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TAT SENG PACKAGING GROUP LTD (T12) Fair Value & Analysis

Consumer Cyclical · SG · Market cap 163M SGD

TS TAT SENG PACKAGING GROUP LTD T12 · SG
Price1.00 SGD
Fair Value1.83 SGD
Upside+83.0%
Quality62/100
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Weak Growth
Thin margins · 7.3% net margin
Low debt · generates free cash flow
5.88% dividend yield
Ranks above peers (12/14)
Narrow moat 43/100
Evidence: High Range 1.37 SGD – 2.26 SGD Share as image

Fair value as of: Aug 13, 2026

From 22 valuation models · updated 4 days ago

Share price +2.0% over the past month.

A solid business, screening 83% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (1.37 SGD). The market is more pessimistic than our downside scenario.
  • Solid quality (62/100) 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)

1.25 SGD 0.3732 SGD Fair Value 1.83 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 0.3732 SGD – 1.25 SGD · fair‑value band 1.37 SGD – 2.26 SGD · the 1.00 SGD price screens below the 1.83 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

TAT SENG PACKAGING GROUP LTD (T12) currently trades at 1.00 SGD, while our model-based Fair Value estimate is 1.83 SGD, implying the stock looks roughly 83.0% undervalued today. The Quality Score stands at 62/100 (solid quality), in the Consumer Cyclical 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, TAT SENG PACKAGING GROUP LTD generated revenue of 231M SGD at a net margin of 7.3%. Revenue declined 5.0% year over year. It earns a return on equity of 8.2%. The stock trades on a trailing P/E of 9.1. Fundamentals as of Aug 13, 2026

Our scenario range runs from 1.37 SGD (bear case) to 2.26 SGD (bull case); at 1.00 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 20% below its 52-week high and 58% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -24% fair-value upside, at 83%, T12 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 1.52 SGD 1.71 SGD 2.01 SGD 80
Residual Income 1.01 SGD 1.03 SGD 1.03 SGD 76
Rev-Margin DCF 1.57 SGD 1.98 SGD 2.49 SGD 74
All 22 models by family
DCF Models
FCF DCF 1.50 SGD 1.71 SGD 2.05 SGD 38
Owner Earnings 1.50 SGD 1.71 SGD 2.05 SGD 31
5Y Revenue Exit 1.57 SGD 1.96 SGD 2.52 SGD 39
5Y EBITDA Exit 1.67 SGD 2.14 SGD 2.76 SGD 41
5Y P/E Exit 1.68 SGD 2.16 SGD 2.72 SGD 38
10Y Revenue Exit 1.51 SGD 1.76 SGD 2.03 SGD 36
10Y EBITDA Exit 1.58 SGD 1.86 SGD 2.15 SGD 37
10Y P/E Exit 1.59 SGD 1.87 SGD 2.13 SGD 35
Earnings-Based
Graham-Dodd 0.7300 SGD 0.8900 SGD 1.00 SGD 54
EPV 1.31 SGD 1.38 SGD 1.44 SGD 59
Multiples
P/E Multiple 1.37 SGD 1.83 SGD 2.28 SGD 63
P/S Multiple 1.37 SGD 1.83 SGD 2.28 SGD 58
P/B Multiple 1.37 SGD 1.83 SGD 2.28 SGD 55
EV/EBIT 1.88 SGD 2.27 SGD 2.67 SGD 53
EV/EBITDA 2.03 SGD 2.48 SGD 2.93 SGD 54
EV/Revenue 1.72 SGD 2.16 SGD 2.60 SGD 43
Asset-Based
NCAV (Graham) 0.6700 SGD 0.9000 SGD 1.35 SGD 50
Growth DCF
Growth DCF 1.52 SGD 1.71 SGD 2.01 SGD 80
Rev-Margin DCF 1.57 SGD 1.98 SGD 2.49 SGD 74
Economic Profit
Residual Income 1.01 SGD 1.03 SGD 1.03 SGD 76
ROIC Compounder 1.31 SGD 1.38 SGD 1.46 SGD 72
Growth Earnings
Growth-Adj P/E 0.9800 SGD 1.39 SGD 1.81 SGD 68

Widest divergence: DCF Models (1.86 SGD) versus Earnings-Based (0.8900 SGD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 231M SGD
Revenue growth (YoY) -5.0%
Net margin 7.3%
Return on equity 8.2%
Free cash flow 17.8M SGD FY2025
P/E ratio 9.1
More key figures
Operating margin 8.6%
EPS (TTM) 0.1100 SGD
Dividend yield 5.9%
EPS growth (YoY) +12.6%

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

Quality Score breakdown

Overall quality 62/100

Of which business quality 62 · Market factors (momentum, volatility) 75

Profitability 38
Margins and returns on capital today
Quality Growth 23
Are margins and returns improving?
Cashflow 54
Earnings quality: real cash, not paper profit
Fin. Strength 97
Balance sheet, leverage, solvency risk
Investment 85
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 74
Price trend over the last 3–12 months (market factor)
52W Momentum 74
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

Tat Seng Packaging Group Ltd, together with its subsidiaries, designs, manufactures, and sells corrugated paper products and other packaging products in Singapore and the People's Republic of China.

Full company description

Tat Seng Packaging Group Ltd, together with its subsidiaries, designs, manufactures, and sells corrugated paper products and other packaging products in Singapore and the People's Republic of China. The company offers regular slotted carton boxes, die-cut carton boxes, offset-printed boxes, corrugated partition pads/layer pads, corrugated boards, and heavy duty corrugated products. It also provides other packaging-related or customized products, such as tapes, stretch films, foams, and edge board protectors; and paper pallets for storage and transport requirements. In addition, the company serves multi-national corporations and local manufacturers in the food and beverage, electronics and electrical, pharmaceutical and chemical, plastic and metal stamping, and other exporting related industries. The company was formerly known as Tat Seng Paper Containers Pte Ltd. and changed its name to Tat Seng Packaging Group Ltd in 2001. Tat Seng Packaging Group Ltd was founded in 1968 and is based in Singapore. The company operates as a subsidiary of PSC Corporation Ltd.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

TAT SENG PACKAGING GROUP LTD reported revenue of 231M SGD in FY2025 versus 368M SGD in FY2021, a compound −10.9%/yr. Reported net income was 16.9M SGD in FY2025, compounding −7.7%/yr from FY2021.

Growth Quality 33/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
231M SGD
Latest YoY
−8.9%
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.
−11.7%
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.
+0.6%
Revenue −10.9%/yr
FY21 368M SGD
FY22 336M SGD
FY23 259M SGD
FY24 254M SGD
FY25 231M SGD
Net income −7.7%/yr
FY21 23.3M SGD
FY22 20.7M SGD
FY23 18.8M SGD
FY24 18.8M SGD
FY25 16.9M SGD

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Cite: Fair Value Calculator (2026). "TAT SENG PACKAGING GROUP LTD Fair Value". https://www.fairvalue-calculator.com/stock/T12

Peer Group

Packaging & Containers · 272 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 62 · Top 25%
Fair Value upside +83% · Top 25%
Return on equity (TTM) 8% · Above median
Return on assets 4% · Above median
Net margin (TTM) 7% · Top 25%
Operating margin (TTM) 9% · Above median
Revenue growth -5% · Below median
Dividend yield (TTM) 5.9% · Top 25%
Debt / equity 0.02× · Lower than 75% of peers

Valuation Multiples vs Packaging & Containers median · lower = cheaper

P/E (TTM) 9.1× · Cheaper than 75% of peers
P/B 0.60× · Cheaper than median
P/S (TTM) 0.55× · Cheaper than median
P/FCF 7.2× · Pricier than median
EV/EBITDA 0.8× · Cheaper than 75% of peers

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 9
FUTURE 0 · sector 0
PAST 33 · sector 21
HEALTH 99 · sector 93
DIVIDEND 100 · sector 48

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 Packaging & Containers stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Stora Enso Oyj STER kr 106.80 kr 125.82 +18%
ShenZhen YUTO Packaging Technology Co 002831 ¥27.73 ¥20.16 -27%
SCG Packaging Public Company SCGP 31.00 THB 16.12 THB -48%
AblePrint Technology Co 7734 3,350 TWD 675.50 TWD -80%
PT Fajar Surya Wisesa Tbk, FASW 5,312 IDR 1,193 IDR -78%
Taiwan Hon Chuan Enterprise Co 9939 134.00 TWD 127.06 TWD -5%
Time Technoplast Limited TIMETECHNO ₹208.56 ₹161.42 -23%
EPL Limited 500135 ₹247.30 ₹111.65 -55%
Polyplex Corporation 524051 ₹1,211 ₹924.62 -24%
Dongwon Systems Corporation 014820 21,650 KRW 31,473 KRW +45%

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Frequently asked questions

Is TAT SENG PACKAGING GROUP LTD (T12) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 1.83 SGD versus a price of 1.00 SGD, about +83% (undervalued).
What is the fair value of T12?
Our model-based fair value for TAT SENG PACKAGING GROUP LTD is 1.83 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 1.00 SGD.
What is the quality score of T12?
TAT SENG PACKAGING GROUP LTD has a Quality Score of 62/100. 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 TAT SENG PACKAGING GROUP LTD (T12)?
TAT SENG PACKAGING GROUP LTD reported trailing-twelve-month revenue of about 231M SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of T12?
The net profit margin of TAT SENG PACKAGING GROUP LTD is about 7.3%, meaning it keeps roughly 7.3% of revenue as net income. Based on the latest reported figures.
Does TAT SENG PACKAGING GROUP LTD pay a dividend?
TAT SENG PACKAGING GROUP LTD currently shows a dividend yield of about 5.88% 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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