FJ Benjamin Holdings Ltd. (F10) AI Stock Analysis

• Market Cap: S$11.87M
• Dividend Yield: N/A
• Average Volume (3M): 660.41K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.14
• Revenue Growth: -22.91%
• EPS Growth: -169.23%
• Country: US
• Employees: 1,763
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Retail
• EPS (TTM): -0.01
• Shares Outstanding: 1,187,313,800
• 10 Day Avg. Volume: 191,130
• 30 Day Avg. Volume: 660,410
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.56
• Price to Sales (P/S): 0.18
• P/FCF Ratio: 1.30
• 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: 46 Neutral
• Price Target: S$0.01 ▲(10.00% Upside)

The score is driven primarily by weak financial fundamentals (declining revenue, significant losses, and high leverage), with only partial support from improving free cash flow. Technicals add risk due to an overbought RSI and slightly negative MACD, and valuation is constrained by a negative P/E and no provided dividend yield.

Positive Factors

Brand management and premium partnerships

FJ Benjamin's specialization in luxury and premium lifestyle brands and its brand-management expertise create a durable competitive moat. Exclusive licensing and trusted partnerships support higher average selling prices, customer loyalty and differentiated retail positioning across APAC, aiding margin resilience and long-term demand capture.

Diversified go-to-market channels

The company's mix of direct retail, wholesale distribution, e-commerce and licensing builds multi-channel revenue resilience. This diversification reduces dependence on a single channel, smooths revenue volatility from brick-and-mortar cycles, and supports scalable expansion and cross-channel marketing over the medium term.

Improving free cash flow generation

Positive FCF growth and a high FCF-to-net-income ratio indicate the business can generate cash despite accounting losses. Durable cash generation provides runway for restructuring, selective reinvestment, or debt reduction, improving financial flexibility and supporting operational recovery over several months.

Negative Factors

Declining revenue and weak profitability

Sustained revenue decline combined with deeply negative margins points to structural demand or cost issues. Negative EBIT/EBITDA constrains reinvestment in stores, digital, or brand initiatives and makes it harder to achieve operating leverage; without sales or margin recovery, profitability will remain challenged.

Elevated financial leverage

High leverage amid poor returns magnifies downside risk and reduces strategic flexibility. Interest and principal obligations limit capacity to fund growth or absorb shocks; in tighter credit or slower retail conditions, refinancing risk and restricted investment capacity will pressure the recovery timeline.

Operating cash flow insufficient vs. net losses

OCF covering just a quarter of net losses suggests cash generation is fragile and may rely on non-recurring items or working-capital shifts. Without consistent operating cash conversion, sustaining operations, deleveraging, and funding strategic initiatives will be difficult, leaving liquidity exposed over the medium term.

FJ Benjamin Holdings Ltd. Business Overview & Revenue Model

Company Description

F J Benjamin Holdings Ltd, an investment holding company, engages in the brand building and management, and development of retail and distribution networks for international luxury and lifestyle brands in Southeast Asia. The company operates through three segments: Ongoing Retail, Distribution, and Export. It is also involved in the import, export, distribution, and retail of consumer fashion wear, accessories, timepieces, beauty, health and wellness products, chocolates, cafe, and home furnishing. The company offers its luxury and lifestyle products under the ABC Design, Be Safe, Cole Haan, EZPZ, Fauré Le Page, Guess, La Senza, Lancel, LilleBaby, Marc Jacobs, Moby, Morphee, Petunia Pickle Bottom, Pretty Ballerinas, Rebecca Minkoff, Sheridan and Superdry brand names, as well as operates a multi-label luxury shoe and lifestyle concept store under the Avenue On 3 brand name. It also distributes timepieces under the Casio, Gc, Guess, Nautica, and Victorinox Swiss Army brands; and air purifier under the Airfree brand, as well as beauty, health, and wellness products under the MZ Skin and Dr. Barbara Strum brands. The company was founded in 1959 and is headquartered in Singapore.

How the Company Makes Money

FJ Benjamin generates revenue primarily through its retail operations, which encompass both physical stores and e-commerce platforms. The company earns money by selling luxury and premium goods sourced from global brands under licensing agreements. Key revenue streams include direct sales from its own retail outlets, wholesale distribution to third-party retailers, and online sales through its digital platforms. Additionally, FJ Benjamin benefits from strategic partnerships with various high-profile brands, which enhance its market presence and allow for shared marketing initiatives, further driving sales. The company's ability to adapt to changing consumer trends and its focus on brand management and marketing contribute significantly to its earnings.

FJ Benjamin Holdings Ltd. Financial Statement Overview

Summary

Financial performance is weak: revenue declined (-7.46%) and profitability is poor with a deeply negative net margin (-27.33%) and negative EBIT/EBITDA margins. Leverage is elevated (debt-to-equity 1.06) with very negative ROE (-86.60%), partially offset by improving free cash flow growth (+14.95%) and relatively strong free cash flow vs. net losses (FCF to net income 0.88).

Income Statement

FJ Benjamin Holdings Ltd. has faced declining revenues with a negative revenue growth rate of -7.46% in the latest year. The company is struggling with profitability, as indicated by a negative net profit margin of -27.33% and negative EBIT and EBITDA margins. The gross profit margin remains relatively stable at 49.46%, but overall, the income statement reflects significant challenges in achieving profitability.

Balance Sheet

The balance sheet shows a high debt-to-equity ratio of 1.06, indicating significant leverage, which poses a risk. The return on equity is negative at -86.60%, reflecting poor profitability relative to shareholder equity. The equity ratio is not provided, but the overall financial health is concerning due to high leverage and negative returns.

Cash Flow

Cash flow analysis reveals a positive free cash flow growth rate of 14.95%, indicating some improvement in cash generation. The operating cash flow to net income ratio is 0.25, suggesting that operating cash flow is not fully covering net income losses. The free cash flow to net income ratio is relatively high at 0.88, showing that the company is generating cash despite net losses.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	60.71M	60.71M	78.43M	86.45M	80.90M	66.84M
Gross Profit	30.03M	30.03M	37.67M	45.16M	39.95M	33.78M
EBITDA	-5.83M	-5.83M	4.29M	16.10M	17.15M	5.73M
Net Income	-16.59M	-16.59M	-6.13M	3.53M	2.98M	-10.87M
Balance Sheet
Total Assets	60.30M	60.30M	77.93M	83.59M	79.82M	92.64M
Cash, Cash Equivalents and Short-Term Investments	4.56M	4.56M	3.55M	6.19M	12.51M	12.15M
Total Debt	20.30M	20.30M	24.33M	26.61M	25.42M	38.63M
Total Liabilities	41.14M	41.14M	43.23M	43.09M	41.31M	59.37M
Stockholders Equity	19.16M	19.16M	34.74M	40.53M	38.53M	33.27M
Cash Flow
Free Cash Flow	8.20M	8.20M	5.64M	7.36M	15.50M	9.97M
Operating Cash Flow	9.27M	9.27M	7.75M	8.76M	15.56M	10.48M
Investing Cash Flow	-1.06M	-1.06M	-2.11M	-1.40M	5.00K	-398.00K
Financing Cash Flow	-8.85M	-8.85M	-8.28M	-12.47M	-13.65M	-9.42M

FJ Benjamin Holdings Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.01
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Neutral
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:F10, the sentiment is Negative. The current price of 0.01 is below the 20-day moving average (MA) of 0.01, below the 50-day MA of 0.01, and below the 200-day MA of 0.01, indicating a bearish trend. The MACD of >-0.01 indicates Neutral momentum. The RSI at 100.00 is Negative, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:F10.

FJ Benjamin Holdings Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BHU	79 Outperform	S$82.13M	9.99	12.06%	5.12%	-1.49%	2.89%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
F10	46 Neutral	S$11.87M	-0.79	-61.57%	―	-22.91%	-169.23%

FJ Benjamin Holdings Ltd. Corporate Events

F J Benjamin Reshapes Board Committees to Maintain Regulatory Compliance

F J Benjamin Holdings has reshuffled its board and board committee roles following the retirement of former lead independent director Liew Choon Wei, as it continues to search for a replacement independent director. Existing independent director Yee Kee Shian, Leon has been appointed Lead Independent Director while retaining his roles as chairman of the Nominating and Remuneration Committee and member of the Audit Committee, and fellow independent director Teoh Beng Khim has been named chairman of the Audit Committee while remaining on the Nominating and Remuneration Committee. Executive chairman Eli Manasseh Benjamin has been temporarily added as a member of both the Audit Committee and the Nominating and Remuneration Committee to ensure the Audit Committee meets the minimum three-member requirement under Singapore’s Companies Act and Catalist rules. The board emphasised that Benjamin’s committee appointments are interim and that the company remains actively seeking an additional independent director to ultimately align its Audit and Remuneration Committee composition with the 2018 Code of Corporate Governance, signaling a continued focus on regulatory compliance and best-practice governance for shareholders and other stakeholders.

The most recent analyst rating on (SG:F10) stock is a Sell with a S$0.01 price target. To see the full list of analyst forecasts on FJ Benjamin Holdings Ltd. stock, see the SG:F10 Stock Forecast page.

FJ Benjamin Holdings Ltd Conducts Annual General Meeting

FJ Benjamin Holdings Ltd held its Annual General Meeting on October 29, 2025, at the Suntec Singapore Convention & Exhibition Centre. The meeting, attended by the board of directors, shareholders, and various company officials, proceeded without any questions from shareholders. The Chairman, Mr. Eli Manasseh Benjamin, conducted the meeting, which included the introduction of key personnel and partners such as external auditors and polling agents. The meeting opened with a quorum, and the notice of the AGM was acknowledged as read, with voting conducted by proxy in accordance with shareholder instructions.

F J Benjamin Holdings Ltd Holds Extraordinary General Meeting

F J Benjamin Holdings Ltd, a company incorporated in Singapore, held an Extraordinary General Meeting on October 29, 2025, at Suntec Singapore Convention & Exhibition Centre. The meeting was attended by the Board of Directors, shareholders, and various invitees, including the company’s external auditors and polling agents. The Chairman, Mr. Eli Manasseh Benjamin, declared the meeting open and noted that no questions were received from shareholders prior to the meeting. The meeting proceeded with the Chairman acting as a proxy for some shareholders, voting in accordance with their instructions.

F J Benjamin Secures Exclusive Rights for Pomelo Brand in Malaysia

F J Benjamin Holdings Ltd has secured exclusive rights to operate the Pomelo brand in Malaysia through a distribution agreement with Pomelo Fashion Co., Ltd. This partnership, effective from November 7, 2025, aims to leverage Pomelo’s digital-first fashion approach and FJ Benjamin’s expertise in brand building to enhance the fashion retail experience in Malaysia. The agreement is set for an initial five-year term, with an option to renew for another five years, reflecting a strategic move to expand Pomelo’s regional presence and redefine fashion retail in the region.