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HOR KEW CORPORATION LIMITED (BBP) Fair Value & Analysis

Industrials · SG · Market cap 53.6M SGD

HK HOR KEW CORPORATION LIMITED BBP · SG
Price1.33 SGD
Fair Value2.49 SGD
Upside+87.2%
Quality55/100
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Mixed Growth
Solidly profitable · 18.5% net margin
Moderate debt · generates free cash flow
1.40% dividend yield
Ranks above peers (9/14)
Moderate moat 63/100
Evidence: High Range 1.69 SGD – 3.43 SGD Share as image

Fair value as of: Aug 13, 2026

From 20 valuation models · updated 4 days ago

Share price +17.7% over the past month.

A solid business, screening 87% undervalued on our models.

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What matters now

  • The price is below even our cautious bear case (1.69 SGD). The market is more pessimistic than our downside scenario.
  • 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 (1.69 SGD to 3.43 SGD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

1.46 SGD 0.1703 SGD Fair Value 2.49 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 0.1703 SGD – 1.46 SGD · fair‑value band 1.69 SGD – 3.43 SGD · the 1.33 SGD price screens below the 2.49 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

HOR KEW CORPORATION LIMITED (BBP) currently trades at 1.33 SGD, while our model-based Fair Value estimate is 2.49 SGD, implying the stock looks roughly 87.2% undervalued today. The Quality Score stands at 55/100 (solid quality), in the Industrials 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, HOR KEW CORPORATION LIMITED generated revenue of 69.4M SGD at a net margin of 18.5%. Revenue declined 24.5% year over year. It earns a return on equity of 13.9%. Net debt stands at 74.2M SGD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 1.69 SGD (bear case) to 3.43 SGD (bull case); at 1.33 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 9% below its 52-week high and 44% 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 87%, BBP 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 1.38 SGD 2.00 SGD 2.93 SGD 80
Residual Income 1.62 SGD 1.82 SGD 2.71 SGD 76
Rev-Margin DCF 0.6300 SGD 1.26 SGD 2.06 SGD 74
All 20 models by family
DCF Models
FCF DCF 1.32 SGD 1.98 SGD 3.05 SGD 38
Owner Earnings 1.17 SGD 1.80 SGD 2.81 SGD 31
5Y Revenue Exit 0.6300 SGD 1.18 SGD 1.99 SGD 39
5Y EBITDA Exit 1.26 SGD 2.28 SGD 3.63 SGD 41
5Y P/E Exit 1.73 SGD 3.08 SGD 4.70 SGD 38
10Y Revenue Exit 0.9200 SGD 1.31 SGD 1.71 SGD 36
10Y EBITDA Exit 1.27 SGD 1.90 SGD 2.54 SGD 37
10Y P/E Exit 1.51 SGD 2.32 SGD 3.07 SGD 35
Earnings-Based
Graham-Dodd 1.68 SGD 2.06 SGD 2.31 SGD 54
Multiples
P/E Multiple 3.90 SGD 5.19 SGD 6.49 SGD 63
P/S Multiple 2.00 SGD 2.67 SGD 3.33 SGD 58
P/B Multiple 3.15 SGD 4.20 SGD 5.26 SGD 55
EV/EBIT 0.6600 SGD 1.29 SGD 1.92 SGD 53
EV/EBITDA 1.63 SGD 2.58 SGD 3.54 SGD 54
EV/Revenue 0.1100 SGD 0.7000 SGD 1.28 SGD 43
Asset-Based
NCAV (Graham) 0.9500 SGD 1.27 SGD 1.89 SGD 50
Growth DCF
Growth DCF 1.38 SGD 2.00 SGD 2.93 SGD 80
Rev-Margin DCF 0.6300 SGD 1.26 SGD 2.06 SGD 74
Economic Profit
Residual Income 1.62 SGD 1.82 SGD 2.71 SGD 76
Growth Earnings
Growth-Adj P/E 2.75 SGD 3.93 SGD 5.11 SGD 68

Widest divergence: Growth Earnings (3.93 SGD) versus Growth DCF (1.26 SGD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 69.4M SGD
Revenue growth (YoY) -24.5%
Net margin 18.5%
Return on equity 13.9%
Free cash flow 18.4M SGD FY2025
P/E ratio 5.3
More key figures
Operating margin 22.4%
EPS (TTM) 0.2500 SGD
Dividend yield 1.4%
EPS growth (YoY) -19.4%
Net debt 74.2M SGD FY2025

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

Quality Score breakdown

Overall quality 55/100

Of which business quality 53 · Market factors (momentum, volatility) 56

Profitability 41
Margins and returns on capital today
Quality Growth 20
Are margins and returns improving?
Cashflow 91
Earnings quality: real cash, not paper profit
Fin. Strength 30
Balance sheet, leverage, solvency risk
Investment 53
Disciplined investing over empire-building
Low Volatility 71
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 62
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

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.

Full company description

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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

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.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
69.4M SGD
Latest YoY
−16.2%
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.
−3.2%
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.
+7.0%
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.
−6.0%
Revenue +5.1%/yr
FY21 56.8M SGD
FY22 76.5M SGD
FY23 105M SGD
FY24 82.9M SGD
FY25 69.4M SGD
Net income +33.8%/yr
FY21 4.0M SGD
FY22 1.7M SGD
FY23 7.4M SGD
FY24 13.7M SGD
FY25 12.9M SGD

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HOR KEW CORPORATION LIMITED · Fair Value
2.49 SGD +87%Fair Value
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Cite: Fair Value Calculator (2026). "HOR KEW CORPORATION LIMITED Fair Value". https://www.fairvalue-calculator.com/stock/BBP

Peer Group

Engineering & Construction · 838 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 55 · Above median
Fair Value upside +87% · Top 25%
Return on equity (TTM) 14% · Above median
Return on assets 5% · Above median
Net margin (TTM) 19% · Top 25%
Operating margin (TTM) 22% · Top 25%
Revenue growth -25% · Bottom 25%
Dividend yield (TTM) 1.4% · Below median
Debt / equity 0.74× · Higher than 75% of peers

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 5.3× · Cheaper than 75% of peers
P/B 0.43× · Cheaper than 75% of peers
P/S (TTM) 0.60× · Pricier than median
P/FCF 2.3× · Pricier than median
EV/EBITDA 5.5× · 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 100 · sector 15
FUTURE 0 · sector 14
PAST 56 · sector 26
HEALTH 63 · sector 94
DIVIDEND 28 · sector 43

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

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹4,020 ₹1,994 -50%
Samsung C&T Corporation 028260 357,500 KRW 261,411 KRW -27%
Hyundai Engineering & Construction Co 000720 113,700 KRW 61,453 KRW -46%
Samsung E&A Co 028050 49,300 KRW 43,624 KRW -12%
Rail Vikas Nigam Limited RVNL ₹228.50 ₹48.92 -79%
Daewoo Engineering & Construction Co 047040 18,400 KRW 6,507 KRW -65%
KEPCO Engineering & Construction Company 052690 99,800 KRW 19,346 KRW -81%
GS Engineering & Construction Corporation 006360 35,200 KRW 23,135 KRW -34%
DL E&C Co 375500 73,500 KRW 148,433 KRW +102%
KEPCO Plant Service & Engineering Co 051600 46,350 KRW 43,924 KRW -5%

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Frequently asked questions

Is HOR KEW CORPORATION LIMITED (BBP) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 2.49 SGD versus a price of 1.33 SGD, about +87% (undervalued).
What is the fair value of BBP?
Our model-based fair value for HOR KEW CORPORATION LIMITED is 2.49 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 1.33 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 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 Aug 13, 2026).
What is the net profit margin of BBP?
The net profit margin of HOR KEW CORPORATION LIMITED is about 18.5%, meaning it keeps roughly 18.5% of revenue as net income. Based on the latest reported figures.
Does HOR KEW CORPORATION LIMITED pay a dividend?
HOR KEW CORPORATION LIMITED currently shows a dividend yield of about 1.40% 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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