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OLD CHANG KEE LTD. (5ML) Fair Value & Analysis

Consumer Cyclical · SG · Market cap 140M SGD

OC OLD CHANG KEE LTD. 5ML · SG
Price1.16 SGD
Fair Value1.73 SGD
Upside+49.1%
Quality70/100
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Healthy Growth
Thin margins · 9.2% net margin
Low debt · generates free cash flow
1.74% dividend yield
Ranks above peers (9/14)
Moderate moat 48/100
Evidence: High Range 1.30 SGD – 2.16 SGD Share as image

Fair value as of: Aug 13, 2026

From 25 valuation models · updated 4 days ago

Share price −1.7% over the past month.

A solid business, screening 49% undervalued on our models.

What matters now

  • The rarer combination: high quality (70/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (1.30 SGD). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

1.29 SGD 0.5484 SGD Fair Value 1.73 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 0.5484 SGD – 1.29 SGD · fair‑value band 1.30 SGD – 2.16 SGD · the 1.16 SGD price screens below the 1.73 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

OLD CHANG KEE LTD. (5ML) currently trades at 1.16 SGD, while our model-based Fair Value estimate is 1.73 SGD, implying the stock looks roughly 49.1% undervalued today. The Quality Score stands at 70/100 (solid quality), in the Consumer Cyclical 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, OLD CHANG KEE LTD. generated revenue of 103M SGD at a net margin of 9.2%. Revenue grew 2.8% year over year. It earns a return on equity of 15.7%. The stock trades on a trailing P/E of 14.5. Fundamentals as of Aug 13, 2026

Our scenario range runs from 1.30 SGD (bear case) to 2.16 SGD (bull case); at 1.16 SGD, the current price sits below 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 11% below its 52-week high and 16% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -51% fair-value upside, at 49%, 5ML 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
Growth DCF 1.84 SGD 2.18 SGD 2.56 SGD 80
Residual Income 0.4700 SGD 0.5600 SGD 1.01 SGD 76
Rev-Margin DCF 1.45 SGD 1.80 SGD 2.18 SGD 74
All 25 models by family
DCF Models
FCF DCF 1.82 SGD 2.20 SGD 2.63 SGD 38
Owner Earnings 1.85 SGD 2.24 SGD 2.68 SGD 31
5Y Revenue Exit 1.45 SGD 1.77 SGD 2.15 SGD 39
5Y EBITDA Exit 2.07 SGD 2.86 SGD 3.73 SGD 41
5Y P/E Exit 1.70 SGD 2.21 SGD 2.71 SGD 38
10Y Revenue Exit 1.59 SGD 1.88 SGD 2.21 SGD 36
10Y EBITDA Exit 1.94 SGD 2.51 SGD 3.18 SGD 37
10Y P/E Exit 1.74 SGD 2.14 SGD 2.56 SGD 35
Earnings-Based
Graham-Dodd 0.5400 SGD 1.18 SGD 1.50 SGD 54
PEG = 1.0 0.1900 SGD 0.2700 SGD 0.3500 SGD 46
EPV 1.18 SGD 1.27 SGD 1.34 SGD 59
Dividend Discount
Gordon GGM 0.1400 SGD 0.1900 SGD 0.2400 SGD 70
DDM Multi-Stage 0.1400 SGD 0.1800 SGD 0.2300 SGD 61
Multiples
P/E Multiple 1.30 SGD 1.73 SGD 2.16 SGD 63
P/S Multiple 0.7700 SGD 1.02 SGD 1.28 SGD 58
P/B Multiple 1.00 SGD 1.34 SGD 1.67 SGD 55
EV/EBIT 1.98 SGD 2.48 SGD 2.98 SGD 53
EV/EBITDA 2.55 SGD 3.24 SGD 3.94 SGD 54
EV/Revenue 1.19 SGD 1.50 SGD 1.81 SGD 43
Asset-Based
NCAV (Graham) 0.2600 SGD 0.3500 SGD 0.5300 SGD 50
Growth DCF
Growth DCF 1.84 SGD 2.18 SGD 2.56 SGD 80
Rev-Margin DCF 1.45 SGD 1.80 SGD 2.18 SGD 74
Economic Profit
Residual Income 0.4700 SGD 0.5600 SGD 1.01 SGD 76
ROIC Compounder 1.19 SGD 1.28 SGD 1.36 SGD 72
Growth Earnings
Growth-Adj P/E 0.9600 SGD 1.37 SGD 1.79 SGD 68

Widest divergence: DCF Models (2.20 SGD) versus Dividend Discount (0.1800 SGD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 103M SGD
Revenue growth (YoY) +2.8%
Net margin 9.2%
Return on equity 15.7%
Free cash flow 21.0M SGD FY2026
P/E ratio 14.5
More key figures
Operating margin 9.6%
EPS (TTM) 0.0800 SGD
Dividend yield 1.7%
EPS growth (YoY) -11.7%

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

Quality Score breakdown

Overall quality 70/100

Of which business quality 74 · Market factors (momentum, volatility) 59

Profitability 67
Margins and returns on capital today
Quality Growth 34
Are margins and returns improving?
Cashflow 88
Earnings quality: real cash, not paper profit
Fin. Strength 95
Balance sheet, leverage, solvency risk
Investment 57
Disciplined investing over empire-building
Low Volatility 93
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 48
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

Old Chang Kee Ltd., an investment holding company, engages in the manufacture and distribution of food products under the Old Chang Kee brand in Singapore, Australia, and Malaysia. The company offers traditional, seafood, and chicken products; and desserts and breakfast set products.

Full company description

Old Chang Kee Ltd., an investment holding company, engages in the manufacture and distribution of food products under the Old Chang Kee brand in Singapore, Australia, and Malaysia. The company offers traditional, seafood, and chicken products; and desserts and breakfast set products. It also operates retail food outlets; provides general trading and delivery, catering services and non-retail sales; and franchise rights to sell its products. In addition, the company operates Curry Times, a curry-themed restaurant; O' My Darling, a mobile kitchen food truck; and Dip'n'Go, a concept of food on the go. Old Chang Kee Ltd. was founded in 1956 and is headquartered in Singapore.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

OLD CHANG KEE LTD. reported revenue of 103M SGD in FY2026 versus 77.5M SGD in FY2022, a compound +7.5%/yr. Reported net income was 9.6M SGD in FY2026, compounding +13.9%/yr from FY2022.

Growth Quality 78/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
103M SGD
Latest YoY
+1.5%
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.
+4.8%
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.
+6.6%
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.
+3.4%
Revenue +7.5%/yr
FY22 77.5M SGD
FY23 89.8M SGD
FY24 101M SGD
FY25 102M SGD
FY26 103M SGD
Net income +13.9%/yr
FY22 5.7M SGD
FY23 6.2M SGD
FY24 9.7M SGD
FY25 11.3M SGD
FY26 9.6M SGD

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Cite: Fair Value Calculator (2026). "OLD CHANG KEE LTD. Fair Value". https://www.fairvalue-calculator.com/stock/5ML

Peer Group

Restaurants · 228 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 70 · Top 25%
Fair Value upside +48% · Top 25%
Return on equity (TTM) 16% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 9% · Top 25%
Operating margin (TTM) 10% · Top 25%
Revenue growth 3% · Below median
Dividend yield (TTM) 1.7% · Bottom 25%

Valuation Multiples vs Restaurants median · lower = cheaper

P/E (TTM) 14.5× · Cheaper than median
P/B 1.70× · Pricier than median
P/S (TTM) 1.06× · Pricier than median
P/FCF 5.2× · Pricier than median
EV/EBITDA 3.8× · 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 99 · sector 26
FUTURE 14 · sector 19
PAST 63 · sector 14
HEALTH 100 · sector 97
DIVIDEND 35 · sector 71

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

Stock Price Fair Value vs Fair Value
McDonald's Corporation MCDS C$24.01 C$10.84 -55%
Starbucks Corporation SBUX $108.49 $35.83 -67%
Chipotle Mexican Grill, Inc CMG $32.00 $17.92 -44%
Yum! Brands, Inc YUM $150.34 $58.17 -61%
Restaurant Brands International Inc QSR C$104.50 C$36.37 -65%
Darden Restaurants, Inc DRI $218.90 $173.68 -21%
Yum China Holdings YUMC $47.90 $54.27 +13%
Texas Roadhouse, Inc TXRH $214.28 $104.89 -51%
Dutch Bros Inc BROS $51.02 $12.80 -75%
Domino's Pizza, Inc DPZ $353.72 $227.31 -36%

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Frequently asked questions

Is OLD CHANG KEE LTD. (5ML) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 1.73 SGD versus a price of 1.16 SGD, about +49% (undervalued).
What is the fair value of 5ML?
Our model-based fair value for OLD CHANG KEE LTD. is 1.73 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 1.16 SGD.
What is the quality score of 5ML?
OLD CHANG KEE LTD. has a Quality Score of 70/100. 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 OLD CHANG KEE LTD. (5ML)?
OLD CHANG KEE LTD. reported trailing-twelve-month revenue of about 103M SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 5ML?
The net profit margin of OLD CHANG KEE LTD. is about 9.2%, meaning it keeps roughly 9.2% of revenue as net income. Based on the latest reported figures.
Does OLD CHANG KEE LTD. pay a dividend?
OLD CHANG KEE LTD. currently shows a dividend yield of about 1.74% relative to its recent price (as of Aug 13, 2026).

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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