Broker Name: Tickrs Financial Singapore Pte Ltd
Date of Report: 31 March 2026
Excerpt from Tickrs Financial Singapore Pte Ltd report:
Report Summary
- Stock: Hafary Holdings Ltd (SGX: 5VS)
- Action: BUY
- Target Price: S\$0.580 (12-month target)
- Current Price: S\$0.460
- Key Idea: Hafary Holdings is transitioning from a pure distributor to a vertically integrated, regionally diversified platform. The results confirm the investment thesis, with manufacturing segment ramping up and deleveraging underway.
- Highlights:
- FY2025 revenue up 9.1% to S\$287.0 million; PATMI up 8.4% to S\$29.9 million.
- Dividend yield: 6.0%, with DPS sustained at 2.75 cents.
- Trailing P/E: 6.6x; EV/EBITDA: 7.2x.
- Manufacturing segment revenue grew 35.6%; breakeven expected by FY2026.
- US export momentum is structural, not cyclical.
- Balance sheet deleveraging: net gearing reduced to 1.61x.
- Total shareholder return to target: ~32%.
- Implications: The stock offers an attractive entry point, not priced for the catalysts described. The target price reflects a reasonable valuation for a cash-generative, dividend-paying business with ROE above 20%. The BUY call is supported by improving margins, manufacturing ramp, and robust balance sheet.
above is an excerpt from a report by Tickrs Financial Singapore Pte Ltd. Clients of Tickrs Financial Singapore Pte Ltd can be the first to access the full report from the Tickrs Financial Singapore Pte Ltd website : https://www.tickrs.com.sg/
