Hoe Leong Corporation (H20) fair value: what the stock is really worth
As of Oct 29, 2026: fair value (intrinsic value) of Hoe Leong Corporation stock S$0.00, price S$0.00, upside +9.0%, quality 56 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Hoe Leong Corporation Ltd., an investment holding company, designs, manufactures, and distributes heavy equipment parts in Australia, North America, Asia, Europe, the Middle East, and internationally. It operates through Design and Manufacture and Trading and Distribution segments.
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The company offers track chains, such as dry sealed and salt chains for bulldozer and excavator models; tracks and carrier rollers; idlers; sprockets and segments; track shoes, including single bar and triple shoes; and crawler shoes.
In addition, the company provides various services, including a range of track frame rebuild programs, comprising quality checks, diagnosis reports, and rebuilding of damaged parts, as well as a track frame exchange program.
Further, it offers track frame rebuilds, reseals, repairs, grouser relogging, idler rebuilding, cleaner hole cutting, track shoe removal, and other services. The company offers its products and services under the KBJ, OEM, ROSSI, and MIZU brands.
Hoe Leong Corporation Ltd. was founded in 1957 and is based in Singapore.
Stock analysis
Hoe Leong Corporation (H20) currently trades at 0.0010 SGD, while our model-based Fair Value estimate is 0.0011 SGD, so the stock looks roughly fairly valued today (gap 8.3%).
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Valuation
How firm this estimate is: it rests on 22 models at a data quality of 95/100, which puts the data coverage at low.
Quality & growth
The Quality Score stands at 56/100 (solid quality), in the Industrials sector.
Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
Hoe Leong Corporation reported revenue of 38.5M SGD in FY2025 versus 45.5M SGD in FY2021, a compound −4.0%/yr. Reported net income was 473K SGD in FY2025, compounding −30.8%/yr from FY2021.
Key figures
Market cap 15.1M SGD (≈ $11.9M) Micro · P/S ratio 0.42 · Net margin 1.2% · Return on equity 4.5% · Return on assets (EBIT) 0.0% · Operating margin 2.5% · Revenue (TTM) 36.0M SGD · Revenue growth (YoY) −11.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 33 out of 100 (medium confidence).
What moves the price
The share trades about 50% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −32% fair-value upside, at 9%, H20 screens cheaper than that median.
Fair Value models
Bear0.0011 SGDFair Value 0.0011 SGDBull0.0011 SGD
Price 0.0010 SGD · Upside +9.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.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.Coverage ⓘCoverage = 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.55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
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.
−1.1%
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.
−6.8%
Revenue growth 11 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.
−4.3%
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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. Basis: EBIT basis.
−5.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.9%
Dividend (yield on the price)0.0%
Profit margin 2019 to 2025 ⓘ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.−25% → 3%
⚠ Revenue per share shrinking 39.9%/yr over ~7Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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).
−15.5%
The company could shrink this much every year for the next five years and today's price would still be justified.
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 −17.2% 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.Industrial Distribution · 109 stocks
Beats the industry median on 5/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score56 · Below median
Fair Value upside+9.0% · Above median
Profitability
Return on equity (12 months)4.5% · Below median
Return on assets1.1% · Bottom 25%
Net margin (12 months)3.2% · Below median
Operating margin (12 months)2.5% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−11.9% · Bottom 25%
Balance sheet
Debt / equity0.09× · Below median
Valuation Multiplesvs Industrial Distribution median · lower = cheaper
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Is Hoe Leong Corporation (H20) overvalued or undervalued?
As of Oct 31, 2026, our model estimates a fair value of 0.0011 SGD versus a price of 0.0010 SGD, about +9% upside (fairly valued).
What is the fair value of H20?
Our model-based fair value for Hoe Leong Corporation is 0.0011 SGD (as of Oct 31, 2026), built from audited fundamentals. The current price: 0.0010 SGD.
What is the quality score of H20?
Hoe Leong Corporation has a Quality Score of 56/100. 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 Hoe Leong Corporation (H20)?
Our model-based price target is the fair value of 0.0011 SGD (as of Oct 31, 2026) from 3 valuation models. It is a calculation from audited fundamentals, not an analyst target.
What is the Hoe Leong Corporation stock forecast for 2026?
Our models put fair value at 0.0011 SGD, about +9% upside versus a price of 0.0010 SGD (fairly valued). The calculation is refreshed regularly with new filings.
What is the revenue of Hoe Leong Corporation (H20)?
Hoe Leong Corporation reported trailing-twelve-month revenue of about 36.0M SGD (latest available figure, as of Oct 31, 2026).
What growth is priced into Hoe Leong Corporation (H20)?
For today's price to be fair in a discounted-cash-flow model, Hoe Leong Corporation would have to grow free cash flow by -15.5 % per year for five years (discount rate 9.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -2.5 % per year. As of Oct 31, 2026.
What discount rate (WACC) does the fair value of H20 use?
Our models discount Hoe Leong Corporation at 9.5 %: a base by market capitalisation (nano), 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 Hoe Leong Corporation that is -15.5 % per year a year over ten years, using the same discount rate (9.5 %) and the same formula as our fair value.
How much growth has Hoe Leong Corporation (H20) delivered so far?
Over the past 5 years revenue at Hoe Leong Corporation grew -2.5 % a year. The price currently implies -15.5 % 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 Hoe Leong Corporation (H20) growing?
The median revenue growth in the sector is +7.7 % a year. That is the yardstick for the growth priced into Hoe Leong Corporation (-15.5 % 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 Hoe Leong Corporation (H20)?
The free-cash-flow yield on the price is 27.27 %: that much free cash flow Hoe Leong Corporation produces per unit of market value. When it exceeds the discount rate of our models (9.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Hoe Leong Corporation (H20)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hoe Leong Corporation it is 0.0011 SGD per share (as of Oct 31, 2026), against a price of 0.0010 SGD. It is the blended result of 3 valuation models (cash flow, earnings, asset, dividend).
Is Hoe Leong Corporation stock overvalued or undervalued in 2026?
As of Oct 31, 2026, H20 trades below its calculated fair value: price 0.0010 SGD, fair value 0.0011 SGD, a gap of about +9% (fairly valued). 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 H20?
No. The price is what the market pays today (0.0010 SGD); the fair value is what the company's own numbers justify (0.0011 SGD). For Hoe Leong Corporation the two are 0.0001 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is Hoe Leong Corporation worth?
The market values Hoe Leong Corporation at about 15.1M SGD (market capitalisation, as of Oct 31, 2026). Per share that is 0.0010 SGD; our models calculate a fair value of 0.0011 SGD per share.
How solid is the balance sheet of Hoe Leong Corporation (H20)?
Balance-sheet figures for Hoe Leong Corporation (as of Oct 31, 2026): return on equity 4.5%, debt of 0.09 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is H20 from its 52-week high?
Hoe Leong Corporation trades at 0.0010 SGD, about 50% below its 52-week high of 0.0020 SGD and at the low of 0.0010 SGD (as of Oct 29, 2026). Distance from the high says nothing about value: that is what the fair value of 0.0011 SGD is for.
Which stocks are comparable to Hoe Leong Corporation?
From the same area (Industrials) we also value W.W. Grainger, Inc, Fastenal Company, Ferguson Enterprises Inc, WESCO International, Inc, 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 Hoe Leong Corporation stock attractive at the current price?
The data as of Oct 31, 2026: price 0.0010 SGD, calculated fair value 0.0011 SGD (+9%), Quality Score 56/100, from 3 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 H20 calculated?
We run Hoe Leong Corporation through 3 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 0.0011 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 13.4 % above its aggregate fair value. Hoe Leong Corporation currently trades 8 % 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 Hoe Leong Corporation (H20)?
The closing price on Oct 29, 2026 was 0.0010 SGD. Our model-based fair value is 0.0011 SGD, about +9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hoe Leong Corporation right now?
The price is below even our cautious bear case (0.0011 SGD). The market is more pessimistic than our downside scenario. The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Hoe Leong Corporation
How large is the market capitalisation of Hoe Leong Corporation (H20)?
The market capitalisation of Hoe Leong Corporation is 15.1M SGD (≈ $11.9M). 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 Hoe Leong Corporation (H20)?
The price-to-sales ratio of Hoe Leong Corporation is 0.42 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Hoe Leong Corporation (H20)?
The net margin of Hoe Leong Corporation is 1.2% (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 Hoe Leong Corporation (H20)?
The return on equity (ROE) of Hoe Leong Corporation is 4.5% (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 Hoe Leong Corporation (H20)?
On an EBIT basis the return on assets of Hoe Leong Corporation is 0.0% (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 Hoe Leong Corporation (H20)?
The operating margin of Hoe Leong Corporation is 2.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hoe Leong Corporation (H20)?
Revenue at Hoe Leong Corporation is growing −11.9% versus a year earlier (3y avg −2.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Hoe Leong Corporation (H20) carry?
The net debt of Hoe Leong Corporation is 5.7M SGD (fiscal year 2025, ≈ 1.4 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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Thin data
Oct 31, 2026