TIONG SENG HOLDINGS LIMITED (BFI) Fair Value & Analysis

Industrials · SG · Market cap 32.3M SGD

Below-average quality, and screening another 46% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (0.0488 SGD). The favourable scenario is already priced in.
• Weak quality (24/100) and above fair value at the same time, the margin of safety is missing on both counts.
• The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Price vs Fair Value (5 years)

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 0.0590 SGD – 0.1691 SGD · fair‑value band 0.0340 SGD – 0.0488 SGD · the 0.0760 SGD price screens above the 0.0414 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

TIONG SENG HOLDINGS LIMITED (BFI) currently trades at 0.0760 SGD, while our model-based Fair Value estimate is 0.0414 SGD, implying the stock looks roughly 45.5% overvalued today. The Quality Score stands at 24/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Over the trailing twelve months, TIONG SENG HOLDINGS LIMITED generated revenue of 302M SGD at a net margin of -11.0%. Revenue declined 37.0% year over year. It earns a return on equity of -57.1%. Net debt stands at 68.2M SGD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.0340 SGD (bear case) to 0.0488 SGD (bull case); at 0.0760 SGD, the current price sits above 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 45% below its 52-week high and 9% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -34% fair-value upside, at -46%, BFI screens richer 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.

Widest divergence: Asset-Based (0.0600 SGD) versus Dividend Discount (0.0200 SGD). Highest evidence: Gordon GGM (70).

Key figures & financial health

Quality Score breakdown

About the company

Tiong Seng Holdings Limited, together with its subsidiaries, provides building construction and civil engineering services in Singapore and the People's Republic of China. It operates through Construction, Engineering Solutions, Property Development, and Others segments. The company undertakes various construction and civil engineering projects.

Full company description

Tiong Seng Holdings Limited, together with its subsidiaries, provides building construction and civil engineering services in Singapore and the People's Republic of China. It operates through Construction, Engineering Solutions, Property Development, and Others segments. The company undertakes various construction and civil engineering projects. It also provides construction and civil engineering services primarily to property developers and governments in both the private and public sectors. In addition, the company manufactures and supplies precast and prefabricated components; and develops and sells residential and commercial properties. Further, it engages in metal works and stainless steelwork, structural steel work, steel mould fabrication and design, and strutting works; design for manufacturing and assembly in construction; and property rental and digital solutions businesses. The company was founded in 1959 and is based in Singapore. Tiong Seng Holdings Limited operates as a subsidiary of Tiong Seng Shareholdings Pte. Ltd.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

TIONG SENG HOLDINGS LIMITED reported revenue of 301M SGD in FY2025 versus 293M SGD in FY2021, a compound +0.6%/yr. Reported net income was −33.3M SGD in FY2025.

BFI screens 46% overvalued. Compare with Larsen & Toubro Limited →

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.

Valuation Multiples vs Engineering & Construction median · lower = cheaper

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 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

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.