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QAF Ltd.
(SGX:Q01)
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Rating:69Neutral
Price Target:
S$1.00
▲(2.04% Upside)
Action:Downgraded
Date:08/04/26
The score is driven primarily by solid financial fundamentals—especially a conservatively financed balance sheet—alongside a supportive valuation (reasonable P/E and strong dividend yield). Technical indicators are neutral to slightly soft (slightly negative MACD and price near major moving averages), which tempers the overall rating.
Positive Factors
Conservative balance sheet
Low leverage and a sizeable equity base provide durable financial flexibility. This conservative capital structure reduces solvency risk, supports consistent funding for operations, and preserves capacity for capex or opportunistic M&A without stressing liquidity over the next several months.
Negative Factors
Margin and gross profit volatility
Large swings in gross profit and margins indicate sensitivity to input costs or pricing limits, reducing earnings predictability. Persistent margin volatility can erode long-term margin sustainability, complicate budgeting and weaken the durability of free cash flow and shareholder distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Low leverage and a sizeable equity base provide durable financial flexibility. This conservative capital structure reduces solvency risk, supports consistent funding for operations, and preserves capacity for capex or opportunistic M&A without stressing liquidity over the next several months.
Read all positive factors
QAF Ltd. (Q01) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$563.76M
Dividend Yield5.1%
Average Volume (3M)52.73K
Price to Earnings (P/E)14.2
Beta (1Y)0.19
Revenue Growth0.21%
EPS Growth44.93%
CountrySG
Employees9,996
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)0.07
Shares Outstanding575,268,430
10 Day Avg. Volume43,910
30 Day Avg. Volume52,733
Financial Highlights & Ratios
PEG Ratio0.87
Price to Book (P/B)1.01
Price to Sales (P/S)0.81
P/FCF Ratio12.39
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$1.02Price Target Upside4.08% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
QAF Ltd. Business Overview & Revenue Model
Company Description
QAF Limited functions as an investment holding company, with its primary focus on the production and distribution of bread, various bakery goods, and confectionery items across Singapore, Australia, the Philippines, Malaysia, and other internation...
How the Company Makes Money
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QAF Ltd. Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
82
Very Positive
Cash Flow
61
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 633.60M | 636.11M | 628.59M | 577.52M | 557.72M |
| Gross Profit | 141.72M | 302.02M | 148.70M | 262.65M | 264.65M |
| EBITDA | 62.48M | 73.30M | 67.93M | 64.66M | 60.86M |
| Net Income | 39.84M | 34.70M | 27.48M | 19.41M | 52.08M |
Balance Sheet | |||||
| Total Assets | 668.63M | 664.28M | 669.16M | 664.76M | 878.16M |
| Cash, Cash Equivalents and Short-Term Investments | 214.06M | 209.40M | 215.68M | 216.79M | 88.70M |
| Total Debt | 23.16M | 31.97M | 48.92M | 41.75M | 56.95M |
| Total Liabilities | 156.32M | 163.24M | 180.68M | 165.30M | 345.83M |
| Stockholders Equity | 510.29M | 499.68M | 486.85M | 497.71M | 530.55M |
Cash Flow | |||||
| Free Cash Flow | 41.57M | 45.92M | 17.87M | 25.87M | 79.07M |
| Operating Cash Flow | 59.36M | 65.25M | 57.57M | 52.45M | 109.19M |
| Investing Cash Flow | -17.02M | -13.15M | -33.42M | 94.37M | -23.41M |
| Financing Cash Flow | -39.26M | -50.70M | -22.96M | -52.95M | -72.68M |
QAF Ltd. Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | S$563.76M | 14.16 | 8.08% | 5.10% | 0.21% | 44.93% | |
65 Neutral | S$1.44B | 17.04 | 19.74% | 5.20% | 14.02% | 146.88% | |
63 Neutral | S$461.42M | 10.76 | 12.37% | 4.62% | -2.00% | 23.78% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
61 Neutral | S$2.04B | 14.60 | 4.55% | 3.93% | -2.52% | -6.24% | |
49 Neutral | S$136.08M | 2.52 | -6.18% | 0.91% | -58.61% | ― |
* Consumer Defensive Sector Average
SG:Q01
QAF Ltd.
0.98
0.11
13.16%
SG:D03
Del Monte Pacific
0.07
-0.01
-14.63%
SG:F99
Fraser & Neave
1.40
>-0.01
-0.57%
SG:P34
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0.76
0.03
3.85%
SG:Y03
Yeo Hiap Seng Ltd
0.57
-0.01
-1.89%
SG:F03
Food Empire Holdings Limited
2.21
0.28
14.69%
QAF Ltd. Corporate Events
QAF Boosts Earnings, Shifts Bakery Production to Malaysia Amid Cost Pressures
May 22, 2026
QAF Limited’s annual general meeting highlighted a 17% year-on-year increase in EBITDA before exceptional items to S$69.7 million for FY2025, driven largely by a sharp swing from foreign exchange losses to gains and a reversal of impairments...
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.