OneApex Limited FY2025 Financial Analysis: Sharp Downturn After Exceptional Prior Year

OneApex Limited, a Singapore-listed company in property development, investment, and management, has released its unaudited condensed interim financial statements for the six months and full year ended 30 September 2025. This review summarizes the key financial metrics, performance trends, notable corporate actions, and offers recommendations for investors based solely on the disclosed data.

Key Financial Metrics and Performance Overview

The Group experienced an extraordinary drop in revenue and profitability in FY2025, attributed mainly to the absence of property sales from its Apex Foodworks project, which drove record results in FY2024. The disposal of its financial services subsidiaries further altered its earnings profile.

*N.M.: Not Meaningful due to sharp reversal from profit to loss.

Historical Performance Trends

• FY2024: Record revenue and profit, driven by full recognition of Apex Foodworks sales upon TOP (Temporary Occupation Permit) receipt.
• FY2025: Drastic contraction in both revenue and profit as no new property sales were recognized; only minimal recurring property management income remained.
• Net asset value per share fell from 19.96 cents to 8.93 cents, reflecting the payout of large dividends and asset disposals.

Exceptional Items, Corporate Actions, and Asset Sales

• Disposal of Financial Services Subsidiaries: On 6 February 2025, the Group sold its 51% stake in OneApex Capital Pte Ltd and OneApex Capital 1 Pte Ltd. This led to a one-off gain of S\$35,000 and helped streamline the Group’s focus on property activities.
• Dividend Payouts: In FY2024, the company paid an ordinary dividend of 1 cent/share and a special dividend of 8.5 cents/share, totaling S\$8.03 million. No dividends were declared in FY2025 due to the recorded net loss.
• Capital Reduction: A capital reduction exercise for a subsidiary led to a cash outflow of S\$2.0 million.
• Associate Disposal: The Group disposed of its interest in Tuas Seatown Dormitory Pte. Ltd. in July 2024, which contributed a S\$1.4 million gain in FY2024. No such gains in FY2025.

Income Statement and Cash Flow Observations

• Other Income: Declined by S\$1.3 million YoY, primarily due to the absence of the one-off gain from the associate disposal.
• Operating Expenses: Employee benefits dropped by S\$0.6 million, reflecting the absence of FY2024’s bonus payouts. Other operating expenses rose slightly due to increased rental and asset write-offs.
• Cash Flow: Operating cash flow fell sharply to S\$2.6 million (versus S\$25.6 million in FY2024), indicating the lack of property sales. Investing outflows were S\$2.4 million, mainly due to the subsidiary disposal and capital reduction. Financing outflows were S\$8.0 million, driven by dividend payments.
• Cash Position: Cash and cash equivalents decreased from S\$14.3 million to S\$6.4 million, largely reflecting dividend payouts, asset disposals, and tax payments.

Balance Sheet Analysis

• Total Assets: Down from S\$25.0 million to S\$9.2 million, due to dividend payouts, asset disposals, and lower receivables.
• Liabilities: Fell from S\$4.3 million to S\$281,000, reflecting lower payables and tax settlement.
• Equity: Total equity dropped from S\$20.7 million to S\$8.9 million, primarily due to dividend payments and losses for the year.
• Completed Property: Only one unit remains unsold from Apex Foodworks. No impairment required as net realizable value is deemed sufficient.

Dividend Summary

Macroeconomic and Industry Commentary

• The Singapore economy grew 2.9% YoY in Q3 2025, down from 4.5% in the prior quarter. The property market remains competitive, and the Group will seek new opportunities as they arise.
• With Apex Foodworks having only one unsold unit, the Group’s visibility on new earnings streams is limited. Management intends to pursue land tenders and acquisitions when appropriate.

Corporate Governance and Related Party Transactions

• There were no material related party transactions above S\$100,000 disclosed for FY2025.
• The company confirmed compliance with director and executive undertakings required by SGX rules.
• No share buybacks, placements, dilution, or unusual fund flows were reported.

Directors’ Remuneration

• Directors’ fees for FY2025: S\$155,000 (up from S\$135,000 in FY2024), with audit fees remaining stable.

Divestments and Asset Sales

• Major divestments included the sale of financial services subsidiaries and the disposal of an associated company, Tuas Seatown Dormitory Pte. Ltd.

Chairman’s Statement

No separate Chairman’s Statement was provided in the document.

Events and Risks Affecting the Business

• No natural disasters, legal disputes, or major policy changes were reported.
• The main risks are industry-related: the lack of new property launches, reliance on asset sales, and exposure to Singapore’s property cycle. The Group intends to seek new opportunities but has no confirmed pipeline for FY2026.

Conclusion and Investment Recommendations

Summary: OneApex Limited’s FY2025 was marked by a dramatic reversal from last year’s record performance. Revenue and profits collapsed due to the absence of new property sales, large dividend payouts, and the disposal of key subsidiaries. The Group’s cash position and net asset value have both fallen significantly. While management is seeking new opportunities, there is no clear visibility on future earnings sources, with only one property unit remaining for sale.

Recommendations

• If You Are Currently Holding the Stock:
  • Consider reducing or exiting your position unless you have strong conviction in management’s ability to source and deliver new profitable projects. The lack of earnings visibility, absence of dividends, and weak outlook suggest limited near-term upside.
  • Monitor announcements for property launches or acquisitions that could revive growth.
• If You Are Not Holding the Stock:
  • Adopt a wait-and-see approach. There is insufficient evidence of turnaround prospects or new growth drivers. Reconsider only if the company secures new projects or demonstrates a clear path to sustainable profitability.

Disclaimer: This analysis is based solely on data presented in OneApex Limited’s FY2025 financial report and does not constitute investment advice. Investors should conduct further due diligence and consider their own risk tolerance and financial circumstances before making any investment decisions.

View OneApex Historical chart here