Octopus (APAC) Holdings Limited: Financial Analysis for Period Ended 31 March 2026

Octopus (APAC) Holdings Limited, formerly GS Holdings Limited, released its condensed interim financial statements for the nine months and 15-month periods ended 31 March 2026. The company underwent significant structural changes, including the acquisition of new subsidiaries and divestment of its F&B outlets business, marking a strategic pivot toward F&B distribution.

Key Financial Metrics

Historical Performance Trends

Revenue surged in FY2026, primarily due to the acquisition of Octopus Distribution Networks Pte. Ltd. and Dyspatchr Pte. Ltd., which shifted the business focus towards F&B distribution. The company divested its loss-making F&B outlets, resulting in a gain from discontinued operations. Net asset value per share improved, but profitability remains negative despite narrowing losses.

Corporate Actions and Asset Changes

• Acquisitions: Octopus Distribution Networks and Dyspatchr Pte. Ltd. were acquired, bringing significant assets and revenue but also increasing liabilities and goodwill.
• Divestments: Disposal of Hawkerway Pte. Ltd. and liquidation of Wish Hospitality Holdings Private Limited, reducing exposure to loss-making segments.
• Share Issuance: Significant share dilution occurred, with ordinary shares increasing from 856.3 million to 1,074.7 million over the period, mainly for acquisition-related consideration and bonuses.
• Asset Growth: Non-current assets increased sharply, reflecting new subsidiary acquisitions and associated goodwill, property, plant, and equipment.

Exceptional Earnings and Expenses

• Gain on disposal of discontinued operations (Hawkerway): S\$1.591 million.
• Loss from liquidation (Wish Hospitality Holdings): S\$0.801 million.
• Significant increases in warehousing, distribution, marketing, employee benefits, depreciation, and finance costs due to acquisitions.

Related Party Transactions

• Rental expenses with substantial shareholders and related parties totaled S\$495k in the 15-month period.
• Advance received from controlling shareholder: S\$300k, with further undertakings for financial support over the next 12 months.

Cash Flow Analysis

Net cash outflow for the period was S\$2.693 million, driven by acquisition costs, asset purchases, loan and lease repayments, and restricted bank balances. Operating cash flow was positive (S\$11.637 million), but investing and financing activities were highly negative due to aggressive expansion.

Directors’ Remuneration

• Total directors’ fees for the 15-month period: S\$208k.
• Salaries and bonuses for directors and key management: S\$881k and S\$711k respectively.

Dividend Policy

No dividend was declared or recommended for the period, with the Board citing ongoing losses and the need to conserve funds for business activities and working capital.

Chairman’s Statement

BY ORDER OF THE BOARD
Lim Kee Way Irwin
Independent and Non-Executive Chairman
30 May 2026

“No dividend has been declared or recommended for the financial period ended 31 March 2026 as the Group is currently loss-making and the Board of Directors deems it appropriate to conserve funds for the Group’s business activities and working capital requirements.”

The tone is cautious, reflecting the company’s transitional phase and focus on restructuring and capital preservation.

Events and Outlook

• Major acquisitions completed; further revenue growth expected as new subsidiaries are consolidated for a full financial year.
• Disposal of loss-making divisions allows strategic focus on F&B distribution.
• Macroeconomic factors (inflation, demand) remain a concern; management is monitoring and implementing cost-reduction strategies.
• Directors anticipate completion of proposed placement with Grupo Osborne, S.A.U. for S\$5 million and continued financial support from controlling shareholders.

Conclusion and Investment Recommendations

Octopus (APAC) Holdings Limited is in a restructuring phase, with improved asset base and revenue but continued losses. The divestment of loss-making segments and focus on F&B distribution provide a more promising outlook, albeit with risks from increased leverage and dilution. Cash flows are strained due to acquisition-related outflows, and no dividend is forthcoming. The Board is cautious, prioritizing business stability over shareholder returns.

• If you currently hold the stock: Hold with caution. The restructuring could yield positive results, but monitor for sustained improvements in profitability and cash flow. Consider risk from dilution and leverage.
• If you do not currently hold the stock: Wait. The company is loss-making and in transition. Consider entry only if evidence of operational turnaround and improved profitability emerges in future results.

Disclaimer: This analysis is based strictly on reported financials and does not constitute investment advice. Investors should conduct their own due diligence and consult professional advisors before making investment decisions.

章鱼（亚太）控股有限公司：截至2026年3月31日的财务分析

章鱼（亚太）控股有限公司（前身为GS控股有限公司）发布了截至2026年3月31日的九个月和十五个月期间的简要中期财务报表。公司经历了重大结构调整，包括收购新子公司和剥离餐饮业务，战略重心转向餐饮分销。

主要财务指标

历史表现趋势

2026财年收入大幅增长，主要归因于收购Octopus Distribution Networks和Dyspatchr，使业务重心转向餐饮分销。公司剥离亏损的餐饮业务，带来来自终止经营的收益。每股净资产值提升，但盈利能力仍负，亏损幅度有所收窄。

公司行为及资产变化

• 收购：收购Octopus Distribution Networks和Dyspatchr，带来大量资产与收入，同时增加负债和商誉。
• 剥离：出售Hawkerway和清算Wish Hospitality Holdings，减少对亏损业务的暴露。
• 股份发行：普通股由8.56亿增至10.75亿，主要用于收购对价和奖励，导致稀释风险。
• 资产增长：非流动资产大幅增长，反映新子公司并购及相关商誉、物业、厂房和设备。

特殊收益与费用

• 终止经营业务处置收益（Hawkerway）：S\$1.591百万。
• 清算亏损（Wish Hospitality Holdings）：S\$0.801百万。
• 因收购导致仓储、分销、营销、员工福利、折旧、财务费用大幅增加。

关联方交易

• 与主要股东及关联方租金费用：15个月合计S\$495千。
• 控股股东预付款：S\$300千，且承诺未来12个月持续财务支持。

现金流分析

本期净现金流出S\$2.693百万，主要由于收购成本、资产购买、贷款和租赁偿还以及受限银行余额。经营现金流为正（S\$11.637百万），但投资与融资活动因扩张而高度负向。

董事薪酬

• 15个月董事费用：S\$208千。
• 董事及关键管理层薪酬与奖金：分别为S\$881千及S\$711千。

股息政策

本期未宣布或建议派息，董事会指出持续亏损及需保留资金以支持业务和营运资金。

董事长声明

董事会命令
林基伟
独立非执行主席
2026年5月30日

“截至2026年3月31日的财务期间，公司目前处于亏损状态，董事会认为应适当保留资金用于业务活动和营运资金需求，因此未宣布或建议派息。”

整体语气谨慎，反映公司处于转型阶段，聚焦重组和资本保全。

事件与展望

• 主要收购已完成，预计新子公司合并后收入将进一步增长。
• 剥离亏损业务后，战略重点转向餐饮分销。
• 宏观经济（通胀、需求）仍需关注，管理层采取成本控制措施。
• 董事预计将完成与Grupo Osborne的S\$500万配售，并持续获得控股股东支持。

结论与投资建议

章鱼（亚太）控股有限公司正处于重组转型期，资产及收入增长，但仍处于亏损状态。剥离亏损业务并聚焦餐饮分销使前景更具希望，但也面临杠杆与稀释风险。现金流因收购支出紧张，未有股息。董事会态度谨慎，优先考虑业务稳定而非股东回报。

• 若您当前持有该股：建议谨慎持有。重组或带来正面影响，但需关注盈利与现金流持续改善。警惕稀释和杠杆风险。
• 若您当前未持有该股：建议观望。公司处于亏损转型期，等待未来业绩有实质改善时再考虑介入。

免责声明：本分析仅基于报告财务数据，不构成投资建议。投资者应自行尽调，并咨询专业顾问后再作决策。

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