<div id="readability-page-1"><div><p>Singapura Finance (SGX:S23) has reported its FY 2025 first half numbers with revenue of S$14.46 million and net income of S$3.324 million, translating to EPS of S$0.020947. The company has seen revenue move from S$10.461 million in 1H FY 2024 to S$12.336 million in 2H FY 2024 and then to S$14.46 million in 1H FY 2025, while EPS went from S$0.01738 to S$0.021022 and then to S$0.020947 over the same periods. Investors may focus on how the stronger recent profitability and improved net margin line up with the longer trend of earnings pressure.</p> <p>See our full analysis for Singapura Finance.</p><p>With the headline numbers on the table, the next step is to compare these results with the stories investors already have in mind about Singapura Finance to see which narratives the latest margins support and which ones they challenge.</p> <p>Curious how numbers become stories that shape markets? Explore Community Narratives</p> <figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/47d0b679-73df-4411-a398-a1025402c28e/chart/revenue-and-expenses-breakdown/query-ZGF0ZT0yMDI2LTAyLTIy?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/47d0b679-73df-4411-a398-a1025402c28e/chart/revenue-and-expenses-breakdown/query-ZGF0ZT0yMDI2LTAyLTIy"/><figcaption>SGX:S23 Revenue &amp; Expenses Breakdown as at Feb 2026</figcaption></figure> <h2>50.2% earnings growth versus 2.6% five year decline</h2> <ul> <li>Over the last 12 months, net income excluding extra items is S$9.151 million on a trailing basis, which lines up with a 50.2% earnings increase compared with the prior year even though earnings fell at about 2.6% per year over the past five years.</li> <li>What stands out for a more cautious, bearish take is the contrast between the recent 50.2% earnings growth and that 2.6% annual earnings decline over five years, because:     <ul> <li>The trailing 12 month basic EPS of S$0.0577 compares with S$0.038402 a year earlier on the same trailing basis, while the longer trend still points to pressure on earnings over several years.</li> <li>Half yearly EPS moving from S$0.01738 in 1H FY 2024 to S$0.020947 in 1H FY 2025 supports the recent rebound, yet does not remove the history of multi year earnings contraction highlighted in the risk summary.</li> </ul> </li> </ul><p> Over the last year, some investors who focus on the cautious narrative may see this rebound as needing more time before it outweighs the multi year declines, especially if they pay close attention to long term stability rather than one strong year. <strong>🐻 Singapura Finance Bear Case</strong></p><h2>Net margin at 29.9% versus 26.7% prior year</h2> <ul> <li>The trailing 12 month net profit margin of 29.9% compared with 26.7% the prior year means a larger share of the S$30.65 million in trailing revenue is turning into net income of S$9.151 million.</li> <li>Supporters of a more bullish angle often focus on how this margin improvement backs their view, and the recent figures give them some specific points:     <ul> <li>Across the last three half yearly periods, net income excluding extra items moved from S$2.758 million in 1H FY 2024 to S$3.336 million in 2H FY 2024 and S$3.324 million in 1H FY 2025, which is consistent with the stronger trailing margin.</li> <li>EPS on a trailing 12 month basis rose from S$0.038402 to S$0.0577 alongside that margin shift, so bulls can point to both higher profitability per dollar of revenue and higher earnings per share at the same time.</li> </ul> </li> </ul><p> Investors who are positive on the story may treat the higher 29.9% margin as a sign that recent profitability efficiency is better than the prior year, even while keeping the five year earnings decline in mind. <strong>🐂 Singapura Finance Bull Case</strong></p><h2>P/E of 13.9x and price above DCF fair value</h2> <ul> <li>Shares trade at S$0.80 with a P/E of 13.9x, compared with a peer average of 10.6x, an Asian consumer finance industry average of 13.3x and a Singapore market P/E of 15.1x, while the S$0.80 price also sits above the DCF fair value of S$0.03 in the provided data.</li> <li>Critics who lean bearish often point to this valuation mix, and the specific numbers help frame their concern clearly:     <ul> <li>The 13.9x P/E being higher than peers and close to the sector average can be read as the market already assigning a relatively full multiple even though five year earnings fell about 2.6% per year.</li> <li>The large gap between the S$0.80 share price and the S$0.03 DCF fair value in the dataset highlights how some valuation models can flag limited implied value at the current price despite the recent 50.2% earnings growth and 29.9% net margin.</li> </ul> </li> </ul> <h2>Next Steps</h2> <p>Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Singapura Finance's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.</p> <p>Seeing both the stronger recent earnings and the longer history of pressure, it makes sense to check the numbers yourself and decide where you stand, and you can anchor that view by weighing the 2 key rewards and 2 important warning signs.</p> <h2>See What Else Is Out There</h2> <p>Singapura Finance shows a 50.2% earnings rebound and a 29.9% net margin, but that sits against a five year pattern of earnings contraction and a share price above the stated DCF fair value.</p> <p>If that mix of long term earnings pressure and a relatively full valuation worries you, take a look at our 227 high quality undervalued stocks, which puts stronger value cases front and center right now.</p> <p><em> This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data     and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your     financial situation. We aim to bring you long-term focused analysis driven by fundamental data.     Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.     Simply Wall St has no position in any stocks mentioned.</em></p><div><h3><strong>New: </strong>Manage All Your Stock Portfolios in One Place</h3><p>We've created the <strong>ultimate portfolio companion</strong> for stock investors, <strong>and it's free.</strong></p><p>• Connect an unlimited number of Portfolios and see your total in one currency<br/>• Be alerted to new Warning Signs or Risks via email or mobile<br/>• Track the Fair Value of your stocks<br/></p><p>Try a Demo Portfolio for Free</p></div></div></div>

<p>Singapura Finance (SGX:S23) reported FY 2025 first half revenue of S$14.46 million and net income of S$3.324 million, with a net margin improvement to 29.9%. Despite a 50.2% earnings growth over the past year, the company has faced a 2.6% annual decline over five years. The current P/E ratio of 13.9x is above peers, raising concerns about valuation despite recent profitability. Investors are advised to consider long-term trends alongside recent performance.</p>

Singapura Finance (SGX:S23) Net Margin Improvement To 29.9% Tests Bearish Earnings Narratives