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KSH HOLDINGS LIMITED (ER0) Fair Value & Analysis

Industrials · SG · Market cap 182M SGD

KH KSH HOLDINGS LIMITED ER0 · SG
Price0.3150 SGD
Fair Value0.2000 SGD
Upside-36.5%
Quality59/100
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Weak Growth
Thin margins · 4.3% net margin
Low debt · generates free cash flow
4.76% dividend yield
Mixed vs. peers (6/14)
Narrow moat 31/100
Evidence: High Range 0.1500 SGD – 0.2500 SGD Share as image

Fair value as of: Aug 13, 2026

From 22 valuation models · updated 4 days ago

Share price −1.6% over the past month.

A solid business, but screening 37% overvalued on our models.

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What matters now

  • The price sits above even our optimistic bull case (0.2500 SGD). The favourable scenario is already priced in.
  • Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

0.4142 SGD 0.1779 SGD Fair Value 0.2000 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 0.1779 SGD – 0.4142 SGD · fair‑value band 0.1500 SGD – 0.2500 SGD · the 0.3150 SGD price screens above the 0.2000 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

KSH HOLDINGS LIMITED (ER0) currently trades at 0.3150 SGD, while our model-based Fair Value estimate is 0.2000 SGD, implying the stock looks roughly 36.5% overvalued today. The Quality Score stands at 59/100 (solid 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: high).

Over the trailing twelve months, KSH HOLDINGS LIMITED generated revenue of 158M SGD at a net margin of 4.3%. Revenue declined 32.5% year over year. It earns a return on equity of 1.8%. Net debt stands at 38.2M SGD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.1500 SGD (bear case) to 0.2500 SGD (bull case); at 0.3150 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 25% below its 52-week high and 23% 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 -37%, ER0 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.

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 0.4400 SGD 0.5400 SGD 0.6900 SGD 80
Residual Income 0.3200 SGD 0.3000 SGD 0.2100 SGD 76
Rev-Margin DCF 0.2800 SGD 0.3500 SGD 0.4300 SGD 74
All 22 models by family
DCF Models
FCF DCF 0.4300 SGD 0.5400 SGD 0.7100 SGD 38
Owner Earnings 0.1300 SGD 0.1500 SGD 0.2000 SGD 31
5Y Revenue Exit 0.2800 SGD 0.3400 SGD 0.4100 SGD 39
5Y EBITDA Exit 0.2900 SGD 0.3500 SGD 0.4400 SGD 41
5Y P/E Exit 0.3100 SGD 0.3800 SGD 0.4700 SGD 38
10Y Revenue Exit 0.3500 SGD 0.3900 SGD 0.4300 SGD 36
10Y EBITDA Exit 0.3600 SGD 0.4000 SGD 0.4500 SGD 37
10Y P/E Exit 0.3700 SGD 0.4200 SGD 0.4600 SGD 35
Earnings-Based
Graham-Dodd 0.0800 SGD 0.1000 SGD 0.1100 SGD 54
EPV 0.1100 SGD 0.1200 SGD 0.1200 SGD 59
Multiples
P/E Multiple 0.1900 SGD 0.2500 SGD 0.3100 SGD 63
P/S Multiple 0.1500 SGD 0.2000 SGD 0.2500 SGD 58
P/B Multiple 0.1500 SGD 0.2000 SGD 0.2500 SGD 55
EV/EBIT 0.2000 SGD 0.2600 SGD 0.3100 SGD 53
EV/EBITDA 0.1800 SGD 0.2300 SGD 0.2800 SGD 54
EV/Revenue 0.1500 SGD 0.2000 SGD 0.2600 SGD 43
Asset-Based
NCAV (Graham) 0.2500 SGD 0.3400 SGD 0.5000 SGD 50
Growth DCF
Growth DCF 0.4400 SGD 0.5400 SGD 0.6900 SGD 80
Rev-Margin DCF 0.2800 SGD 0.3500 SGD 0.4300 SGD 74
Economic Profit
Residual Income 0.3200 SGD 0.3000 SGD 0.2100 SGD 76
ROIC Compounder 0.1100 SGD 0.1200 SGD 0.1200 SGD 72
Growth Earnings
Growth-Adj P/E 0.1300 SGD 0.1900 SGD 0.2500 SGD 68

Widest divergence: DCF Models (0.3800 SGD) versus Earnings-Based (0.1000 SGD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 158M SGD
Revenue growth (YoY) -32.5%
Net margin 4.3%
Return on equity 1.8%
Free cash flow 31.7M SGD FY2026
P/E ratio 31.5
More key figures
Operating margin 5.3%
EPS (TTM) 0.0100 SGD
Dividend yield 4.8%
EPS growth (YoY) +169%
Net debt 38.2M SGD FY2026

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

Quality Score breakdown

Overall quality 59/100

Of which business quality 58 · Market factors (momentum, volatility) 48

Profitability 19
Margins and returns on capital today
Quality Growth 56
Are margins and returns improving?
Cashflow 91
Earnings quality: real cash, not paper profit
Fin. Strength 46
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 81
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 38
Distance to the 52-week high (market factor)
Net Issuance 54
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

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.

Full company description

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.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

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.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
150M SGD
Latest YoY
−17.4%
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.
−20.5%
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.
−0.4%
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.
−5.5%
Revenue −11.1%/yr
FY22 240M SGD
FY23 298M SGD
FY24 214M SGD
FY25 182M SGD
FY26 150M SGD
Net income −27.1%/yr
FY22 24.2M SGD
FY23 22.1M SGD
FY24 −31.0M SGD
FY25 −5.9M SGD
FY26 6.8M SGD

ER0 screens 37% overvalued. Compare with Larsen & Toubro Limited →

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KSH HOLDINGS LIMITED · Fair Value
0.2000 SGD −37%Fair Value
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Cite: Fair Value Calculator (2026). "KSH HOLDINGS LIMITED Fair Value". https://www.fairvalue-calculator.com/stock/ER0

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 59 · Above median
Fair Value upside −37% · Below median
Return on equity (TTM) 2% · Below median
Return on assets 2% · Below median
Net margin (TTM) 4% · Above median
Operating margin (TTM) 5% · Above median
Revenue growth -33% · Bottom 25%
Dividend yield (TTM) 4.8% · Top 25%
Debt / equity 0.17× · Higher than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 31.5× · Pricier than 75% of peers
P/B 0.50× · Cheaper than median
P/S (TTM) 0.90× · Pricier than median
P/FCF 4.5× · Pricier than median
EV/EBITDA 7.5× · 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 0 · sector 15
FUTURE 0 · sector 14
PAST 7 · sector 26
HEALTH 92 · sector 94
DIVIDEND 95 · sector 43

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.

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 KSH HOLDINGS LIMITED (ER0) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 0.2000 SGD versus a price of 0.3150 SGD, about −37% (overvalued).
What is the fair value of ER0?
Our model-based fair value for KSH HOLDINGS LIMITED is 0.2000 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 0.3150 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 revenue of KSH HOLDINGS LIMITED (ER0)?
KSH HOLDINGS LIMITED reported trailing-twelve-month revenue of about 158M SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of ER0?
The net profit margin of KSH HOLDINGS LIMITED is about 4.3%, meaning it keeps roughly 4.3% of revenue as net income. Based on the latest reported figures.
Does KSH HOLDINGS LIMITED pay a dividend?
KSH HOLDINGS LIMITED currently shows a dividend yield of about 4.76% 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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