Key Financial Highlights FY2025

• Revenue: S\$146.0 million, down 24% from S\$192.5 million in FY2024.
• Gross Profit: S\$74.2 million, slightly down by 3%.
• Adjusted EBIT: S\$45.3 million, up 11%.
• Profit Before Tax: S\$39.7 million, a turnaround from a loss of S\$1.2 million in FY2024.
• Profit After Tax: S\$32.2 million, up from S\$1.2 million, representing a 2,498% increase.
• Net Profit Attributable to Shareholders: S\$32.1 million, up 1,271%.
• Earnings Per Share (EPS): 2.58 cents, up from 0.19 cents (1,258% increase).
• Dividend: Proposed final dividend of 0.7 cent per share, consistent with the prior year, with total payout S\$8.7 million and dividend yield of 2.5%.
• Net Asset Value (NAV) per share: 98.0 cents, unchanged from prior year.
• Gross Gearing: Increased to 1.14x from 1.08x; Net Gearing up to 1.01x from 0.96x.

Shareholder Alert: The significant profitability rebound, especially the surge in net profit and EPS, is a material development that may positively impact share valuation and sentiment. The maintained dividend and NAV per share offer stability, while the increase in gearing ratios and liabilities warrants attention for future risk assessment.

Business Segment Performance

Singapore Real Estate

• 18 Robinson:
  • Grade A commercial building in CBD.
  • Average occupancy rate: 90%.
  • Valuation: S\$689.0 million.
  • Received BCA Green Mark Award (Platinum, 2026).
  • Recurring income source with stable tenant profile.
• Dunearn Village:
  • Asset enhancement works completed in 2025; property transformed into a lifestyle destination.
  • Average occupancy rate: 21% (impacted by AEI).
  • Valuation: S\$559.0 million.
  • Higher rents, increased cashflow, and capital gains post-rejuvenation.
  • Potential complementary development at 870 Dunearn Road under exploration.
• Peak Residence:
  • Freehold condominium, fully sold, TOP in October 2024, CSC in June 2025.
  • 90 units, located at 333 Thomson Road.

Hospitality

• Fraser Residence River Promenade (Singapore):
  • 72-room serviced apartment, acquired July 2024.
  • Average occupancy rate: 82%.
  • Valuation: S\$114.7 million.
  • Multiple awards in 2025 for sustainability and design.
  • Stable performance, focus on premium accommodation.
• Grand Hyatt Melbourne (Australia):
  • 550-room 5-star hotel, average occupancy: 81%.
  • Valuation: S\$314.2 million.
  • Multiple awards for excellence and sustainability.
  • Upcoming redevelopment of the mixed-use property, expected impact on performance during construction.
• Residence on Langley Park (Perth, Australia):
  • 367 rooms, owner-managed since September 2024.
  • Average occupancy: 48%.
  • Valuation: S\$62.0 million.
  • 51 rooms converted to serviced apartments in 2025.
  • Further upgrades planned in 2Q2026.

Australia Real Estate

• 123 Collins Street, Melbourne:
  • Planning permit received for major mixed-use repositioning.
  • Retail podium, luxury flagship stores, F&B precinct, and revitalised mixed-use destination.
  • Expected increase in retail NLA by 5,000 sqm and improved valuation.
  • Current occupancy: 85%.
  • Valuation: S\$167.9 million.
• 99 Adelaide Terrace, Perth:
  • Office and retail asset, phased AEI completed.
  • Office occupancy impacted by anchor tenant lease expiry, active search for replacement tenants.
  • Retail occupancy healthy post-AEI.
  • Valuation: S\$110.4 million.

Indonesia Investments

• The Grand Outlet – East Jakarta, Karawang:
  • Luxury outlet mall, joint venture with Mitsubishi Estate Asia.
  • 180 shop units, 130 tenants, brands include Boss, Coach, Kate Spade, Michael Kors.
  • Average occupancy: 85%.
  • 4.5 million visitors since opening.
  • Award-winning architecture and interior design.
  • Focus on strengthening brand portfolio and leveraging improved connectivity for higher traffic.
• Opus Bay, Batam:
  • Integrated township over 100 hectares, world-class partnerships with top architects.
  • Phased development: residential (Cluny Villas, Balmoral Tower), retail promenade, hospitality (Cluny Resorts, Balmoral Tower), upgraded ferry terminal.
  • Initial phases to open from 2H2026.
  • Cluny Villas & Balmoral Tower won Asia Pacific Property Awards.
  • Retail promenade under construction, completion targeted for 2026.
  • Balmoral Tower (401 units) and Cluny Resorts (57 luxury villas) expected to commence operations in 2H2026.
  • Teluk Senimba Ferry Terminal acquired and undergoing asset enhancement to improve visitor experience.

Other Investments

• Gul Technologies Singapore Pte. Ltd. (“GulTech”):
  • 44.5% stake; leading manufacturer of printed circuit boards.
  • Plants in Suzhou and Wuxi (China) and Kulim (Malaysia).
  • Kulim plant part of China + 1 strategy, operational in 2026.
  • Equity accounted, no direct revenue reported.
• Hypak Sdn Bhd:
  • 100% owned; industrial packaging producer (polypropylene woven bags).
  • Plants in Malaysia.
• FY2025 Adjusted EBIT from Other Investments: S\$29.2 million; manufacturing business revenue S\$7.0 million.
• Strategic Direction: The Group may divest, develop, streamline, restructure or reorganise non-real estate investments to maximise value, signalling possible future corporate actions that could be share price sensitive.

Shareholder Information and Potential Price-Sensitive Developments

• Marked turnaround in profitability, with net profit and EPS surging by over 1,200%.
• Stable dividend payout and NAV per share.
• Asset enhancement and redevelopment initiatives in Singapore and Australia, with potential for increased recurring income, capital gains, and improved valuations.
• Active exploration of complementary developments in Dunearn Village and Peak Residence fully sold.
• Strategic repositioning of properties in Melbourne and Perth, with expected impacts on rental, cashflow, and future valuation.
• Opus Bay, Batam, a significant township development, advancing with major hospitality and retail launches slated for 2026 and beyond.
• The Group’s openness to divest, restructure, or reorganise non-core investments may result in future corporate actions that could materially affect share value.
• Increase in gearing ratios and liabilities, potentially impacting risk profile and borrowing costs.

Conclusion

Tuan Sing Holdings Limited’s AGM reveals strong financial recovery, ongoing asset transformation, and strategic expansion across core markets. The maintained dividend, fully sold residential developments, and phased township launches in Batam, together with the potential for corporate actions in the investment segment, are all noteworthy for investors. The company’s developments and asset enhancement initiatives are expected to drive future growth, recurring income, and capital appreciation, though higher gearing and ongoing redevelopment works warrant close monitoring.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult with financial advisors before making any investment decisions. Past performance is not indicative of future results. The value of investments may fluctuate, and there are risks associated with real estate and corporate restructuring activities.

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