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ISEC HEALTHCARE LTD. (40T) Fair Value & Analysis

Healthcare · SG · Market cap 181M SGD

IH ISEC HEALTHCARE LTD. 40T · SG
Price0.3100 SGD
Fair Value0.4400 SGD
Upside+41.9%
Quality57/100
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Expensive Growth
Solidly profitable · 16.4% net margin
Low debt · negative free cash flow
Ranks above peers (11/13)
Moderate moat 62/100
Evidence: High Range 0.3100 SGD – 0.5800 SGD Share as image

Fair value as of: Aug 13, 2026

From 16 valuation models · updated 4 days ago

A solid business, screening 42% undervalued on our models.

What matters now

  • Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (0.3100 SGD to 0.5800 SGD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

0.4389 SGD 0.2400 SGD Fair Value 0.4400 SGD Apr 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 0.2400 SGD – 0.4389 SGD · fair‑value band 0.3100 SGD – 0.5800 SGD · the 0.3100 SGD price screens below the 0.4400 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

ISEC HEALTHCARE LTD. (40T) currently trades at 0.3100 SGD, while our model-based Fair Value estimate is 0.4400 SGD, implying the stock looks roughly 41.9% undervalued today. The Quality Score stands at 57/100 (solid quality), in the Healthcare 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: high), always confirm before acting.

Over the trailing twelve months, ISEC HEALTHCARE LTD. generated revenue of 80.0M SGD at a net margin of 16.4%. Revenue grew 4.3% year over year. It earns a return on equity of 13.0%. The stock trades on a trailing P/E of 15.5. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.3100 SGD (bear case) to 0.5800 SGD (bull case); at 0.3100 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 16% below its 52-week high and 9% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -14% fair-value upside, at 42%, 40T screens cheaper 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
Residual Income 0.1500 SGD 0.1700 SGD 0.2600 SGD 76
ROIC Compounder 0.1900 SGD 0.2200 SGD 0.2700 SGD 72
Gordon GGM 0.0500 SGD 0.0800 SGD 0.1100 SGD 70
All 16 models by family
Earnings-Based
Graham-Dodd 0.1600 SGD 0.7100 SGD 0.9800 SGD 54
Lynch FV 0.1900 SGD 0.2700 SGD 0.3500 SGD 50
PEG = 1.0 0.1900 SGD 0.2700 SGD 0.3500 SGD 46
EPV 0.1800 SGD 0.2000 SGD 0.2200 SGD 59
Dividend Discount
Gordon GGM 0.0500 SGD 0.0800 SGD 0.1100 SGD 70
DDM Multi-Stage 0.0500 SGD 0.0800 SGD 0.0900 SGD 61
Multiples
P/E Multiple 0.3800 SGD 0.5100 SGD 0.6400 SGD 63
P/S Multiple 0.3000 SGD 0.3900 SGD 0.4900 SGD 58
P/B Multiple 0.3000 SGD 0.3900 SGD 0.4900 SGD 55
EV/EBIT 0.4100 SGD 0.5400 SGD 0.6700 SGD 53
EV/EBITDA 0.4300 SGD 0.5600 SGD 0.7000 SGD 54
EV/Revenue 0.2900 SGD 0.4100 SGD 0.5300 SGD 43
Asset-Based
NCAV (Graham) 0.0900 SGD 0.1200 SGD 0.1800 SGD 50
Economic Profit
Residual Income 0.1500 SGD 0.1700 SGD 0.2600 SGD 76
ROIC Compounder 0.1900 SGD 0.2200 SGD 0.2700 SGD 72
Growth Earnings
Growth-Adj P/E 0.3100 SGD 0.4400 SGD 0.5800 SGD 68

Widest divergence: Growth Earnings (0.4400 SGD) versus Dividend Discount (0.0800 SGD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 80.0M SGD
Revenue growth (YoY) +4.3%
Net margin 16.4%
Return on equity 13.0%
Free cash flow −640K SGD FY2025
P/E ratio 15.5
More key figures
Operating margin 20.0%
EPS (TTM) 0.0200 SGD
EPS growth (YoY) -8.1%

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

Quality Score breakdown

Overall quality 57/100

Of which business quality 57 · Market factors (momentum, volatility) 46

Profitability 52
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 40
Earnings quality: real cash, not paper profit
Fin. Strength 89
Balance sheet, leverage, solvency risk
Investment 36
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 25
Distance to the 52-week high (market factor)
Net Issuance 74
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

ISEC Healthcare Ltd., an investment holding company, provides medical care, consultancy, treatment, and surgery services in the field of ophthalmology in Singapore, Malaysia, and Myanmar. It operates in two segments, Specialised Health Services and General Health Services.

Full company description

ISEC Healthcare Ltd., an investment holding company, provides medical care, consultancy, treatment, and surgery services in the field of ophthalmology in Singapore, Malaysia, and Myanmar. It operates in two segments, Specialised Health Services and General Health Services. The company offers various services, including cataract and intraocular lens implant, refractive surgery, vitreous and retinal diseases, adult strabismus and paediatric ophthalmology, glaucoma diagnostics and therapeutics, medical retinal diseases, uveitis, optometry and orthoptics, oculoplastics, facial cosmetics, and aesthetic surgery, as well as cornea, external eye disease, and anterior segment. It also provides general medical and procedural treatment services; and operates eye care centers. The company was founded in 2007 and is headquartered in Singapore. ISEC Healthcare Ltd. operates as a subsidiary of Aier Eye International (Singapore) Pte. Ltd.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

ISEC HEALTHCARE LTD. reported revenue of 79.2M SGD in FY2025 versus 40.5M SGD in FY2021, a compound +18.3%/yr. Reported net income was 13.4M SGD in FY2025, compounding +18.0%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
79.2M SGD
Latest YoY
+6.8%
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.
+8.0%
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.
+16.9%
Avg. growth/yr (12Y) 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.
+13.4%
Revenue +18.3%/yr
FY21 40.5M SGD
FY22 63.0M SGD
FY23 70.0M SGD
FY24 74.2M SGD
FY25 79.2M SGD
Net income +18.0%/yr
FY21 6.9M SGD
FY22 12.5M SGD
FY23 13.0M SGD
FY24 12.8M SGD
FY25 13.4M SGD

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Cite: Fair Value Calculator (2026). "ISEC HEALTHCARE LTD. Fair Value". https://www.fairvalue-calculator.com/stock/40T

Peer Group

Medical Care Facilities · 267 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 57 · Above median
Fair Value upside +42% · Top 25%
Return on equity (TTM) 13% · Above median
Return on assets 8% · Top 25%
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 20% · Top 25%
Revenue growth 4% · Below median
Dividend yield (TTM) 2.2% · Above median
Debt / equity 0.16× · Lower than median

Valuation Multiples vs Medical Care Facilities median · lower = cheaper

P/E (TTM) 15.5× · Cheaper than median
P/B 1.39× · Cheaper than median
P/S (TTM) 1.78× · Pricier than median
EV/EBITDA 6.8× · Cheaper than median

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 89 · sector 27
FUTURE 22 · sector 23
PAST 52 · sector 29
HEALTH 92 · sector 90
DIVIDEND 44 · sector 41

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 Medical Care Facilities stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

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Frequently asked questions

Is ISEC HEALTHCARE LTD. (40T) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 0.4400 SGD versus a price of 0.3100 SGD, about +42% (undervalued).
What is the fair value of 40T?
Our model-based fair value for ISEC HEALTHCARE LTD. is 0.4400 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 0.3100 SGD.
What is the quality score of 40T?
ISEC HEALTHCARE LTD. has a Quality Score of 57/100. 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 ISEC HEALTHCARE LTD. (40T)?
ISEC HEALTHCARE LTD. reported trailing-twelve-month revenue of about 80.0M SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 40T?
The net profit margin of ISEC HEALTHCARE LTD. is about 16.4%, meaning it keeps roughly 16.4% 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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