Old Chang Kee Ltd. (5ML) AI Stock Analysis

• Market Cap: S$135.94M
• Dividend Yield: N/A
• Average Volume (3M): 17.44K
• Price to Earnings (P/E): 12.0
• Beta (1Y): 0.32
• Revenue Growth: 0.99%
• EPS Growth: 17.31%
• Country: SG
• Employees: N/A
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Restaurants
• EPS (TTM): 0.04
• Shares Outstanding: 121,374,700
• 10 Day Avg. Volume: 10,290
• 30 Day Avg. Volume: 17,436
• PEG Ratio: 0.53
• Price to Book (P/B): 1.80
• Price to Sales (P/S): 1.01
• P/FCF Ratio: 4.44
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0

• Rating: 71 Outperform
• Price Target: S$1.50 ▲(27.12% Upside)

Old Chang Kee Ltd. has a solid financial foundation with strong profitability and efficient cash management. The stock's valuation is attractive, and technical indicators show bullish momentum, though overbought signals suggest caution. The main risk lies in declining revenue growth and free cash flow, which could affect future performance.

Old Chang Kee Ltd. Business Overview & Revenue Model

Company Description

Old Chang Kee Ltd. (5ML) is a leading food company in Singapore, renowned for its heritage and expertise in creating traditional Asian snacks and meals. Established in 1956, the company operates primarily in the food and beverage sector, specializing in a variety of products including curry puffs, spring rolls, and other ready-to-eat snacks. Old Chang Kee has expanded its footprint through a network of retail outlets, food stalls, and partnerships, catering to both local and international markets.

How the Company Makes Money

Old Chang Kee generates revenue through multiple streams, primarily from the sale of its signature snacks and ready-to-eat meals across its retail outlets and food stalls. The company operates on a high-volume, low-margin model, which allows it to cater to a large customer base. Additionally, Old Chang Kee has engaged in strategic partnerships and collaborations, enhancing its distribution channels and product offerings. The introduction of franchising initiatives also contributes to revenue, allowing it to expand its brand presence while generating franchise fees and royalties. Seasonal promotions and product innovations further drive sales, tapping into consumer trends and preferences.

Old Chang Kee Ltd. Financial Statement Overview

Summary

Old Chang Kee Ltd. demonstrates strong profitability with a consistent gross profit margin and improved net profit margin. However, concerns arise from negative revenue growth and declining free cash flow, which could impact future growth and liquidity.

Income Statement

Old Chang Kee Ltd. has demonstrated strong profitability with a consistent gross profit margin above 64% over the years. The net profit margin has improved to 11.13% in 2025 from 9.58% in 2024, indicating enhanced efficiency. However, the revenue growth rate has been negative in 2025, which is a concern for future growth prospects.

Balance Sheet

The company maintains a moderate debt-to-equity ratio of 0.40 in 2025, showing a stable leverage position. Return on equity is solid at 19.82%, reflecting efficient use of equity. However, the equity ratio is not explicitly provided, which limits a comprehensive assessment of asset financing.

Cash Flow

Operating cash flow remains strong, closely aligning with net income, indicating good cash generation from operations. However, the free cash flow growth rate has been negative recently, which could impact future liquidity. The free cash flow to net income ratio is healthy at 0.93, suggesting effective cash management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	101.95M	101.95M	100.95M	89.78M	77.49M	75.32M
Gross Profit	70.59M	70.59M	68.23M	58.27M	49.80M	49.43M
EBITDA	14.53M	28.64M	27.25M	21.90M	21.28M	5.19M
Net Income	11.35M	11.35M	9.67M	6.15M	5.68M	8.74M
Balance Sheet
Total Assets	96.11M	96.11M	92.06M	79.37M	74.53M	75.87M
Cash, Cash Equivalents and Short-Term Investments	52.44M	52.44M	44.10M	33.93M	27.58M	26.25M
Total Debt	23.08M	23.08M	27.26M	25.34M	26.38M	27.83M
Total Liabilities	38.86M	38.86M	43.85M	38.41M	37.55M	42.16M
Stockholders Equity	57.25M	57.25M	48.21M	40.96M	36.98M	33.71M
Cash Flow
Free Cash Flow	23.23M	23.23M	25.17M	21.10M	17.34M	27.01M
Operating Cash Flow	25.06M	25.06M	26.79M	22.43M	18.64M	28.29M
Investing Cash Flow	-693.00K	-693.00K	-826.00K	-1.12M	-1.10M	-754.00K
Financing Cash Flow	-16.14M	-16.14M	-15.71M	-14.97M	-15.15M	-14.09M

Old Chang Kee Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.18
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:5ML, the sentiment is Positive. The current price of 1.18 is above the 20-day moving average (MA) of 1.15, above the 50-day MA of 1.12, and above the 200-day MA of 0.97, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 65.81 is Neutral, neither overbought nor oversold. The STOCH value of 81.55 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:5ML.

Old Chang Kee Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
5ML	―	S$135.94M	11.98	21.52%	―	0.99%	17.31%
Sector *	―	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%

Old Chang Kee Ltd. Corporate Events

Old Chang Kee Ltd. Conducts 20th Annual General Meeting

Old Chang Kee Ltd. held its 20th Annual General Meeting on July 28, 2025, where the Executive Chairman, Mr. Han Keen Juan, and the CEO, Mr. Lim Tao-E William, addressed shareholders. Key highlights included the introduction of board members, a presentation on the company’s milestones and new product range, and the appointment of DrewCorp Services Pte Ltd and Boardroom Corporate & Advisory Services Pte Ltd as the scrutineer and polling agent, respectively. The meeting included a question and answer session and voting on resolutions, with the Directors’ Statement and Audited Financial Statements for the financial year ending March 31, 2025, being received and adopted.