UNION STEEL HOLDINGS LIMITED (ZB9) Fair Value & Analysis
Industrials · SG · Market cap 57.9M SGD
Fair value as of: Aug 13, 2026
From 23 valuation models · updated 5 days ago
Share price −2.1% over the past month.
Below-average quality, screening 165% undervalued on our models.
What matters 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 (0.6700 SGD). The market is more pessimistic than our downside scenario.
- A fairly wide model range (0.6700 SGD to 1.58 SGD) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
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 0.1244 SGD – 0.7050 SGD · fair‑value band 0.6700 SGD – 1.58 SGD · the 0.4750 SGD price screens below the 1.26 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
UNION STEEL HOLDINGS LIMITED (ZB9) currently trades at 0.4750 SGD, while our model-based Fair Value estimate is 1.26 SGD, implying the stock looks roughly 165.3% undervalued today. The Quality Score stands at 38/100 (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, UNION STEEL HOLDINGS LIMITED generated revenue of 104M SGD at a net margin of 7.8%. Revenue declined 4.1% year over year. It earns a return on equity of 8.4%. Net debt stands at 24.6M SGD. Fundamentals as of Aug 13, 2026
Our scenario range runs from 0.6700 SGD (bear case) to 1.58 SGD (bull case); at 0.4750 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 29% below its 52-week high, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -33% fair-value upside, at 165%, ZB9 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.
All 23 models by family
Widest divergence: Growth Earnings (3.70 SGD) versus Economic Profit (0.2000 SGD). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 41 · Market factors (momentum, volatility) 32
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
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2020 – FY2024 · reported fiscal years
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.
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Peer Group
Waste Management · 168 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.
Valuation Multiples vs Waste Management median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Waste Management stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Waste Management, Inc WM | $226.32 | $128.02 | -43% |
| Republic Services, Inc RSG | $216.97 | $120.63 | -44% |
| Waste Connections, Inc WCN | C$230.52 | C$78.67 | -66% |
| Veolia Environnement SA VIE | €34.47 | €23.26 | -33% |
| Clean Harbors, Inc CLH | $316.65 | $154.01 | -51% |
| GFL Environmental Inc GFL | C$57.62 | C$44.27 | -23% |
| GEM Co 002340 | ¥6.75 | ¥5.27 | -22% |
| Zhejiang Weiming Environment Protection Co 603568 | ¥15.68 | ¥20.95 | +34% |
| China Everbright Environment Group 0257 | HK$5.00 | HK$8.96 | +79% |
| Beijing GeoEnviron Engineering & Technology, Inc 603588 | ¥14.10 | ¥9.35 | -34% |
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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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