Tuan Sing Holdings Limited (T24) AI Stock Analysis

• Market Cap: S$381.28M
• Dividend Yield: 2.3%
• Average Volume (3M): 1.58M
• Price to Earnings (P/E): 16.2
• Beta (1Y): 1.07
• Revenue Growth: -41.12%
• EPS Growth: N/A
• Country: SG
• Employees: 777
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Diversified
• EPS (TTM): 0.01
• Shares Outstanding: 1,262,875,600
• 10 Day Avg. Volume: 1,597,980
• 30 Day Avg. Volume: 1,575,473
• PEG Ratio: -2.79
• Price to Book (P/B): 0.27
• Price to Sales (P/S): 1.74
• P/FCF Ratio: -7.34
• 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$0.50
• Price Target Upside: 66.46% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 68 Neutral
• Price Target: S$0.50 ▲(66.67% Upside)

The overall stock score of 67.5 reflects a balanced view of Tuan Sing Holdings Limited. The most significant factor is the mixed financial performance, with improved profitability but concerns over revenue growth and leverage. Technical analysis supports a positive outlook with bullish momentum, while valuation metrics suggest a fair price. The absence of earnings call and corporate events data limits further insights.

Tuan Sing Holdings Limited Business Overview & Revenue Model

Company Description

Tuan Sing Holdings Limited, an investment holding company, engages in the property development and investment, hotels investment, and industrial services businesses in Singapore, Australia, China, Malaysia, and Indonesia. It operates through five segments: Real Estate Investment, Real Estate Development, Hospitality, Industrial Services, and Other Investments. The company develops and invests in residential, commercial, and industrial properties; and provides construction management services. It also owns two hotels managed by Hyatt International under the Grand Hyatt Melbourne and Hyatt Regency Perth names in Melbourne and Perth, Australia. In addition, the company trades in and markets various industrial commodities; manufactures and markets polypropylene woven bags; and manufactures and sells printed circuit boards, as well as retails golf-related lifestyle products. The company was formerly known as Hytex Limited and changed its name to Tuan Sing Holdings Limited in 1983. Tuan Sing Holdings Limited was incorporated in 1969 and is headquartered in Singapore. Tuan Sing Holdings Limited operates as a subsidiary of Nuri Holdings (S) Pte Ltd.

How the Company Makes Money

Tuan Sing Holdings generates revenue through multiple key streams, primarily from property development and investment. The company earns income by selling residential and commercial properties that it develops, as well as through rental income from its investment properties. Additionally, Tuan Sing benefits from its hospitality segment, which includes revenue from hotel operations and management services. The company also engages in strategic partnerships and joint ventures that enhance its market presence and enable it to leverage resources for larger projects, thus contributing to its overall earnings. The successful execution of its property projects and effective management of its assets play significant roles in driving the company's profitability.

Tuan Sing Holdings Limited Financial Statement Overview

Summary

Tuan Sing Holdings Limited faces challenges with declining revenues and margins, increased leverage, and negative free cash flow. Despite a stable equity structure, profitability and cash flow generation require strategic improvement.

Income Statement

The company has experienced a decline in total revenue from 2023 to 2024, resulting in a negative revenue growth rate of -36.60%. Gross profit margin improved slightly to 39.60% in 2024, indicating good cost management. However, the net profit margin decreased to 1.22%, suggesting challenges in maintaining profitability. EBIT and EBITDA margins also decreased, indicating pressure on operational efficiency.

Balance Sheet

The debt-to-equity ratio increased slightly to 1.09, reflecting moderate leverage. Return on equity stands at 0.19%, indicating low profitability relative to shareholders' equity. The equity ratio is stable at 45.15%, suggesting a balanced capital structure with a good proportion of equity financing.

Cash Flow

Free cash flow turned negative in 2024, reflecting a significant decline in free cash flow growth rate. Operating cash flow remains positive, but the free cash flow to net income ratio is negative due to high capital expenditures. The operating cash flow to net income ratio of 33.84 indicates that the company can cover its net income with operating cash flow, though at a reduced level compared to prior years.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	156.33M	192.52M	303.72M	225.30M	248.71M	196.82M
Gross Profit	71.62M	76.23M	89.97M	86.86M	70.12M	48.58M
EBITDA	38.38M	41.65M	71.77M	28.28M	109.22M	91.33M
Net Income	23.45M	2.34M	4.84M	4.59M	83.66M	59.01M
Balance Sheet
Total Assets	2.71B	2.70B	2.62B	2.66B	2.76B	3.14B
Cash, Cash Equivalents and Short-Term Investments	142.52M	151.46M	211.53M	243.12M	376.60M	245.19M
Total Debt	1.35B	1.32B	1.23B	1.28B	1.35B	1.47B
Total Liabilities	1.52B	1.48B	1.39B	1.43B	1.50B	1.97B
Stockholders Equity	1.19B	1.22B	1.23B	1.22B	1.25B	1.16B
Cash Flow
Free Cash Flow	-26.30M	-45.63M	136.43M	43.04M	73.05M	63.57M
Operating Cash Flow	69.66M	79.31M	143.41M	54.91M	79.59M	69.13M
Investing Cash Flow	-148.65M	-180.06M	-53.30M	-78.24M	485.69M	67.05M
Financing Cash Flow	49.10M	28.16M	-122.55M	-111.93M	-366.55M	-30.19M

Tuan Sing Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.30
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:T24, the sentiment is Positive. The current price of 0.3 is below the 20-day moving average (MA) of 0.31, above the 50-day MA of 0.29, and above the 200-day MA of 0.27, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 51.15 is Neutral, neither overbought nor oversold. The STOCH value of 54.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:T24.

Tuan Sing Holdings Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
5IC	73 Outperform	S$182.45M	15.64	3.68%	2.20%	118.91%	50.78%
O10	73 Outperform	€603.86M	9.97	4.51%	3.25%	-2.21%	-20.80%
LJ3	69 Neutral	S$837.97M	―	-4.81%	1.65%	-1.32%	-211.26%
T24	68 Neutral	S$381.28M	16.22	1.99%	2.30%	-41.12%	―
BTE	66 Neutral	S$311.10M	22.91	3.72%	8.78%	0.62%	22.60%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
5UX	50 Neutral	S$442.20M	―	-0.76%	―	8.71%	93.81%

Tuan Sing Holdings Limited Corporate Events

Tuan Sing Holdings Limited Conducts 55th Annual General Meeting

Tuan Sing Holdings Limited held its 55th Annual General Meeting on April 25, 2025, in Singapore. The meeting, chaired by Non-Executive Chairman and Independent Director Mr. Eu Yee Ming Richard, included the presence of the Board of Directors and key company executives. The AGM was conducted with a quorum present, and the company’s leadership, including Executive Director and CEO Mr. William Nursalim alias William Liem, was introduced to the attendees.