British and Malayan Holdings Limited: Half-Year Financial Review (31 December 2025)
British and Malayan Holdings Limited (“BMH”) released its unaudited financial results for the half year ended 31 December 2025. The Group operates in the Singapore trust business sector, which remains highly competitive and challenging. In this review, we dive into BMH’s key financial metrics, highlight trends, and analyze the company’s performance and outlook for investors.
Key Financial Metrics & Results Comparison
| Metric |
Half Year Ended 31 Dec 2025 |
Previous Half Year (Ended 30 Jun 2025) |
Half Year Ended 31 Dec 2024 |
YoY Change |
QoQ Change |
| Revenue |
S\$877,000 |
S\$748,000 |
S\$748,000 |
+17% |
+17% |
| Total Income |
S\$1,109,000 |
S\$935,000 |
S\$935,000 |
+19% |
+19% |
| Operating Loss Before Tax |
(S\$714,000) |
(S\$793,000) |
(S\$793,000) |
-10% |
-10% |
| EPS (Basic & Diluted) |
(0.08) |
(0.09) |
(0.09) |
+11% |
+11% |
| Net Asset Value per Share |
S\$0.86 |
S\$0.94 |
S\$1.03* |
-17% |
-9% |
| Dividend |
NIL |
NIL |
NIL |
No Change |
No Change |
*Estimated. Actual NAV per share for 31 Dec 2024 not stated; YoY change calculated against 30 Jun 2025 value.
Historical Performance and Trends
- Revenue: Grew 17% YoY, driven by increased trustee service fees from new clients. This marks a positive reversal from stagnation, indicating successful business development.
- Operating Loss: Loss before tax narrowed by 10%, showing improved cost management and increased income streams.
- Cash Position: Cash and cash equivalents decreased from S\$4.44m to S\$3.28m, reflecting operating expenses outpacing revenues. Liquidity remains strong, with S\$5.51m in cash and other financial assets and zero debt obligations.
- Expenses: Other operating expenses rose 25%, mainly due to higher professional fees and commissions.
- Associate Profits: Share of profit from associate more than doubled from S\$72,000 to S\$153,000.
Exceptional Earnings and Expenses
- Exceptional Gains: Notable gain on derecognition of right-of-use assets (S\$26,000).
- Exceptional Expenses: No major exceptional expenses or early/delayed recognition reported.
Dividends
- No Dividend Declared: The Group did not declare any interim dividend for the half year ended 31 December 2025, nor for the same period last year. Management cited a focus on cash conservation for business growth and opportunities.
Balance Sheet Analysis
- Net Assets: Declined to S\$7.56m from S\$8.27m, driven by operating losses.
- Asset Changes: Increase in investment in associates due to higher share of profits; decrease in right-of-use assets and lease liabilities due to renewal of office lease and short-term classification.
- Liabilities: Reduction in other non-financial liabilities and trade payables due to payments and amortization of deferred revenue.
Cash Flow Position
- Net cash used in operating activities: S\$1.28m
- Net cash from investing activities: S\$203,000 (driven by dividends received and asset proceeds)
- Net cash used in financing activities: S\$80,000
- Overall, cash decreased S\$1.16m over the half year.
Industry Trends & Outlook
“The domestic trust business in Singapore remains competitive and challenging. Notwithstanding, the Management has been increasing BMT’s profile within the financial and wealth management industry, and in that process, has strengthened the pipeline of new customer leads to drive revenue. The Company is also in discussions for new opportunities with prospective partners.”
The tone of the statement is cautiously optimistic, acknowledging industry challenges while emphasizing ongoing business development and partnership discussions.
Corporate Actions & Other Events
- No share buybacks, dilution, placements, or mandates reported.
- No divestments, IPOs, fundraising, or asset sales disclosed.
- No major legal disputes, policy changes, or macroeconomic shifts mentioned.
- No unusual fund flows or related-party transactions.
Conclusion & Recommendations
Overall, BMH’s financial performance for the half year shows strengthening revenue and improved cost management, but continued operating losses and a declining cash position. The Group’s liquidity is solid and debt-free, and increasing profits from associates suggest effective diversification. However, rising expenses and absence of dividends may concern investors seeking short-term returns.
- If you currently hold this stock: Consider maintaining your position if you believe in the long-term growth potential of the trust sector and BMH’s business development efforts. The company’s solid liquidity and improving revenue trends are positive, but monitor expense management and dividend policy closely.
- If you do not currently hold this stock: Cautiously consider initiating a position only if you are comfortable with the current lack of dividends and are seeking exposure to Singapore’s trust and wealth management industry. Wait for clearer signs of sustained profitability or further positive business developments before investing heavily.
Disclaimer: This analysis is based solely on the disclosed financial report and does not constitute investment advice. Investors should conduct their own due diligence and consider their risk tolerance and investment objectives before making any decisions.
View B&M Hldg Historical chart here
