Old Chang Kee Ltd. (5ML) AI Stock Analysis

Old Chang Kee Ltd.

(SGX:5ML)

Select Model

Rating:72Outperform

Price Target:SGD 1.50▲(26.05% Upside)

Action:reiterated

Date:10/01/26

Old Chang Kee's score is primarily anchored by its robust fundamental health, highlighting consistent revenue growth, strong cash generation, and a steadily deleveraging balance sheet. While its 14.88 P/E ratio presents a reasonable valuation, short-term technical indicators show mild weakness and consolidation, though the broader long-term uptrend remains firmly intact.

Positive Factors

Strong revenue expansionSustained revenue expansion indicates broader customer demand and growing commercial reach for the brand. Continued top-line growth can support operating investment, improve scale across outlets, and reinforce the company’s ability to compound earnings over the next several quarters.

Negative Factors

Profitability deteriorationThe latest margin contraction shows that higher sales are not translating into profits as efficiently as before. If this softer profitability persists, it could limit earnings growth, reduce the benefit of revenue expansion, and weaken the company’s ability to reinvest from internally generated profits.

Old Chang Kee Ltd. (5ML) vs. iShares MSCI Singapore ETF (EWS)

Market Cap: SGD 144.44M
Dividend Yield: 1.65%
Average Volume (3M): 16.51K
Price to Earnings (P/E): 15.1
Beta (1Y): 0.28
Revenue Growth: 1.49%
EPS Growth: -15.83%
Country: Singapore
Employees: 673
Sector: Consumer Cyclical
Sector Strength: 61
Industry: Restaurants

Old Chang Kee Ltd. Business Overview & Revenue Model

Company Description

As an investment holding company, Old Chang Kee Ltd. primarily manufactures and distributes food products under its prominent Old Chang Kee brand across Singapore, Australia, and Malaysia. Their extensive culinary range features traditional staples,...

How the Company Makes Money

Old Chang Kee makes money primarily by selling prepared food and beverages to consumers under the Old Chang Kee brand. Its core revenue stream is retail food sales via company-operated outlets/kiosks where products (e.g., curry puffs and other snacks...

Old Chang Kee Ltd. Financial Statement Overview

Summary

Old Chang Kee demonstrates strong financial health, driven by an impressive balance sheet with reducing debt and a conservative debt-to-equity ratio of 0.36. Despite a recent slight dip in net income, consistent top-line growth to $103.4 million, excellent gross margins of 69.1%, and robust free cash flow generation of $21.7 million support a solid fundamental profile.

Income Statement

72Positive

Balance Sheet

88Very Positive

Cash Flow

82Very Positive

Financial statement breakdown
Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	102.77M	103.48M	101.95M	100.95M	89.78M	77.49M
Gross Profit	71.06M	71.59M	70.59M	68.23M	58.27M	49.80M
EBITDA	24.81M	24.88M	28.64M	27.25M	21.90M	21.28M
Net Income	9.85M	9.55M	11.35M	9.67M	6.15M	5.68M
Balance Sheet
Total Assets	103.26M	103.26M	96.11M	92.06M	79.37M	74.53M
Cash, Cash Equivalents and Short-Term Investments	59.02M	60.42M	52.44M	44.10M	33.93M	27.58M
Total Debt	23.21M	23.21M	23.08M	27.26M	25.34M	26.38M
Total Liabilities	38.96M	38.96M	38.86M	43.85M	38.41M	37.55M
Stockholders Equity	64.31M	64.31M	57.25M	48.21M	40.96M	36.98M
Cash Flow
Free Cash Flow	20.98M	21.73M	23.23M	25.17M	21.10M	17.34M
Operating Cash Flow	23.59M	24.31M	25.06M	26.79M	22.43M	18.64M
Investing Cash Flow	-1.54M	-2.25M	-693.00K	-826.00K	-1.12M	-1.10M
Financing Cash Flow	-16.49M	-16.58M	-16.14M	-15.71M	-14.97M	-15.15M

Old Chang Kee Ltd. Technical Analysis

Technical Analysis SentimentPositive

Last Price1.19

Price Trends

50DMA1.18Positive

100DMA1.17Positive

200DMA1.16Positive

Market Momentum

MACD0.00Positive

RSI51.62Neutral

STOCH50.00Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:5ML, the sentiment is Positive. The current price of 1.19 is equal to the 20-day moving average (MA) of 1.19, above the 50-day MA of 1.18, and above the 200-day MA of 1.16, indicating a neutral trend. The MACD of 0.00 indicates Positive momentum. The RSI at 51.62 is Neutral, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:5ML.

Old Chang Kee Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

SG:5ML against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SG:5ML	72Outperform	SGD 144.44M	15.14	15.24%	1.65%	1.49%	-15.83%
SG:1D0	70Outperform	SGD 454.11M	13.03	17.92%	5.48%	1.24%	14.29%
Sector *	61Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
SG:5KI	43Neutral	SGD 8.10M	-3.81	-33.01%	0.86%	1.35%	24.00%
SG:5OI	37Underperform	SGD 19.71M	-6.28	-21.00%	―	-18.19%	67.09%

* Consumer Cyclical Sector Average

Performance Comparison

SG:5ML and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SG:5ML	Old Chang Kee Ltd.	1.19	0.05	4.48%
SG:5OI	Japan Foods Holding	0.11	-0.06	-33.14%
SG:5KI	Soup Restaurant Group Limited	0.03	-0.05	-63.29%
SG:1D0	Kimly Ltd.	0.36	-0.01	-2.93%
SG:42R	Jumbo Group Ltd. (Singapore)	0.27	-0.01	-2.57%
SG:540	Tung Lok Restaurants (2000) Ltd	0.06	-0.04	-39.58%

Old Chang Kee Ltd. Corporate Events

Old Chang Kee shareholders back dividend, board and share buy-back at 21st AGM

Aug 17, 2026

Old Chang Kee Ltd. secured strong shareholder backing at its 21st Annual General Meeting, where investors adopted the audited financial statements for the year ended 31 March 2026 and approved a final tax-exempt dividend of 2.0 Singapore cents per sh...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 01, 2026

Old Chang Kee Ltd. AI Stock Analysis