QAF Ltd. (Q01) AI Stock Analysis

• Market Cap: S$517.74M
• Dividend Yield: 5.56%
• Average Volume (3M): 130.50K
• Price to Earnings (P/E): 19.8
• Beta (1Y): 0.19
• Revenue Growth: -0.51%
• EPS Growth: -25.57%
• Country: SG
• Employees: 9,955
• Sector: Consumer Defensive
• Sector Strength: 48
• Industry: Packaged Foods
• EPS (TTM): <0.01
• Shares Outstanding: 575,268,430
• 10 Day Avg. Volume: 97,510
• 30 Day Avg. Volume: 130,500
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• 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: S$1.00
• Price Target Upside: 11.11% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 69 Neutral
• Price Target: S$1.00 ▲(11.11% Upside)

QAF Ltd. shows strong financial performance with solid revenue growth and robust cash flow, which are the most significant factors contributing to the score. The technical analysis suggests a neutral trend with potential for improvement, while the valuation is supported by a reasonable P/E ratio and attractive dividend yield. The absence of earnings call data and corporate events does not impact the score.

QAF Ltd. Business Overview & Revenue Model

Company Description

QAF Ltd. is a Singapore-based investment holding company with diverse operations across several sectors, including bakery, primary production, and distribution and warehousing. The company is known for its core products such as packaged bread, bakery products, and pork production. With a strong presence in Asia, QAF Ltd. has established itself as a leader in the food manufacturing and distribution industry.

How the Company Makes Money

QAF Ltd. generates revenue through its various business segments. The Bakery segment, a significant contributor to its earnings, involves the production and sale of packaged bread and other baked goods. The Primary Production segment focuses on livestock farming, particularly pork production, which is sold to both domestic and international markets. Additionally, the company benefits from its Distribution and Warehousing segment, which provides logistics and distribution services. Strategic partnerships and a well-established supply chain network further enhance its revenue streams by ensuring efficient product distribution and market reach.

QAF Ltd. Financial Statement Overview

Summary

QAF Ltd. demonstrates strong financial health with solid revenue growth, improved profitability, and robust cash flow generation. The company maintains a low leverage position, enhancing stability. While operational efficiency has improved, slight concerns around EBIT margin performance persist.

Income Statement

QAF Ltd. has shown a positive revenue growth rate of approximately 1.2% from 2023 to 2024, indicating steady expansion. The gross profit margin improved significantly to 47.5% in 2024, up from 23.7% in 2023, showcasing enhanced operational efficiency. The net profit margin increased to 5.5% from 4.4%, reflecting improved profitability. However, EBIT margin decreased slightly to 5.6% from 6.0%, and EBITDA margin increased to 11.5% from 10.8%, indicating mixed performance in earnings before interest, taxes, depreciation, and amortization.

Balance Sheet

The company maintains a strong equity position, with an equity ratio of 75.2% in 2024, indicating financial stability. The debt-to-equity ratio is low at 0.06, suggesting minimal leverage and low financial risk. Return on equity improved to 6.9% from 5.6%, showing better utilization of shareholders' equity to generate profits.

Cash Flow

QAF Ltd. experienced a significant increase in free cash flow, growing by 156.9% in 2024 compared to the previous year. The operating cash flow to net income ratio of 1.88 indicates strong cash generation relative to net income. The free cash flow to net income ratio is 1.32, reflecting effective conversion of net income into free cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	636.19M	636.11M	628.59M	577.52M	557.72M	555.09M
Gross Profit	265.57M	302.02M	148.70M	262.65M	264.65M	277.55M
EBITDA	62.82M	73.30M	67.93M	64.66M	60.86M	85.29M
Net Income	35.06M	34.70M	27.48M	19.41M	52.08M	27.74M
Balance Sheet
Total Assets	625.12M	664.28M	669.16M	664.76M	878.16M	868.08M
Cash, Cash Equivalents and Short-Term Investments	190.50M	209.40M	215.68M	216.79M	88.70M	81.36M
Total Debt	40.06M	31.97M	48.92M	41.75M	56.95M	71.33M
Total Liabilities	149.76M	163.24M	180.68M	165.30M	345.83M	351.16M
Stockholders Equity	473.43M	499.68M	486.85M	497.71M	530.55M	516.31M
Cash Flow
Free Cash Flow	34.71M	45.92M	17.87M	25.87M	79.07M	64.78M
Operating Cash Flow	60.46M	65.25M	57.57M	52.45M	109.19M	95.98M
Investing Cash Flow	-22.69M	-13.15M	-33.42M	94.37M	-23.41M	-18.94M
Financing Cash Flow	-39.24M	-50.70M	-22.96M	-52.95M	-72.68M	-33.39M

QAF Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.90
• 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:Q01, the sentiment is Positive. The current price of 0.9 is above the 20-day moving average (MA) of 0.88, above the 50-day MA of 0.88, and above the 200-day MA of 0.83, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 58.11 is Neutral, neither overbought nor oversold. The STOCH value of 100.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:Q01.

QAF Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Q01	69 Neutral	S$517.74M	19.82	5.51%	5.56%	-0.51%	-25.57%
Sector *	63 Neutral	$20.49B	14.78	-2.88%	3.11%	1.86%	-5.76%
PEFDF	―	$353.44M	13.19	10.03%	3.48%	―	―
MWX	―	€319.50M	5.42	7.17%	―	―	―
Y03	―	S$376.31M	71.43	0.94%	―	―	―
F03	77 Outperform	S$1.24B	33.14	9.42%	1.28%	13.97%	-49.60%
5JS	72 Outperform	S$495.55M	5.15	8.46%	2.78%	13.03%	35.10%

QAF Ltd. Corporate Events

QAF Limited Announces Board and Committee Restructuring

QAF Limited, a company incorporated in Singapore, has completed a review of its Board and Board Committees, which was initially disclosed in its FY2024 Annual Report. The company has appointed new Non-Executive Independent Directors, including Ms. Foo Kwee Joen Junie, Mr. Basil Chan, Mr. Tan Chuan Lye, and Mr. John Martin Miller, while Dr. Lian Hwee Peng Rebecca and Mr. Aw Syee Chia have stepped down. These changes are part of the company’s efforts to refresh its leadership and governance structure, potentially impacting its strategic direction and stakeholder engagement.

QAF Ltd. Conducts Annual General Meeting for Strategic Discussions

QAF Ltd. held its Annual General Meeting on April 25, 2025, at the PARKROYAL COLLECTION Pickering in Singapore. The meeting was chaired by Ms. Dawn Pamela Lum and attended by the company’s board of directors and key management personnel. The AGM commenced with the introduction of the board and the confirmation of a quorum, setting the stage for discussions on the company’s future strategies and operations.