Tuan Sing Holdings Limited (T24) AI Stock Analysis

• Market Cap: S$368.78M
• Dividend Yield: 2.15%
• Average Volume (3M): 1.58M
• Price to Earnings (P/E): 12.6
• Beta (1Y): 1.16
• 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: 0.01
• Price to Book (P/B): 0.33
• Price to Sales (P/S): 2.78
• P/FCF Ratio: 18.31
• 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: 58 Neutral
• Price Target: S$0.31 ▼(-9.71% Downside)
• Action: Reiterated Date: 03/02/26
• Date: Action: Reiterated 03/02/26

The score is held back mainly by weaker financial quality—sharp revenue decline, elevated leverage with low ROE, and volatile free cash flow—despite a meaningful profitability rebound in 2025. Technicals are a clear positive with price strength above key moving averages and supportive momentum indicators, while valuation is reasonable but not compelling.

Positive Factors

Improved 2025 profit margins

A meaningful margin rebound in 2025 (net ~22%, gross ~51%) indicates the business can generate higher profitability per sale when market conditions permit. Sustained higher margins improve cash flow cushion, support reinvestment and debt servicing, and enhance resilience through property cycles.

Positive operating cash flow in latest year

Positive operating cash flow and a return to modest free cash flow in 2025 show the group can convert property earnings into cash. This improves near-term funding for operations and servicing of debt, lowering refinancing risk compared with sustained cash burn.

Tangible asset base and diversified real-estate exposure

A substantial and stable equity base combined with diversified real-estate and hospitality assets provides tangible collateral and multiple income streams. This asset-heavy model supports medium-term recovery potential and provides options for monetisation or refinancing in stress periods.

Negative Factors

Sharp, persistent revenue decline

Top-line has roughly halved over two years, eroding scale and putting pressure on fixed-cost absorption in property operations. Persistent revenue weakness undermines sustainable earnings, reduces visibility for long-term planning, and constrains the firm's ability to rebuild cash buffers.

Elevated balance-sheet leverage

Debt roughly equal to or above equity raises refinancing and interest-rate risk for an asset-heavy real-estate firm. High leverage limits strategic flexibility, increases sensitivity to property cycle downturns, and can amplify cash-flow stress if rental or sale proceeds weaken.

Volatile cash flow and uneven earnings quality

Large swings in free cash flow and episodic earnings suggest results depend on one-off property transactions or timing effects. This volatility reduces predictability of internal funding, complicates debt servicing plans, and heightens execution risk for multi-year development projects.

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

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Tuan Sing Holdings Limited Financial Statement Overview

Summary

Mixed fundamentals: profitability improved in 2025 (net margin ~22% and stronger gross margin), but revenue fell sharply versus prior years and earnings quality appears uneven. Balance sheet leverage is elevated (debt roughly at/above equity) with low ROE, and cash flows are volatile with a 2024 free-cash-flow deficit and only modest positive FCF in 2025.

Income Statement

Revenue has been volatile and declined in 2024 and 2025 (annual revenue down from 303.7M in 2023 to 146.0M in 2025). Profitability improved meaningfully in 2025 with a strong net margin (~22%) versus very low profitability in 2023–2024 (~1–2%), and gross margin also stepped up (~51% in 2025). However, earnings quality looks uneven across years (very high net margins in 2020–2021, then a sharp drop in 2022–2024), suggesting results may be influenced by non-recurring items and cyclical property conditions.

Balance Sheet

Leverage is consistently elevated for the period, with debt running slightly above equity (debt-to-equity ~1.00–1.26, rising to ~1.14 in 2025). Equity is relatively stable (~1.16B–1.25B), but returns on equity are low in most years (near breakeven in 2022–2024 and ~2.6% in 2025), indicating limited balance-sheet productivity versus the debt load. Overall, the company appears asset-heavy with meaningful financial leverage, which can pressure flexibility if property cash flows weaken.

Cash Flow

Cash generation is inconsistent: free cash flow swung from very strong in 2023 (136.4M) to negative in 2024 (-45.6M) and modestly positive in 2025 (22.1M), with a steep decline in 2025 versus 2024. Cash conversion versus earnings is mixed—2025 free cash flow was about 54% of net income, while 2024 was negative despite positive net income. Operating cash flow remains positive in the latest year (41.3M in 2025), but volatility and the 2024 cash burn reduce confidence in steady funding capacity.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	156.33M	146.00M	192.52M	303.72M	225.30M	248.71M
Gross Profit	71.62M	74.22M	76.23M	89.97M	86.86M	70.12M
EBITDA	38.38M	24.85M	41.65M	71.77M	28.28M	109.22M
Net Income	23.45M	32.14M	2.34M	4.84M	4.59M	83.66M
Balance Sheet
Total Assets	2.71B	2.80B	2.70B	2.62B	2.66B	2.76B
Cash, Cash Equivalents and Short-Term Investments	142.52M	159.81M	151.46M	211.53M	243.12M	376.60M
Total Debt	1.35B	1.40B	1.32B	1.23B	1.28B	1.35B
Total Liabilities	1.52B	1.58B	1.48B	1.39B	1.43B	1.50B
Stockholders Equity	1.19B	1.22B	1.22B	1.23B	1.22B	1.25B
Cash Flow
Free Cash Flow	-26.30M	22.12M	-45.63M	136.43M	43.04M	73.05M
Operating Cash Flow	69.66M	41.27M	79.31M	143.41M	54.91M	79.59M
Investing Cash Flow	-148.65M	-93.67M	-180.06M	-53.30M	-78.24M	485.69M
Financing Cash Flow	49.10M	56.36M	28.16M	-122.55M	-111.93M	-366.55M

Tuan Sing Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.34
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• 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 Negative. The current price of 0.34 is above the 20-day moving average (MA) of 0.33, above the 50-day MA of 0.34, and above the 200-day MA of 0.31, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 33.22 is Neutral, neither overbought nor oversold. The STOCH value of 41.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
O10	65 Neutral	S$574.40M	11.27	4.34%	3.17%	-2.21%	-20.80%
5IC	65 Neutral	S$258.64M	1.34	3.30%	2.20%	118.91%	50.78%
BTE	63 Neutral	S$349.03M	40.79	―	8.67%	0.62%	22.60%
T24	58 Neutral	S$368.78M	12.61	1.99%	2.15%	-41.12%	―
LJ3	47 Neutral	S$747.94M	-3.23	-4.89%	1.69%	-1.32%	-211.26%
5UX	41 Neutral	S$356.33M	53.23	-0.79%	―	8.71%	93.81%