Broker: iFAST Financial Pte Ltd
Date of Report: 8 April 2026
Excerpt from iFAST report
Report Summary
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Bond Focus: Tuan Sing Holdings Ltd 7.500% 02Nov2027 Corp (SGD)
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Action: Hold
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Key Reason: High bond yields but pressured by elevated leverage, thin coverage ratios, and high finance costs.
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Highlights:
- Revenue declined in FY25 due to lower development income and weaker real estate investment segment, but hospitality grew slightly.
- Operating cash flows remain positive, but free cash flows turned negative due to capex and ongoing development projects.
- Leverage increased (net debt to equity: 1.03x) and interest coverage ratios remain low (EBIT coverage below 1x).
- Near-term liquidity is adequate, but most assets are already pledged, limiting ability to raise more secured debt.
- 2027 bonds are callable in November 2026; the company may refinance with lower coupon bonds to reduce finance costs.
- Outlook depends on execution of several large projects, especially Opus Bay and asset enhancement initiatives. Execution risks remain.
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Most Important Idea: Hold Tuan Sing 2027 bonds for now due to high leverage and execution risks; await further details on refinancing or new issuance before making new investments.
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