UNION STEEL HOLDINGS LIMITED (ZB9) fair value: what the stock is really worth
As of Sep 29, 2026: fair value of UNION STEEL HOLDINGS LIMITED S$1.26, price S$0.44, upside +186.4%, quality 38 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Union Steel Holdings Limited, an investment holding company, provides metals, scaffolding, and engineering services in Singapore, Indonesia, France, the United States, India, the Middle East, Brazil, Malaysia, the Netherlands, China, and internationally. The company operates through Metals, Scaffolding, Engineering, and Others segments.
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Union Steel Holdings Limited, an investment holding company, provides metals, scaffolding, and engineering services in Singapore, Indonesia, France, the United States, India, the Middle East, Brazil, Malaysia, the Netherlands, China, and internationally. The company operates through Metals, Scaffolding, Engineering, and Others segments. It engages in the recycling and trading of ferrous and non-ferrous scrap metals; and steel leasing solutions of steel sheet piles, mild plates, test piles, and beams to construction industry. The company also supplies reinforcement steel bars, H-beams, I-beams, pipes, steel plates, and sheet piles, as well as provides steel storage and handling services. In addition, it is involved in the consultancy, sale, and rental of scaffolding materials; and the supply of skilled workers for erection and dismantling of scaffolds. Further, the company supplies hydraulic winches and power packs; manufactures motor vehicle bodies; and offers mechanical construction and fabrication, and waste collection and management services, as well as repair, commissioning, sale, and rental of marine deck equipment, accessories, and parts. Additionally, it rents materials; trades in steel products; rents properties; holds investment properties; operates an online portal for sales of industrial equipment; contractors electronic and electrical engineering works; processes industrial plant engineering design and consultancy services; and installs and constructs gas piping systems, aluminum, stainless fabrication and related structures. Union Steel Holdings Limited was founded in 1984 and is headquartered in Singapore.
Stock analysis
UNION STEEL HOLDINGS LIMITED (ZB9) currently trades at 0.4400 SGD, while our model-based Fair Value estimate is 1.26 SGD, implying the stock looks roughly 65.1% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 3.70 SGD per share, and 21 of the 23 models we run sit above the 0.4400 SGD price.
Bear case: the Economic Profit group reads lowest at 0.2600 SGD, and 2 of the 23 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.7300 SGD (bear) to 1.88 SGD (bull), the price of 0.4400 SGD sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 38/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
UNION STEEL HOLDINGS LIMITED reported revenue of 106M SGD in FY2024 versus 9.6M SGD in FY2020, a compound +82.1%/yr. Reported net income was 9.5M SGD in FY2024.
Key figures
Market cap 57.9M SGD (≈ $45.3M) · P/E ratio 6.3 · P/S ratio 0.56 · EPS (TTM) 0.0700 SGD · Dividend yield 2.0% · Net margin 9.0% · Return on equity 8.4% · Return on assets (EBIT) −6.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 32% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −15% fair-value upside, at 186%, ZB9 screens cheaper than that median.
Fair Value models
Bear 0.7300 SGDFair Value 1.26 SGDBull 1.88 SGD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2024 figures (about 12 months old). Earnings retained since then (0.0610 SGD per share) are deliberately not added.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.Evidence ⓘEvidence = 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.50/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−7.6%
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.
+9.8%
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.
+57.3%
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.
−2.8%
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What shareholders gained per year (last 3 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 3 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.
−27.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−29.4%
Dividend (yield on the price)2.0%
Profit margin 2019 to 2024 ⓘ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.−7% → 4%
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).
+25.4%
Yearly growth needed for the next five years to justify today's price.
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 +22.9% a year for the price.
Compare UNION STEEL HOLDINGS LIMITED with another stock
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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.Waste Management · 156 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score38 · Bottom 25%
Fair Value upside+186.4% · Top 25%
Profitability
Return on equity (TTM)8.4% · Above median
Return on assets1.0% · Below median
Net margin (TTM)7.8% · Above median
Operating margin (TTM)4.4% · Below median
Growth and dividend
Revenue growth−4.1% · Bottom 25%
Dividend yield (TTM)2.0% · Below median
Balance sheet
Debt / equity0.18× · Below median
Valuation Multiplesvs Waste Management median · lower = cheaper
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Is UNION STEEL HOLDINGS LIMITED (ZB9) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 1.26 SGD versus a price of 0.4400 SGD, about +186% upside (undervalued).
What is the fair value of ZB9?
Our model-based fair value for UNION STEEL HOLDINGS LIMITED is 1.26 SGD (as of Sep 27, 2026), built from audited fundamentals. The current price: 0.4400 SGD.
What is the quality score of ZB9?
UNION STEEL HOLDINGS LIMITED has a Quality Score of 38/100. 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 UNION STEEL HOLDINGS LIMITED (ZB9)?
Our model-based price target is the fair value of 1.26 SGD (as of Sep 27, 2026) from 23 valuation models. Cautious scenario 0.7300 SGD, optimistic scenario 1.88 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the UNION STEEL HOLDINGS LIMITED stock forecast for 2026?
Our models put fair value at 1.26 SGD, about +186% upside versus a price of 0.4400 SGD (undervalued). Cautious scenario 0.7300 SGD, optimistic scenario 1.88 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of UNION STEEL HOLDINGS LIMITED (ZB9)?
UNION STEEL HOLDINGS LIMITED reported trailing-twelve-month revenue of about 104M SGD (latest available figure, as of Sep 27, 2026).
Does UNION STEEL HOLDINGS LIMITED pay a dividend?
UNION STEEL HOLDINGS LIMITED currently shows a dividend yield of about 2.05% relative to its recent price (as of Sep 27, 2026).
What growth is priced into UNION STEEL HOLDINGS LIMITED (ZB9)?
For today's price to be fair in a discounted-cash-flow model, UNION STEEL HOLDINGS LIMITED would have to grow free cash flow by +25.4 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +57.3 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of ZB9 use?
Our models discount UNION STEEL HOLDINGS LIMITED at 8.3 %: a base by market capitalisation (nano), damped by beta 0.26, 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 UNION STEEL HOLDINGS LIMITED that is +25.4 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has UNION STEEL HOLDINGS LIMITED (ZB9) delivered so far?
Over the past 5 years revenue at UNION STEEL HOLDINGS LIMITED grew +57.3 % a year. The price currently implies +25.4 % 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 UNION STEEL HOLDINGS LIMITED (ZB9) growing?
The median revenue growth in the sector is +7.4 % a year. That is the yardstick for the growth priced into UNION STEEL HOLDINGS LIMITED (+25.4 % 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 UNION STEEL HOLDINGS LIMITED (ZB9)?
The free-cash-flow yield on the price is 3.17 %: that much free cash flow UNION STEEL HOLDINGS LIMITED produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of UNION STEEL HOLDINGS LIMITED (ZB9)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For UNION STEEL HOLDINGS LIMITED it is 1.26 SGD per share (as of Sep 27, 2026), against a price of 0.4400 SGD. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is UNION STEEL HOLDINGS LIMITED stock overvalued or undervalued in 2026?
As of Sep 27, 2026, ZB9 trades below its calculated fair value: price 0.4400 SGD, fair value 1.26 SGD, a gap of about +186% (undervalued). 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 ZB9?
No. The price is what the market pays today (0.4400 SGD); the fair value is what the company's own numbers justify (1.26 SGD). For UNION STEEL HOLDINGS LIMITED the two are 0.8200 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is UNION STEEL HOLDINGS LIMITED worth?
The market values UNION STEEL HOLDINGS LIMITED at about 57.9M SGD (market capitalisation, as of Sep 27, 2026). Per share that is 0.4400 SGD; our models calculate a fair value of 1.26 SGD per share.
What do the bullish and bearish scenarios say about ZB9?
Our models span a range for UNION STEEL HOLDINGS LIMITED: cautious scenario 0.7300 SGD, base 1.26 SGD, optimistic 1.88 SGD per share (as of Sep 27, 2026, price 0.4400 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ZB9?
UNION STEEL HOLDINGS LIMITED trades at a price-to-earnings ratio of 6.3 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 1.26 SGD is built from several models across several years. Other multiples: P/B 0.6, P/S 0.6, EV/EBITDA 6.9.
How solid is the balance sheet of UNION STEEL HOLDINGS LIMITED (ZB9)?
Balance-sheet figures for UNION STEEL HOLDINGS LIMITED (as of Sep 27, 2026): return on equity 8.4%, debt of 0.18 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is ZB9 from its 52-week high?
UNION STEEL HOLDINGS LIMITED trades at 0.4400 SGD, about 32% below its 52-week high of 0.6460 SGD and 1% above the low of 0.4350 SGD (as of Sep 29, 2026). Distance from the high says nothing about value: that is what the fair value of 1.26 SGD is for.
Which stocks are comparable to UNION STEEL HOLDINGS LIMITED?
From the same area (Industrials) we also value Waste Management, Inc, Republic Services, Inc, Waste Connections, Inc, Veolia Environnement SA, 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 UNION STEEL HOLDINGS LIMITED stock attractive at the current price?
The data as of Sep 27, 2026: price 0.4400 SGD, calculated fair value 1.26 SGD (+186%), Quality Score 38/100, from 23 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 ZB9 calculated?
We run UNION STEEL HOLDINGS LIMITED through 23 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 1.26 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 14.5 % above its aggregate fair value. UNION STEEL HOLDINGS LIMITED currently trades 65 % 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 UNION STEEL HOLDINGS LIMITED (ZB9)?
The closing price on Sep 29, 2026 was 0.4400 SGD. Our model-based fair value is 1.26 SGD, about +186% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with UNION STEEL HOLDINGS LIMITED right now?
The large discount to fair value meets weak quality (38/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (0.7300 SGD). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (0.7300 SGD to 1.88 SGD) leaves room in how you read the outcome.
Key figures of UNION STEEL HOLDINGS LIMITED
How large is the market capitalisation of UNION STEEL HOLDINGS LIMITED (ZB9)?
The market capitalisation of UNION STEEL HOLDINGS LIMITED is 57.9M SGD (≈ $45.3M). 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 UNION STEEL HOLDINGS LIMITED (ZB9)?
The price-to-sales ratio of UNION STEEL HOLDINGS LIMITED is 0.56 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of UNION STEEL HOLDINGS LIMITED (ZB9)?
Earnings per share at UNION STEEL HOLDINGS LIMITED are 0.0700 SGD (price ÷ EPS = P/E 6.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of UNION STEEL HOLDINGS LIMITED (ZB9)?
The dividend yield of UNION STEEL HOLDINGS LIMITED is 2.0% (payout 12.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of UNION STEEL HOLDINGS LIMITED (ZB9)?
The net margin of UNION STEEL HOLDINGS LIMITED is 9.0% (fiscal year 2024). 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 UNION STEEL HOLDINGS LIMITED (ZB9)?
The return on equity (ROE) of UNION STEEL HOLDINGS LIMITED is 8.4% (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 UNION STEEL HOLDINGS LIMITED (ZB9)?
On an EBIT basis the return on assets of UNION STEEL HOLDINGS LIMITED is −6.4% (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 UNION STEEL HOLDINGS LIMITED (ZB9)?
The operating margin of UNION STEEL HOLDINGS LIMITED is 4.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at UNION STEEL HOLDINGS LIMITED (ZB9)?
Revenue at UNION STEEL HOLDINGS LIMITED is growing −4.1% versus a year earlier (3y avg +9.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at UNION STEEL HOLDINGS LIMITED (ZB9)?
Earnings per share at UNION STEEL HOLDINGS LIMITED are growing −24.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does UNION STEEL HOLDINGS LIMITED (ZB9) carry?
The net debt of UNION STEEL HOLDINGS LIMITED is 24.6M SGD (fiscal year 2024, ≈ 14.9 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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