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Tat Seng Packaging Group Ltd
(SGX:T12)
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Rating:66Neutral
Price Target:
S$0.91
â–²(1.44% Upside)
Action:Downgraded
Date:08/06/26
The score is driven primarily by solid financial quality (conservative leverage, growing equity base, consistently positive free cash flow) tempered by a multi-year revenue decline and a 2025 earnings step-down. Valuation is supportive with a low P/E and a moderate dividend yield, while technicals are slightly weak in the near term with price below key short- and mid-term moving averages and a mildly negative MACD.
Positive Factors
Conservative Balance Sheet
Moderate leverage and a growing equity base provide financial resilience for a packaging business exposed to cyclical customer demand and input costs. Stable or slightly lower debt also preserves flexibility to maintain operations, invest selectively, and withstand weaker trading conditions over the next several quarters.
Negative Factors
Persistent Revenue Decline
A multi-year revenue contraction points to sustained weakness in demand, volumes, pricing, or customer activity rather than a single temporary setback. Continued top-line shrinkage can reduce operating leverage, limit scale benefits, and make future profit growth harder even if margins remain stable.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Moderate leverage and a growing equity base provide financial resilience for a packaging business exposed to cyclical customer demand and input costs. Stable or slightly lower debt also preserves flexibility to maintain operations, invest selectively, and withstand weaker trading conditions over the next several quarters.
Read all positive factors
Tat Seng Packaging Group Ltd (T12) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$151.70M
Dividend Yield41.45%
Average Volume (3M)5.49K
Price to Earnings (P/E)9.5
Beta (1Y)0.29
Revenue Growth0.06%
EPS Growth-1.59%
CountrySG
Employees1,162
SectorConsumer Cyclical
Sector Strength84
IndustryPackaging & Containers
Share Statistics
EPS (TTM)0.10
Shares Outstanding157,200,000
10 Day Avg. Volume5,360
30 Day Avg. Volume5,490
Financial Highlights & Ratios
PEG Ratio-0.97
Price to Book (P/B)0.66
Price to Sales (P/S)0.60
P/FCF Ratio7.82
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
Tat Seng Packaging Group Ltd Business Overview & Revenue Model
Company Description
Tat Seng Packaging Group Ltd (T12.SI), established in Singapore in 1968 and operating as a subsidiary of PSC Corporation Ltd, specializes in the design, production, and distribution of a comprehensive range of corrugated paper and other packaging ...
How the Company Makes Money
The company primarily makes money by selling paper-based packaging products, with revenue mainly generated from (1) the manufacture and sale of corrugated carton boxes and other corrugated paper packaging items and (2) providing related packaging ...
Tat Seng Packaging Group Ltd Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
74
Positive
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 237.95M | 231.41M | 253.94M | 258.87M | 336.26M | 367.51M |
| Gross Profit | 49.33M | 48.40M | 56.48M | 57.11M | 58.94M | 69.17M |
| EBITDA | 32.67M | 32.43M | 36.13M | 37.52M | 36.27M | 43.88M |
| Net Income | 15.54M | 16.89M | 18.82M | 18.84M | 20.67M | 23.31M |
Balance Sheet | ||||||
| Total Assets | 271.04M | 331.07M | 328.50M | 321.89M | 307.88M | 341.13M |
| Cash, Cash Equivalents and Short-Term Investments | 63.96M | 121.09M | 103.40M | 104.24M | 82.78M | 93.70M |
| Total Debt | 59.51M | 67.30M | 67.55M | 75.72M | 62.87M | 85.53M |
| Total Liabilities | 99.86M | 108.48M | 115.02M | 119.07M | 110.89M | 145.12M |
| Stockholders Equity | 159.26M | 211.56M | 202.41M | 191.46M | 185.20M | 183.36M |
Cash Flow | ||||||
| Free Cash Flow | 22.48M | 17.80M | 25.34M | 32.43M | 23.60M | 9.29M |
| Operating Cash Flow | 30.63M | 27.25M | 29.67M | 43.79M | 43.24M | 18.40M |
| Investing Cash Flow | 3.44M | -6.16M | -17.21M | -25.33M | -18.49M | -8.38M |
| Financing Cash Flow | -70.58M | -8.59M | -17.24M | 6.37M | -27.45M | 5.54M |
Tat Seng Packaging Group Ltd Technical Analysis
Positive
0.90
Price Trends
0.95
Positive
1.00
Negative
0.92
Positive
Market Momentum
-0.02
Negative
60.73
Neutral
35.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:T12, the sentiment is Positive. The current price of 0.9 is below the 20-day moving average (MA) of 0.90, below the 50-day MA of 0.95, and below the 200-day MA of 0.92, indicating a bullish trend. The MACD of -0.02 indicates Negative momentum. The RSI at 60.73 is Neutral, neither overbought nor oversold. The STOCH value of 35.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:T12.
Tat Seng Packaging Group Ltd Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | S$79.91M | 9.53 | 11.41% | 5.56% | -0.04% | 2.38% | |
66 Neutral | S$151.70M | 9.52 | 8.38% | 41.45% | 0.06% | -1.59% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | S$261.16M | 6.19 | 5.59% | 2.25% | 7.49% | 283.69% | |
60 Neutral | S$89.97M | 15.77 | 3.94% | 3.90% | -10.59% | -14.47% |
* Consumer Cyclical Sector Average
SG:T12
Tat Seng Packaging Group Ltd
0.97
0.32
50.31%
SG:N08
New Toyo International Holdings Ltd
0.21
-0.02
-9.29%
SG:5JK
Hiap Hoe Ltd.
0.56
<0.01
0.18%
SG:BCV
Qian Hu Corporation Limited
0.12
-0.05
-30.23%
SG:BHU
SUTL Enterprise Limited
0.90
0.13
17.04%
SG:BQP
Southern Packaging Group Limited
0.33
0.04
13.79%
Tat Seng Packaging Group Ltd Corporate Events
Tat Seng Packaging Announces Change in Company Secretarial Role
Sep 18, 2026
Tat Seng Packaging Group Ltd has announced the resignation of Mr Tan Zhi Wei as Joint Company Secretary, effective 18 September 2026. Following his departure, Ms Siau Kuei Lian will continue as the sole Company Secretary, ensuring continuity in th...
Tat Seng Packaging Reshapes Board With New Executive and Lead Independent Director
Aug 7, 2026
Tat Seng Packaging Group Ltd has reshaped its leadership structure with the appointment of Mr Goi Kok Ming as Executive Director, effective 7 August 2026, and the elevation of existing Independent Director Mr Tan Lye Heng Paul to Lead Independent ...
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.