Bukit Sembawang Estates Limited (B61) AI Stock Analysis

• Market Cap: S$1.21B
• Dividend Yield: 4.18%
• Average Volume (3M): 47.28K
• Price to Earnings (P/E): 8.2
• Beta (1Y): 0.75
• Revenue Growth: -42.76%
• EPS Growth: -9.23%
• Country: SG
• Employees: 31
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Development
• EPS (TTM): 0.18
• Shares Outstanding: 258,911,320
• 10 Day Avg. Volume: 45,090
• 30 Day Avg. Volume: 47,280
• PEG Ratio: 0.13
• Price to Book (P/B): 0.59
• Price to Sales (P/S): 1.69
• P/FCF Ratio: 5.37
• 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): 0.4
• Revenue Forecast (FY): S$501.00M

• Rating: 73 Outperform
• Price Target: S$5.50 ▲(14.35% Upside)
• Action: Reiterated Date: 10/29/25
• Date: Action: Reiterated 10/29/25

Bukit Sembawang Estates Limited is financially robust with strong profitability and a solid balance sheet. The valuation is attractive with a low P/E ratio and high dividend yield. However, technical indicators show weak momentum, and recent declines in revenue and free cash flow growth are concerns. The absence of earnings call data and corporate events limits further insights.

Positive Factors

Strong balance sheet / low leverage

Very low leverage and a high equity ratio provide durable financial flexibility for a developer. This reduces refinancing risk across cycles, enables funding of new land acquisitions or project shortfalls from internal capital, and supports stable operations through residential market downturns.

High and consistent profitability margins

Sustained net margins above 20% reflect structural operational efficiency and pricing power in Singapore residential development. Healthy margins provide a cushion against construction cost inflation and cyclical price swings, supporting long-term earnings resilience and capacity to pay dividends or reinvest.

Positive operating cash flow and strong cash conversion

Consistent operating cash generation indicates effective conversion of profits into cash, critical for funding development working capital and capex without excessive external financing. Over months, strong cash conversion underpins project execution and reduces dependence on debt during slower sales periods.

Negative Factors

Sharp recent revenue decline

A large year-over-year revenue drop signals project timing issues or weaker sales velocity, which can persist for multiple quarters given development lead times. Reduced revenue flow pressures margins, cash generation, and the ability to sustain reinvestment or dividend levels until new launches complete.

Negative free cash flow growth recently

Declining free cash flow growth constrains capital allocation flexibility for land acquisition, project funding, and shareholder returns. For a developer with lumpy receipts, sustained negative FCF growth would elevate reliance on equity or asset sales, reducing strategic options over the medium term.

Concentrated, timing-dependent business model

Heavy reliance on Singapore residential project cycles and the timing of launches makes results inherently lumpy and sensitive to planning approvals and buyer demand. This concentration increases earnings volatility and planning risk, complicating predictable revenue and cash flow over quarters.

Bukit Sembawang Estates Limited Business Overview & Revenue Model

Company Description

Bukit Sembawang Estates Limited, an investment holding company, engages in the property development in Singapore. It operates through Property Development, Investment Holding, and Hospitality segments. The company develops and sells residential properties; and holds and manages office buildings and investments. It also operates serviced apartments. Bukit Sembawang Estates Limited was founded in 1911 and is based in Singapore.

How the Company Makes Money

Bukit Sembawang Estates Limited generates revenue primarily through the sale and leasing of residential properties. The company's revenue model is driven by its development projects, where it acquires land, develops residential units, and subsequently sells them to homebuyers or investors. Key revenue streams include the sale of completed properties, pre-sales of units during the construction phase, and ongoing rental income from commercial and residential properties in its portfolio. Significant partnerships with contractors, architects, and real estate agencies enhance its operational efficiency and market reach, while strategic land acquisitions allow the company to expand its development pipeline and capitalize on favorable market conditions.

Bukit Sembawang Estates Limited Financial Statement Overview

Summary

Bukit Sembawang Estates Limited shows strong financial health with robust profitability and a solid balance sheet. The low leverage and high equity ratio provide stability, while the consistent profitability margins reflect operational efficiency. However, the recent decline in revenue and free cash flow growth could pose challenges if not addressed.

Income Statement

The company has demonstrated strong profitability with a consistent net profit margin above 20% in recent years, indicating efficient cost management. However, revenue growth has been inconsistent, with a notable decline in the most recent year. The EBIT and EBITDA margins are healthy, reflecting robust operational performance.

Balance Sheet

The balance sheet is strong with a very low debt-to-equity ratio, suggesting minimal leverage and financial risk. The return on equity has improved over the years, indicating effective use of equity capital. The equity ratio is high, underscoring a solid financial position with a significant portion of assets financed by equity.

Cash Flow

The company has maintained a positive operating cash flow, which is a good indicator of financial health. However, free cash flow growth has been negative recently, which could be a concern if it persists. The operating cash flow to net income ratio is strong, indicating good cash conversion from earnings.

Breakdown	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	549.96M	561.96M	197.13M	288.23M	580.96M
Gross Profit	131.95M	76.78M	34.11M	100.30M	243.36M
EBITDA	142.29M	89.97M	45.70M	106.02M	239.68M
Net Income	114.29M	70.85M	34.40M	82.92M	189.44M
Balance Sheet
Total Assets	1.70B	1.60B	1.58B	1.67B	1.95B
Cash, Cash Equivalents and Short-Term Investments	582.42M	452.24M	179.28M	522.18M	717.21M
Total Debt	1.01M	650.00K	25.93M	132.11M	338.63M
Total Liabilities	103.31M	78.73M	103.62M	191.38M	466.89M
Stockholders Equity	1.59B	1.52B	1.47B	1.48B	1.48B
Cash Flow
Free Cash Flow	173.60M	209.89M	-85.59M	99.73M	463.99M
Operating Cash Flow	173.78M	210.00M	-85.12M	100.00M	464.59M
Investing Cash Flow	-184.00K	-111.00K	-461.00K	-270.00K	-606.00K
Financing Cash Flow	-43.42M	-51.65M	-150.52M	-298.59M	-34.92M

Bukit Sembawang Estates Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.81
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:B61, the sentiment is Negative. The current price of 4.81 is below the 20-day moving average (MA) of 4.93, below the 50-day MA of 4.96, and above the 200-day MA of 4.36, indicating a neutral trend. The MACD of -0.09 indicates Positive momentum. The RSI at 30.80 is Neutral, neither overbought nor oversold. The STOCH value of 14.75 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:B61.

Bukit Sembawang Estates Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
B61	73 Outperform	S$1.21B	8.16	6.39%	4.18%	-42.76%	-9.23%
U14	73 Outperform	S$9.02B	15.33	4.14%	2.06%	18.74%	-38.36%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
O10	65 Neutral	S$589.13M	11.27	4.36%	3.17%	-2.21%	-20.80%
F1E	63 Neutral	S$576.28M	-15.94	-2.34%	2.05%	-39.12%	-326.51%
C09	62 Neutral	S$8.32B	11.35	6.76%	1.23%	-10.52%	-39.75%