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HO BEE LAND LIMITED (H13) Fair Value & Analysis

Real Estate · SG · Market cap 1.3B SGD

HB HO BEE LAND LIMITED H13 · SG
Price2.06 SGD
Fair Value2.57 SGD
Upside+24.8%
Quality65/100
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Healthy Growth
Highly profitable · 22.5% net margin
Moderate debt · generates free cash flow
2.44% dividend yield
Mixed vs. peers (8/14)
Moderate moat 62/100
Evidence: High Range 1.92 SGD – 3.21 SGD Share as image

Fair value as of: Aug 13, 2026

From 14 valuation models · updated 4 days ago

Share price +2.0% over the past month.

A solid business, screening 25% undervalued on our models.

What matters now

  • Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

2.68 SGD 1.54 SGD Fair Value 2.57 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 1.54 SGD – 2.68 SGD · fair‑value band 1.92 SGD – 3.21 SGD · the 2.06 SGD price screens below the 2.57 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

HO BEE LAND LIMITED (H13) currently trades at 2.06 SGD, while our model-based Fair Value estimate is 2.57 SGD, implying the stock looks roughly 24.8% undervalued today. The Quality Score stands at 65/100 (solid quality), in the Real Estate 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, HO BEE LAND LIMITED generated revenue of 446M SGD at a net margin of 22.5%. Revenue declined 19.6% year over year. It earns a return on equity of 2.7%. Net debt stands at 2.3B SGD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 1.92 SGD (bear case) to 3.21 SGD (bull case); at 2.06 SGD, the current price sits within 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 17% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -34% fair-value upside, at 25%, H13 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 1.24 SGD 3.18 SGD 80
Residual Income 3.82 SGD 3.59 SGD 2.72 SGD 76
Rev-Margin DCF 0.1800 SGD 2.20 SGD 4.73 SGD 74
All 14 models by family
DCF Models
FCF DCF 1.43 SGD 3.72 SGD 38
5Y Revenue Exit 0.1800 SGD 2.24 SGD 5.00 SGD 39
5Y EBITDA Exit 0.7700 SGD 3.43 SGD 6.71 SGD 41
10Y Revenue Exit 1.73 SGD 4.39 SGD 36
10Y EBITDA Exit 0.3800 SGD 2.52 SGD 5.67 SGD 37
Multiples
P/S Multiple 1.92 SGD 2.57 SGD 3.21 SGD 58
P/B Multiple 1.92 SGD 2.57 SGD 3.21 SGD 55
EV/EBIT 2.99 SGD 4.86 SGD 6.74 SGD 53
EV/EBITDA 1.73 SGD 3.19 SGD 4.64 SGD 54
EV/Revenue 0.4600 SGD 1.79 SGD 3.12 SGD 43
Asset-Based
NCAV (Graham) 2.84 SGD 3.80 SGD 5.67 SGD 50
Growth DCF
Growth DCF 1.24 SGD 3.18 SGD 80
Rev-Margin DCF 0.1800 SGD 2.20 SGD 4.73 SGD 74
Economic Profit
Residual Income 3.82 SGD 3.59 SGD 2.72 SGD 76

Widest divergence: Asset-Based (3.80 SGD) versus Growth DCF (1.24 SGD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 446M SGD
Revenue growth (YoY) -19.6%
Net margin 22.5%
Return on equity 2.7%
Free cash flow 163M SGD FY2025
P/E ratio 13.7
More key figures
Operating margin 48.6%
EPS (TTM) 0.1500 SGD
Dividend yield 2.4%
EPS growth (YoY) -50.0%
Net debt 2.3B SGD FY2025

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

Quality Score breakdown

Overall quality 65/100

Of which business quality 62 · Market factors (momentum, volatility) 52

Profitability 30
Margins and returns on capital today
Quality Growth 38
Are margins and returns improving?
Cashflow 95
Earnings quality: real cash, not paper profit
Fin. Strength 44
Balance sheet, leverage, solvency risk
Investment 98
Disciplined investing over empire-building
Low Volatility 95
Calm price path (market factor)
Momentum 36
Price trend over the last 3–12 months (market factor)
52W Momentum 30
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

Ho Bee Land Limited is a real estate company. Listed on the Mainboard of the Singapore Exchange since 1999, Ho Bee has a global footprint that spans Australia, China, United Kingdom and Europe. Its portfolio covers many quality residential, commercial and high-tech industrial projects since its inception.

Full company description

Ho Bee Land Limited is a real estate company. Listed on the Mainboard of the Singapore Exchange since 1999, Ho Bee has a global footprint that spans Australia, China, United Kingdom and Europe. Its portfolio covers many quality residential, commercial and high-tech industrial projects since its inception. In Singapore, Ho Bee is widely recognised as the pioneer developer of luxury homes in the exclusive residential enclave of Sentosa Cove. Other notable developments in Singapore include The Metropolis at one-north, the largest Grade A office development outside the Central Business District to-date, and Elementum, a cutting-edge biomedical sciences development slated to be completed by end-2023. In London, the company has a portfolio of eight investment properties, including The Scalpel, Ropemaker Place and 1 St Martin's Le Grand. Ho Bee is committed towards delivering quality homes and buildings for its stakeholders and contributing to a sustainable built environment. Ho Bee Land was incororated in Singapore.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

HO BEE LAND LIMITED reported revenue of 440M SGD in FY2025 versus 348M SGD in FY2021, a compound +6.1%/yr. Reported net income was 100M SGD in FY2025, compounding −25.8%/yr from FY2021.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
440M SGD
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.
+14.9%
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.
+20.0%
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.
+9.7%
Revenue +6.1%/yr
FY21 348M SGD
FY22 436M SGD
FY23 445M SGD
FY24 528M SGD
FY25 440M SGD
Net income −25.8%/yr
FY21 331M SGD
FY22 166M SGD
FY23 −260M SGD
FY24 110M SGD
FY25 100M SGD

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Cite: Fair Value Calculator (2026). "HO BEE LAND LIMITED Fair Value". https://www.fairvalue-calculator.com/stock/H13

Peer Group

Real Estate - Diversified · 137 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 66 · Top 25%
Fair Value upside +25% · Above median
Return on equity (TTM) 3% · Below median
Return on assets 2% · Above median
Net margin (TTM) 22% · Above median
Operating margin (TTM) 49% · Top 25%
Revenue growth -20% · Bottom 25%
Dividend yield (TTM) 2.4% · Below median
Debt / equity 0.53× · Lower than median

Valuation Multiples vs Real Estate - Diversified median · lower = cheaper

P/E (TTM) 13.7× · Pricier than median
P/B 0.28× · Cheaper than median
P/S (TTM) 2.36× · Pricier than median
P/FCF 6.5× · Pricier than median
EV/EBITDA 12.1× · 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 66 · sector 44
FUTURE 0 · sector 32
PAST 11 · sector 19
HEALTH 74 · sector 74
DIVIDEND 49 · sector 61

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.

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10 more Real Estate - Diversified stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

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Frequently asked questions

Is HO BEE LAND LIMITED (H13) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 2.57 SGD versus a price of 2.06 SGD, about +25% (undervalued).
What is the fair value of H13?
Our model-based fair value for HO BEE LAND LIMITED is 2.57 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 2.06 SGD.
What is the quality score of H13?
HO BEE LAND LIMITED has a Quality Score of 65/100. 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 HO BEE LAND LIMITED (H13)?
HO BEE LAND LIMITED reported trailing-twelve-month revenue of about 446M SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of H13?
The net profit margin of HO BEE LAND LIMITED is about 22.5%, meaning it keeps roughly 22.5% of revenue as net income. Based on the latest reported figures.
Does HO BEE LAND LIMITED pay a dividend?
HO BEE LAND LIMITED currently shows a dividend yield of about 2.44% 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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