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EMERGING TOWNS&CITIES SING LTD (1C0) Fair Value & Analysis

Real Estate · SG · Market cap 38.8M SGD

ET EMERGING TOWNS&CITIES SING LTD 1C0 · SG
Price0.0150 SGD
Fair Value0.0158 SGD
Upside+5.3%
Quality81/100
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Weak Growth
Solidly profitable · 18.9% net margin
Moderate debt · generates free cash flow
Mixed vs. peers (7/12)
Wide moat 66/100
Evidence: Medium Range 0.0143 SGD – 0.0248 SGD Share as image

Fair value as of: Aug 13, 2026

From 13 valuation models · updated 4 days ago

Fair value updated Aug 13, 2026, revised from 0.0175 SGD to 0.0158 SGD (−9.8%) since Aug 8, 2026. Share price −6.3% over the past month.

A strong business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

0.0340 SGD 0.0140 SGD Fair Value 0.0158 SGD May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 0.0140 SGD – 0.0340 SGD · fair‑value band 0.0143 SGD – 0.0248 SGD · the 0.0150 SGD price screens below the 0.0158 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

EMERGING TOWNS&CITIES SING LTD (1C0) currently trades at 0.0150 SGD, while our model-based Fair Value estimate is 0.0158 SGD, implying the stock looks roughly 5.3% fairly valued today. The Quality Score stands at 81/100 (high quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, EMERGING TOWNS&CITIES SING LTD generated revenue of 23.6M SGD at a net margin of 18.9%. It earns a return on equity of 119.4%. Net debt stands at 41.6M SGD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.0143 SGD (bear case) to 0.0248 SGD (bull case); at 0.0150 SGD, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 67% below its 52-week high, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 15% fair-value upside, at 5%, 1C0 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF 0.0300 SGD 0.0400 SGD 0.0500 SGD 80
Rev-Margin DCF 0.0200 SGD 0.0300 SGD 0.0400 SGD 74
Residual Income 0.0100 SGD 0.0100 SGD 0.0900 SGD 61
All 13 models by family
DCF Models
FCF DCF 0.0300 SGD 0.0400 SGD 0.0500 SGD 38
5Y Revenue Exit 0.0200 SGD 0.0300 SGD 0.0400 SGD 39
5Y EBITDA Exit 0.0300 SGD 0.0400 SGD 0.0600 SGD 41
10Y Revenue Exit 0.0200 SGD 0.0300 SGD 0.0400 SGD 36
10Y EBITDA Exit 0.0300 SGD 0.0400 SGD 0.0600 SGD 37
Multiples
P/S Multiple 0.0200 SGD 0.0200 SGD 0.0300 SGD 58
P/B Multiple — 0.0100 SGD 0.0100 SGD 55
EV/EBIT 0.0300 SGD 0.0400 SGD 0.0500 SGD 53
EV/EBITDA 0.0300 SGD 0.0400 SGD 0.0500 SGD 54
EV/Revenue 0.0200 SGD 0.0200 SGD 0.0300 SGD 43
Growth DCF
Growth DCF 0.0300 SGD 0.0400 SGD 0.0500 SGD 80
Rev-Margin DCF 0.0200 SGD 0.0300 SGD 0.0400 SGD 74
Economic Profit
Residual Income 0.0100 SGD 0.0100 SGD 0.0900 SGD 61

Widest divergence: DCF Models (0.0400 SGD) versus Economic Profit (0.0100 SGD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 23.6M SGD
Revenue growth (YoY) +310%
Net margin 18.9%
Return on equity 119%
Free cash flow 5.7M SGD FY2025
Operating margin -14.2%
More key figures
EPS growth (YoY) -88.0%
Net debt 41.6M SGD FY2023

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 81/100

Of which business quality 81 · Market factors (momentum, volatility) 18

Profitability 80
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 95
Earnings quality: real cash, not paper profit
Fin. Strength 77
Balance sheet, leverage, solvency risk
Investment 94
Disciplined investing over empire-building
Low Volatility 54
Calm price path (market factor)
Momentum 3
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Emerging Towns & Cities Singapore Ltd., an investment holding company, engages in the real estate business in Myanmar. The company develops and sells residential and commercial properties. It is also involved in property rental activities. Emerging Towns & Cities Singapore Ltd. was formerly known as Cedar Strategic Holdings Ltd.

Full company description

Emerging Towns & Cities Singapore Ltd., an investment holding company, engages in the real estate business in Myanmar. The company develops and sells residential and commercial properties. It is also involved in property rental activities. Emerging Towns & Cities Singapore Ltd. was formerly known as Cedar Strategic Holdings Ltd. and changed its name to Emerging Towns & Cities Singapore Ltd. in February 2017. The company was incorporated in 1980 and is based in Singapore.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

EMERGING TOWNS&CITIES SING LTD reported revenue of 20.2M SGD in FY2025 versus 9.4M SGD in FY2021, a compound +21.3%/yr. Reported net income was 2.7M SGD in FY2025.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
20.2M SGD
Latest YoY
+48.0%
Avg. growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.5%
Avg. growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−6.2%
Avg. growth/yr (10Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+14.5%
Revenue +21.3%/yr
FY21 9.4M SGD
FY22 18.2M SGD
FY23 0 SGD
FY24 13.7M SGD
FY25 20.2M SGD
Net income
FY21 −13.4M SGD
FY22 −21.1M SGD
FY23 −11.6M SGD
FY24 −54.9M SGD
FY25 2.7M SGD

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EMERGING TOWNS&CITIES SING LTD · Fair Value
0.0158 SGD +5%Fair Value
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Cite: Fair Value Calculator (2026). "EMERGING TOWNS&CITIES SING LTD Fair Value". https://www.fairvalue-calculator.com/stock/1C0

Peer Group

Real Estate - Development · 590 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 83 · Top 25%
Fair Value upside +33% · Above median
Return on equity (TTM) 119% · Top 25%
Return on assets 23% · Top 25%
Net margin (TTM) 19% · Top 25%
Operating margin (TTM) -14% · Bottom 25%
Revenue growth 310% · Top 25%
Debt / equity 0.60× · Higher than median

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/B 4.48× · Pricier than 75% of peers
P/S (TTM) 1.29× · Pricier than median
P/FCF 5.3× · Pricier than 75% of peers
EV/EBITDA 3.4× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 78 · sector 48
FUTURE 100 · sector 0
PAST 100 · sector 9
HEALTH 70 · sector 85
DIVIDEND 0 · sector 58

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
DLF Limited DLF ₹661.75 ₹146.13 -78%
Lodha Developers Limited LODHA ₹1,209 ₹583.43 -52%
PT Pantai Indah Kapuk Dua Tbk, PANI 6,050 IDR 1,330 IDR -78%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Bumi Serpong Damai Tbk, BSDE 595.00 IDR 1,488 IDR +150%
PT Sentul City Tbk, BKSL 73.00 IDR 84.16 IDR +15%
PT Ciputra Development Tbk, CTRA 610.00 IDR 1,525 IDR +150%
PT Duta Pertiwi Tbk DUTI 4,300 IDR 6,239 IDR +45%
PT Puradelta Lestari Tbk DMAS 147.00 IDR 164.33 IDR +12%
Phat Dat Real Estate Development Corporation PDR 12,100 VND 4,943 VND -59%

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Frequently asked questions

Is EMERGING TOWNS&CITIES SING LTD (1C0) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 0.0158 SGD versus a price of 0.0150 SGD, about +5% (fairly valued).
What is the fair value of 1C0?
Our model-based fair value for EMERGING TOWNS&CITIES SING LTD is 0.0158 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 0.0150 SGD.
What is the quality score of 1C0?
EMERGING TOWNS&CITIES SING LTD has a Quality Score of 81/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of EMERGING TOWNS&CITIES SING LTD (1C0)?
EMERGING TOWNS&CITIES SING LTD reported trailing-twelve-month revenue of about 23.6M SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 1C0?
The net profit margin of EMERGING TOWNS&CITIES SING LTD is about 18.9%, meaning it keeps roughly 18.9% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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