Aspial Corporation Limited (A30) AI Stock Analysis

• Market Cap: S$281.39M
• Dividend Yield: N/A
• Average Volume (3M): 195.26K
• Price to Earnings (P/E): 14.0
• Beta (1Y): 0.12
• Revenue Growth: 26.74%
• EPS Growth: N/A
• Country: SG
• Employees: 302
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Real Estate - Services
• EPS (TTM): <0.01
• Shares Outstanding: 2,238,634,300
• 10 Day Avg. Volume: 75,550
• 30 Day Avg. Volume: 195,260
• PEG Ratio: -0.09
• Price to Book (P/B): 0.37
• Price to Sales (P/S): 0.22
• P/FCF Ratio: -2.56
• 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
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 56 Neutral
• Price Target: S$0.14 ▲(38.00% Upside)

The score is held back primarily by financial risk factors—high leverage and negative operating/free cash flow—despite revenue growth and solid gross margins. Technicals are supportive with price above major moving averages and a positive MACD, but overbought readings (RSI/Stoch) temper the outlook. Valuation is moderate on a P/E near 15, with no dividend yield data to improve the score.

Positive Factors

Business Diversification

Aspial's mix of property development, recurring rental income from investment properties, and a jewelry trading segment provides diversified cashflow sources. This lowers reliance on a single cyclical market, supports revenue stability across cycles, and enhances long-term resilience.

Healthy Gross Margin

A gross margin near 35% indicates structural pricing power or cost control across its property and luxury goods operations. Sustained gross margins support durable profitability potential even if operating costs rise, enabling the business to better absorb project-level variability over months.

Positive Revenue Trend

Consistent TTM revenue growth reflects ongoing demand for its development projects and jewelry sales. Continued top-line expansion supports scale economics, project replenishment, and the potential to improve operating leverage over a multi-month horizon if sustained by order flows and recurring rental income.

Negative Factors

High Leverage

A debt-to-equity ratio of 2.49 signals material financial leverage that constrains strategic flexibility. Over 2-6 months this raises refinancing and interest-cost risks, limits capacity to fund new developments internally, and increases vulnerability to cash flow shortfalls or higher rates.

Weak Cash Generation

Negative operating and free cash flow indicate the company is not generating sufficient internal cash to fund operations or capex. Persisting cash deficits force reliance on external financing for projects and debt service, creating structural liquidity risk and pressure on balance sheet durability.

Constrained Profitability

Low net margin and a declining EBIT margin reflect narrow profitability after costs and project expenses. Over the medium term this limits the firm's ability to build reserves, pay down leverage, or reinvest in growth, making performance more sensitive to cost inflation or project mix shifts.

Aspial Corporation Limited Business Overview & Revenue Model

Company Description

Aspial Corporation Limited, an investment holding company, operates in the real estate, financial service, and jewelry businesses in Singapore, Australia, Malaysia, Hong Kong, Germany, China, and Ireland. It is involved in the provision of pawn broking and secured lending services; and retail and trading of pre-loved jewelry, timepieces, and bags, as well as branded merchandise. The company engages in the jewelry retail business under the brands of Lee Hwa Jewellery, Goldheart, and Niessing; and gold bullion broking and dealing activities. It is involved in the rental of properties; provision of management and other support services; and jewellery manufacturing and wholesaling activities; operates hotels, resorts, and serviced residences, as well as offers real estate consultancy services. The company was formerly known as Lee Hwa Holdings Ltd. and changed its name to Aspial Corporation Limited in 2001. Aspial Corporation Limited was incorporated in 1970 and is based in Singapore. Aspial Corporation Limited is a subsidiary of MLHS Holdings Pte. Ltd.

How the Company Makes Money

Aspial Corporation Limited generates revenue primarily through its real estate development and investment activities. The company earns income from the sale of residential and commercial properties, with significant contributions from completed projects as well as ongoing developments. Additionally, Aspial's property investment segment provides recurring income through rental yields from its investment properties. The company's jewelry segment, which focuses on the trading of gold and diamonds, also contributes to its revenue through sales of luxury goods. Strategic partnerships with financial institutions and other real estate developers further enhance Aspial's market reach and operational capabilities, providing avenues for growth and additional revenue streams.

Aspial Corporation Limited Financial Statement Overview

Summary

Revenue grew 6.75% (TTM) and gross margin is healthy (34.93%), but profitability is constrained (net margin 2.58%) and EBIT margin declined (8.89%). Leverage is high (debt-to-equity 2.49) and cash generation is a key risk with negative operating and free cash flow (TTM).

Income Statement

Aspial Corporation Limited shows a positive revenue growth trend with a 6.75% increase in TTM. The gross profit margin is healthy at 34.93%, indicating efficient cost management. However, the net profit margin is relatively low at 2.58%, suggesting limited profitability. The EBIT margin has decreased to 8.89% in TTM, reflecting potential operational challenges. Overall, the income statement reflects growth but with constrained profitability.

Balance Sheet

The company has a high debt-to-equity ratio of 2.49, indicating significant leverage, which could pose financial risks. The return on equity is modest at 4.93%, showing limited returns to shareholders. The equity ratio is not explicitly calculated but suggests a moderate equity base relative to assets. The balance sheet highlights a need for improved financial stability and reduced leverage.

Cash Flow

Aspial Corporation Limited faces cash flow challenges, with negative operating cash flow and free cash flow in TTM. The free cash flow to net income ratio is strong at 1.33, indicating efficient conversion of earnings to cash. However, the negative cash flow growth and operating cash flow coverage ratio highlight liquidity concerns. The cash flow statement suggests a need for improved cash management and operational efficiency.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	776.51M	678.36M	600.00M	506.24M	417.18M	531.25M
Gross Profit	271.25M	240.93M	95.78M	97.50M	172.66M	197.87M
EBITDA	80.25M	114.36M	63.64M	71.59M	75.79M	114.47M
Net Income	20.02M	14.10M	-23.54M	-14.71M	-363.00K	17.74M
Balance Sheet
Total Assets	1.79B	1.78B	1.60B	1.61B	1.62B	1.59B
Cash, Cash Equivalents and Short-Term Investments	51.43M	63.91M	56.66M	55.13M	44.93M	53.83M
Total Debt	1.01B	975.20M	912.41M	1.06B	1.05B	979.32M
Total Liabilities	1.27B	1.26B	1.10B	1.22B	1.18B	1.14B
Stockholders Equity	405.23M	406.44M	417.74M	312.28M	352.73M	339.73M
Cash Flow
Free Cash Flow	-52.61M	-58.09M	23.23M	2.10M	-53.07M	141.74M
Operating Cash Flow	-39.56M	-38.00M	36.55M	22.30M	-16.77M	177.49M
Investing Cash Flow	15.96M	6.65M	12.92M	1.01M	-30.63M	-21.28M
Financing Cash Flow	39.14M	38.16M	-47.80M	-11.31M	40.17M	-245.59M

Aspial Corporation Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.10
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:A30, the sentiment is Positive. The current price of 0.1 is below the 20-day moving average (MA) of 0.12, below the 50-day MA of 0.11, and above the 200-day MA of 0.09, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 80.65 is Negative, neither overbought nor oversold. The STOCH value of 59.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:A30.

Aspial Corporation Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
5JK	58 Neutral	S$287.04M	26.18	1.53%	0.46%	21.91%	82.03%
A30	56 Neutral	S$281.39M	14.00	7.26%	―	26.74%	―

Aspial Corporation Limited Corporate Events

AF Global Defers Scheme Meeting After Xuzhou JV Update, Offer Terms Unchanged

AF Global Limited and AFG Investment Pte. Ltd. have jointly announced the deferment of the court-convened scheme meeting originally scheduled for 5 February 2026, which was to seek shareholder approval for AFG Investment’s proposed acquisition of all AF Global shares not already held by Aspial Corporation and Koh Wee Meng. The delay follows new developments in AF Global’s joint venture investment in Xuzhou, China, which require updates to the previously despatched scheme document, though the scheme consideration being offered to minority shareholders remains unchanged, signalling that while the timetable is affected, the economic terms of the buyout proposal are intact for stakeholders.

The most recent analyst rating on (SG:A30) stock is a Hold with a S$0.12 price target. To see the full list of analyst forecasts on Aspial Corporation Limited stock, see the SG:A30 Stock Forecast page.

Aspial Fully Redeems and Cancels S$6 Million 6.50% Notes Due 2025

Aspial Corporation Limited has fully redeemed its 6.50 per cent. notes due December 2025, issued under its S$700 million multicurrency debt issuance programme, paying off the remaining S$6 million in aggregate principal upon maturity on 21 December 2025. With no notes now outstanding in this series and the matured notes to be cancelled in their entirety, the move closes out this specific funding instrument and may be seen as a routine yet positive housekeeping step for the group’s capital structure and obligations to noteholders.

The most recent analyst rating on (SG:A30) stock is a Hold with a S$0.10 price target. To see the full list of analyst forecasts on Aspial Corporation Limited stock, see the SG:A30 Stock Forecast page.

Aspial Corporation Announces Strategic Acquisition of AF Global Shares

Aspial Corporation Limited, through its special purpose vehicle AFG Investment Pte. Ltd., has announced a proposed acquisition of all issued ordinary shares in AF Global Limited, excluding certain shares held by existing major shareholders. The acquisition, valued at approximately S$31.8 million, is structured as a scheme of arrangement and involves a cash payment of S$0.11 per share. This strategic move, involving equal ownership and decision-making by Aspial and KWMCo, aims to consolidate Aspial’s position in the market, though it is classified as an interested person transaction under SGX regulations.

Aspial’s Subsidiary Seeks Compensation Over Land Title Errors

Aspial Corporation Limited’s subsidiary, WCL (QLD) Albert St Pty Ltd, is initiating legal proceedings in the Supreme Court of Queensland against the State of Queensland and the Registrar of Titles. The claim seeks compensation for losses incurred due to errors in land title registration, which impacted a planned development project in Brisbane. Despite the significant claim amount, Aspial anticipates no material financial impact on the Group for the year ending December 2025, and advises shareholders to exercise caution.