, an investment holding company, provides integrated mechanical and electrical engineering services in Singapore.Recent Share Price: S$0.066
Accounting: Singapore Accounting Standards
Fiscal Year: Dec. 31st
Market Cap: S$12.9 million ($9.5 million)
Koyo International Limited, an investment holding company, provides integrated mechanical and electrical engineering services in Singapore.
It operates in three divisions:
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Operations can be broadly categorized into four core business segments. These include the
The company was founded in 1983 and is headquartered in Singapore. Koyo International has been listed on the SGX Catalist since 2009
Recent History
2018
Announced it has won a S$5.2 million contract from the Housing & Development Board for mechanical and engineering maintenance work which will go on for 36 months, with the contract starting in July. The latest order brings its total order book to S$31.9 million.
Mr. Foo Suay Lun appointed as the Executive Director of the Company. (Foo Suay Lun is deemed interested in 49,449,500 shares held by Salix Capital Pte. Ltd. which is 100% owned by his grandmother, Madam Heng Jee Moi with Foo Suay Lun being joint tenant with right of survivorship.)
2017
Announced a contract with a contract value of approximately S$2.6 million for mechanical and electrical cyclical improvement works for multi-storey car parks under the Housing & Development Board.
Announced a contract with a contract value of approximately S$1.2 million for supply and installation of bus duct system at Tuas South Incineration Plant under the National Environment Agency.
2016
Serena Lee Chooi Li (Director) purchased 1.5 million shares.
The company bought back 6.3 million shares at an average price of S$0.09976 (S$630,438), reducing share count to 185,258,497 shares issued and outstanding.
Mr. Foo Chek Heng was interviewed by MAS and CAD for possible offenses under the Securities and Futures Act. A small group of individuals was responsible for 60% of its share trading between Oct 26th and Jan 14th.
Insider Ownership
| Main Shareholders | Number of shares held | Percent of shares held |
| Chek Heng Foo | 73,125,500 | 38.52% |
| Salix Capital Pte Ltd* | 49,449,500 | 26.05% |
| Serena Lee Chooi Li | 1,500,000 | 0.79% |
| Yeo Guat Kwang | 790,000 | 0.42% |
| *100% owned by Heng Jee Moi with a joint tenant with her grandson Foo Suay Lun. | ||
| Heng Jee Moi is the mother to Check Heng Foo | ||
Insider Pay
Compensation is a bit egregious, but the ratio of ownership value to compensation offers some protection for shareholders.
| Family Compensation | Low | High |
| Chek Heng Foo | 500,000 $ | 750,000 $ |
| Dalat Kositanon* | 150,000 $ | 199,999 $ |
| Foo Suay Lun | 100,000 $ | 149,999 $ |
| Heng Jee Moi | 50,000 $ | 99,999 $ |
| 800,000 $ | 1,199,997 $ | |
| Ownership Incentive (Value/Salary) | 10.1 | 6.7 |
| *Wife to Chek Heng Foo |
Other
| In Millions | 12/31/15 | 12/31/16 | 12/31/17 |
| Cash and Short-term Investments | 14.39 $ | 15.64 $ | 17.57 $ |
| (0.85 * Accounts Receivable) | 6.59 $ | 4.94 $ | 5.70 $ |
| (0.60 * Inventory) | – $ | – $ | – $ |
| (0.25 * Other Current) | – $ | – $ | – $ |
| Total Liabilities | 4.25 $ | 3.55 $ | 6.08 $ |
| Preferred Stock | – $ | – $ | – $ |
| NNWC | 16.74 $ | 17.03 $ | 17.19 $ |
| NCAV | 17.90 $ | 17.90 $ | 18.19 $ |
| NCAV + LT Investments | 17.93 $ | 17.93 $ | 18.22 $ |
| TBV | 18.03 $ | 18.02 $ | 18.58 $ |
| Enterprise Value | 58.23 $ | (4.24) $ | (5.18) $ |
| Retained Earnings | 13.98 $ | 14.45 $ | 14.95 $ |
| Dividends Paid | (0.38) $ | (0.28) $ | (0.19) $ |
| Sale or Purchase of Stock | 0.02 $ | (0.46) $ | – $ |
| Shares Outstanding | 196,279,000 | 189,979,000 | 189,423,497 |
| P / NNWC | 434% | 67% | 72% |
| P / NCAV | 406% | 64% | 68% |
| P / NCAV + LT Investments | 405% | 64% | 68% |
| P / TBV | 403% | 63% | 66% |
| NCAV Burn Rate | 4.4% | 0.0% | 1.6% |
| Debt / Equity | 0.0% | 0.0% | 0.4% |
| Sloan Accrual Ratio | 9.1% | -5.8% | -5.9% |
| F-Score | 5 | 7 | 5 |
| FS-Score | 5 | 8 | 6 |
| Z-Score | 13.0 | 4.7 | 3.7 |
| Beneish M-Score | (2.8) | ||
| EV / EBITDA | 45.46 | (4.96) | (5.79) |
| EV / Operating Income (5yr) | 9.20 | (0.81) | (0.89) |
| EV / Operating Income (10yr) | (0.52) | ||
| EV / FCF (3yr) | 26.96 | (0.77) | (1.80) |
| EV / FCF (5yr) | 14.73 | (1.09) | (0.85) |
| EV / FCF (10yr) | (0.48) | ||
| EBITDA (FY) | 1.28 $ | 0.85 $ | 0.90 $ |
| Operating Income (5yr) | 6.33 $ | 5.22 $ | 5.85 $ |
| Operating Income (10yr) | 9.88 $ | ||
| FCF (3yr) | 2.16 $ | 5.54 $ | 2.88 $ |
| FCF (5yr) | 3.95 $ | 3.88 $ | 6.07 $ |
| FCF (10yr) | 10.79 $ |
Write-Ups
The Secret Investors here
Disclosure: We own shares in Koyo International Ltd (5OC:SES).