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BRC Asia Limited (BEC) Fair Value & Analysis

Basic Materials · SG · Market cap 1.2B SGD

BA BRC Asia Limited BEC · SG
Price4.20 SGD
Fair Value5.63 SGD
Upside+34.1%
Quality70/100
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Healthy Growth
Thin margins · 5.9% net margin
Low debt · generates free cash flow
3.22% dividend yield
Ranks above peers (13/15)
Moderate moat 50/100
Evidence: High Range 4.22 SGD – 7.94 SGD Share as image

Fair value as of: Aug 9, 2026

From 24 valuation models · updated yesterday

Share price −2.8% over the past month.

A solid business, screening 34% 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.
  • A fairly wide model range (4.22 SGD to 7.94 SGD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

4.80 SGD 0.9660 SGD Fair Value 5.63 SGD May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 9, 2026.

How to read this chart

60‑month range 0.9660 SGD – 4.80 SGD · fair‑value band 4.22 SGD – 7.94 SGD · the 4.20 SGD price screens below the 5.63 SGD fair value. Dashed = 300-day average. As of Aug 9, 2026.

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Analysis

BRC Asia Limited (BEC) currently trades at 4.20 SGD, while our model-based Fair Value estimate is 5.63 SGD, implying the stock looks roughly 34.1% undervalued today. The Quality Score stands at 70/100 (solid quality), in the Basic Materials 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, BRC Asia Limited generated revenue of 1.8B SGD at a net margin of 5.9%. Revenue grew 30.1% year over year. It earns a return on equity of 20.3%. Net debt stands at 29.4M SGD. Fundamentals as of Aug 9, 2026

Our scenario range runs from 4.22 SGD (bear case) to 7.94 SGD (bull case); at 4.20 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 13% below its 52-week high and 40% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -7% fair-value upside, at 34%, BEC 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 5.24 SGD 8.05 SGD 12.16 SGD 80
Residual Income 1.96 SGD 2.58 SGD 7.21 SGD 76
Rev-Margin DCF 4.70 SGD 7.47 SGD 11.12 SGD 74
All 24 models by family
DCF Models
FCF DCF 5.33 SGD 8.58 SGD 13.67 SGD 38
Owner Earnings 4.93 SGD 7.91 SGD 12.56 SGD 31
5Y Revenue Exit 4.70 SGD 7.53 SGD 11.36 SGD 39
5Y EBITDA Exit 4.48 SGD 7.06 SGD 10.27 SGD 41
5Y P/E Exit 4.97 SGD 8.08 SGD 11.65 SGD 38
10Y Revenue Exit 4.77 SGD 7.41 SGD 11.44 SGD 36
10Y EBITDA Exit 4.74 SGD 7.09 SGD 10.59 SGD 37
10Y P/E Exit 5.04 SGD 7.78 SGD 11.67 SGD 35
Earnings-Based
Graham-Dodd 2.34 SGD 11.47 SGD 15.82 SGD 54
Lynch FV 3.08 SGD 4.41 SGD 5.73 SGD 50
PEG = 1.0 3.08 SGD 4.41 SGD 5.73 SGD 46
EPV 3.46 SGD 3.84 SGD 4.15 SGD 59
Multiples
P/E Multiple 4.38 SGD 5.84 SGD 7.30 SGD 63
P/S Multiple 4.38 SGD 5.84 SGD 7.30 SGD 58
P/B Multiple 4.22 SGD 5.63 SGD 7.04 SGD 55
EV/EBIT 4.97 SGD 6.39 SGD 7.80 SGD 53
EV/EBITDA 4.28 SGD 5.46 SGD 6.64 SGD 54
EV/Revenue 4.41 SGD 5.98 SGD 7.56 SGD 43
Asset-Based
NCAV (Graham) 0.9400 SGD 1.26 SGD 1.88 SGD 50
Growth DCF
Growth DCF 5.24 SGD 8.05 SGD 12.16 SGD 80
Rev-Margin DCF 4.70 SGD 7.47 SGD 11.12 SGD 74
Economic Profit
Residual Income 1.96 SGD 2.58 SGD 7.21 SGD 76
ROIC Compounder 3.78 SGD 4.59 SGD 5.53 SGD 72
Growth Earnings
Growth-Adj P/E 4.28 SGD 6.11 SGD 7.94 SGD 68

Widest divergence: DCF Models (7.53 SGD) versus Asset-Based (1.26 SGD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.8B SGD
Revenue growth (YoY) +30.1%
Net margin 5.9%
Return on equity 20.3%
Free cash flow 116M SGD FY2025
P/E ratio 11.5
More key figures
Operating margin 6.9%
EPS (TTM) 0.3800 SGD
Dividend yield 3.2%
EPS growth (YoY) +23.6%
Net debt 29.4M SGD FY2024

Figures from reported company fundamentals · as of Aug 9, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 70/100

Of which business quality 68 · Market factors (momentum, volatility) 66

Profitability 59
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 58
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 85
Disciplined investing over empire-building
Low Volatility 93
Calm price path (market factor)
Momentum 49
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

BRC Asia Limited, together with its subsidiaries, engages in the prefabrication of steel reinforcement for use in concrete in Singapore, Australia, Brunei, Hong Kong, Indonesia, Malaysia, Thailand, India, and internationally. It operates through three segments: Fabrication and Manufacturing, Trading, and Others.

Full company description

BRC Asia Limited, together with its subsidiaries, engages in the prefabrication of steel reinforcement for use in concrete in Singapore, Australia, Brunei, Hong Kong, Indonesia, Malaysia, Thailand, India, and internationally. It operates through three segments: Fabrication and Manufacturing, Trading, and Others. The company is involved in the trading of steel reinforcing bars; and manufacture and sale of wire mesh fences. It also provides reinforcing steel products; and weld fences, cages, wires, and rebars, hard-drawn wires, as well as prefabrication, cut, and bend services. BRC Asia Limited was incorporated in 1938 and is based in Singapore. BRC Asia Limited is a subsidiary of Green Esteel Pte. Ltd.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

BRC Asia Limited reported revenue of 1.6B SGD in FY2025 versus 1.2B SGD in FY2021, a compound +7.4%/yr. Reported net income was 94.3M SGD in FY2025, compounding +19.0%/yr from FY2021.

Growth Quality 90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
1.6B SGD
Latest YoY
+4.8%
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.
−3.0%
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.
+20.5%
Avg. growth/yr (11Y) ⓘ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.
+13.2%
Revenue +7.4%/yr
FY21 1.2B SGD
FY22 1.7B SGD
FY23 1.6B SGD
FY24 1.5B SGD
FY25 1.6B SGD
Net income +19.0%/yr
FY21 47.0M SGD
FY22 90.2M SGD
FY23 75.7M SGD
FY24 93.5M SGD
FY25 94.3M SGD

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BRC Asia Limited · Fair Value
5.63 SGD +34%Fair Value
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Cite: Fair Value Calculator (2026). "BRC Asia Limited Fair Value". https://www.fairvalue-calculator.com/stock/BEC

Peer Group

Steel · 378 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 +34% · Top 25%
Return on equity (TTM) 20% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 6% · Above median
Operating margin (TTM) 7% · Above median
Revenue growth 30% · Top 25%
Dividend yield (TTM) 3.2% · Above median

Valuation Multiples vs Steel median · lower = cheaper

P/E (TTM) 11.5× · Cheaper than 75% of peers
P/B 1.81× · Pricier than median
P/S (TTM) 0.53× · Cheaper than median
P/FCF 8.0× · Pricier than 75% of peers
EV/EBITDA 5.2× · Cheaper than median
PEG 0.45× · 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 79 · sector 19
FUTURE 100 · sector 4
PAST 81 · sector 15
HEALTH 100 · sector 95
DIVIDEND 64 · 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 Steel stocks, each showing price versus our Fair Value estimate (as of Aug 9, 2026).

Stock Price Fair Value vs Fair Value
Tata Steel Limited TTST $0.2010 $0.2000 -0%
JSW Steel Limited JSWSTEEL ₹1,227 ₹1,140 -7%
Baoshan Iron & Steel Co 600019 ¥5.89 ¥8.07 +37%
China Steel Corporation 2002A 38.55 TWD 8.74 TWD -77%
POSCO Holdings 005490 313,500 KRW 155,270 KRW -50%
Companhia Siderúrgica Nacional, SID 13,670 ARS 15,940 ARS +17%
Jindal Steel Limited JINDALSTEL ₹1,028 ₹545.12 -47%
Lloyds Metals and Energy Limited LLOYDSME ₹1,844 ₹1,098 -40%
Gerdau S.A GGBN 83.50 MXN 42.64 MXN -49%
Ternium S.A TXR 17,780 ARS 27,210 ARS +53%

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Frequently asked questions

Is BRC Asia Limited (BEC) overvalued or undervalued?
As of Aug 9, 2026, our model estimates a fair value of 5.63 SGD versus a price of 4.20 SGD, about +34% (undervalued).
What is the fair value of BEC?
Our model-based fair value for BRC Asia Limited is 5.63 SGD (as of Aug 9, 2026), built from audited fundamentals. The current price is 4.20 SGD.
What is the quality score of BEC?
BRC Asia Limited 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 BRC Asia Limited (BEC)?
BRC Asia Limited reported trailing-twelve-month revenue of about 1.8B SGD (latest available figure, as of Aug 9, 2026).
What is the net profit margin of BEC?
The net profit margin of BRC Asia Limited is about 5.9%, meaning it keeps roughly 5.9% of revenue as net income. Based on the latest reported figures.
Does BRC Asia Limited pay a dividend?
BRC Asia Limited currently shows a dividend yield of about 3.22% relative to its recent price (as of Aug 9, 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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