XMH Holdings : BQF +2.08% chairman and managing director Tan Tin Yeow has continued to add to his interests, acquiring 96,900 shares at an average price of S$0.698 per share on Feb 12 and 13.

 

This brings his total interest from 64 per cent to 64.09 per cent. Tan has gradually increased his total interest from 41.27 per cent in July 2022.

 

As a provider of propulsion and power-generation products, XMH Holdings operates through three main segments: distribution, after-sales, and projects.

 

The distribution segment handles propulsion engines, the after-sales segment provides services and spare parts, and the projects segment focuses on power generator sets.

 

The group&rsquo s origins date back to 1955, when it began as a small machinery-repair and maintenance shop in Kitchener Road.

 

XMH Holdings was removed from the SGX watch list on Nov 15, 2024, and reported its results for the first half of FY2025 (ended Oct 31) on Dec 12, 2024.

 

For H1, the company attributed S$44.6 million of its revenue to Indonesia, which was the highest from among all its geographical markets.

 

Since reporting the results for the six months, Tan has increased his total interest from 63.59 per cent.

 

He has overall responsibility over the group, including over strategy formulation, corporate planning, business development, and potential acquisitions.

 

He also established the distribution arm and secured exclusive distributorships for the group, and has more than 30 years of experience in the marine and industrial diesel engines industry.

XMH Holdings chairman and managing director Tan Tin Yeow has continued to add to his interests, acquiring 212,500 shares since the company posted its H1 FY2025 (ended Oct 31) financial results on Dec 12. 

 

The group reported that gross profit for H1 FY2025 (ended Oct 31) was S$24.3 million, up 8.1 per cent from H1 FY2024. The gross profit margin increased to 36.3 per cent from 31.6 per cent, driven by higher margins in the distribution and after-sales segments due to increased demand for engines and spare parts, and better margins in recent project awards.

 

Of the total S$66.9 million H1 FY2025 revenue, S$39.5 million was attributed to the distribution segment in Indonesia.

 

A positive turnaround in write-backs on financial assets and net foreign exchange gains led to a 58.3 per cent increase in H1 FY2025 results from operating activities, reaching S$16.2 million.

 

Consequently, profit after tax for H1 FY2025 rose by 94.9 per cent from H1 FY2024 to S$12.6 million.

 

XMH Holdings was also removed from the SGX-ST watch-list on Nov 15, 2024.

 

The group expects the positive business trend to continue over the next six to 12 months, driven by strong performance in the distribution and project segments, robust order books and a steady pipeline of deliveries.

 

XMH Holdings further added on Dec 12 that the distribution segment has sustained demand for engines, particularly for new or replacement tugboats, while the project segment benefits from strong demand for generators, especially for data centre applications.

 

Despite healthy order volumes, the company remains cautious about geopolitical uncertainties and aims to stay adaptable and resilient. 

 

XMH Holdings&rsquo current primary product offerings include distributorship, agency and dealership rights from prominent brands such as Mitsubishi Heavy Industries, MTU, Kawasaki, Akasaka, Kamome, Taiyo, D-I, SOLE, BUKH, Reintjes, Masson and CENTA.

 

Its subsidiaries are involved in the distribution and provision of value-added products and services, after-sales services, trading and projects, including the assembly and installation of standby generator sets and related services.

 

Tan was appointed chairman and CEO in October 2010, and re-designated as chairman and managing director in September 2016. He is responsible for the group&rsquo s overall strategy, corporate planning, business development and acquisitions.

 

He established the distribution arm and secured exclusive distributorships for the company.

 

He has more than 30 years of experience in the marine and industrial diesel engines industry. Tan maintains a 63.8 per cent direct interest in the company.

XMH Holdings has reported earnings of $12.6 million for the 1HFY2025 ended October, up 94.5% y-o-y from the same period last year. 

 

For 1HFY2025, earnings per share stood at 11.49 cents, up from 5.91 cents for 1HFY2024. 

 

Meanwhile, the group&rsquo s 1HFY2025 revenue saw a 5.8% y-o-y drop to $66.9 million. This came on the back of a decline in revenue in the group&rsquo s project segment, which fell to $19.3 million in 1HFY2025 from $24.7 million in the same period last year. This was due to lower income recognition of revenue for projects in progress. 

 

That said, this was offset by increased revenue from the group&rsquo s distributions and after-sales segments. 

 

For the same period, gross profit saw a 8.1% y-o-y increase to $24.3 million, while gross profit margin increased to 36.3% from 31.6% in 1HFY2024. 

 

This came on the back of increased profit margin from the group&rsquo s distribution and after-sales segments due to an increased demand for engines and spare parts. 

 

No dividends were declared for the period. 

 

Between Aug 5 and Sep 4, XMH Holdings : BQF 0% chairman and managing director Tan Tin Yeow increased his direct interest from 63.54 per cent to 63.59 per cent.

 

Tan was appointed chairman and CEO in October 2010, and later re-designated as chairman and managing director in September 2016. He has overall responsibility for the group, including strategy formulation, corporate planning, business development, and potential acquisitions.

 

He also played a key role in establishing the distribution arm and securing exclusive distributorships for the group.

 

With over 30 years of experience in the marine and industrial diesel engines industry, Tan previously worked at Meng Wah Machinery Work, a former partnership founded by the founder, Tan Tum Beng, until 1991.

 

XMH Holdings provides diesel engine, propulsion, and power generating solutions for marine and industrial sectors across Asia. The group&rsquo s main product offerings include distributorship, agency, and dealership rights from renowned brands.

 

XMH Holdings was placed on the watch list based on the Singapore Exchange&rsquo s financial entry criterion on Dec 4, 2019, and the SGX has extended the cure period for the company to exit the watch list, to Dec 4, 2024.

 

For its FY24 (ended April 30), the group achieved significant profitability improvements, with gross profit rising by 52.9 per cent from FY23, to S$41.8 million and profit attributable to shareholders increasing from S$4.0 million to S$12.6 million, despite a marginal revenue decrease to S$124.2 million and higher operating expenses.

 

The distribution segment revenue rose by 48.3 per cent to S$77.9 million, due to strong demand for its engines from the commodities transportation tugboats industry in Indonesia.

 

The group&rsquo s order book stood at approximately S$127.5 million as at Jul 18, 2024. Tan maintains that while the focus within the distribution segment remains on Indonesia&rsquo s traditional market, to further enhance growth in the distribution segment, the group&rsquo s strategic approach is collaborating with sub-dealers and expanding into the markets of Thailand, Malaysia, Singapore, and Indonesia with small-sized fast craft and lifeboat engine repowering segments, using BUKH engines.

 

XMH Holdings BQF 0.00% has reported earnings of $6.5 million for its 1HFY2024 ended Oct 31, a six-fold increase over its $1.1 million earnings posted for the same period last year.

 

The company&rsquo s earnings per share (EPS) increased at a similar rate to 5.91 cents, up from 0.98 cents in 1HFY2023.

 

For the half-year period, XMH recorded a revenue of $71.0 million, up 22.6% y-o-y. Its cost of sales, however, stayed relatively flat at $48.6 million, just 5.4% higher than in 1HFY2023.

As a result, the company&rsquo s gross profit almost doubled to $22.5 million in 1HFY2024 from $11.9 million in the corresponding FY2023 period. Gross profit margin also grew to 31.6% in 1HFY2024, up over the 20.5% recorded for 1HFY2023.

 

The increase was attributed to a higher gross profit margin from XMH&rsquo s distribution and after-sales segments as a result of increased demand for engines and spare parts, as well as from its project segment with the completion of projects with better margins.

 

As at Oct 31, XMH&rsquo s cash and cash equivalents stood at $30.7 million.

 

XMH says it continues to experience strong demand for engines for new or replacement tugboats used in resource and commodity transportation. As such, its engine order book remains robust despite the persistent economic uncertainties and challenges.

 

However, the delay in raw materials supply arising from supply chain issues and low margins has seen the project segment&rsquo s order book decrease.

 

Moving forward, XMH says it expects the environment to be even more challenging and uncertain. &ldquo We will constantly improve our operational procedures where necessary so as to address and adapt to changes where necessary and prepare ourselves for any unexpected events.&rdquo

On Aug 31, Credence Capital Fund II (Cayman) disposed of its 19.08 per cent direct interest of 20,917,018 shares in XMH Holdings in a married deal at S$0.35 per share. This coincided with XMH Holdings chairman and managing director Tan Tin Yeow acquired 5,851,918 shares at an average price of S$0.35 per share between Aug 29 and Sep 5. With a consideration of S$2,041,571 it increased his direct interest in the company from 44.22 per cent to 49.56 per cent.

 

Tan has gradually increased his direct interest in the diesel engine, propulsion and power generating solutions provider from 41.27 per cent prior to Aug 25, 2022. He was appointed XMH Holdings chairman and CEO in October 2010 and re-designated chairman and managing director in September 2016.

 

His overall responsibility for the group includes strategy formulation, corporate planning, business development and potential acquisitions. Tan was also responsible for establishing the distribution arm and securing the exclusive distributorships for the group.

 

XMH Holdings executive director Tan Guat Lian also acquired 5,229,000 shares at S$0.35 per share on Aug 31. With a consideration of S$1,830,150 this increased her total interest in the company from 6.16 per cent to 10.93 per cent.

 

She was appointed executive director (human resource & administration) in October 2010. She has more than 20 years of experience in administration and human resources.

 

XMH Holdings was placed on the SGX-ST watch-list (financial entry criterion) from Dec 4, 2019. In December 2022, XMH Holdings announced it had been granted an extension of time to Dec 4, 2023, to comply with the SGX-ST Listing Manual to exit the watch-list.

 

In responses to queries from shareholders on the company&rsquo s FY22 Annual Report, Tan Tin Yeow highlighted that during the past few years, the group has not only navigated the challenges brought about by the unprecedented Covid-19 pandemic, the global supply chain disruptions, ongoing conflicts and tensions as well as interest rate hikes around the world, it has also turned around its business to record profitability in the last three consecutive years.

 

He added that having fulfilled the financial entry criterion through the group&rsquo s continuous hard work and efforts, the group has also been considering and evaluating its options to fulfil the market capitalisation criterion to exit the watch-list.

 

He maintained that on many accounts, market capitalisation is very much dependent on the prevailing market forces so much so that even corporate actions, if taken, do not guarantee success in achieving this.

 

He said that the group would adopt a holistic approach and will consider all relevant factors and market conditions before deciding for the benefit of shareholders. In the meantime, what the group can do is to continue to focus and strive for profitability which it has managed to achieve in the last three financial years, he added.

Between Jun 28 and Jul 3, XMH Holdings : BQF +1.64% chairman and managing director Tan Tin Yeow acquired 600,000 shares at an average price of S$0.30 per share. With a consideration of S$180,150 this increased his direct interest in the company from 43.38 per cent to 43.93 per cent. His preceding acquisition was on Mar 6 with 1,241,825 shares acquired at S$0.27 per share. Tan has gradually increased his direct interest in the diesel engine, propulsion and power generating solutions provider from 41.27 per cent prior to Aug 25, 2022. Tan was appointed the XMH Holdings chairman and CEO in October 2010 and re-designated as chairman and managing director in September 2016. He bears overall responsibility for the group as well as strategy formulation, corporate planning, business development and potential acquisitions.

 

XMH Holdings was placed on the SGX-ST watch-list due to Financial Entry Criterion with effect from Dec 4, 2019. In December 2022, XMH Holdings announced it had been granted an extension of time to Dec 4, 2023, to comply with the SGX-ST Listing Manual to exit the watch-list.

 

On Jun 27, XMH Holdings reported profit after tax for FY23 was up 29.2 per cent from FY22 (ended Apr 30) to S$3.97 million. Group revenue for FY23 amounted to S$128.7 million, a significant increase of S$56.8 million or 79 per cent compared to FY22. The distribution segment recorded a significant increase of 124.1 per cent from S$23.4 million in FY22 to S$52.5 million in FY23, mainly due to increased demand for engines to build transportation tugboats in Indonesia. The project segment recorded an increase of 70.1 per cent from S$38.0 million in FY22 to S$64.7 million in FY23, mainly due to substantial completion of a major project as well as income recognition based on performance obligation for some major contracts in FY23. The third segment, which comprises after-sales service, recorded an increase of 10.1 per cent from S$10.4 million in FY22 to S$11.4 million in FY23, mainly due to demand of spare parts for service and maintenance of vessels.

 

At the same time, the group&rsquo s cost of sales also increased from FY22, with a decrease in the gross profit margin from 27.3 per cent in FY22 to 21.3 per cent in FY23, mostly attributed to the development in the project segment. This included the group substantially completing a major project tendered with low margin for strategic reasons, in addition to increased materials cost and a shortage of labour resulting in having to subcontract out certain job functions.

 

While the group achieved an increase in revenue and gross profits in Q4 FY23, it remained cautious in terms of its outlook given that global uncertainties, brought about by the ongoing geopolitical tensions, are expected to continue disrupting the global supply chain, costs of materials and energy prices. The group maintains that to mitigate the impact on its business, it will continue to focus on further improving its operational capabilities, strengthening its existing business and cost-tightening measures across its business segments. In addition, the group will also continue to manage its inventory level so as to mitigate any possible shortfall in the near future due to supply chain disruptions. XMH Holdings also highlighted with its FY23 results that its distribution segment continues to see strong demand for its engines for new and/or replacement transportation tugboats and its project segment continues to record healthy orders mainly from data centres and infrastructure projects.

 

While the stock is among the less traded in terms of turnover, its average daily turnover for the year thus far is up threefold from 2022 levels to near S$5,000 per day. The stock also ranks among the 100 Singapore stocks that have booked the highest net institutional inflows this year.

 

XMH Holdings BQF 0.00% has reported earnings of $3.14 million for its 2HFY2023 ended April, reversing from a loss incurred in the previous corresponding period.

 

Revenue in 2HFY2023 amounted to approximately $70.7 million, up 83.1% y-o-y on the back of increased demand for engines to build tugboats in Indonesia as well as income recognition based on performance obligation for major contracts during the period.

 

Cost of sales increased significantly by 99.6% y-o-y to $55.2 million in 2HFY2023. This was in line with the significant increase in revenue.

 

However, gross profit only increased by 41.4% to $15.5 million as gross profit margin decreased to 21.9% in 2HFY2023. This is due to decreased gross profit margin from its project segment due to increased materials cost as well as shortage of labour.

 

For the full year, the company recorded revenue of $128.7 million, up 79% y-o-y. Cost of sales increased 93.9% y-o-y to $101.3 million, while gross profit increased by 39.4% to $27.4 million.

 

A special dividend of 1.25 cents and a final dividend of 0.25 cents have been proposed for its FY2023.

 

Despite the challenging business environment, XMH believes that it will be able to capitalise on the good performance achieved in FY2023 on the back of a robust order book.

On Dec 28, XMH Holdings : BQF 0% chairman and managing director Tan Tin Yeow acquired 27,500 shares at S$0.24 per share. With a consideration of S$6,600, this increased his direct interest in the company from 42.14 per cent to 42.17 per cent.

 

Tan has gradually increased his direct interest in the diesel engine, propulsion and power generating solutions provider from 41.27 per cent prior to Aug 25, 2022.

 

He was appointed as managing director in 1991, and chairman in September 2016. He bears overall responsibility for the group as well as strategy formulation, corporate planning, business development and potential acquisition.

 

On Dec 12, XMH Holdings reported revenue of S$57.9 million in its H1 FY23 (ended Oct 31), a 74.3 per cent increase from S$33.3 million in H1 FY22.

 

All three business segments have recorded increased revenue with the distribution segment recording a significant increase of 109.5 per cent to S$22.8 million in H1 FY2022, mainly due to demand for engines to build tugboats in Indonesia.

 

On Oct 4, XMH Holdings : BQF 0% chairman and managing director Tan Tin Yeow acquired 107,000 shares at 24.0 cents per share. With a consideration of S$25,680 this increased Tan&rsquo s direct interest in the company from 41.92 per cent to 42.02 per cent. Tan has gradually increased his direct interest in the diesel engine, propulsion and power generating solutions provider from 41.27 per cent prior to Aug 25. He was appointed as managing director in 1991, and chairman in September 2016. He bears overall responsibility for the group as well as strategy formulation, corporate planning, business development and potential acquisition.

 

He was also responsible for establishing the distribution arm and securing the exclusive distributorships for the group and has more than 25 years of experience in the marine and industrial diesel engines industry. In its quarterly update, pursuant to its placing on the watch-list due to Financial Entry Criterion with effect from Dec 4, 2019, XMH Holdings noted that although the group has achieved an increase in revenue and profits for Q1 FY23 (ended Jul 31), the group maintains a cautious outlook given the conflict in Europe coupled with the global uncertainties brought about by the ongoing geopolitical tensions.

 

Between Sep 9 and Sep 13, XMH Holdings : BQF +2.17% chairman and managing director Tan Tin Yeow acquired 218,100 shares at 23.0 cents per share at a consideration of S$50,163. As a result, his direct interest in the company increased from 41.68 per cent to 41.88 per cent.

 

Tan was appointed as chairman and chief executive officer in 2010 and was re-designated as chairman and managing director in 2016. He bears overall responsibility for the XMH Group as well as strategy formulation, corporate planning, business development and potential acquisition. He was also responsible for establishing the distribution arm and securing the exclusive distributorships for the group and has more than 30 years of experience in the marine and industrial diesel engines industry.

 

For its FY 2022 (ended Apr 30), the diesel engine, propulsion and power generating solutions provider reported a revenue increase of 12.0 per cent to S$71.9 million from FY 2021, while gross profit increased by 24.1 per cent to S$19.6 million from FY 2021. This resulted in a greater gross profit margin of 27.3 per cent in FY 2022.

 

XMH Holdings&rsquo business activities include the distribution and provision of value-added products and services after sales services and trading and projects, which comprise the assembly and installation of standby generator sets and provision of related services.

 

In its quarterly update, pursuant to its placing on the watch-list due to Financial Entry Criterion, with effect from Dec 4, 2019, XMH Holdings noted that although the XMH Group has achieved an increase in revenue and profits for Q1 FY 2023 (ended Jul 31), the XMH Group maintains a cautious outlook given that the conflict in Europe coupled with the global uncertainties brought about by the ongoing geopolitical tensions continue to disrupt the supply chain and costs of materials.