Sing Holdings (SGX:5IC) Margin Compression Challenges Bullish Low P/E Narrative

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The company has seen revenue move from S$4.8 million and EPS of S$0.0056 in 1H 2024 to S$10.2...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK6512":"房地产股","BK6117":"房地产开发","BLSX":"Tradr 2X Long BLSH Daily ETF","BK4112":"金融交易所和数据","BLSG":"2倍做多BLSH ETF-Leverage Shares","5IC.SI":"星控股"},"translate_title":"Sing Holdings(SGX：5IC)利润率压缩挑战看涨的低市盈率叙事","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"5IC.SI":1.97,"BLSX":0.6,"BLSG":0.6},"content_text":"AdvertisementSing Holdings (SGX:5IC) posts FY 2025 results with steady earnings contribution from latest half Sing Holdings (SGX:5IC) has posted its latest FY 2025 numbers with first half revenue of S$8.0 million and EPS of S$0.0103, alongside trailing 12 month revenue of S$878.4 million and EPS of S$0.3549 that reflect very large year over year earnings growth and a five year compound rate of 46.2% per year. The company has seen revenue move from S$4.8 million and EPS of S$0.0056 in 1H 2024 to S$10.2 million and EPS of S$0.0188 in 2H 2024, before landing at S$8.0 million and EPS of S$0.0103 in 1H 2025. This sets up a results season where strong headline earnings sit alongside a net profit margin that has compressed to 16.2% and invites closer attention to how sustainable these margins look. See our full analysis for Sing Holdings. With the numbers on the table, the next step is to see how this mix of high trailing earnings growth, lower margins and a very low trailing P/E lines up with the prevailing narratives around Sing Holdings and where those stories might need adjusting. Curious how numbers become stories that shape markets? Explore Community Narratives SGX:5IC Revenue & Expenses Breakdown as at Feb 2026 Margins slide from 65.3% to 16.2%  The trailing net profit margin is 16.2%, compared with 65.3% in the prior year, while trailing net income sits at S$142.3 million on S$878.4 million of revenue. Critics highlight that a lower margin and mixed half year figures, with net income at S$2.3 million, S$7.5 million and S$4.1 million across the last three half years, make it harder to lean on the very strong reported earnings growth, and\n     the step down in margin means a much smaller share of each dollar of revenue is currently flowing through to profit than a year ago, even with higher trailing earnings, so the very large 1,355.4% earnings increase over the past year sits alongside a margin profile that looks less generous than before.    Investors who want to see how others are weighing this trade off between strong growth and thinner margins can check what the wider community is saying through Curious how numbers become stories that shape markets? Explore Community Narratives. Heavy non cash component in profits  Reported trailing net income of S$142.3 million on S$878.4 million of revenue includes a high level of non cash items, and operating cash flow is flagged as not adequately covering debt. What stands out for the more cautious view is that the quality of earnings is under pressure, because\n     a large share of profit not backed by operating cash means those S$142.3 million of trailing earnings do not automatically translate into funds to service or reduce borrowing, and the shortfall in operating cash coverage of debt sits alongside the thinner 16.2% margin, which together focus attention on how robust these profits are rather than just how large they appear.    Low 2x P/E versus DCF fair value  The shares trade on a trailing P/E of about 2x, compared with around 19x for the Singapore real estate industry and 37.9x for peers, while the DCF fair value is S$0.15 against a current share price of S$0.71. Supporters of a bullish angle often point to the very low P/E and very strong reported earnings growth, yet the valuation checks are mixed because\n     the gap between the 2x P/E and much higher industry and peer multiples suggests the market is pricing Sing Holdings very differently to many real estate names, but the share price sitting above the S$0.15 DCF fair value, together with the 16.2% margin and non cash heavy earnings, means investors still have to judge how much weight to give the headline cheap multiple.    Next Steps Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Sing Holdings's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move. If this mix of strong headline figures and tighter margins leaves you unsure, it is worth checking the underlying data yourself and forming your own stance. To help with that, take a look at the balance of 2 key rewards and 3 important warning signs so you can weigh both sides before making any moves. Explore Alternatives Sing Holdings combines a compressed 16.2% net margin with profits heavily influenced by non cash items and operating cash flow that does not adequately cover debt. If you are uneasy about that mix of thinner margins and pressured cash coverage, check out solid balance sheet and fundamentals stocks screener (368 results) to focus on companies with stronger financial foundations.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: Manage All Your Stock Portfolios in One PlaceWe've created the ultimate portfolio companion for stock investors, and it's free.• Connect an unlimited number of Portfolios and see your total in one currency• Be alerted to new Warning Signs or Risks via email or mobile• Track the Fair Value of your stocksTry a Demo Portfolio for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}