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TIONG SENG HOLDINGS LIMITED (BFI) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of TIONG SENG HOLDINGS LIMITED S$0.06, price S$0.07, upside -13.5%, quality 24 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Industrials · SG · ISIN SG1BH4000005

TS Thin data Sep 27, 2026

TIONG SENG HOLDINGS LIMITED

BFI · SG

Weak valuationQuality is weak on top of the rich price.

!Fair value 0.0640 SGD · Overvalued (−13.5%)
!Quality 24/100
!Weak Growth (revenue 5y +5.0 %/yr)
!Loss-making · -11.0% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers (3/10)
!Narrow moat 0/100
!Evidence only low, so the estimate is less certain
!Weak on valuation: 15 out of 100
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

0.1560 SGD 0.0590 SGD Fair Value 0.0640 SGD Jun 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

60‑month range 0.0590 SGD – 0.1560 SGD · fair‑value band 0.0562 SGD – 0.0874 SGD · the 0.0740 SGD price screens above the 0.0640 SGD fair value. Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

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.

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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.

Stock analysis

TIONG SENG HOLDINGS LIMITED (BFI) currently trades at 0.0740 SGD, while our model-based Fair Value estimate is 0.0640 SGD, 13.5% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 94/100, which puts the evidence level at low.

Scenario range: 0.0562 SGD (bear) to 0.0874 SGD (bull), the price of 0.0740 SGD sits inside 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 24/100 (below-average quality), in the Industrials sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

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.

Key figures

Market cap 34.1M SGD (≈ $26.7M) · P/S ratio 0.11 · EPS (TTM) −0.0700 SGD · Net margin −11.1% · Return on equity −57.1% · Return on assets (EBIT) −7.1% · Operating margin −9.7% · Revenue (TTM) 302M SGD.

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 41% below its 52-week high and 6% 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 −14%, BFI screens cheaper than that median.

Fair Value models

Bear 0.0562 SGD Fair Value 0.0640 SGD Bull 0.0874 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. 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.
Highest evidence
NCAV (Graham) 0.0500 SGD 0.0600 SGD 0.0900 SGD 54
All 1 models by family
Asset-Based
NCAV (Graham) 0.0500 SGD 0.0600 SGD 0.0900 SGD 54

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Quality Score breakdown

Overall quality 24/100

Of which business quality 24 · Market factors (momentum, volatility) 25

Profitability 12
Margins and returns on capital today
Quality Growth 0
Are margins and returns improving?
Cashflow 10
Earnings quality: real cash, not paper profit
Fin. Strength 6
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 52
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 17/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−43.9%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−5.4%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+5.0%
Start year 2020 (pandemic). Over 10 years: −6.1% a year
Revenue growth 12 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−6.3%
Profit margin (trend) ⓘ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.
−13.3% (2020) → −12.5% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

BFI screens overvalued: fair value 14% below the price. Compare with Quanta Services, Inc →

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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 · 779 stocks

Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 24 · Bottom 25%
Fair Value upside −13.5% · Below median
Profitability
Return on assets −6.0% · Bottom 25%
Net margin (TTM) −11.0% · Bottom 25%
Operating margin (TTM) −9.7% · Bottom 25%
Growth and dividend
Revenue growth −37.0% · Bottom 25%
Balance sheet
Debt / equity 0.04× · Below median

Valuation Multiplesvs Engineering & Construction median · lower = cheaper

P/B 0.61× · Cheaper than median
P/S (TTM) 0.09× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)15 · sector 26
FUTURE (revenue growth)0 · sector 20
PAST (return on equity)0 · sector 28
HEALTH (low debt)98 · sector 94
DIVIDEND (yield)0 · sector 41

Context: sector, industry, market

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

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Larsen & Toubro Limited LT ₹3,876 ₹1,994 −49%
Samsung C&T Corporation 028260 367,000 KRW 159,718 KRW −56%
Ferrovial N.V FER $55.77 $21.74 −61%
HOCHTIEF Aktiengesellschaft HOT €397.20 €203.86 −49%
EMCOR Group EME $762.21 $525.05 −31%
ACS, Actividades de Construcción y Servicios, S.A ACS €93.60 €62.20 −34%
Bouygues SA EN €43.14 €66.31 +54%

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TIONG SENG HOLDINGS LIMITED · Fair Value
0.0640 SGD −14%Fair Value
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Cite: Fair Value Calculator (2026). "TIONG SENG HOLDINGS LIMITED Fair Value". https://www.fairvalue-calculator.com/stock/BFI

Frequently asked questions

Is TIONG SENG HOLDINGS LIMITED (BFI) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 0.0640 SGD versus a price of 0.0740 SGD, about −14% upside (overvalued).
What is the fair value of BFI?
Our model-based fair value for TIONG SENG HOLDINGS LIMITED is 0.0640 SGD (as of Sep 27, 2026), built from audited fundamentals. The current price: 0.0740 SGD.
What is the quality score of BFI?
TIONG SENG HOLDINGS LIMITED has a Quality Score of 24/100. 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 TIONG SENG HOLDINGS LIMITED (BFI)?
Our model-based price target is the fair value of 0.0640 SGD (as of Sep 27, 2026) from 1 valuation models. Cautious scenario 0.0562 SGD, optimistic scenario 0.0874 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the TIONG SENG HOLDINGS LIMITED stock forecast for 2026?
Our models put fair value at 0.0640 SGD, about −14% upside versus a price of 0.0740 SGD (overvalued). Cautious scenario 0.0562 SGD, optimistic scenario 0.0874 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of TIONG SENG HOLDINGS LIMITED (BFI)?
TIONG SENG HOLDINGS LIMITED reported trailing-twelve-month revenue of about 302M SGD (latest available figure, as of Sep 27, 2026).
What is the intrinsic value of TIONG SENG HOLDINGS LIMITED (BFI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TIONG SENG HOLDINGS LIMITED it is 0.0640 SGD per share (as of Sep 27, 2026), against a price of 0.0740 SGD. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is TIONG SENG HOLDINGS LIMITED stock overvalued or undervalued in 2026?
As of Sep 27, 2026, BFI trades above its calculated fair value: price 0.0740 SGD, fair value 0.0640 SGD, a gap of about −14% (overvalued). 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 BFI?
No. The price is what the market pays today (0.0740 SGD); the fair value is what the company's own numbers justify (0.0640 SGD). For TIONG SENG HOLDINGS LIMITED the two are 0.0100 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is TIONG SENG HOLDINGS LIMITED worth?
The market values TIONG SENG HOLDINGS LIMITED at about 34.1M SGD (market capitalisation, as of Sep 27, 2026). Per share that is 0.0740 SGD; our models calculate a fair value of 0.0640 SGD per share.
What do the bullish and bearish scenarios say about BFI?
Our models span a range for TIONG SENG HOLDINGS LIMITED: cautious scenario 0.0562 SGD, base 0.0640 SGD, optimistic 0.0874 SGD per share (as of Sep 27, 2026, price 0.0740 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of TIONG SENG HOLDINGS LIMITED (BFI)?
Balance-sheet figures for TIONG SENG HOLDINGS LIMITED (as of Sep 27, 2026): return on equity −57.1%, debt of 0.04 per unit of equity. They feed the Quality Score of 24/100, which measures business quality independently of the share price.
How far is BFI from its 52-week high?
TIONG SENG HOLDINGS LIMITED trades at 0.0740 SGD, about 41% below its 52-week high of 0.1260 SGD and 6% above the low of 0.0700 SGD (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 0.0640 SGD is for.
Which stocks are comparable to TIONG SENG HOLDINGS 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 TIONG SENG HOLDINGS LIMITED stock attractive at the current price?
The data as of Sep 27, 2026: price 0.0740 SGD, calculated fair value 0.0640 SGD (−14%), Quality Score 24/100, from 1 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 BFI calculated?
We run TIONG SENG HOLDINGS LIMITED through 1 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 0.0640 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. TIONG SENG HOLDINGS LIMITED itself currently trades above fair value. 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 TIONG SENG HOLDINGS LIMITED (BFI)?
The closing price on Oct 2, 2026 was 0.0740 SGD. Our model-based fair value is 0.0640 SGD, about −14% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TIONG SENG HOLDINGS LIMITED right now?
Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.

Key figures of TIONG SENG HOLDINGS LIMITED

How large is the market capitalisation of TIONG SENG HOLDINGS LIMITED (BFI)?
The market capitalisation of TIONG SENG HOLDINGS LIMITED is 34.1M SGD (≈ $26.7M). 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 TIONG SENG HOLDINGS LIMITED (BFI)?
The price-to-sales ratio of TIONG SENG HOLDINGS LIMITED is 0.11 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of TIONG SENG HOLDINGS LIMITED (BFI)?
Earnings per share at TIONG SENG HOLDINGS LIMITED are −0.0700 SGD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of TIONG SENG HOLDINGS LIMITED (BFI)?
The net margin of TIONG SENG HOLDINGS LIMITED is −11.1% (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 TIONG SENG HOLDINGS LIMITED (BFI)?
The return on equity (ROE) of TIONG SENG HOLDINGS LIMITED is −57.1% (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 TIONG SENG HOLDINGS LIMITED (BFI)?
On an EBIT basis the return on assets of TIONG SENG HOLDINGS LIMITED is −7.1% (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 TIONG SENG HOLDINGS LIMITED (BFI)?
The operating margin of TIONG SENG HOLDINGS LIMITED is −9.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TIONG SENG HOLDINGS LIMITED (BFI)?
Revenue at TIONG SENG HOLDINGS LIMITED is growing −37.0% versus a year earlier (3y avg −5.4%). 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 TIONG SENG HOLDINGS LIMITED (BFI)?
Earnings per share at TIONG SENG HOLDINGS LIMITED are growing +232% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does TIONG SENG HOLDINGS LIMITED (BFI) generate?
The free cash flow of TIONG SENG HOLDINGS LIMITED is −35.3M SGD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does TIONG SENG HOLDINGS LIMITED (BFI) carry?
The net debt of TIONG SENG HOLDINGS LIMITED is 68.2M SGD (fiscal year 2025). 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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