ISETAN (SINGAPORE) LTD
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Quick analysis of Isetan (30 sec.)

1. Valuation of Isetan (5 min.)

Live pricePrice per share (EOD)

S$2.88

Book Value per Share

S$2.60

2. Growth of Isetan (5 min.)

Is Isetan growing?

	Current year	Previous year	Grow	Grow %
How rich?	$79.6m	$79.7m	$358.5k	0.4%

How much money is Isetan making?

	Current year	Previous year	Grow	Grow %
Making money	$177.2k	$399.7k	-$222.4k	-125.5%
Net Profit Margin	0.0%	0.0%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Isetan (5 min.)

4. Comparing to competitors in the Department Stores industry (5 min.)

Industry Rankings (Department Stores)

Richest
#113 / 135

Most Revenue
#98 / 135

Most Profit
#79 / 135

Most Efficient
#69 / 135

Fundamentals of Isetan

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
Using its assets, the company is inefficient in making profit.
Using its investors money, the company is inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry

Liquidity Details

	Compared to previous year	Compared to industry
The company is able to pay all its short-term debts.
The company is just not able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is very able to pay all its debts by selling its assets.
The company is very able to pay all its debts with equity.

1.1. Profitability of ISETAN (SINGAPORE) LTD.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Isetan earns for each $1 of revenue.

Above 10% is considered healthy but always compare Isetan to the Department Stores industry mean.
A Net Profit Margin of 0.0% means that $0.00 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of ISETAN (SINGAPORE) LTD:

The MRQ is 0.0%. The data is not here.

Trends

Current period		Compared to		+/-
MRQ	-	TTM	-	0.0%
TTM	-	YOY	-	0.0%
TTM	-	5Y	-8.9%	+8.9%
5Y	-8.9%	10Y	-6.1%	-2.8%

Compared to industry (Department Stores)

Period	Company	Industry (mean)	+/-
MRQ	-	1.7%	-1.7%
TTM	-	1.7%	-1.7%
YOY	-	2.9%	-2.9%
5Y	-8.9%	1.7%	-10.6%
10Y	-6.1%	2.1%	-8.2%

Measures how much net profit Isetan earns for each $1 of revenue.

Revenue is the amount of profit Isetan generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Isetan earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Isetan to the Department Stores industry mean.
Can be used to compare companies within the Department Stores industry.

You typically want a high profit margin. This means that for each $1 in sales, Isetan makes more profit. This shows the investor how efficiently Isetan is operating in general and compared to other companies in the same industry. Isetan operates in the Department Stores industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Isetan. If profit margins remain low (compared to the Department Stores industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Isetan is 0.00. This means that Isetan earned $0.00 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Department Stores industry is 1.7%.
What is the trend?
The trend is important because it shows you how Isetan is performing over time. The most recent quarter might be important if Isetan released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Isetan up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Isetan with other companies in the same industry (Department Stores).
Net profit margin should rise over the years.
Can be influenced when Isetan sells assets (profit will increase while costs remain the same).
It won’t show what part of Isetan is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Isetan

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Isetan =
Total revenue MRQ Isetan =
$ / $ = 0.00 or 0.0%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Isetan is using its assets to generate profit.

Above 5% is considered healthy but always compare Isetan to the Department Stores industry mean.
0.1% Return on Assets means that Isetan generated $0.00 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of ISETAN (SINGAPORE) LTD:

The MRQ is 0.1%. Using its assets, the company is inefficient in making profit. -1
The TTM is 0.1%. Using its assets, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	0.1%	TTM	0.1%	+0.0%
TTM	0.1%	YOY	0.3%	-0.1%
TTM	0.1%	5Y	-1.6%	+1.7%
5Y	-1.6%	10Y	-1.0%	-0.6%

Compared to industry (Department Stores)

Period	Company	Industry (mean)	+/-
MRQ	0.1%	0.4%	-0.3%
TTM	0.1%	0.4%	-0.3%
YOY	0.3%	0.6%	-0.3%
5Y	-1.6%	0.5%	-2.1%
10Y	-1.0%	0.9%	-1.9%

Shows how efficient Isetan is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Isetan to the Department Stores industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Isetan is using its resources to generate profit. If the return on assets (0.1%) from Isetan are higher than the Department Stores mean (0.4%) that means Isetan is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Isetan is 0.1%. This means the company generated $0.00 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Department Stores industry is 0.4%.
What is the trend?
The trend is important because it shows you how Isetan is performing over time. The most recent quarter might be important if Isetan released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Isetan up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Isetan

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Isetan =
Total assets MRQ (balance sheet) from Isetan = 197,909
/ 197,909 = 0.00 or 0.1%

ROA is an important ratio as it will tell you how effectively Isetan is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Isetan is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Isetan to the Department Stores industry mean.
0.2% Return on Equity means Isetan generated $0.00 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of ISETAN (SINGAPORE) LTD:

The MRQ is 0.2%. Using its investors money, the company is inefficient in making profit. -1
The TTM is 0.2%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	0.2%	TTM	0.2%	+0.0%
TTM	0.2%	YOY	0.5%	-0.3%
TTM	0.2%	5Y	-3.0%	+3.2%
5Y	-3.0%	10Y	-2.1%	-0.9%

Compared to industry (Department Stores)

Period	Company	Industry (mean)	+/-
MRQ	0.2%	1.1%	-0.9%
TTM	0.2%	1.0%	-0.8%
YOY	0.5%	1.4%	-0.9%
5Y	-3.0%	1.3%	-4.3%
10Y	-2.1%	1.8%	-3.9%

Shows how efficient Isetan is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Isetan to the Department Stores industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Department Stores industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Isetan is 0.2%. This means Isetan generated $0.00 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Department Stores industry is 1.1%.
What is the trend?
The trend is important because it shows you how Isetan is performing over time. The most recent quarter might be important if Isetan released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Isetan up to 10 years back (depending if Isetan existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Isetan

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Isetan =
Shareholders equity (balance sheet) MRQ Isetan = 108,277
/ 108,277 = 0.00 or 0.2%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of ISETAN (SINGAPORE) LTD.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Isetan is operating .

Measures how much profit Isetan makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Isetan to the Department Stores industry mean.
An Operating Margin of 0.0% means the company generated $0.00 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of ISETAN (SINGAPORE) LTD:

The MRQ is 0.0%. The data is not here.

Trends

Current period		Compared to		+/-
MRQ	-	TTM	-	0.0%
TTM	-	YOY	-	0.0%
TTM	-	5Y	-0.1%	+0.1%
5Y	-0.1%	10Y	0.1%	-0.2%

Compared to industry (Department Stores)

Period	Company	Industry (mean)	+/-
MRQ	-	4.8%	-4.8%
TTM	-	3.2%	-3.2%
YOY	-	4.5%	-4.5%
5Y	-0.1%	4.5%	-4.6%
10Y	0.1%	3.7%	-3.6%

Measures how efficient Isetan is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Isetan to the Department Stores industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Isetan is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Isetan is 0.0%. This means that Isetan earned $0.00 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Department Stores industry is 4.8%.
What is the trend?
The trend is important because it shows you how Isetan is performing over time. The most recent quarter might be important if Isetan released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Isetan up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Isetan

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Isetan =
Total revenue MRQ Isetan =
$ / $ = 0.00 or 0.0%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Isetan is keeping operating costs low.

Below 1 is considered healthy (always compare to Department Stores industry mean).
An Operation Ratio of 0.00 means that the operating costs are $0.00 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of ISETAN (SINGAPORE) LTD:

The MRQ is 0.000. The data is not here.

Trends

Current period		Compared to		+/-
MRQ	-	TTM	-	0.000
TTM	-	YOY	-	0.000
TTM	-	5Y	0.639	-0.639
5Y	0.639	10Y	0.900	-0.262

Compared to industry (Department Stores)

Period	Company	Industry (mean)	+/-
MRQ	-	1.479	-1.479
TTM	-	1.471	-1.471
YOY	-	1.452	-1.452
5Y	0.639	1.466	-0.827
10Y	0.900	1.209	-0.309

Measures how efficient Isetan is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Isetan to the Department Stores industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Isetan is 0.0%. This means that Isetan earned $0.00 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Department Stores industry is 1.48.
What is the trend?
The trend is important because it shows you how Isetan is performing over time. The most recent quarter might be important if Isetan released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Isetan up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Isetan

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
( +) \ = 0.00

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of ISETAN (SINGAPORE) LTD.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Isetan is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Department Stores industry mean).
A Current Ratio of 1.96 means the company has $1.96 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of ISETAN (SINGAPORE) LTD:

The MRQ is 1.957. The company is able to pay all its short-term debts. +1
The TTM is 1.957. The company is able to pay all its short-term debts. +1

Trends

Current period		Compared to		+/-
MRQ	1.957	TTM	1.957	0.000
TTM	1.957	YOY	1.767	+0.190
TTM	1.957	5Y	1.688	+0.269
5Y	1.688	10Y	1.788	-0.100

Compared to industry (Department Stores)

Period	Company	Industry (mean)	+/-
MRQ	1.957	0.931	+1.026
TTM	1.957	0.921	+1.036
YOY	1.767	1.012	+0.755
5Y	1.688	1.022	+0.666
10Y	1.788	0.851	+0.937

Measures if Isetan is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Department Stores industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Isetan if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Isetan is 1.96. This means Isetan has $1.96 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Department Stores industry is 0.93.
What is the trend?
The trend is important because it shows you how Isetan is performing over time. The most recent quarter might be important if Isetan released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Isetan up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Isetan

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
94,829 \ 52,055) = 1.96

The current ratio measures if Isetan is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Isetan is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Isetan does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Isetan is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Isetan is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Isetan to the Department Stores industry mean.
A Quick Ratio of 0.34 means the company can pay off $0.34 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of ISETAN (SINGAPORE) LTD:

The MRQ is 0.339. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 0.238. The company is just not able to pay all its short-term debts with the most liquid assets. -1

Trends

Current period		Compared to		+/-
MRQ	0.339	TTM	0.238	+0.101
TTM	0.238	YOY	0.192	+0.046
TTM	0.238	5Y	0.741	-0.503
5Y	0.741	10Y	0.660	+0.080

Compared to industry (Department Stores)

Period	Company	Industry (mean)	+/-
MRQ	0.339	0.161	+0.178
TTM	0.238	0.193	+0.045
YOY	0.192	0.283	-0.091
5Y	0.741	0.268	+0.473
10Y	0.660	0.241	+0.419

1.4. Solvency of ISETAN (SINGAPORE) LTD.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Isetan assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Isetan to Department Stores industry mean.
A Debt to Asset Ratio of 0.43 means that Isetan assets are financed with 43.4% credit (debt) and the remaining percentage (100% - 43.4%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of ISETAN (SINGAPORE) LTD:

The MRQ is 0.434. The company is very able to pay all its debts by selling its assets. +2
The TTM is 0.450. The company is very able to pay all its debts by selling its assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.434	TTM	0.450	-0.017
TTM	0.450	YOY	0.468	-0.018
TTM	0.450	5Y	0.406	+0.045
5Y	0.406	10Y	0.359	+0.047

Compared to industry (Department Stores)

Period	Company	Industry (mean)	+/-
MRQ	0.434	0.662	-0.228
TTM	0.450	0.655	-0.205
YOY	0.468	0.656	-0.188
5Y	0.406	0.631	-0.225
10Y	0.359	0.619	-0.260

Measures how much % of Isetan assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Isetan than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Isetan to Department Stores industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Isetan is 0.43. This means means that Isetan is financed with 43.4% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Department Stores industry is 93.1%.
What is the trend?
The trend is important because it shows you how Isetan is performing over time. The most recent quarter might be important if Isetan released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Isetan up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Isetan has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Isetan

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
89,632 \ 197,909 = 43.4% or 0.43.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Isetan is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Isetan to the Department Stores industry mean.
A Debt to Equity ratio of 76.5% means that company has $0.77 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of ISETAN (SINGAPORE) LTD:

The MRQ is 0.765. The company is very able to pay all its debts with equity. +2
The TTM is 0.821. The company is very able to pay all its debts with equity. +2

Trends

Current period		Compared to		+/-
MRQ	0.765	TTM	0.821	-0.055
TTM	0.821	YOY	0.884	-0.063
TTM	0.821	5Y	0.737	+0.084
5Y	0.737	10Y	0.611	+0.127

Compared to industry (Department Stores)

Period	Company	Industry (mean)	+/-
MRQ	0.765	1.937	-1.172
TTM	0.821	1.950	-1.129
YOY	0.884	2.062	-1.178
5Y	0.737	1.920	-1.183
10Y	0.611	1.819	-1.208

Measures if Isetan is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Isetan is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Isetan is 0.77. This means that Isetan can pay off $0.77 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Department Stores industry is 1.94.
What is the trend?
The trend is important because it shows you how Isetan is performing over time. The most recent quarter might be important if Isetan released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Isetan up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Isetan

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
89,632 \ 108,277 = 0.77 or 76.5%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of ISETAN (SINGAPORE) LTD

2. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings Isetan generates.

Above 15 is considered overpriced but always compare Isetan to the Department Stores industry mean.
A PE ratio of 645.50 means the investor is paying $645.50 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of ISETAN (SINGAPORE) LTD:

The EOD is 497.071. Seems overpriced? -1
The MRQ is 645.502. Seems overpriced? -1
The TTM is 636.872. Seems overpriced? -1

Trends

Current period		Compared to		+/-
EOD	497.071	MRQ	645.502	-148.431
MRQ	645.502	TTM	636.872	+8.630
TTM	636.872	YOY	322.488	+314.384
TTM	636.872	5Y	259.064	+377.808
5Y	259.064	10Y	190.756	+68.308

Compared to industry (Department Stores)

Period	Company	Industry (mean)	+/-
EOD	497.071	9.048	+488.023
MRQ	645.502	10.951	+634.551
TTM	636.872	16.674	+620.198
YOY	322.488	18.004	+304.484
5Y	259.064	42.775	+216.289
10Y	190.756	56.524	+134.232

Measures how much money you pay for each share for every $1 in earnings Isetan generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Isetan to the Department Stores industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Isetan is 645.50. This means the investor is paying $645.50 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Department Stores industry is 10.95.
What is the trend?
The trend is important because it shows you how Isetan is performing over time. The most recent quarter might be important if Isetan released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Isetan up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Isetan

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
239 \ 41,250 = EPS
PE ratio MRQ = 645.50

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price Earnings to Growth Ratio

Measures the predicted future growth of Isetan.

Lower is better.
A PEG ratio of 1 means the market price of the stock and the expected future earnings are on par.

Let's take a look of the Price Earnings to Growth Ratio trends of ISETAN (SINGAPORE) LTD:

The MRQ is 645.502. Seems overpriced? -1
The TTM is 918.136. Seems overpriced? -1

Trends

Current period		Compared to		+/-
MRQ	645.502	TTM	918.136	-272.634
TTM	918.136	YOY	322.309	+595.827
TTM	918.136	5Y	9,240.429	-8,322.293
5Y	9,240.429	10Y	7,243.131	+1,997.297

Compared to industry (Department Stores)

Period	Company	Industry (mean)	+/-
MRQ	645.502	15.528	+629.974
TTM	918.136	49.499	+868.637
YOY	322.309	75.525	+246.784
5Y	9,240.429	223.056	+9,017.373
10Y	7,243.131	281.670	+6,961.461

PEG Ratio	Meaning
0.5	You can buy the stock cheap based on future growth
1	You pay a fair price based on future growth
2	The stock is overpriced based on future growth

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Isetan is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Department Stores industry mean).
A PB ratio of 1.44 means the investor is paying $1.44 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of ISETAN (SINGAPORE) LTD:

The EOD is 1.106. Good. +1
The MRQ is 1.436. Good. +1
The TTM is 1.410. Good. +1

Trends

Current period		Compared to		+/-
EOD	1.106	MRQ	1.436	-0.330
MRQ	1.436	TTM	1.410	+0.026
TTM	1.410	YOY	1.586	-0.176
TTM	1.410	5Y	1.196	+0.214
5Y	1.196	10Y	1.128	+0.067

Compared to industry (Department Stores)

Period	Company	Industry (mean)	+/-
EOD	1.106	1.174	-0.068
MRQ	1.436	1.243	+0.193
TTM	1.410	1.171	+0.239
YOY	1.586	1.287	+0.299
5Y	1.196	1.387	-0.191
10Y	1.128	1.976	-0.848

2. Total Gains per Share

3. Summary

3.1. Key Performance Indicators

The key performance indicators of ISETAN (SINGAPORE) LTD compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	-0.026	-0.013	-50%	0.010	-355%	-0.088	+235%	0.109	-124%
Book Value Growth	-	-	0.990	0.995	-1%	1.004	-1%	0.976	+1%	0.982	+1%
Book Value Per Share	-	-	2.605	2.618	-1%	2.606	0%	3.251	-20%	3.478	-25%
Book Value Per Share Growth	-	-	0.990	0.995	-1%	1.004	-1%	0.976	+1%	0.982	+1%
Current Ratio	-	-	1.957	1.957	0%	1.767	+11%	1.688	+16%	1.788	+9%
Debt To Asset Ratio	-	-	0.434	0.450	-4%	0.468	-7%	0.406	+7%	0.359	+21%
Debt To Equity Ratio	-	-	0.765	0.821	-7%	0.884	-13%	0.737	+4%	0.611	+25%
Dividend Per Share	-	-	0.015	0.015	0%	0.008	+100%	0.031	-52%	0.034	-56%
Dividend Per Share Growth	-	-	1.000	1.000	0%	0.500	+100%	0.906	+10%	0.925	+8%
Eps	-	-	0.006	0.006	0%	0.013	-56%	-0.078	+1441%	-0.047	+908%
Eps Growth	-	-	1.000	0.764	+31%	1.197	-16%	-7.189	+819%	-5.331	+633%
Free Cash Flow Per Share	-	-	0.033	0.033	0%	0.138	-76%	0.052	-38%	0.046	-30%
Free Cash Flow Per Share Growth	-	-	1.000	0.556	+80%	5.598	-82%	5.896	-83%	5.606	-82%
Free Cash Flow To Equity Per Share	-	-	-0.092	-0.092	0%	0.025	-467%	-0.116	+26%	-0.092	+0%
Free Cash Flow To Equity Per Share Growth	-	-	1.000	0.244	+310%	1.046	-4%	0.733	+36%	0.966	+4%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.000	0%
Net Profit Margin	-	-	-	-	0%	-	0%	-0.089	0%	-0.061	0%
Operating Margin	-	-	-	-	0%	-	0%	-0.001	0%	0.001	-100%
Operating Ratio	-	-	-	-	0%	-	0%	0.639	-100%	0.900	-100%
Pb Ratio	1.106	-30%	1.436	1.410	+2%	1.586	-9%	1.196	+20%	1.128	+27%
Pe Ratio	497.071	-30%	645.502	636.872	+1%	322.488	+100%	259.064	+149%	190.756	+238%
Peg Ratio	-	-	645.502	918.136	-30%	322.309	+100%	9240.429	-93%	7243.131	-91%
Price Per Share	2.880	-30%	3.740	3.690	+1%	4.133	-9%	3.748	0%	3.775	-1%
Price To Total Gains Ratio	-253.305	+23%	-328.945	-43.188	-87%	239.290	-237%	117.038	-381%	91.426	-460%
Profit Growth	-	-	1.000	0.764	+31%	1.189	-16%	-5.557	+656%	-4.054	+505%
Quick Ratio	-	-	0.339	0.238	+43%	0.192	+77%	0.741	-54%	0.660	-49%
Return On Assets	-	-	0.001	0.001	+4%	0.003	-53%	-0.016	+1376%	-0.010	+889%
Return On Equity	-	-	0.002	0.002	+1%	0.005	-56%	-0.030	+1446%	-0.021	+1045%
Total Gains Per Share	-	-	-0.011	0.002	-725%	0.018	-164%	-0.057	+404%	0.142	-108%
Total Gains Per Share Growth	-	-	-0.758	-0.209	-72%	2.054	-137%	-1.465	+93%	-0.812	+7%
Usd Book Value	-	-	79675279.200	80078709.600	-1%	79720146.000	0%	99465040.000	-20%	106414995.900	-25%
Usd Book Value Change Per Share	-	-	-0.020	-0.010	-50%	0.008	-355%	-0.066	+235%	0.080	-124%
Usd Book Value Per Share	-	-	1.932	1.941	-1%	1.933	0%	2.411	-20%	2.579	-25%
Usd Dividend Per Share	-	-	0.011	0.011	0%	0.006	+100%	0.023	-52%	0.025	-56%
Usd Eps	-	-	0.004	0.004	0%	0.010	-56%	-0.058	+1441%	-0.035	+908%
Usd Free Cash Flow	-	-	995227.200	995227.200	0%	4232496.600	-76%	1594893.200	-38%	1415652.600	-30%
Usd Free Cash Flow Per Share	-	-	0.024	0.024	0%	0.103	-76%	0.039	-38%	0.034	-30%
Usd Free Cash Flow To Equity Per Share	-	-	-0.068	-0.068	0%	0.019	-467%	-0.086	+26%	-0.068	+0%
Usd Price Per Share	2.136	-30%	2.774	2.737	+1%	3.065	-9%	2.779	0%	2.799	-1%
Usd Profit	-	-	177242.400	177242.400	0%	399722.400	-56%	-2807223.800	+1684%	-1753775.850	+1089%
Usd Revenue	-	-	-	-	0%	-	0%	14339824.800	-100%	24381366.900	-100%
Usd Total Gains Per Share	-	-	-0.008	0.001	-725%	0.013	-164%	-0.042	+404%	0.106	-108%
	EOD	+4 -1	MRQ	TTM	+11 -14	YOY	+9 -28	5Y	+22 -17	10Y	+18 -22

3.2. Fundamental Score

Let's check the fundamental score of ISETAN (SINGAPORE) LTD based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	497.071
Price to Book Ratio (EOD)	Between	0-1	1.106
Net Profit Margin (MRQ)	Greater than	0	0.000
Operating Margin (MRQ)	Greater than	0	0.000
Quick Ratio (MRQ)	Greater than	1	0.339
Current Ratio (MRQ)	Greater than	1	1.957
Debt to Asset Ratio (MRQ)	Less than	1	0.434
Debt to Equity Ratio (MRQ)	Less than	1	0.765
Return on Equity (MRQ)	Greater than	0.15	0.002
Return on Assets (MRQ)	Greater than	0.05	0.001
Total			3/10 (30.0%)

Create your own Stock Scanner

Investing is personal. The best investors buy stocks based on their own analysis. Create your personal Stock Scanner with the key performance indicators that are important to you.
Create your own Stock Scanner

3.3. Technical Score

Let's check the technical score of ISETAN (SINGAPORE) LTD based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	36.984
Ma 20	Greater than	Ma 50	2.933
Ma 50	Greater than	Ma 100	2.956
Ma 100	Greater than	Ma 200	2.984
Open	Greater than	Close	2.890
Total			1/5 (20.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
Create your own Symbol Scanner

Latest Balance Sheet

Balance Sheet of 2022-12-31. Currency in SGD. All numbers in thousands.

Summary

Total Assets	197,909
Total Liabilities	89,632
Total Stockholder Equity	108,277

	As reported
Total Liabilities	89,632
Total Stockholder Equity	+ 108,277
Total Assets	= 197,909

Assets

Total Assets	197,909
Total Current Assets	94,829
Long-term Assets	94,829

Total Current Assets

Total Current Assets (as reported)	94,829
Cash And Cash Equivalents	74,542
Short-term Investments	5,240
Net Receivables	1,918
Inventory	6,442
Total Current Assets (calculated)	88,142
+/-	6,687

Long-term Assets

Long-term Assets (as reported)	103,080
Intangible Assets	170
Long-term Assets (calculated)	170
+/-	102,910

Liabilities & Shareholders' Equity

Total Current Liabilities	52,055
Long-term Liabilities	37,577
Total Stockholder Equity	108,277

Total Current Liabilities

Total Current Liabilities (as reported)	52,055
Accounts payable	25,413
Other Current Liabilities	64
Total Current Liabilities (calculated)	25,477
+/-	26,578

Long-term Liabilities

Long-term Liabilities (as reported)	37,577
Capital Lease Obligations Min Short Term Debt	45,629
Long-term Liabilities (calculated)	45,629
+/-	8,052

Total Stockholder Equity

Total Stockholder Equity (as reported)	108,277
Total Stockholder Equity (calculated)	0
+/-	108,277

Other

Capital Stock	91,710
Common Stock Shares Outstanding	41,250
Net Invested Capital	108,277
Net Working Capital	42,774

Balance Sheet

Currency in SGD. All numbers in thousands.

Trend

2022-12-31

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

> Total Assets

218,300
226,749
219,210
215,230
214,376
223,835
215,644
211,964
212,090
208,580
233,237
300,826
293,323
266,161
0
236,031
0
213,893
0
196,184
0
203,595
0
189,674
197,909

197,909

189,674

203,595

196,184

213,893

236,031

266,161

293,323

300,826

233,237

208,580

212,090

211,964

215,644

223,835

214,376

215,230

219,210

226,749

218,300

> Total Current Assets

82,291
90,932
84,954
83,901
82,837
85,796
72,165
67,614
65,454
75,341
70,877
77,050
74,003
78,038
61,016
61,016
79,293
79,293
70,353
70,353
89,782
89,782
87,410
87,410
94,829

94,829

87,410

89,782

70,353

79,293

61,016

78,038

74,003

77,050

70,877

75,341

65,454

67,614

72,165

85,796

82,837

83,901

84,954

90,932

82,291

Cash And Cash Equivalents

47,160
54,688
51,355
54,768
56,470
57,727
44,752
40,674
37,621
50,706
45,386
38,114
35,218
39,319
0
33,148
0
49,162
0
47,309
0
70,150
0
63,893
74,542

74,542

63,893

70,150

47,309

49,162

33,148

39,319

35,218

38,114

45,386

50,706

37,621

40,674

44,752

57,727

56,470

54,768

51,355

54,688

47,160

Short-term Investments

11,481
11,753
10,755
5,765
2,508
4,508
4,010
4,020
5,525
4,007
4,263
20,231
20,959
20,200
0
8,055
0
14,433
0
7,960
0
5,036
0
9,051
5,240

5,240

9,051

5,036

7,960

14,433

8,055

20,200

20,959

20,231

4,263

4,007

5,525

4,020

4,010

4,508

2,508

5,765

10,755

11,753

11,481

Net Receivables

9,626
12,318
10,144
7,325
7,106
10,663
9,285
8,880
8,670
7,874
8,233
6,687
5,810
6,335
9,167
9,167
6,141
6,141
4,988
4,988
5,505
5,505
6,106
6,106
1,918

1,918

6,106

5,505

4,988

6,141

9,167

6,335

5,810

6,687

8,233

7,874

8,670

8,880

9,285

10,663

7,106

7,325

10,144

12,318

9,626

Inventory

12,276
11,489
11,770
11,691
11,146
10,020
10,052
10,293
10,367
9,809
9,712
9,295
9,177
8,800
7,761
7,761
7,525
7,525
7,184
7,184
5,640
5,640
5,695
5,695
6,442

6,442

5,695

5,640

7,184

7,525

7,761

8,800

9,177

9,295

9,712

9,809

10,367

10,293

10,052

10,020

11,146

11,691

11,770

11,489

12,276

Other Current Assets

1,748
71
930
4,352
5,607
58
4,066
3,747
3,271
2,945
3,283
2,723
2,839
748
2,885
2,885
2,032
2,032
2,912
2,912
1,411
1,411
2,665
2,665
0

2,665

1,411

2,912

2,032

2,885

748

2,839

2,723

3,283

2,945

3,271

3,747

4,066

5,607

4,352

930

1,748

> Long-term Assets

0
0
0
0
0
0
0
0
0
0
162,360
223,776
219,320
188,123
0
175,015
0
134,600
0
125,831
0
113,813
0
102,264
103,080

103,080

102,264

113,813

125,831

134,600

175,015

188,123

219,320

223,776

162,360

Property Plant Equipment

0
48,045
46,790
45,597
44,682
43,926
42,760
41,567
40,575
27,984
55,555
132,875
130,395
87,048
80,611
80,611
53,822
53,822
49,692
49,692
44,163
44,163
41,541
41,541
0

41,541

44,163

49,692

53,822

80,611

87,048

130,395

132,875

55,555

27,984

40,575

41,567

42,760

43,926

44,682

45,597

46,790

48,045

Long Term Investments

47,614
48,113
48,356
48,457
49,960
57,385
64,160
66,678
70,536
69,724
71,332
56,011
54,574
55,698
0
0
0
0
0
0
0
0
0
0
0

55,698

54,574

56,011

71,332

69,724

70,536

66,678

64,160

57,385

49,960

48,457

48,356

48,113

47,614

Intangible Assets

0
235
235
235
235
236
235
235
217
235
205
205
205
205
0
170
0
170
0
170
0
170
0
170
170

170

205

235

217

235

236

235

Other Assets

0
39,424
38,875
37,040
36,662
36,492
36,324
35,870
35,308
6,357
6,379
6,375
34,146
45,172
45,415
45,415
44,061
44,061
41,576
41,576
38,824
38,824
37,051
37,051
0

37,051

38,824

41,576

44,061

45,415

45,172

34,146

6,375

6,379

6,357

35,308

35,870

36,324

36,492

36,662

37,040

38,875

39,424

> Total Liabilities

49,510
54,369
44,840
44,327
44,353
50,650
41,326
41,116
41,721
51,293
74,132
143,615
136,782
137,160
0
107,156
0
107,076
0
88,860
0
95,070
0
82,237
89,632

89,632

82,237

95,070

88,860

107,076

107,156

137,160

136,782

143,615

74,132

51,293

41,721

41,116

41,326

50,650

44,353

44,327

44,840

54,369

49,510

> Total Current Liabilities

42,564
47,186
37,604
37,195
37,117
44,480
35,375
34,928
35,497
45,061
61,632
50,383
46,138
62,044
39,747
39,747
48,047
48,047
39,286
39,286
51,516
51,516
44,660
44,660
52,055

52,055

44,660

51,516

39,286

48,047

39,747

62,044

46,138

50,383

61,632

45,061

35,497

34,928

35,375

44,480

37,117

37,195

37,604

47,186

42,564

Short-term Debt

0
0
0
0
0
0
0
0
0
0
22,009
105,465
101,253
89,632
0
0
0
0
0
0
0
0
0
0
0

89,632

101,253

105,465

22,009

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
22,009
105,465
101,253
89,632
0
0
0
0
0
0
0
0
0
0
0

89,632

101,253

105,465

22,009

Accounts payable

42,564
37,868
37,604
37,195
37,117
33,227
35,375
34,928
35,497
30,871
37,513
30,802
28,208
26,555
21,244
21,244
22,013
22,013
21,853
21,853
24,599
24,599
28,857
28,857
25,413

25,413

28,857

24,599

21,853

22,013

21,244

26,555

28,208

30,802

37,513

30,871

35,497

34,928

35,375

33,227

37,117

37,195

37,604

37,868

42,564

Other Current Liabilities

0
3,361
0
0
0
3,614
0
0
0
7,858
2,110
1,542
1,363
10,612
469
469
4,940
4,940
478
478
5,675
5,675
730
730
64

730

5,675

478

4,940

469

10,612

1,363

1,542

2,110

7,858

3,614

3,361

> Long-term Liabilities

0
0
0
0
0
0
0
0
0
0
12,500
93,232
90,644
75,116
0
67,409
0
59,029
0
49,574
0
43,554
0
37,577
37,577

37,577

43,554

49,574

59,029

67,409

75,116

90,644

93,232

12,500

Long term Debt Total

0
0
0
0
0
0
0
0
0
0
6,329
87,426
84,686
69,740
0
62,016
0
53,751
0
0
0
0
0
0
0

53,751

62,016

69,740

84,686

87,426

6,329

Other Liabilities

0
7,183
7,236
7,132
7,236
6,170
5,951
6,188
6,224
6,232
6,171
5,806
5,958
5,376
5,393
5,393
5,278
5,278
4,335
4,335
6,429
6,429
7,123
7,123
0

7,123

6,429

4,335

5,278

5,393

5,376

5,958

5,806

6,171

6,232

6,224

6,188

5,951

6,170

7,236

7,132

7,236

7,183

> Total Stockholder Equity

0
172,380
174,370
170,903
170,023
173,185
174,318
170,848
170,369
157,287
159,105
157,211
156,541
129,001
0
128,875
0
106,817
0
107,324
0
108,525
0
107,437
108,277

108,277

107,437

108,525

107,324

106,817

128,875

129,001

156,541

157,211

159,105

157,287

170,369

170,848

174,318

173,185

170,023

170,903

174,370

172,380

Retained Earnings

75,828
79,735
81,544
78,007
77,116
79,799
80,780
77,324
76,849
64,109
65,644
63,621
62,687
35,223
34,906
34,906
12,935
12,935
14,185
14,185
15,091
15,091
14,331
14,331
-1,798

-1,798

14,331

15,091

14,185

12,935

34,906

35,223

62,687

63,621

65,644

64,109

76,849

77,324

80,780

79,799

77,116

78,007

81,544

79,735

75,828

Accumulated Other Comprehensive Income

Capital Surplus

Treasury Stock

Balance Sheet

Currency in SGD. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Accounts Payable	25,413	24,599	22,013	26,555	30,871	31,047	37,868	41,742	46,610	51,815
Capital Lease Obligations	45,629	53,748	70,509	89,632	-	-	-	-	-	-
Capital Stock	91,710	91,710	91,710	91,710	91,710	-	-	-	-	-
Cash	74,542	70,150	49,162	28,210	37,028	49,052	41,875	53,609	87,976	97,630
Cash And Short Term Investments	-	-	63,595	59,519	54,713	62,235	66,441	63,328	-	-
Common Stock	-	91,710	91,710	91,710	91,710	91,710	91,710	91,710	91,710	91,710
Common Stock Shares Outstanding	41,250	41,250	41,250	41,250	41,250	41,250	-	-	-	-
Intangible Assets	170	170	170	205	235	236	235	94	616	656
Inventory	6,442	5,640	7,525	8,800	9,809	10,020	11,489	12,526	13,950	15,275
Long Term Debt Total	-	-	53,751	69,740	-	-	-	-	-	-
Long Term Investments	-	-	-	55,698	69,724	57,385	48,113	55,071	35,478	45,844
Net Invested Capital	108,277	108,525	106,817	129,001	157,287	173,185	-	-	-	-
Net Receivables	1,918	5,505	6,141	6,335	7,874	10,663	12,293	9,766	11,802	13,472
Net Tangible Assets	-	108,355	106,647	128,796	157,052	172,949	172,145	171,926	200,378	206,430
Net Working Capital	42,774	38,266	31,246	15,994	30,280	41,316	-	-	-	-
Non Current Assets Total	103,080	113,813	134,600	188,123	133,239	138,039	135,817	-	-	-
Non Current Liabilities Other	3,862	2,592	1,873	2,466	2,892	-	-	-	-	-
Non Current Liabilities Total	37,577	43,554	59,029	75,116	6,232	6,170	7,183	-	-	-
Non Currrent Assets Other	-	-	-	188,123	133,239	138,039	235	-	-	-
Other Assets	-	38,824	44,061	45,172	35,296	36,492	39,424	8,005	9,975	9,830
Other Current Assets	-	1,411	2,032	748	17	58	96	144	34	33
Other Current Liab	64	5,675	4,940	11,035	7,858	5,794	3,361	3,978	2,265	6,646
Other Liab	-	6,429	5,278	5,376	6,232	6,170	7,183	5,597	4,318	3,625
Other Stockholder Equity	-	1,724	2,172	2,068	1,759	1,879	935	-197	1,137	999
Property Plant Equipment	-	44,163	53,822	87,048	27,984	43,926	48,045	50,263	84,603	88,940
Retained Earnings	-1,798	15,091	12,935	35,223	63,818	79,596	79,735	79,229	108,147	114,377
Short Long Term Debt	-	-	-	89,632	-	-	-	-	-	-
Short Term Debt	-	-	-	89,632	-	-	-	-	-	-
Short Term Investments	5,240	5,036	14,433	20,200	4,007	4,508	11,753	-	16,500	7,000
Total Assets	197,909	203,595	213,893	266,161	208,580	223,835	226,749	233,844	261,588	279,012
Total Current Assets	94,829	89,782	79,293	78,038	75,341	85,796	90,932	87,834	130,916	133,742
Total Current Liabilities	52,055	51,516	48,047	62,044	45,061	44,480	47,186	56,227	56,276	68,301
Total Liab	89,632	95,070	107,076	137,160	51,293	50,650	54,369	61,824	60,594	71,926
Total Stockholder Equity	108,277	108,525	106,817	129,001	157,287	173,185	172,380	172,020	200,994	207,086

	2022-12-31	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30
Accounts Payable	25,413	28,857	28,857	24,599	24,599	21,853	21,853	22,013	22,013	21,244	21,244	26,555	28,208	30,802	37,513	30,871	35,497	34,928	35,375	33,227	37,117	37,195	37,604	37,868	42,564
Capital Lease Obligations	45,629	45,527	-	53,748	-	62,194	-	70,509	-	80,050	-	89,632	101,253	105,465	28,338	-	-	-	-	-	-	-	-	-	-
Capital Stock	91,710	91,710	-	91,710	-	91,710	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash	74,542	63,893	-	70,150	-	47,309	-	49,162	-	33,148	-	39,319	35,218	38,114	45,386	50,706	37,621	40,674	44,752	57,727	56,470	54,768	51,355	54,688	47,160
Cash And Short Term Investments	-	-	-	-	-	-	-	63,595	-	41,203	-	59,519	56,177	58,345	49,649	54,713	-	-	-	-	-	-	-	-	-
Common Stock	-	91,710	91,710	91,710	91,710	91,710	91,710	91,710	91,710	91,710	91,710	91,710	91,710	91,710	91,710	91,710	91,710	91,710	91,710	91,710	91,710	91,710	91,710	91,710	91,710
Common Stock Shares Outstanding	41,250	41,250	-	41,250	-	41,250	-	41,250	-	41,250	-	41,250	41,218	40,000	41,263	40,836	41,304	41,213	41,254	41,277	41,250	41,289	41,207	41,257	41,250
Intangible Assets	170	170	-	170	-	170	-	170	-	170	-	205	205	205	205	235	217	235	235	236	235	235	235	235	-
Inventory	6,442	5,695	5,695	5,640	5,640	7,184	7,184	7,525	7,525	7,761	7,761	8,800	9,177	9,295	9,712	9,809	10,367	10,293	10,052	10,020	11,146	11,691	11,770	11,489	12,276
Long Term Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,329	-	-	-	-	-	-	-	-	-	-
Long Term Debt Total	-	-	-	-	-	-	-	53,751	-	62,016	-	69,740	84,686	87,426	6,329	-	-	-	-	-	-	-	-	-	-
Long Term Investments	-	-	-	-	-	-	-	-	-	-	-	55,698	54,574	56,011	71,332	69,724	70,536	66,678	64,160	57,385	49,960	48,457	48,356	48,113	47,614
Net Invested Capital	108,277	107,437	-	108,525	-	107,324	-	106,817	-	128,875	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Receivables	1,918	6,106	6,106	5,505	5,505	4,988	4,988	6,141	6,141	9,167	9,167	6,335	5,810	6,687	8,233	7,874	8,670	8,880	9,285	10,663	7,106	7,325	10,144	12,318	9,626
Net Tangible Assets	-	107,267	107,267	108,355	108,355	107,154	107,154	106,647	106,647	128,705	128,705	128,796	156,336	157,006	158,900	157,052	170,152	170,613	174,083	172,949	169,788	170,668	174,135	172,145	-
Net Working Capital	42,774	42,750	-	38,266	-	31,067	-	31,246	-	21,269	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Assets Total	103,080	102,264	-	113,813	-	125,831	-	134,600	-	175,015	-	188,123	219,320	223,776	162,360	-	-	-	-	-	-	-	-	-	-
Non Current Liabilities Other	3,862	-	-	2,592	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Liabilities Total	37,577	37,577	-	43,554	-	49,574	-	59,029	-	67,409	-	75,116	90,644	93,232	12,500	-	-	-	-	-	-	-	-	-	-
Non Currrent Assets Other	-	-	-	-	-	-	-	-	-	-	-	188,123	219,320	223,776	162,360	-	-	-	-	-	-	-	-	-	-
Other Assets	-	37,051	37,051	38,824	38,824	41,576	41,576	44,061	44,061	45,415	45,415	45,172	34,146	6,375	6,379	6,357	35,308	35,870	36,324	36,492	36,662	37,040	38,875	39,424	-
Other Current Assets	-	2,665	2,665	1,411	1,411	2,912	2,912	2,032	2,032	2,885	2,885	748	2,839	2,723	3,283	2,945	3,271	3,747	4,066	58	5,607	4,352	930	71	1,748
Other Current Liab	64	730	730	5,675	5,675	478	478	4,940	4,940	469	469	10,612	1,363	1,542	2,110	7,858	-	-	-	3,614	-	-	-	3,361	-
Other Liab	-	7,123	7,123	6,429	6,429	4,335	4,335	5,278	5,278	5,393	5,393	5,376	5,958	5,806	6,171	6,232	6,224	6,188	5,951	6,170	7,236	7,132	7,236	7,183	-
Other Stockholder Equity	-	1,396	1,396	1,724	1,724	1,429	1,429	2,172	2,172	2,259	2,259	2,068	2,144	-31	4	-15	1,810	1,814	1,828	1,676	1,197	1,186	1,116	935	-
Property Plant Equipment	-	41,541	41,541	44,163	44,163	49,692	49,692	53,822	53,822	80,611	80,611	87,048	130,395	132,875	55,555	27,984	40,575	41,567	42,760	43,926	44,682	45,597	46,790	48,045	-
Retained Earnings	-1,798	14,331	14,331	15,091	15,091	14,185	14,185	12,935	12,935	34,906	34,906	35,223	62,687	63,621	65,644	64,109	76,849	77,324	80,780	79,799	77,116	78,007	81,544	79,735	75,828
Short Long Term Debt	-	-	-	-	-	-	-	-	-	-	-	89,632	101,253	105,465	22,009	-	-	-	-	-	-	-	-	-	-
Short Term Debt	-	-	-	-	-	-	-	-	-	-	-	89,632	101,253	105,465	22,009	-	-	-	-	-	-	-	-	-	-
Short Term Investments	5,240	9,051	-	5,036	-	7,960	-	14,433	-	8,055	-	20,200	20,959	20,231	4,263	4,007	5,525	4,020	4,010	4,508	2,508	5,765	10,755	11,753	11,481
Total Assets	197,909	189,674	-	203,595	-	196,184	-	213,893	-	236,031	-	266,161	293,323	300,826	233,237	208,580	212,090	211,964	215,644	223,835	214,376	215,230	219,210	226,749	218,300
Total Current Assets	94,829	87,410	87,410	89,782	89,782	70,353	70,353	79,293	79,293	61,016	61,016	78,038	74,003	77,050	70,877	75,341	65,454	67,614	72,165	85,796	82,837	83,901	84,954	90,932	82,291
Total Current Liabilities	52,055	44,660	44,660	51,516	51,516	39,286	39,286	48,047	48,047	39,747	39,747	62,044	46,138	50,383	61,632	45,061	35,497	34,928	35,375	44,480	37,117	37,195	37,604	47,186	42,564
Total Liab	89,632	82,237	-	95,070	-	88,860	-	107,076	-	107,156	-	137,160	136,782	143,615	74,132	51,293	41,721	41,116	41,326	50,650	44,353	44,327	44,840	54,369	49,510
Total Stockholder Equity	108,277	107,437	-	108,525	-	107,324	-	106,817	-	128,875	-	129,001	156,541	157,211	159,105	157,287	170,369	170,848	174,318	173,185	170,023	170,903	174,370	172,380	-

Cash Flow

Currency in SGD. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Begin Period Cash Flow	70,150	49,162	39,319	50,706	57,727	63,328	-	-	-	-
Capital Expenditures	1,672	939	8,570	8,517	429	389	8,950	11,626	7,191	14,633
Change In Cash	4,392	20,988	9,843	-11,387	-6,890	3,039	-8,640	-24,648	-9,654	-1,393
Change In Working Capital	3,974	7,230	-4,121	-3,273	1,493	-1,707	-	-	-	-
Change To Account Receivables	-	2,530	1,846	1,894	3,172	1,376	-1,423	865	1,963	-436
Change To Inventory	-802	1,885	1,275	1,009	211	1,469	1,037	1,424	1,325	-1,652
Change To Liabilities	-	2,813	-8,132	-5,539	-1,822	-3,711	-5,805	-228	-7,260	3,954
Change To Netincome	-	2,529	17,053	26,101	12,146	-2,507	-9,987	6,934	-3,489	-3,982
Change To Operating Activities	-	2	890	-637	-68	-931	288	-1,003	-590	241
Depreciation	11,725	11,853	18,699	24,542	6,677	7,270	7,494	8,377	8,398	6,880
Dividends Paid	-1,238	-	2,063	2,063	2,063	2,063	2,063	3,094	3,094	3,094
End Period Cash Flow	74,542	70,150	49,162	39,319	50,706	54,688	63,328	-	-	-
Free Cash Flow	20,614	22,829	2,838	12,331	6,256	-3,779	-	-	-	-
Investments	1,677	15,048	23,925	-1,593	-12,992	-1,483	-820	-3,129	1,004	2,249
Net Borrowings	-	-16,732	-15,179	-19,731	-19,731	-19,731	-19,731	-	-	-
Net Income	1,349	2,156	-20,225	-26,532	-13,584	2,127	2,931	-26,647	-3,136	6,543
Other Cashflows From Financing Activities	-	-1,971	-2,510	-3,090	-3,090	-3,090	-3,090	-473	3,420	4,666
Other Cashflows From Investing Activities	-	1,797	2,804	3,648	3,180	2,812	2,570	-473	2,416	2,417
Other Non Cash Items	-470	188	-7,144	-3,580	-3,032	-2,507	-	-	-	-
Total Cash From Financing Activities	-	-18,703	-19,752	-24,884	-2,063	-2,063	-2,063	-3,094	-3,094	-3,094
Total Cash From Operating Activities	22,286	23,768	11,408	20,848	6,825	5,171	-5,757	-9,455	-2,789	11,548
Total Cashflows From Investing Activities	-	15,923	18,187	-7,351	-11,652	-69	-820	-12,099	-3,771	-9,847

	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30
Begin Period Cash Flow	-	-	-	-	-	-	-	-	-	39,319	35,218	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital Expenditures	121	121	79	79	391	391	2,223	2,223	2,063	2,063	8,517	4,165	1,444	631	438	162	18	61	621	552	110	114	3,203	1,723
Change In Cash	-3,129	-3,129	11,421	11,421	-927	-927	8,007	8,007	-3,086	-3,086	-11,387	-15,488	-12,592	-5,320	-6,890	-3,053	-4,078	-12,975	1,257	1,702	3,413	-3,333	7,528	6,469
Change To Account Receivables	281	281	250	250	1,016	1,016	2,081	2,081	-1,158	-1,158	-311	1,044	1,309	-148	891	490	168	1,623	-3,767	339	2,480	2,324	-2,933	-997
Change To Inventory	-28	-28	772	772	171	171	118	118	520	520	377	118	417	97	558	-74	-241	-32	1,125	545	80	-281	787	574
Change To Liabilities	-2,788	-2,788	6,370	6,370	-4,963	-4,963	5,131	5,131	-9,197	-9,197	8,148	-2,229	-7,537	-3,921	6,991	600	-207	-9,206	6,360	7	-531	-9,547	6,493	-
Change To Netincome	934	934	1,245	1,245	20	20	8,378	8,378	149	149	27,077	-243	-114	-619	14,144	-882	-346	-770	-508	-674	-574	-751	-294	-
Change To Operating Activities	-25	-25	48	48	-47	-47	568	568	-123	-123	-469	-108	564	-624	282	476	357	-1,183	2,706	-1,246	-2,162	-229	947	-731
Depreciation	2,850	2,850	3,010	3,010	2,917	2,917	4,552	4,552	4,798	4,798	24,542	18,616	12,537	6,577	6,677	1,701	1,708	1,642	1,736	1,811	1,838	1,885	1,879	1,941
Dividends Paid	619	619	619	619	-	-	1,032	1,032	1,032	1,032	2,063	2,063	2,063	2,063	2,063	2,063	2,063	2,063	2,063	2,063	2,063	2,063	2,063	-
End Period Cash Flow	-	-	-	-	-	-	-	-	-	-	39,319	35,218	-	-	-	-	-	-	-	-	-	-	-	-
Investments	374	374	3,626	3,626	3,899	3,899	2,989	2,989	8,974	8,974	-3,628	-1,291	-149	-2,283	1,493	-5,276	-3,015	-6,194	-9,323	1,855	5,000	985	-878	-
Net Borrowings	-4,111	-4,111	-4,223	-4,223	-4,143	-4,143	-2,608	-2,608	-4,982	-4,982	-4,547	-4,724	-4,770	-5,690	-5,690	-5,690	-5,690	-	-	-	-	-	-	-
Net Income	239	239	453	453	625	625	-9,954	-9,954	-159	-159	-26,532	932	1,575	1,535	-13,584	-475	-1,393	1,184	2,683	-891	-1,474	1,809	3,907	5,346
Other Cashflows From Financing Activities	-396	-396	-461	-461	-525	-525	-588	-588	-667	-667	-1,008	-902	-11,640	-5,937	-247	-247	-247	-	-	2,340	5,911	1,554	-10,080	10,793
Other Cashflows From Investing Activities	348	348	402	402	497	497	605	605	798	798	1,119	701	-988	-1,652	-11,214	511	1,083	386	847	485	911	569	736	-
Total Cash From Financing Activities	-5,125	-5,125	-4,684	-4,684	-4,668	-4,668	-4,228	-4,228	-5,649	-5,649	-24,884	-19,329	-13,703	-5,937	-2,063	-5,937	-2,063	-2,063	-2,063	-2,063	-2,063	-2,063	-2,063	-2,063
Total Cash From Operating Activities	1,463	1,463	12,147	12,147	-263	-263	10,873	10,873	-5,169	-5,169	13,284	4,021	3,543	2,900	6,825	1,853	63	-6,693	10,355	-86	-325	-4,773	10,856	-2,601
Total Cashflows From Investing Activities	534	534	3,958	3,958	4,004	4,004	1,362	1,362	7,732	7,732	-3,628	-1,291	-2,432	-2,283	-11,652	-4,906	-2,078	-6,282	-9,098	1,788	5,801	1,440	-3,328	9,070

Income Statement

Currency in SGD. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Cost Of Revenue	30,884	33,638	31,623	42,693	47,381	49,484	212,894	223,325	251,085	244,527
Ebit	-	1,552	-9,044	2,795	-1,526	-435	18,320	-19,572	-5,314	4,934
Ebitda	14,694	15,980	984	1,100	17,131	3,897	-	-	-	-
Gross Profit	56,736	52,330	45,537	69,192	74,790	79,391	81,744	78,853	95,542	95,969
Income Before Tax	1,349	2,156	-20,225	-26,532	-13,584	2,112	2,931	-26,647	-3,023	7,340
Income Tax Expense	-	-	-	-	0	-15	362	-823	113	797
Interest Expense	1,620	1,971	2,510	3,090	0	0	0	0	0	0
Interest Income	1,786	1,645	2,428	792	3,507	2,920	2,844	2,501	-	-
Net Income	1,349	2,156	-20,225	-26,532	-13,584	2,127	2,569	-25,824	-3,136	6,543
Net Income Applicable To Common Shares	-	2,156	-20,225	-26,532	-13,584	2,127	2,569	-25,824	-3,136	6,543
Net Income From Continuing Ops	1,349	2,156	-20,225	-26,532	-13,715	2,127	2,569	-25,824	-3,136	6,543
Net Interest Income	166	-326	90	284	3,125	2,585	2,590	-	-	-
Operating Income	22,139	18,973	-17,797	-27,324	-17,091	-808	87	-29,148	-5,314	4,934
Other Operating Expenses	-	12,746	11,937	14,301	15,839	15,629	16,742	19,671	23,087	22,501
Reconciled Depreciation	11,725	11,853	18,699	24,542	6,677	7,270	-	-	-	-
Selling General Administrative	5,439	6,940	17,196	28,922	59,975	63,889	70,721	74,551	69,371	61,654
Tax Provision	0	0	0	0	0	-15	362	-823	-	-
Total Operating Expenses	65,481	66,995	67,412	98,234	111,717	279,944	283,882	324,634	351,941	335,562
Total Other Income Expense Net	-	-	-	-26,410	-12,058	2,547	10,073	-7,075	2,291	2,406
Total Revenue	87,620	85,968	77,160	111,885	122,171	128,875	294,638	302,178	346,627	340,496

	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30
Cost Of Revenue	-	-	-	-	-	-	31,623	-	13,849	-	11,314	10,195	10,442	10,742	13,013	11,271	11,155	11,942	54,229	46,267	47,283	49,401	58,954	49,348
Ebit	1,164	1,164	90	90	687	687	-4,187	-4,187	666	666	-20,530	6,338	6,933	8,359	1,586	-1,349	-2,257	363	2,357	-1,608	-2,240	-146	1,143	4,655
Gross Profit	-	-	-	-	-	-	45,537	-	20,153	-	17,878	16,245	16,606	18,463	19,911	18,982	18,157	20,576	22,968	19,457	20,016	21,314	23,826	27,924
Income Before Tax	-	-	-	-	-	-	-20,225	-	-317	-	-27,464	-643	40	1,535	-12,900	-475	-1,393	1,184	2,683	-891	-1,474	1,794	4,233	-
Income Tax Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	0	-15	326	36
Interest Expense	-	-	-	-	-	-	-	-	-	-	1,008	902	933	247	247	247	247	-	-	-	-	-	-	-
Interest Income	-	-	-	-	-	-	2,428	-	156	-	36	105	18	705	948	-	-	-	-	-	-	-	-	-
Net Income	-	-	-	-	-	-	-20,225	-	-317	-	-27,464	-643	40	1,535	-12,900	-475	-1,393	1,184	2,683	-891	-1,474	1,809	3,907	5,346
Net Income Applicable To Common Shares	239	239	453	453	625	625	-9,954	-9,954	-159	-159	-27,464	-643	40	1,535	-12,900	-475	-1,393	1,184	2,683	-891	-1,474	1,809	3,907	-
Net Income From Continuing Ops	-	-	-	-	-	-	-	-	-	-	-27,464	-643	40	1,535	-13,031	-475	-1,393	1,184	2,683	-891	-1,474	1,809	3,907	-
Net Interest Income	-	-	-	-	-	-	-	-	-	-	-239	-45	-31	599	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-17,797	-	-473	-	-27,428	-748	22	830	-13,848	-1,349	-2,257	363	2,357	-1,608	-2,240	-146	1,143	4,655
Other Operating Expenses	2,946	2,946	4,245	4,245	2,129	2,129	4,378	4,378	1,591	1,591	956	4,499	4,202	4,644	2,072	4,939	4,427	4,401	1,418	4,807	5,130	4,274	953	-
Selling General Administrative	-	-	-	-	-	-	17,196	-	8,433	-	6,636	5,902	5,948	5,908	13,828	13,691	14,279	14,170	17,457	14,447	15,288	15,301	19,851	-
Tax Provision	-	-	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Total Operating Expenses	-	-	-	-	-	-	-	-	-	-	26,108	23,610	23,816	24,700	33,356	31,602	31,569	32,155	74,840	67,332	69,539	70,861	81,637	72,617
Total Other Income Expense Net	-	-	-	-	-	-	-	-	-	-	-27,481	246	18	807	-14,617	874	864	821	326	717	766	1,940	3,090	-
Total Revenue	-	-	-	-	-	-	77,160	-	34,002	-	29,192	26,440	27,048	29,205	32,924	30,253	29,312	32,518	77,197	65,724	67,299	70,715	82,780	77,272

Latest Income Statement (annual, 2022-12-31)

Gross Profit (+$)
totalRevenue	87,620
Cost of Revenue	-30,884
Gross Profit	56,736	56,736

Operating Income (+$)
Gross Profit	56,736
Operating Expense	-65,481
Operating Income	22,139	-8,745

Operating Expense (+$)
Research Development	-
Selling General Administrative	5,439
Selling And Marketing Expenses	-
Operating Expense	65,481	5,439

Net Interest Income (+$)
Interest Income	1,786
Interest Expense	-1,620
Other Finance Cost	-0
Net Interest Income	166

Pretax Income (+$)
Operating Income	22,139
Net Interest Income	166
Other Non-Operating Income Expenses	-
Income Before Tax (EBT)	1,349	22,139 EBIT - interestExpense = -1,620 1,349 2,969
Interest Expense	1,620
Earnings Before Interest and Taxes (EBIT)	-	2,969
Earnings Before Interest and Taxes (EBITDA)	14,694

After tax Income (+$)
Income Before Tax	1,349
Tax Provision	-0
Net Income From Continuing Ops	1,349	1,349
Net Income	1,349
Net Income Applicable To Common Shares	-

Non-recurring Events
Discontinued Operations	-
Extraordinary Items	-
Effect of Accounting Charges	-
Other Items	-
Non Recurring	-
Other Operating Expenses	-
Total Other Income/Expenses Net	-	-166

Technicals of Isetan

1. Trend Indicators

1.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Directionalities and relatives.

Moving Average	Amount of candles	vs. MA 50	vs. MA 100	vs. MA 200
MA 20	20
MA 50	50	-
MA 100	100	-	-
MA 200	200	-	-	-

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

ISETAN (SINGAPORE) LTD Daily Moving Averages Chart

1.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Let's take a look of the Moving Average Convergence/Divergence (MACD) of ISETAN (SINGAPORE) LTD:

The Moving Average Convergence/Divergence (MACD) is -0.012. The Moving Average Convergence/Divergence (MACD) below zero is a bearish sign. -1
The MACD is lower than the signal line. This is a bearish indication. -1

ISETAN (SINGAPORE) LTD Daily Moving Average Convergence/Divergence (MACD) Chart

1.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index).

The ADX helps you determine the strength of a trend. Let's take a look of the ADX of ISETAN (SINGAPORE) LTD:

The ADX is 18.626. Not trending. -2
The ADX is rising, a new trend could be forming. +1
The +DI is lower than the -DI. The current trend is down. -2

ISETAN (SINGAPORE) LTD Daily Directional Movement Index (DMI) Chart

1.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

The Parabolic SAR is higher than the price. The current trend is down. -2

ISETAN (SINGAPORE) LTD Daily Parabolic SAR Chart

2. Momentum Indicators

2.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

The RSI is below 50. -1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

ISETAN (SINGAPORE) LTD Daily Relative Strength Index (RSI) Chart

2.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

The Stochastic is below 50. -1
The Stochastic is below 30 and oversold. +2

ISETAN (SINGAPORE) LTD Daily Stochastic Oscillator Chart

2.3 Commodity Channel Index (CCI)

ISETAN (SINGAPORE) LTD Daily Commodity Channel Index (CCI) Chart

2.4 Chande Momentum Oscillator (CMO)

ISETAN (SINGAPORE) LTD Daily Chande Momentum Oscillator (CMO) Chart

2.5 Williams %R

ISETAN (SINGAPORE) LTD Daily Williams %R Chart

3. Volatility Indicators

3.1 Bollinger Bands

ISETAN (SINGAPORE) LTD Daily Bollinger Bands Chart

3.2 Average True Range (ATR)

ISETAN (SINGAPORE) LTD Daily Average True Range (ATR) Chart

4. Volume Indicators

4.1 On-Balance Volume (OBV)

ISETAN (SINGAPORE) LTD Daily On-Balance Volume (OBV) Chart

4.2 Money Flow Index (MFI)

ISETAN (SINGAPORE) LTD Daily Money Flow Index (MFI) Chart

5. Summary

5.1. Notifications

Type	Notification	Date
Currently no notifications for ISETAN (SINGAPORE) LTD.

5.2. Trading Signals

Date	Indicator	Entry signal	Exit signal
2023-05-23	MACD	LONG ENTRY	SHORT CLOSE
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE
	MFI	20 crossover to downside
2023-05-26	STOCH	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2023-05-29	MFI	80 crossover to downside
2023-05-31	MACD	SHORT ENTRY	LONG CLOSE
	SAR	LONG ENTRY	SHORT CLOSE	price crossed sar to upside
	STOCH	LONG ENTRY	SHORT CLOSE	20 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE
	MFI	80 crossover to upside

5.2. Technical Score

Let's check the technical score of ISETAN (SINGAPORE) LTD based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	36.984
Ma 20	Greater than	Ma 50	2.933
Ma 50	Greater than	Ma 100	2.956
Ma 100	Greater than	Ma 200	2.984
Open	Greater than	Close	2.890
Total			1/5 (20.0%)

Create your own Symbol Scanner

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Quick analysis of Isetan (30 sec.)

1. Valuation of Isetan (5 min.)

S$2.88

S$2.60

2. Growth of Isetan (5 min.)

Is Isetan growing?

How much money is Isetan making?

How much money comes from the company's main activities?

3. Financial Health of Isetan (5 min.)

4. Comparing to competitors in the Department Stores industry (5 min.)

Industry Rankings (Department Stores)

Fundamentals of Isetan

Financial Health

1.1. Profitability of ISETAN (SINGAPORE) LTD.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Department Stores)

1.1.2. Return on Assets

Trends

Compared to industry (Department Stores)

1.1.3. Return on Equity

Trends

Compared to industry (Department Stores)

1.2. Operating Efficiency of ISETAN (SINGAPORE) LTD.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Department Stores)

1.2.2. Operating Ratio

Trends

Compared to industry (Department Stores)

1.3. Liquidity of ISETAN (SINGAPORE) LTD.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Department Stores)

1.3.2. Quick Ratio

Trends

Compared to industry (Department Stores)

1.4. Solvency of ISETAN (SINGAPORE) LTD.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Department Stores)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Department Stores)

2. Market Valuation of ISETAN (SINGAPORE) LTD

2. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Department Stores)

2.2. Price Earnings to Growth Ratio

Trends

Compared to industry (Department Stores)

2. Book Value per Share

2.3. Price to Book Ratio

Trends

Compared to industry (Department Stores)

ISETAN (SINGAPORE) LTD
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