.7x FY25 revenue), up from Mar 25.
1HFY26 revenue and profits softened yoy from fewer completions, but it's debt-free with S$11.7m net cash and S$3.8m positive free cash flow.
Trades at 1.54x P/BV, 8.4x P/E, and a 4.1% yield.
• Thakral Corp diversifies across lifestyle (beauty, Nespresso, etc) and investments (Japan real estate, GemLife resorts).
9M25 profit exploded 767% to S$129m on GemLife IPO gains (S$146.6m one-off) and 28% lifestyle revenue growth to S$254m, making up 90% of total.
Low 0.3x gearing supports steady 4-5 cents DPS since 2021.
Book value hit S$2.28 post-IPO uplift; trades at 0.77x P/BV and 1.6x P/E with 2.5% yield.
• Finally, XMH Holdings, dealing in diesel engines and marine gear, guided positive FY26 on a S$191m order book. FY25 revenue up 35% to S$167m, profit doubled to S$26m. Mitsubishi Heavy Industries Engine System Asia, a key supplier, bought a 14.8% stake buy in a subsidiary for S$12.3m, signalling confidence. Single-digit 6.1x P/E and 1.81x P/BV. |
Overall, CGS is bullish on these for their value, improving fundamentals, and flows.
With the EQDP juice, such Singapore stocks might just shine brighter.
→ See the full CGS report here.
