1. Singapore Stocks

  2. •

    Consumer non-durables

  3. •

    Food: specialty/candy
QAF Ltd.

QAF Ltd.

SSGX:Q01
0.92
SGD
+0.01
(+0.55%)
448.71MMarket Cap
QAF Ltd.
SGX:Q01
(Singapore Exchange)

Recent

price

0.92

P/E

ratio

- -

div

yld

5.46%

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
SGD
1.75
1.92
1.89
1.91
1.86
1.79
1.58
1.46
1.43
0.86
0.96
0.97
1
1.09
1.11
1.1
- -
Revenue per Share
0.1
0.12
0.07
0.06
0.08
0.09
0.21
0.06
0.01
0.05
0.05
0.09
0.03
0.05
0.06
0.07
- -
Basic EPS, GAAP
0.1
0.07
0.02
0.14
0.08
0.15
0.05
- -
-0.09
0.04
0.11
0.14
0.04
0.03
0.08
0.06
- -
Free Cash Flow per Basic Share
0.02
0.02
0.05
0.01
0.04
0.04
0.05
0.03
0.04
0.05
0.05
0.05
0.07
0.05
0.05
0.05
0.05
Dividend per Share
0.68
0.75
0.75
0.73
0.75
0.76
0.94
0.94
0.89
0.88
0.9
0.92
0.87
0.85
0.87
0.89
0.9
Book Value per Share
0.68
0.74
0.74
0.72
0.75
0.76
0.94
0.94
0.89
0.88
0.9
0.92
0.86
0.85
0.87
0.89
0.9
Tangible Book Value per Share
488
508
522
536
550
558
562
565
571
575
575
575
575
575
575
575
575
Basic Weighted Avg Shares
856
977
984
1,024
1,023
998
890
826
815
497
555
558
578
629
636
634
- -
Sales/Revenue/Turnover
9.29
9.04
5.44
4.52
5.98
7.15
7.62
4.37
0.85
4.06
9.26
5.34
2.87
5.99
5.58
5.32
- -
Operating Margin (%)
31
35
36
38
37
36
33
32
35
45
48
34
29
25
27
28
- -
Depreciation Expense
49
59
35
30
45
53
120
32
8
28
28
52
19
27
35
40
- -
Net Income, GAAP
19.86
19.28
19.74
24.6
19.49
20.41
10.91
25.59
34.88
19.7
22.33
22.07
30
32.72
22.31
15.72
- -
Effective Tax Rate (%)
5.69
6.06
3.52
2.95
4.41
5.26
13.53
3.92
1
5.55
5
9.34
3.36
4.37
5.46
6.29
- -
Profit Margin (%)
120
101
72
101
117
142
196
185
117
116
244
273
255
246
251
260
131
Working Capital
44
33
18
13
11
28
51
63
53
92
56
46
32
23
18
16
83
LT Debt
367
412
416
424
437
447
528
531
505
500
517
532
499
488
501
512
518
Total Equity
13.63
14.25
8.11
6.61
9.52
10.72
10.34
4.2
0.71
2.51
6.32
3.91
2.04
4.65
5.1
5.26
- -
Return on Invested Capital (%)
13.32
11.57
6.56
6
8.95
9.94
22.03
5.85
1.56
4.63
4.61
8.87
3.6
5.34
6.78
7.57
- -
Return on Capital (%)
15.37
16.24
8.87
7.65
11.14
12.52
25.24
6.09
1.55
5.41
5.42
9.95
3.78
5.58
7.04
7.89
- -
Return on Common Equity (%)

Capital Structure

SGD

•

in mil. unless spec.
Sep'19
Dec'19
Jun'20
ST Debt
62
74
80
LT Borrowings
57
58
51
LT Finance Leases
35
34
32
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
575
575
575
Market Capitalization
437
463
449

Working Capital

SGD

•

in mil. unless spec.
Sep'19
Dec'19
Jun'20
Total Current Assets
284
348
367
Cash, Cash Equivalents & STI
47
73
93
Accounts Receivable, Net
100
107
106
Inventories
55
76
72
Total Current Liabilities
196
232
236
Payables & Accruals
- -
- -
- -
ST Debt
62
74
80
Deferred Revenue
- -
- -
- -

Growth Rates

SGD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
1.56%
-0.11%
2.25%
Free Cash Flow
-444.63%
11.58%
-22.92%
Net Income, GAAP
32.87%
21.55%
14.8%
Sales/Revenue/Turnover
-3.3%
2.73%
-0.39%
Total Cash Common Dividend
- -
- -
- -

Semi-annual Revenue

SGD

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
636
2025
- -
- -
634
2026
- -
- -
- -

Semi-annual Earnings Per Share

SGD

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
0.06
2025
- -
- -
0.07
2026
- -
- -
- -

Semi-annual Dividends Per Share

SGD

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
0.05
2025
- -
- -
0.05
2026
- -
- -
- -
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Business
QAF Limited is an investment holding company engaged in the manufacture and distribution of bread, bakery, and confectionery products; trading and distribution of food and beverage products; and provision of warehousing logistics services for food items. The company operates through Bakery, Distribution and Warehousing, and Investments and Others segments, with core offerings including frozen and par-baked breads and pastries; bread and kaya spreads under the Delicia and Cowhead brand names; and cold storage warehousing services. Its key brands encompass Gardenia, Farmvale, and others, produced across approximately 16 factories in Singapore (2), the Philippines (5), Malaysia (8), and Australia (1), serving over 81,000 third-party outlets via around 2,100 distribution routes and 2,000 trucks. QAF Limited maintains an extensive distribution network across the Asia-Pacific region, including Singapore, Malaysia, the Philippines, Australia, Myanmar, Cambodia, Hong Kong, Taiwan, Macau, Brunei, Indonesia, Vietnam, Laos, and Bangladesh, where it employs more than 10,000 people. Principal subsidiaries include Gardenia Foods (S) Pte Ltd, Gardenia Bakeries (Philippines) Inc., Gardenia Sales & Distribution Sdn Bhd, Everyday Bakery & Confectionery Sdn Bhd, Bakers Maison Pte Ltd, and Ben Foods (S) Pte Ltd, with a 50% stake in joint venture Gardenia Bakeries (KL) Sdn Bhd. The company targets consumer markets with staple and innovative bakery products, leveraging over 40 key brands and approximately 20 overseas distributors. Founded in 1958 and headquartered at 150 South Bridge Road #09-03 Fook Hai Building, Singapore, QAF Limited (formerly Ben and Company Limited until 1984) listed on the Singapore Exchange (SGX: Q01.SI) and generates revenue primarily from Singapore (72%), the Philippines (8%), Australia (12%), and other regions (8%). In FY2024 ended December 31, the group achieved revenue of $636.1 million (up 1% year-on-year), EBITDA before exceptional items of $59.6 million (up 24%), and profit attributable to owners of $34.7 million (up 26%), supported by cost management, product mix adjustments, and new product introductions amid moderating inflation and consumer price sensitivity. Recent developments include finalization of insurance claims totaling $6.4 million related to the December 2021 flood at a Malaysian factory, a reduced non-cash impairment of $1.2 million on its Gardenia Bakeries (KL) Sdn Bhd joint venture investment (versus $9.5 million in FY2023), and classification of certain Singapore bakery assets as held for sale with a $1.9 million impairment. The group expanded distribution channels, pursued long-shelf-life trading products in new regions, and maintained a strong net cash position of $177 million, enabling a proposed final dividend of $0.04 per share (total FY2024 dividend $0.05 per share).