HIAP HOE LIMITED (5JK) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of HIAP HOE LIMITED S$0.38, price S$0.56, upside -31.5%, quality 60 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Hiap Hoe Limited, an investment holding company, engages in the development of portfolio of hospitality, retail, commercial, and residential assets in Australia, the United Kingdom, and Singapore. The company operates through four segments: Rental Income; Leisure Business; Hotel Operations, and Other Investments.
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Hiap Hoe Limited, an investment holding company, engages in the development of portfolio of hospitality, retail, commercial, and residential assets in Australia, the United Kingdom, and Singapore. The company operates through four segments: Rental Income; Leisure Business; Hotel Operations, and Other Investments. The Rental segment engages in the business of renting space under the investment properties, as well as plant and equipment. The Leisure segment provides leisure and recreational facilities, including bowling, billiard, and amusement centers under the SuperBowl brand name. The Hotel Operations segment operates hotels under the Aloft Singapore Novena, Holiday Inn Express Trafford City, Aloft Perth, and Great Eastern Motor Lodge brand names. The Other Investments segment holds a portfolio of quoted and unquoted investments. It is also involved in the development of luxury and mid-tier residential, and hotel-cum-commercial properties. The company was incorporated in 1994 and is based in Singapore. Hiap Hoe Limited is a subsidiary of Hiap Hoe Holdings Pte Ltd.
Stock analysis
HIAP HOE LIMITED (5JK) currently trades at 0.5550 SGD, while our model-based Fair Value estimate is 0.3800 SGD, 31.5% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 1.10 SGD per share, and 4 of the 11 models we run sit above the 0.5550 SGD price.
Bear case: the Dividend Discount group reads lowest at 0.0700 SGD, and 7 of the 11 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.3800 SGD (bear) to 0.9300 SGD (bull), the price of 0.5550 SGD sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
HIAP HOE LIMITED reported revenue of 135M SGD in FY2025 versus 93.7M SGD in FY2021, a compound +9.6%/yr. Reported net income was 30.4M SGD in FY2025, compounding +9.4%/yr from FY2021.
Key figures
Market cap 261M SGD (≈ $204M) · P/E ratio 6.2 · P/S ratio 1.39 · EPS (TTM) 0.0900 SGD · Dividend yield 2.3% · Net margin 22.5% · Return on equity 5.7% · Return on assets (EBIT) 0.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −28% fair-value upside, at −32%, 5JK screens richer than that median.
Fair Value models
Bear 0.3800 SGDFair Value 0.3800 SGDBull 0.9300 SGD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.0580 SGD per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.89/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+7.7%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+4.2%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+11.2%
Start year 2020 (pandemic). Over 10 years: +2.3% a year
Revenue growth 12 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−4.7%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+6.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.6%
Dividend (yield on the price)2.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.7.0% vs −3.9%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−15% → 8%
2025 sits 362% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 5.6%/yr over ~7Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+13.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about +11.0% a year for the price.
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Lodging · 158 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside−31.5% · Below median
Profitability
Return on equity (TTM)5.7% · Above median
Return on assets0.5% · Below median
Net margin (TTM)30.4% · Top 25%
Operating margin (TTM)6.2% · Below median
Growth and dividend
Revenue growth5.3% · Below median
Dividend yield (TTM)2.3% · Above median
Balance sheet
Debt / equity0.79× · Highest 25%
Valuation Multiplesvs Lodging median · lower = cheaper
P/E (TTM)6.2× · Cheapest 25%
P/B0.35× · Cheapest 25%
P/S (TTM)1.89× · Pricier than median
P/FCF6.8× · Cheaper than median
EV/EBITDA18.7× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 21
FUTURE (revenue growth)27· sector 29
PAST (return on equity)23· sector 13
HEALTH (low debt)61· sector 89
DIVIDEND (yield)47· sector 30
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is HIAP HOE LIMITED (5JK) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 0.3800 SGD versus a price of 0.5550 SGD, about −32% upside (overvalued).
What is the fair value of 5JK?
Our model-based fair value for HIAP HOE LIMITED is 0.3800 SGD (as of Sep 27, 2026), built from audited fundamentals. The current price: 0.5550 SGD.
What is the quality score of 5JK?
HIAP HOE LIMITED has a Quality Score of 60/100. 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 price target for HIAP HOE LIMITED (5JK)?
Our model-based price target is the fair value of 0.3800 SGD (as of Sep 27, 2026) from 11 valuation models. Cautious scenario 0.3800 SGD, optimistic scenario 0.9300 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the HIAP HOE LIMITED stock forecast for 2026?
Our models put fair value at 0.3800 SGD, about −32% upside versus a price of 0.5550 SGD (overvalued). Cautious scenario 0.3800 SGD, optimistic scenario 0.9300 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of HIAP HOE LIMITED (5JK)?
HIAP HOE LIMITED reported trailing-twelve-month revenue of about 138M SGD (latest available figure, as of Sep 27, 2026).
Does HIAP HOE LIMITED pay a dividend?
HIAP HOE LIMITED currently shows a dividend yield of about 2.34% relative to its recent price (as of Sep 27, 2026).
What growth is priced into HIAP HOE LIMITED (5JK)?
For today's price to be fair in a discounted-cash-flow model, HIAP HOE LIMITED would have to grow free cash flow by +13.3 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.2 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 5JK use?
Our models discount HIAP HOE LIMITED at 11.0 %: a base by market capitalisation (micro), damped by beta 0.32, country premium for Singapore. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For HIAP HOE LIMITED that is +13.3 % per year a year over ten years, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has HIAP HOE LIMITED (5JK) delivered so far?
Over the past 5 years revenue at HIAP HOE LIMITED grew +11.2 % a year. The price currently implies +13.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of HIAP HOE LIMITED (5JK) growing?
The median revenue growth in the sector is +2.0 % a year. That is the yardstick for the growth priced into HIAP HOE LIMITED (+13.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of HIAP HOE LIMITED (5JK)?
The free-cash-flow yield on the price is 14.67 %: that much free cash flow HIAP HOE LIMITED produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of HIAP HOE LIMITED (5JK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For HIAP HOE LIMITED it is 0.3800 SGD per share (as of Sep 27, 2026), against a price of 0.5550 SGD. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is HIAP HOE LIMITED stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 5JK trades above its calculated fair value: price 0.5550 SGD, fair value 0.3800 SGD, a gap of about −32% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 5JK?
No. The price is what the market pays today (0.5550 SGD); the fair value is what the company's own numbers justify (0.3800 SGD). For HIAP HOE LIMITED the two are 0.1750 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is HIAP HOE LIMITED worth?
The market values HIAP HOE LIMITED at about 261M SGD (market capitalisation, as of Sep 27, 2026). Per share that is 0.5550 SGD; our models calculate a fair value of 0.3800 SGD per share.
What do the bullish and bearish scenarios say about 5JK?
Our models span a range for HIAP HOE LIMITED: cautious scenario 0.3800 SGD, base 0.3800 SGD, optimistic 0.9300 SGD per share (as of Sep 27, 2026, price 0.5550 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5JK?
HIAP HOE LIMITED trades at a price-to-earnings ratio of 6.2 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.3800 SGD is built from several models across several years. Other multiples: P/B 0.4, P/S 1.9, EV/EBITDA 18.7.
How solid is the balance sheet of HIAP HOE LIMITED (5JK)?
Balance-sheet figures for HIAP HOE LIMITED (as of Sep 27, 2026): return on equity 5.7%, debt of 0.79 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is 5JK from its 52-week high?
HIAP HOE LIMITED trades at 0.5550 SGD, about 25% below its 52-week high of 0.7389 SGD and 7% above the low of 0.5172 SGD (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of 0.3800 SGD is for.
Which stocks are comparable to HIAP HOE LIMITED?
From the same area (Consumer Cyclical) we also value Marriott International, Inc, Hilton Worldwide Holdings, InterContinental Hotels Group, Hyatt Hotels Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is HIAP HOE LIMITED stock attractive at the current price?
The data as of Sep 27, 2026: price 0.5550 SGD, calculated fair value 0.3800 SGD (−32%), Quality Score 60/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 5JK calculated?
We run HIAP HOE LIMITED through 11 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 0.3800 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. HIAP HOE LIMITED itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of HIAP HOE LIMITED (5JK)?
The closing price on Oct 1, 2026 was 0.5550 SGD. Our model-based fair value is 0.3800 SGD, about −32% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with HIAP HOE LIMITED right now?
The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (0.3800 SGD to 0.9300 SGD) leaves room in how you read the outcome.
Key figures of HIAP HOE LIMITED
How large is the market capitalisation of HIAP HOE LIMITED (5JK)?
The market capitalisation of HIAP HOE LIMITED is 261M SGD (≈ $204M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of HIAP HOE LIMITED (5JK)?
The price-to-sales ratio of HIAP HOE LIMITED is 1.39 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of HIAP HOE LIMITED (5JK)?
Earnings per share at HIAP HOE LIMITED are 0.0900 SGD (price ÷ EPS = P/E 6.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of HIAP HOE LIMITED (5JK)?
The dividend yield of HIAP HOE LIMITED is 2.3% (payout 14.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of HIAP HOE LIMITED (5JK)?
The net margin of HIAP HOE LIMITED is 22.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of HIAP HOE LIMITED (5JK)?
The return on equity (ROE) of HIAP HOE LIMITED is 5.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of HIAP HOE LIMITED (5JK)?
On an EBIT basis the return on assets of HIAP HOE LIMITED is 0.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of HIAP HOE LIMITED (5JK)?
The operating margin of HIAP HOE LIMITED is 6.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at HIAP HOE LIMITED (5JK)?
Revenue at HIAP HOE LIMITED is growing +5.3% versus a year earlier (3y avg +4.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at HIAP HOE LIMITED (5JK)?
Earnings per share at HIAP HOE LIMITED are growing +218% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does HIAP HOE LIMITED (5JK) carry?
The net debt of HIAP HOE LIMITED is 817M SGD (fiscal year 2025, ≈ 21.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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