HOR KEW CORPORATION LIMITED (BBP) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of HOR KEW CORPORATION LIMITED S$3.07, price S$1.23, upside +149.6%, quality 55 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Hor Kew Corporation Limited, an investment holding company, provides an integrated range of construction related products and services in Singapore. The company operates in Property Investment and Development and Prefabrication segments.
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Hor Kew Corporation Limited, an investment holding company, provides an integrated range of construction related products and services in Singapore. The company operates in Property Investment and Development and Prefabrication segments. The Property Investment and Development segment is involved in the development, sale, and leasing of residential, commercial, and industrial properties. The Prefabrication segment designs, manufactures, and sells prestressed and reinforced concrete building components, as well as prefabricated architectural metal components. It also rents machinery. Hor Kew Corporation Limited was founded in 1979 and is based in Singapore.
Stock analysis
HOR KEW CORPORATION LIMITED (BBP) currently trades at 1.23 SGD, while our model-based Fair Value estimate is 3.07 SGD, implying the stock looks roughly 59.9% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 3.93 SGD per share, and 19 of the 22 models we run sit above the 1.23 SGD price.
Bear case: the Asset-Based group reads lowest at 1.27 SGD, and 3 of the 22 models stay below the price. Evidence for this calculation is low.
Scenario range: 2.16 SGD (bear) to 4.70 SGD (bull), the price of 1.23 SGD sits below 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 55/100 (solid quality), in the Industrials sector.
Mixed Growth: Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
HOR KEW CORPORATION LIMITED reported revenue of 69.4M SGD in FY2025 versus 56.8M SGD in FY2021, a compound +5.1%/yr. Reported net income was 12.9M SGD in FY2025, compounding +33.8%/yr from FY2021.
Key figures
Market cap 64.0M SGD (≈ $50.0M) · P/E ratio 4.9 · P/S ratio 0.91 · EPS (TTM) 0.2500 SGD · Dividend yield 1.2% · Net margin 18.5% · Return on equity 13.9% · Return on assets (EBIT) 6.2%.
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 16% below its 52-week high and 19% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −34% fair-value upside, at 150%, BBP screens cheaper than that median.
Fair Value models
Bear 2.16 SGDFair Value 3.07 SGDBull 4.70 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 (0.1771 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.55/100
Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
What shareholders gained per year (last 5 years) ⓘ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. Basis: EBIT basis.
≈ +25.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+24.5%
Dividend (yield on the price)1.2%
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.5% → 11%
⚠ Rate on operating basis: 2025 sits 74% above its own trend.
Growth Forecast
Little optimism in the price
The price assumes less growth than 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).
−14.1%
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 −15.8% a year for the price.
Compare HOR KEW CORPORATION LIMITED with another stock
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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.Engineering & Construction · 785 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside+149.6% · Top 25%
Profitability
Return on equity (TTM)13.9% · Above median
Return on assets4.6% · Above median
Net margin (TTM)18.5% · Top 25%
Operating margin (TTM)22.4% · Top 25%
Growth and dividend
Revenue growth−24.5% · Bottom 25%
Dividend yield (TTM)1.2% · Below median
Balance sheet
Debt / equity0.74× · Highest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
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Is HOR KEW CORPORATION LIMITED (BBP) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 3.07 SGD versus a price of 1.23 SGD, about +150% upside (undervalued).
What is the fair value of BBP?
Our model-based fair value for HOR KEW CORPORATION LIMITED is 3.07 SGD (as of Sep 27, 2026), built from audited fundamentals. The current price: 1.23 SGD.
What is the quality score of BBP?
HOR KEW CORPORATION LIMITED has a Quality Score of 55/100. 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 HOR KEW CORPORATION LIMITED (BBP)?
Our model-based price target is the fair value of 3.07 SGD (as of Sep 27, 2026) from 22 valuation models. Cautious scenario 2.16 SGD, optimistic scenario 4.70 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the HOR KEW CORPORATION LIMITED stock forecast for 2026?
Our models put fair value at 3.07 SGD, about +150% upside versus a price of 1.23 SGD (undervalued). Cautious scenario 2.16 SGD, optimistic scenario 4.70 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of HOR KEW CORPORATION LIMITED (BBP)?
HOR KEW CORPORATION LIMITED reported trailing-twelve-month revenue of about 69.4M SGD (latest available figure, as of Sep 27, 2026).
Does HOR KEW CORPORATION LIMITED pay a dividend?
HOR KEW CORPORATION LIMITED currently shows a dividend yield of about 1.22% relative to its recent price (as of Sep 27, 2026).
What growth is priced into HOR KEW CORPORATION LIMITED (BBP)?
For today's price to be fair in a discounted-cash-flow model, HOR KEW CORPORATION LIMITED would have to grow free cash flow by -14.1 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.0 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of BBP use?
Our models discount HOR KEW CORPORATION LIMITED at 8.3 %: a base by market capitalisation (nano), damped by beta 0.09, 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 HOR KEW CORPORATION LIMITED that is -14.1 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has HOR KEW CORPORATION LIMITED (BBP) delivered so far?
Over the past 5 years revenue at HOR KEW CORPORATION LIMITED grew +7.0 % a year. The price currently implies -14.1 % 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 HOR KEW CORPORATION LIMITED (BBP) growing?
The median revenue growth in the sector is +6.3 % a year. That is the yardstick for the growth priced into HOR KEW CORPORATION LIMITED (-14.1 % 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 HOR KEW CORPORATION LIMITED (BBP)?
The free-cash-flow yield on the price is 28.79 %: that much free cash flow HOR KEW CORPORATION LIMITED produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of HOR KEW CORPORATION LIMITED (BBP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For HOR KEW CORPORATION LIMITED it is 3.07 SGD per share (as of Sep 27, 2026), against a price of 1.23 SGD. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is HOR KEW CORPORATION LIMITED stock overvalued or undervalued in 2026?
As of Sep 27, 2026, BBP trades below its calculated fair value: price 1.23 SGD, fair value 3.07 SGD, a gap of about +150% (undervalued). 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 BBP?
No. The price is what the market pays today (1.23 SGD); the fair value is what the company's own numbers justify (3.07 SGD). For HOR KEW CORPORATION LIMITED the two are 1.84 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is HOR KEW CORPORATION LIMITED worth?
The market values HOR KEW CORPORATION LIMITED at about 64.0M SGD (market capitalisation, as of Sep 27, 2026). Per share that is 1.23 SGD; our models calculate a fair value of 3.07 SGD per share.
What do the bullish and bearish scenarios say about BBP?
Our models span a range for HOR KEW CORPORATION LIMITED: cautious scenario 2.16 SGD, base 3.07 SGD, optimistic 4.70 SGD per share (as of Sep 27, 2026, price 1.23 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BBP?
HOR KEW CORPORATION LIMITED trades at a price-to-earnings ratio of 4.9 (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 3.07 SGD is built from several models across several years. Other multiples: P/B 0.5, P/S 0.7, EV/EBITDA 5.9.
How solid is the balance sheet of HOR KEW CORPORATION LIMITED (BBP)?
Balance-sheet figures for HOR KEW CORPORATION LIMITED (as of Sep 27, 2026): return on equity 13.9%, debt of 0.74 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is BBP from its 52-week high?
HOR KEW CORPORATION LIMITED trades at 1.23 SGD, about 16% below its 52-week high of 1.46 SGD and 19% above the low of 1.03 SGD (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of 3.07 SGD is for.
Which stocks are comparable to HOR KEW CORPORATION LIMITED?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 HOR KEW CORPORATION LIMITED stock attractive at the current price?
The data as of Sep 27, 2026: price 1.23 SGD, calculated fair value 3.07 SGD (+150%), Quality Score 55/100, from 22 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 BBP calculated?
We run HOR KEW CORPORATION LIMITED through 22 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 3.07 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. HOR KEW CORPORATION LIMITED currently trades 60 % below its own fair value, and the market average says nothing about that. 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 HOR KEW CORPORATION LIMITED (BBP)?
The closing price on Oct 1, 2026 was 1.23 SGD. Our model-based fair value is 3.07 SGD, about +150% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with HOR KEW CORPORATION LIMITED right now?
The price is below even our cautious bear case (2.16 SGD). The market is more pessimistic than our downside scenario. 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 quality (55/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (2.16 SGD to 4.70 SGD) leaves room in how you read the outcome.
Key figures of HOR KEW CORPORATION LIMITED
How large is the market capitalisation of HOR KEW CORPORATION LIMITED (BBP)?
The market capitalisation of HOR KEW CORPORATION LIMITED is 64.0M SGD (≈ $50.0M). 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 HOR KEW CORPORATION LIMITED (BBP)?
The price-to-sales ratio of HOR KEW CORPORATION LIMITED is 0.91 (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 HOR KEW CORPORATION LIMITED (BBP)?
Earnings per share at HOR KEW CORPORATION LIMITED are 0.2500 SGD (price ÷ EPS = P/E 4.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of HOR KEW CORPORATION LIMITED (BBP)?
The dividend yield of HOR KEW CORPORATION LIMITED is 1.2% (payout 6.0%). 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 HOR KEW CORPORATION LIMITED (BBP)?
The net margin of HOR KEW CORPORATION LIMITED is 18.5% (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 HOR KEW CORPORATION LIMITED (BBP)?
The return on equity (ROE) of HOR KEW CORPORATION LIMITED is 13.9% (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 HOR KEW CORPORATION LIMITED (BBP)?
On an EBIT basis the return on assets of HOR KEW CORPORATION LIMITED is 6.2% (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 HOR KEW CORPORATION LIMITED (BBP)?
The operating margin of HOR KEW CORPORATION LIMITED is 22.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at HOR KEW CORPORATION LIMITED (BBP)?
Revenue at HOR KEW CORPORATION LIMITED is growing −24.5% versus a year earlier (3y avg −3.2%). 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 HOR KEW CORPORATION LIMITED (BBP)?
Earnings per share at HOR KEW CORPORATION LIMITED are growing −19.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does HOR KEW CORPORATION LIMITED (BBP) carry?
The net debt of HOR KEW CORPORATION LIMITED is 74.2M SGD (fiscal year 2025, ≈ 4.0 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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