KSH HOLDINGS LIMITED (ER0) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of KSH HOLDINGS LIMITED S$0.33, price S$0.29, upside +13.8%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
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 0.1779 SGD – 0.4142 SGD · the 0.2900 SGD price screens below the 0.3300 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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KSH Holdings Limited, together with its subsidiaries, engages in the construction business in Singapore and the People's Republic of China. It operates through Construction, Property Development and Investment, and Others segments.
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KSH Holdings Limited, together with its subsidiaries, engages in the construction business in Singapore and the People's Republic of China. It operates through Construction, Property Development and Investment, and Others segments. The company operates as contractors on construction projects; and provides construction services to property developers in the private and public sectors. It also develops and constructs residential, commercial, hospitality, and mixed-use development projects. In addition, the company engages in the development, rental, and sale of properties; holding of assets for investment; and provision of property management services. KSH Holdings Limited was incorporated in 1979 and is based in Singapore.
Stock analysis
KSH HOLDINGS LIMITED (ER0) currently trades at 0.2900 SGD, while our model-based Fair Value estimate is 0.3300 SGD, implying the stock looks roughly 12.1% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 0.4000 SGD per share, and 11 of the 22 models we run sit above the 0.2900 SGD price.
Bear case: the Earnings-Based group reads lowest at 0.1000 SGD, and 11 of the 22 models stay below the price. Evidence for this calculation is low.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
KSH HOLDINGS LIMITED reported revenue of 150M SGD in FY2026 versus 240M SGD in FY2022, a compound −11.1%/yr. Reported net income was 6.8M SGD in FY2026, compounding −27.1%/yr from FY2022.
Key figures
Market cap 182M SGD (≈ $142M) · P/E ratio 29.0 · P/S ratio 1.32 · EPS (TTM) 0.0100 SGD · Dividend yield 5.2% · Net margin 4.6% · Return on equity 1.8% · Return on assets (EBIT) −1.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 29% below its 52-week high and 7% 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%, ER0 screens cheaper than that median.
Fair Value models
Bear 0.3300 SGDFair Value 0.3300 SGDBull 0.3300 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.
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.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−17.4%
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.
−20.5%
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.
−0.4%
Start year 2021 (pandemic). Over 10 years: −4.8% 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.
−5.5%
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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.
−14.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−19.5%
Dividend (yield on the price)5.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−19.5% vs −16.6%, steady
Profit margin 2021 to 2026 ⓘ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.−4% → 5%
Start year 2021 (pandemic)
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).
−8.9%
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 −10.7% a year for the price.
Price, fair value, quality and upside side by side.
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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 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside+13.8% · Above median
Profitability
Return on equity (TTM)1.8% · Below median
Return on assets1.8% · Below median
Net margin (TTM)4.3% · Above median
Operating margin (TTM)5.3% · Above median
Growth and dividend
Revenue growth−32.5% · Bottom 25%
Dividend yield (TTM)5.2% · Top 25%
Balance sheet
Debt / equity0.17× · Above median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
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Is KSH HOLDINGS LIMITED (ER0) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 0.3300 SGD versus a price of 0.2900 SGD, about +14% upside (undervalued).
What is the fair value of ER0?
Our model-based fair value for KSH HOLDINGS LIMITED is 0.3300 SGD (as of Sep 27, 2026), built from audited fundamentals. The current price: 0.2900 SGD.
What is the quality score of ER0?
KSH HOLDINGS LIMITED has a Quality Score of 59/100. 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 KSH HOLDINGS LIMITED (ER0)?
Our model-based price target is the fair value of 0.3300 SGD (as of Sep 27, 2026) from 22 valuation models. It is a calculation from audited fundamentals, not an analyst target.
What is the KSH HOLDINGS LIMITED stock forecast for 2026?
Our models put fair value at 0.3300 SGD, about +14% upside versus a price of 0.2900 SGD (undervalued). The calculation is refreshed regularly with new filings.
What is the revenue of KSH HOLDINGS LIMITED (ER0)?
KSH HOLDINGS LIMITED reported trailing-twelve-month revenue of about 158M SGD (latest available figure, as of Sep 27, 2026).
Does KSH HOLDINGS LIMITED pay a dividend?
KSH HOLDINGS LIMITED currently shows a dividend yield of about 5.17% relative to its recent price (as of Sep 27, 2026).
What growth is priced into KSH HOLDINGS LIMITED (ER0)?
For today's price to be fair in a discounted-cash-flow model, KSH HOLDINGS LIMITED would have to grow free cash flow by -8.9 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -0.4 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of ER0 use?
Our models discount KSH HOLDINGS LIMITED at 11.0 %: a base by market capitalisation (micro), damped by beta 0.43, 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 KSH HOLDINGS LIMITED that is -8.9 % per year a year over ten years, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has KSH HOLDINGS LIMITED (ER0) delivered so far?
Over the past 5 years revenue at KSH HOLDINGS LIMITED grew -0.4 % a year. The price currently implies -8.9 % 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 KSH HOLDINGS LIMITED (ER0) growing?
The median revenue growth in the sector is +6.3 % a year. That is the yardstick for the growth priced into KSH HOLDINGS LIMITED (-8.9 % 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 KSH HOLDINGS LIMITED (ER0)?
The free-cash-flow yield on the price is 19.22 %: that much free cash flow KSH HOLDINGS LIMITED produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of KSH HOLDINGS LIMITED (ER0)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For KSH HOLDINGS LIMITED it is 0.3300 SGD per share (as of Sep 27, 2026), against a price of 0.2900 SGD. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is KSH HOLDINGS LIMITED stock overvalued or undervalued in 2026?
As of Sep 27, 2026, ER0 trades below its calculated fair value: price 0.2900 SGD, fair value 0.3300 SGD, a gap of about +14% (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 ER0?
No. The price is what the market pays today (0.2900 SGD); the fair value is what the company's own numbers justify (0.3300 SGD). For KSH HOLDINGS LIMITED the two are 0.0400 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is KSH HOLDINGS LIMITED worth?
The market values KSH HOLDINGS LIMITED at about 182M SGD (market capitalisation, as of Sep 27, 2026). Per share that is 0.2900 SGD; our models calculate a fair value of 0.3300 SGD per share.
What is the P/E ratio of ER0?
KSH HOLDINGS LIMITED trades at a price-to-earnings ratio of 29.0 (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 0.3300 SGD is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2018 to 2026), reported earnings: 11.6. Other multiples: P/B 0.6, P/S 1.2, EV/EBITDA 9.8.
How solid is the balance sheet of KSH HOLDINGS LIMITED (ER0)?
Balance-sheet figures for KSH HOLDINGS LIMITED (as of Sep 27, 2026): return on equity 1.8%, debt of 0.17 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is ER0 from its 52-week high?
KSH HOLDINGS LIMITED trades at 0.2900 SGD, about 29% below its 52-week high of 0.4093 SGD and 7% above the low of 0.2700 SGD (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of 0.3300 SGD is for.
Which stocks are comparable to KSH 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 KSH HOLDINGS LIMITED stock attractive at the current price?
The data as of Sep 27, 2026: price 0.2900 SGD, calculated fair value 0.3300 SGD (+14%), Quality Score 59/100, 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 ER0 calculated?
We run KSH HOLDINGS 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 0.3300 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. KSH HOLDINGS LIMITED currently trades 12 % 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 KSH HOLDINGS LIMITED (ER0)?
The closing price on Oct 1, 2026 was 0.2900 SGD. Our model-based fair value is 0.3300 SGD, about +14% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with KSH HOLDINGS LIMITED right now?
The price is below even our cautious bear case (0.3300 SGD). The market is more pessimistic than our downside scenario. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of KSH HOLDINGS LIMITED
How large is the market capitalisation of KSH HOLDINGS LIMITED (ER0)?
The market capitalisation of KSH HOLDINGS LIMITED is 182M SGD (≈ $142M). 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 KSH HOLDINGS LIMITED (ER0)?
The price-to-sales ratio of KSH HOLDINGS LIMITED is 1.32 (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 KSH HOLDINGS LIMITED (ER0)?
Earnings per share at KSH HOLDINGS LIMITED are 0.0100 SGD (price ÷ EPS = P/E 29.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of KSH HOLDINGS LIMITED (ER0)?
The dividend yield of KSH HOLDINGS LIMITED is 5.2% (payout 150%). 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 KSH HOLDINGS LIMITED (ER0)?
The net margin of KSH HOLDINGS LIMITED is 4.6% (fiscal year 2026). 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 KSH HOLDINGS LIMITED (ER0)?
The return on equity (ROE) of KSH HOLDINGS LIMITED is 1.8% (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 KSH HOLDINGS LIMITED (ER0)?
On an EBIT basis the return on assets of KSH HOLDINGS LIMITED is −1.1% (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 KSH HOLDINGS LIMITED (ER0)?
The operating margin of KSH HOLDINGS LIMITED is 5.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at KSH HOLDINGS LIMITED (ER0)?
Revenue at KSH HOLDINGS LIMITED is growing −32.5% versus a year earlier (3y avg −20.5%). 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 KSH HOLDINGS LIMITED (ER0)?
Earnings per share at KSH HOLDINGS LIMITED are growing +169% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does KSH HOLDINGS LIMITED (ER0) carry?
The net debt of KSH HOLDINGS LIMITED is 38.2M SGD (fiscal year 2026, ≈ 1.2 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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