Broker: FSMOne (iFAST Financial Pte Ltd)
Date of Report: 08 Apr 2026

Excerpt from FSMOne report.

Report Summary

• Bond Focus: Tuan Sing Holdings Ltd, TSHSP 7.500% 02Nov2027 Corp (SGD)
• Action: Hold on 2027 bonds
• Key Reasons:
  • Tuan Sing’s bonds offer high yields (ask price 102.750, yield to worst 5.64%) but the company is highly leveraged (net debt to equity 1.03x) with thin coverage ratios (EBIT coverage below 1x).
  • Profitability remains pressured by high finance costs, despite a headline profit increase driven by non-recurring fair-value gains.
  • Liquidity is currently adequate (cash \$141m), but large ongoing capex and multiple concurrent projects may pressure cash flows further.
  • Bonds are callable in November 2026; company may seek to refinance at lower coupons, potentially reducing finance costs.
  • Execution risks remain due to project pipeline (Opus Bay, Dunearn Village, The Langley, Collins Street) and high proportion of pledged assets (81% of total assets).
• Implications:
  • Investors should hold the 2027 bonds for now and monitor for any upcoming refinancing or new bond issuance before taking further action.
  • Key risk factors include high leverage, thin interest coverage, and execution risk on multiple projects.

above is an excerpt from a report by FSMOne. Clients of FSMOne can be the first to access the full report from the FSMOne website: https://secure.fundsupermart.com/fsmone/article/rcms362464