Investment Idea #20

Singapore's transportation misnomer

The stock we are discussing today is yet another Singapore company trading at single digit EV/EBITDA. The stock looks ridiculously cheap but it has also been so for a while. As usual, let’s first look at the financials:

Simple financials (Dec 2025 estimate, SGD)

• Sales: 1,500mn

• Net income: 80mn

• FCF: 90mn

• Dividend: S$0.12, Yield: 4.5%

• Debt: Net Cash, Mkt Cap 770m

Financial Ratios

• ROE: 10%, OPM: 5%

• EV/EBITDA: 3.5x (Dec 25)

• PER: 11.3x (Dec 25)

• FCF yield: 8.7%