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HOCK LIAN SENG HOLDINGS LTD (J2T) Fair Value & Analysis

Industrials · SG · Market cap 179M SGD

HL HOCK LIAN SENG HOLDINGS LTD J2T · SG
Price0.2900 SGD
Fair Value0.4800 SGD
Upside+65.5%
Quality47/100
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Mixed Growth
Thin margins · 9.1% net margin
Low debt · negative free cash flow
3.10% dividend yield
Mixed vs. peers (6/13)
Narrow moat 31/100
Evidence: High Range 0.4200 SGD – 0.6000 SGD Share as image

Fair value as of: Aug 13, 2026

From 15 valuation models · updated 5 days ago

Below-average quality, screening 66% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (0.4200 SGD). The market is more pessimistic than our downside scenario.
  • Solid quality (47/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

0.4957 SGD 0.1826 SGD Fair Value 0.4800 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 0.1826 SGD – 0.4957 SGD · fair‑value band 0.4200 SGD – 0.6000 SGD · the 0.2900 SGD price screens below the 0.4800 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

HOCK LIAN SENG HOLDINGS LTD (J2T) currently trades at 0.2900 SGD, while our model-based Fair Value estimate is 0.4800 SGD, implying the stock looks roughly 65.5% undervalued today. The Quality Score stands at 47/100 (below-average quality), in the Industrials 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, HOCK LIAN SENG HOLDINGS LTD generated revenue of 186M SGD at a net margin of 9.1%. Revenue declined 0.8% year over year. It earns a return on equity of 6.0%. The stock trades on a trailing P/E of 9.6. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.4200 SGD (bear case) to 0.6000 SGD (bull case); at 0.2900 SGD, the current price sits below 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 44% below its 52-week high, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -34% fair-value upside, at 66%, J2T 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
Residual Income 0.4000 SGD 0.4000 SGD 0.3500 SGD 76
ROIC Compounder 0.1700 SGD 0.1800 SGD 0.1800 SGD 72
Growth-Adj P/E 0.4500 SGD 0.6500 SGD 0.8400 SGD 68
All 15 models by family
DCF Models
Owner Earnings 0.3700 SGD 0.4900 SGD 0.6400 SGD 31
Earnings-Based
Graham-Dodd 0.2300 SGD 0.7900 SGD 1.06 SGD 54
Lynch FV 0.1800 SGD 0.2600 SGD 0.3400 SGD 50
PEG = 1.0 0.1800 SGD 0.2600 SGD 0.3400 SGD 46
EPV 0.1700 SGD 0.1800 SGD 0.1800 SGD 59
Multiples
P/E Multiple 0.5300 SGD 0.7000 SGD 0.8800 SGD 63
P/S Multiple 0.4300 SGD 0.5700 SGD 0.7100 SGD 58
P/B Multiple 0.4300 SGD 0.5700 SGD 0.7100 SGD 55
EV/EBIT 0.3100 SGD 0.3800 SGD 0.4600 SGD 53
EV/EBITDA 0.3000 SGD 0.3800 SGD 0.4500 SGD 54
EV/Revenue 0.2400 SGD 0.3100 SGD 0.3800 SGD 43
Asset-Based
NCAV (Graham) 0.2900 SGD 0.3800 SGD 0.5700 SGD 50
Economic Profit
Residual Income 0.4000 SGD 0.4000 SGD 0.3500 SGD 76
ROIC Compounder 0.1700 SGD 0.1800 SGD 0.1800 SGD 72
Growth Earnings
Growth-Adj P/E 0.4500 SGD 0.6500 SGD 0.8400 SGD 68

Widest divergence: Growth Earnings (0.6500 SGD) versus Economic Profit (0.1800 SGD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 186M SGD
Revenue growth (YoY) -0.8%
Net margin 9.1%
Return on equity 6.0%
Free cash flow −107M SGD FY2025
P/E ratio 9.6
More key figures
Operating margin 4.7%
EPS (TTM) 0.0300 SGD
Dividend yield 3.1%
EPS growth (YoY) -27.6%

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

Quality Score breakdown

Overall quality 47/100

Of which business quality 47 · Market factors (momentum, volatility) 28

Profitability 30
Margins and returns on capital today
Quality Growth 10
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 93
Balance sheet, leverage, solvency risk
Investment 80
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 8
Price trend over the last 3–12 months (market factor)
52W Momentum 2
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

Hock Lian Seng Holdings Limited, an investment holding company, primarily provides civil engineering services to public and private sectors in Singapore. The company operates through three segments: Civil Engineering, Properties Development, and Properties Investment.

Full company description

Hock Lian Seng Holdings Limited, an investment holding company, primarily provides civil engineering services to public and private sectors in Singapore. The company operates through three segments: Civil Engineering, Properties Development, and Properties Investment. The Civil Engineering segment engages in infrastructure construction and civil engineering works for bridges, expressways, tunnels, and other infrastructure works for government and government related bodies. The Properties Development segment develops properties in the residential and industrial sectors. The Properties Investment segment invests in properties for renting and/or for capital appreciation and others. The company offers mass rapid transit, port facilities, water and sewage facilities. Hock Lian Seng Holdings Limited was founded in 1969 and is based in Singapore.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

HOCK LIAN SENG HOLDINGS LTD reported revenue of 186M SGD in FY2025 versus 169M SGD in FY2021, a compound +2.5%/yr. Reported net income was 17.0M SGD in FY2025, compounding −9.3%/yr from FY2021.

Growth Quality 39/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
186M SGD
Latest YoY
+1.5%
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.
+9.3%
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.
+6.6%
Revenue +2.5%/yr
FY21 169M SGD
FY22 143M SGD
FY23 202M SGD
FY24 183M SGD
FY25 186M SGD
Net income −9.3%/yr
FY21 25.1M SGD
FY22 16.5M SGD
FY23 26.6M SGD
FY24 32.0M SGD
FY25 17.0M SGD

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Cite: Fair Value Calculator (2026). "HOCK LIAN SENG HOLDINGS LTD Fair Value". https://www.fairvalue-calculator.com/stock/J2T

Peer Group

Engineering & Construction · 834 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 47 · Below median
Fair Value upside +66% · Top 25%
Return on equity (TTM) 6% · Below median
Return on assets 1% · Below median
Net margin (TTM) 9% · Top 25%
Operating margin (TTM) 5% · Above median
Revenue growth -1% · Below median
Dividend yield (TTM) 3.1% · Above median
Debt / equity 0.15× · Higher than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 9.6× · Cheaper than 75% of peers
P/B 0.48× · Cheaper than median
P/S (TTM) 0.75× · Pricier than median
EV/EBITDA 8.7× · Pricier 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 100 · sector 17
FUTURE 0 · sector 15
PAST 24 · sector 26
HEALTH 92 · sector 94
DIVIDEND 62 · sector 43

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 HOCK LIAN SENG HOLDINGS LTD (J2T) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 0.4800 SGD versus a price of 0.2900 SGD, about +66% (undervalued).
What is the fair value of J2T?
Our model-based fair value for HOCK LIAN SENG HOLDINGS LTD is 0.4800 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 0.2900 SGD.
What is the quality score of J2T?
HOCK LIAN SENG HOLDINGS LTD has a Quality Score of 47/100. 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 HOCK LIAN SENG HOLDINGS LTD (J2T)?
HOCK LIAN SENG HOLDINGS LTD reported trailing-twelve-month revenue of about 186M SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of J2T?
The net profit margin of HOCK LIAN SENG HOLDINGS LTD is about 9.1%, meaning it keeps roughly 9.1% of revenue as net income. Based on the latest reported figures.
Does HOCK LIAN SENG HOLDINGS LTD pay a dividend?
HOCK LIAN SENG HOLDINGS LTD currently shows a dividend yield of about 3.10% 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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