Tshs.Si
TSHS.SI operates in the real estate rental, development, and operations sector, generating revenue primarily through property management, development, and leasing activities.
Business. TSHS.SI operates in the real estate rental, development, and operations sector, generating revenue primarily through property management, development, and leasing activities.
At a glance
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- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
TSHS.SI operates in the real estate rental, development, and operations sector, generating revenue primarily through property management, development, and leasing activities.
TSHS.SI maintains a capital structure with a debt-to-equity ratio of 1.14, indicating a moderate reliance on debt financing. The company's liquidity is assessed as medium, with a current ratio of 2.46, suggesting it can cover short-term obligations but with limited excess capacity. Free cash flow stands at SGD 13.29 million, while capital expenditures are negative at SGD -19.15 million, indicating a net outflow from investment activities.
Profitability metrics show a return on equity (ROE) of 2.63% and a return on assets (ROA) of 1.15%, both below the typical thresholds for high-performing real estate firms. The operating margin is 12.15% (calculated from operating income of SGD 17.76 million on revenue of SGD 146.00 million), which is modest compared to industry benchmarks. The company's net income of SGD 32.14 million reflects a net profit margin of 21.99%, which is relatively strong for the real estate sector.
The company's revenue is concentrated in a single business segment, with no disclosed geographic diversification. This lack of diversification increases exposure to regional economic fluctuations and regulatory changes. The absence of segmental or geographic breakdowns in the financial data limits the ability to assess risk distribution.
Looking ahead, the company's revenue is projected to grow, with a positive outlook for the current fiscal year. However, the pace of growth is expected to be moderate, with no significant acceleration anticipated in the next fiscal year. The company's operating cash flow of SGD 69.36 million supports ongoing operations, but the negative free cash flow suggests that capital expenditures are outpacing cash generation.
Risk factors include a medium liquidity risk, as the company's net cash position is negative after accounting for total debt. The dilution risk is assessed as low, with no immediate pressure from share issuance or dilutive events. However, the company's reliance on long-term debt (SGD 1.40 billion) introduces interest rate and refinancing risks.
Recent filings and transcripts have not disclosed any material events that would significantly alter the company's strategic direction or financial outlook. The company continues to operate within its core real estate development and rental activities, with no indication of major restructuring or expansion plans.
- TSHS.SI maintains a moderate debt-to-equity ratio of 1.14, indicating a balanced capital structure.
- The company's ROE of 2.63% and ROA of 1.15% suggest modest profitability relative to industry standards.
- Revenue is concentrated in a single business segment, increasing exposure to regional and regulatory risks.
- Free cash flow is negative, indicating that capital expenditures are outpacing cash generation.
- Liquidity is assessed as medium, with a current ratio of 2.46, suggesting adequate but not robust short-term solvency.
- No significant dilution risk is currently present, but long-term debt exposure introduces refinancing and interest rate risks.
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consensus EPS · 26-week trendSell-side observations
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ESG
Risk factors
- Net cash is negative after subtracting total debt.
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- Dilution Ratio(shares_outstanding_diluted - shares_outstanding_basic) / shares_outstanding_basic
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- Capex To Revenuecapital_expenditure / revenue
- Return On Equitynet_income / total_equity
- Debt To Equity(short_term_debt + long_term_debt) / total_equity
- Cash Conversion Ratiooperating_cash_flow / net_income
- TSHS.SI Market data — financials · 2026-05-29
Ownership & reference
Leadership
- Susanto Nursalim LiemChief Executive Officer, Executive Director