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Old Chang Kee Ltd.
(SGX:5ML)
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Rating:66Neutral
Price Target:
S$1.50
â–²(31.58% Upside)
Action:Reiterated
Date:10/01/26
The score is primarily driven by solid fundamentals—strong multi-year revenue growth, healthy margins, and improving leverage—tempered by a recent step-down in profitability and weakening free-cash-flow momentum. Technical indicators add mild caution due to slightly negative momentum and a near-term trend below short-term moving averages, while valuation appears reasonable but not compelling based on the P/E and dividend yield.
Positive Factors
Strong revenue expansion
Sustained 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 deterioration
The 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.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue expansion
Sustained 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.
Read all positive factors
Old Chang Kee Ltd. (5ML) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$142.01M
Dividend Yield1.68%
Average Volume (3M)7.55K
Price to Earnings (P/E)14.9
Beta (1Y)0.30
Revenue Growth1.49%
EPS Growth-15.83%
CountrySG
Employees673
SectorConsumer Cyclical
Sector Strength84
IndustryRestaurants
Share Statistics
EPS (TTM)0.08
Shares Outstanding121,374,700
10 Day Avg. Volume8,750
30 Day Avg. Volume7,546
Financial Highlights & Ratios
PEG Ratio-0.93
Price to Book (P/B)2.19
Price to Sales (P/S)1.36
P/FCF Ratio6.48
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 staple...
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 sna...
Old Chang Kee Ltd. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
74
Positive
Cash Flow
69
Positive
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 103.48M | 101.95M | 100.95M | 89.78M | 77.49M |
| Gross Profit | 71.59M | 70.59M | 68.23M | 58.27M | 49.80M |
| EBITDA | 13.59M | 28.64M | 27.25M | 21.90M | 21.28M |
| Net Income | 9.55M | 11.35M | 9.67M | 6.15M | 5.68M |
Balance Sheet | |||||
| Total Assets | 103.26M | 96.11M | 92.06M | 79.37M | 74.53M |
| Cash, Cash Equivalents and Short-Term Investments | 60.42M | 52.44M | 44.10M | 33.93M | 27.58M |
| Total Debt | 23.21M | 23.08M | 27.26M | 25.34M | 26.38M |
| Total Liabilities | 38.96M | 38.86M | 43.85M | 38.41M | 37.55M |
| Stockholders Equity | 64.31M | 57.25M | 48.21M | 40.96M | 36.98M |
Cash Flow | |||||
| Free Cash Flow | 21.73M | 23.23M | 25.17M | 21.10M | 17.34M |
| Operating Cash Flow | 24.31M | 25.06M | 26.79M | 22.43M | 18.64M |
| Investing Cash Flow | -2.25M | -693.00K | -826.00K | -1.12M | -1.10M |
| Financing Cash Flow | -16.58M | -16.14M | -15.71M | -14.97M | -15.15M |
Old Chang Kee Ltd. Technical Analysis
Positive
1.14
Price Trends
1.17
Negative
1.16
Positive
1.15
Positive
Market Momentum
>-0.01
Positive
46.06
Neutral
<0.01
Positive
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 1.14 is below the 20-day moving average (MA) of 1.18, below the 50-day MA of 1.17, and below the 200-day MA of 1.15, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 46.06 is Neutral, neither overbought nor oversold. The STOCH value of <0.01 is Positive, 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | S$485.22M | 13.93 | 17.92% | 5.13% | 1.24% | 14.29% | |
66 Neutral | S$142.01M | 14.89 | 15.24% | 1.68% | 1.49% | -15.83% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
48 Neutral | S$11.17M | -5.26 | -33.01% | 0.63% | 1.35% | 24.00% | |
47 Neutral | S$19.54M | -2.92 | -40.39% | 1.67% | -16.75% | 15.23% |
* Consumer Cyclical Sector Average
SG:5ML
Old Chang Kee Ltd.
1.17
0.05
4.46%
SG:5OI
Japan Foods Holding
0.11
-0.06
-34.12%
SG:5KI
Soup Restaurant Group Limited
0.04
-0.05
-57.45%
SG:1D0
Kimly Ltd.
0.39
0.04
12.39%
SG:42R
Jumbo Group Ltd. (Singapore)
0.27
<0.01
1.12%
SG:540
Tung Lok Restaurants (2000) Ltd
0.08
-0.01
-14.89%
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...
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.