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SERIAL SYSTEM LTD (S69) Fair Value & Analysis

Technology · SG · Market cap 66.1M SGD

SS SERIAL SYSTEM LTD S69 · SG
Price0.0660 SGD
Fair Value0.0562 SGD
Upside-14.9%
Quality48/100
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Expensive Growth
Thin margins · 0.3% net margin
Low debt · negative free cash flow
1.33% dividend yield
Trails peers (5/13)
Narrow moat 17/100
Evidence: High Range 0.0489 SGD – 0.0708 SGD Share as image

Fair value as of: Aug 13, 2026

From 15 valuation models · updated 5 days ago

Fair value updated Aug 13, 2026, revised from 0.0488 SGD to 0.0562 SGD (+15.1%) since Aug 9, 2026. Share price −12.0% over the past month.

Below-average quality, and screening another 15% overvalued on our models.

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What matters now

  • Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.
  • Our model range runs from 0.0489 SGD (bear) to 0.0708 SGD (bull), base 0.0562 SGD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 48/100 (below-average quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

0.1474 SGD 0.0394 SGD Fair Value 0.0562 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 0.0394 SGD – 0.1474 SGD · fair‑value band 0.0489 SGD – 0.0708 SGD · the 0.0660 SGD price screens above the 0.0562 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

SERIAL SYSTEM LTD (S69) currently trades at 0.0660 SGD, while our model-based Fair Value estimate is 0.0562 SGD, implying the stock looks roughly 14.9% overvalued today. The Quality Score stands at 48/100 (below-average quality), in the Technology 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, SERIAL SYSTEM LTD generated revenue of 860M SGD at a net margin of 0.3%. Revenue grew 13.0% year over year. It earns a return on equity of 2.0%. Net debt stands at 148M SGD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.0489 SGD (bear case) to 0.0708 SGD (bull case); at 0.0660 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 36% below its 52-week high and 60% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -15% fair-value upside, at -15%, S69 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
Residual Income 0.0900 SGD 0.0900 SGD 0.0600 SGD 76
ROIC Compounder 0.0900 SGD 0.0900 SGD 0.1000 SGD 72
Gordon GGM 0.0300 SGD 0.0300 SGD 0.0300 SGD 70
All 15 models by family
DCF Models
Owner Earnings 0.0600 SGD 0.0700 SGD 0.0800 SGD 31
Earnings-Based
Graham-Dodd 0.0200 SGD 0.0200 SGD 0.0300 SGD 54
EPV 0.0900 SGD 0.0900 SGD 0.1000 SGD 59
Dividend Discount
Gordon GGM 0.0300 SGD 0.0300 SGD 0.0300 SGD 70
DDM Multi-Stage 0.0300 SGD 0.0300 SGD 0.0400 SGD 61
Multiples
P/E Multiple 0.0500 SGD 0.0700 SGD 0.0900 SGD 63
P/S Multiple 0.0300 SGD 0.0400 SGD 0.0500 SGD 58
P/B Multiple 0.0300 SGD 0.0400 SGD 0.0500 SGD 55
EV/EBIT 0.2000 SGD 0.2600 SGD 0.3200 SGD 53
EV/EBITDA 0.1900 SGD 0.2500 SGD 0.3000 SGD 54
EV/Revenue 0.1200 SGD 0.1500 SGD 0.1900 SGD 43
Asset-Based
NCAV (Graham) 0.0700 SGD 0.1000 SGD 0.1500 SGD 50
Economic Profit
Residual Income 0.0900 SGD 0.0900 SGD 0.0600 SGD 76
ROIC Compounder 0.0900 SGD 0.0900 SGD 0.1000 SGD 72
Growth Earnings
Growth-Adj P/E 0.0400 SGD 0.0500 SGD 0.0700 SGD 68

Widest divergence: Asset-Based (0.1000 SGD) versus Earnings-Based (0.0200 SGD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 860M SGD
Revenue growth (YoY) +13.0%
Net margin 0.3%
Return on equity 2.0%
Free cash flow −2.2M SGD FY2025
Operating margin 0.9%
More key figures
Dividend yield 1.3%
EPS growth (YoY) -74.6%
Net debt 148M SGD FY2025

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

Quality Score breakdown

Overall quality 48/100

Of which business quality 46 · Market factors (momentum, volatility) 54

Profitability 36
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 15
Earnings quality: real cash, not paper profit
Fin. Strength 34
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 49
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 66
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

Serial System Ltd, an investment holding company, engages in the distribution of electronic and electrical components, and consumer products. It operates through three segments: Electronic Components Distribution, Consumer Products Distribution, and Other Businesses.

Full company description

Serial System Ltd, an investment holding company, engages in the distribution of electronic and electrical components, and consumer products. It operates through three segments: Electronic Components Distribution, Consumer Products Distribution, and Other Businesses. The company offers computers and peripherals, printers and accessories, laptops/notebooks, processors, motherboards, SSDs, DRAM, VGA and graphic cards, and printer ink and toner cartridges. It is involved in the trading and rental of investment properties; assembly and distribution of medical devices and ethylene oxide sterilization; trading and distribution of consumer and information technology (IT); and distribution and marketing of IT, computer peripherals, parts, software, and related products. In addition, the company offers hospitality and healthcare, and constructs communications and power lines. Further, it provides management, marketing, and administrative services; and managed print services, as well as supplies papers, toners, and printers. It serves consumer electronics, telecommunications, household appliances, industrial, electronics manufacturing services, security and surveillance, automotive, and medical industries. It operates in Singapore, Malaysia, Thailand, the Philippines, Indonesia, Vietnam, India, Hong Kong, China, South Korea, Taiwan, and Japan. The company was founded in 1988 and is headquartered in Singapore.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

SERIAL SYSTEM LTD reported revenue of 860M SGD in FY2025 versus 896M SGD in FY2021, a compound −1.0%/yr. Reported net income was 2.3M SGD in FY2025, compounding −32.6%/yr from FY2021.

Growth Quality 33/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
860M SGD
Latest YoY
+9.1%
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.
−1.7%
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.
+3.3%
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.
+0.4%
Revenue −1.0%/yr
FY21 896M SGD
FY22 907M SGD
FY23 759M SGD
FY24 789M SGD
FY25 860M SGD
Net income −32.6%/yr
FY21 11.1M SGD
FY22 −4.6M SGD
FY23 −14.8M SGD
FY24 516K SGD
FY25 2.3M SGD

S69 screens 15% overvalued. Compare with TD SYNNEX Corporation →

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Cite: Fair Value Calculator (2026). "SERIAL SYSTEM LTD Fair Value". https://www.fairvalue-calculator.com/stock/S69

Peer Group

Electronics & Computer Distribution · 156 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 48 · Below median
Fair Value upside −9% · Below median
Return on equity (TTM) 2% · Bottom 25%
Return on assets 1% · Bottom 25%
Net margin (TTM) 0% · Bottom 25%
Operating margin (TTM) 1% · Bottom 25%
Revenue growth 13% · Above median
Dividend yield (TTM) 1.3% · Below median
Debt / equity 0.07× · Higher than median

Valuation Multiples vs Electronics & Computer Distribution median · lower = cheaper

P/B 0.39× · Cheaper than 75% of peers
P/S (TTM) 0.06× · Cheaper than 75% of peers
EV/EBITDA 2.2× · Cheaper than 75% of peers
PEG 1.19× · 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 21 · sector 33
FUTURE 65 · sector 64
PAST 8 · sector 34
HEALTH 96 · sector 98
DIVIDEND 27 · sector 55

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 Electronics & Computer Distribution stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
TD SYNNEX Corporation SNX $255.21 $289.83 +14%
Unisplendour Corporation 000938 ¥39.60 ¥16.52 -58%
Rexel S.A RXL €37.61 €32.05 -15%
Arrow Electronics, Inc ARW $210.30 $114.08 -46%
Avnet, Inc AVT $97.31 $77.07 -21%
WPG Holdings 3702 123.50 TWD 148.26 TWD +20%
Nanjing Sunlord Electronics Corporation 300975 ¥27.41 ¥12.34 -55%
Shenzhen Huaqiang Industry Co 000062 ¥23.53 ¥7.52 -68%
Shenzhen H&T Intelligent Control Co. 002402 ¥21.59 ¥20.12 -7%
Topco Scientific Co 5434 521.00 TWD 473.70 TWD -9%

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Frequently asked questions

Is SERIAL SYSTEM LTD (S69) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 0.0562 SGD versus a price of 0.0660 SGD, about −15% (overvalued).
What is the fair value of S69?
Our model-based fair value for SERIAL SYSTEM LTD is 0.0562 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 0.0660 SGD.
What is the quality score of S69?
SERIAL SYSTEM LTD has a Quality Score of 48/100. 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 SERIAL SYSTEM LTD (S69)?
SERIAL SYSTEM LTD reported trailing-twelve-month revenue of about 860M SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of S69?
The net profit margin of SERIAL SYSTEM LTD is about 0.3%, meaning it keeps roughly 0.3% of revenue as net income. Based on the latest reported figures.
Does SERIAL SYSTEM LTD pay a dividend?
SERIAL SYSTEM LTD currently shows a dividend yield of about 1.33% 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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