olivLaw · US equity research
SMJ International Holdings Inc. SMJF
Wholesale-Lumber & Other Construction Materials · SIC 5030 · Vertical: Wholesale-Lumber & Other Construction Materials (SIC 5030)
SMJ International Holdings Inc. is a Singapore-based flooring distributor that sells carpet tiles, broadloom carpets and luxury vinyl tiles under its proprietary 'SMJ' brand to commercial and institutional customers across Asia. For the fiscal year ended March 31, 2026 it reported revenue of about S$17.4 million, but it swung to a net loss, in a year marked by its NYSE American listing in December 2025 and the costs of that listing.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, SMJ International Holdings Inc. (SMJF) stock was 1.46 USD (−6.41% on the day), with beta -0.95, 52-week range 1.00–11.41 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 39.3
- weak (30–45)
- Bollinger (20, 2)
- 1.25 – 2.10
- in the lower half of the band · %B 0.25 · band width 50.7%
- SMA 50 / 200
- 1.71 / 3.99
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.20 / -0.23
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −16.6% | −1.1% | −15.5 pp | — |
| 3 months | −78.4% | −0.5% | −77.9 pp | — |
| 6 months | −56.2% | +4.4% | −60.5 pp | — |
| Year to date | −71.1% | +12.3% | −83.5 pp | — |
| 1 year | unavailable | +13.5% | unavailable | +2.3% |
| 3 years | unavailable | +76.4% | unavailable | −57.1% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | unavailable | unavailable | 13.5 m |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | unavailable | unavailable | -717.9 k |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -0.03 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | -5.3% |
| Free cash flow | unavailable | unavailable | -2.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 1.0 m USD
- Financial debt
- 1.3 m USD
- Net debt
- 305.7 k USD
- Equity
- 14.7 m USD
- Total assets
- 23.3 m USD
- Debt / equity
- 0.09x
- Current ratio
- 4.64x
- ROE
- unavailable
- ROA
- -3.1%
- FCF margin
- -19.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | — | — | 13.5 m | SEC (XBRL)· 28 Jul 2026verified |
| Cost of revenue | — | — | 8.9 m | SEC (XBRL)· 28 Jul 2026verified |
| Gross profit | — | — | 4.7 m | SEC (XBRL)· 28 Jul 2026verified |
| Operating income | — | — | -748.3 k | SEC (XBRL)· 28 Jul 2026verified |
| Depreciation & amortisation | — | — | 67.3 k | SEC (XBRL)· 28 Jul 2026verified |
| EBITDA | — | — | -680.9 k ≈ | SEC (XBRL)· 28 Jul 2026derived |
| Pre-tax income | — | — | -462.9 k | SEC (XBRL)· 28 Jul 2026verified |
| Income tax | — | — | 255.0 k | SEC (XBRL)· 28 Jul 2026verified |
| Net income | — | — | -717.9 k | SEC (XBRL)· 28 Jul 2026verified |
| Diluted EPS | — | — | -0.03 | SEC (XBRL)· 28 Jul 2026verified |
| Weighted average diluted shares | 25.0 m | 25.0 m | 25.9 m | SEC (XBRL)· 28 Jul 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | — | 603.9 k | 1.0 m | SEC (XBRL)· 28 Jul 2026verified |
| Receivables | — | — | 1.6 m | SEC (XBRL)· 28 Jul 2026verified |
| Inventories | — | — | 3.2 m | SEC (XBRL)· 28 Jul 2026verified |
| Current assets | — | — | 15.4 m | SEC (XBRL)· 28 Jul 2026verified |
| Property, plant & equipment, net | — | — | 131.8 k | SEC (XBRL)· 28 Jul 2026verified |
| Total assets | — | — | 23.3 m | SEC (XBRL)· 28 Jul 2026verified |
| Accounts payable | — | — | 432.8 k | SEC (XBRL)· 28 Jul 2026verified |
| Short-term debt | — | — | 1.3 m | SEC (XBRL)· 28 Jul 2026verified |
| Current liabilities | — | — | 3.3 m | SEC (XBRL)· 28 Jul 2026verified |
| Total liabilities | — | — | 8.6 m | SEC (XBRL)· 28 Jul 2026verified |
| Equity | — | — | 14.7 m † | SEC (XBRL)· 28 Jul 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | — | — | -2.6 m | SEC (XBRL)· 28 Jul 2026verified |
| Capex | — | — | 49.6 k | SEC (XBRL)· 28 Jul 2026verified |
| Free cash flow | — | — | -2.7 m ≈ | SEC (XBRL)· 28 Jul 2026derived |
| Investing cash flow | — | — | -6.1 m | SEC (XBRL)· 28 Jul 2026verified |
| Financing cash flow | — | — | 9.2 m | SEC (XBRL)· 28 Jul 2026verified |
| Dividends paid | 300.0 k | 2.8 m | — | SEC (XBRL)· 28 Jul 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
21% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -4.2% | 0 (on a fixed band) | 50% |
| Net margin · Quality | -5.3% | 60 (vs peers) | 30% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 4.6x | 100 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality23/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SMJ International Holdings Inc. (SMJF). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 13.5 m USD in 2026; net margin -5.3%; ROE -4.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 4.6x
What contradicts it
- ROIC: -4.2%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Wholesale-Lumber & Other Construction Materials (SIC 5030) · same industry (4-digit SIC) · compared with 5 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| QXOQxo, Inc. | 13.1 bn | — | -2.8% | -4.1% | +11,925.0% | −32% / −57% |
| BCCBoise Cascade Company | 2.7 bn | 22.9 | 5.7% | 1.8% | −4.8% | +2% / −29% |
| ASPNAspen Aerogels, Inc. | 398.3 m | — | -50.4% | -62.4% | −40.1% | +49% / −54% |
| CAPSCapstone Holding Corp. | 42.6 m | — | -114.2% | -36.7% | +4.5% | +127% / −87% |
| OLOXOlenox Industries Inc. | 1.2 m | — | -89.9% | -427.9% | −40.7% | −98% / −100% |
| SMJFSMJ International Holdings Inc. | — | — | -4.9% | -5.3% | unavailable | unavailable / unavailable |
1- and 3-year price returns: for SMJF from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Jul 2026; since then the company filed 6-K (07 Oct 2026), 6-K (01 Oct 2026), 6-K (15 Sept 2026), 6-K (28 Aug 2026), 6-K (17 Aug 2026), 6-K (07 Aug 2026).
In brief
SMJ International Holdings Inc. is a Singapore-based flooring distributor that sells carpet tiles, broadloom carpets and luxury vinyl tiles under its proprietary 'SMJ' brand to commercial and institutional customers across Asia. For the fiscal year ended March 31, 2026 it reported revenue of about S$17.4 million, but it swung to a net loss, in a year marked by its NYSE American listing in December 2025 and the costs of that listing.
SWOT
Strengths
- A reputation of more than 35 years and a proprietary brand recognized in Singapore and several Asian markets.
- Diversified stock of designs and colors, with fast delivery supported by a central warehouse and an inventory system updated daily.
- An extensive dealer network and long-standing relationships with third-party manufacturers in Asia.
Weaknesses
- A net loss in fiscal 2026 after a profit the year before, driven mainly by high administrative expenses.
- Dependence on a few large customers without long-term contracts, which makes revenue volatile.
- Working capital tied up in large inventories with long turnover periods.
Opportunities
- Rising requirements for eco-friendly materials could open new green-building projects.
- Extending the stocking program to regional distributors could speed up deliveries in new markets.
- The Asia-Pacific flooring market is large, and deeper penetration of neighboring countries could increase revenue.
Threats
- An economic slowdown could reduce renovation budgets and new commercial construction.
- Trade tensions and tariff changes could affect costs and access to export markets.
- Competition and price pressure could reduce margins, especially on large institutional projects.
Risks
- Dependence on large customershigh
A small number of customers generate a significant share of revenue, and losing one of them could seriously affect cash flows.
- Inventory riskhigh
Large stock and slow rotation could lead to write-downs and provisions for slow-moving inventory if customer preferences change.
- Lease expirymedium
The lease for the office, showroom and warehouse expires on March 31, 2027, and a rent increase could raise operating costs.
- Financing costsmedium
Short-term trade financing is exposed to changes in interest rates, and tighter credit could limit purchasing capacity.
- Geopolitical and trade tensionsmedium
Tariffs, sanctions and export controls could affect the supply chain and demand in export markets.
Investment thesis
What would need to be true (bull case)
- If demand for eco-friendly materials and new commercial projects in Asia keeps growing, revenue could return to an upward path and margins could benefit from a better product mix.
- A reputation of more than 35 years and a dealer network could help win new institutional projects, especially if the company extends its stocking program across the region.
- If listing-related expenses decline after fiscal 2026, operating profitability could return to earlier levels.
What would break the thesis
- The fiscal 2026 net loss and the decline in gross margin could show that cost pressure is outpacing the company's ability to pass prices on to customers.
- Dependence on a few large customers without long-term contracts could make revenue hard to forecast, especially if a major project is not renewed.
- Large inventories with slow turnover could generate losses in value and consume working capital if demand shifts.
What to watch
- Quarterly results and the trend in gross marginQ1 2027
- Terms of the new lease for the Singapore premises2027
- Share of export revenue and the impact of tariffsnext 10-K
- Trend in general and administrative expenses after the listing2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Jul 2026; since then the company filed 6-K (07 Oct 2026), 6-K (01 Oct 2026), 6-K (15 Sept 2026), 6-K (28 Aug 2026), 6-K (17 Aug 2026), 6-K (07 Aug 2026).
The business
The company operates mainly through its Singapore subsidiary SMJ Furnishings (S) Pte. Ltd. and markets its products through more than 260 dealers, importers and installation companies that bought at least once in each of fiscal 2025 and 2026. End-users are mainly in the commercial and institutional sector, including government and private offices, banks, hospitals, hotels and educational institutions. It keeps about 80 designs in up to 400 colors in stock, allowing it to fill orders by the next working day when stock is available. For fiscal 2026 it reported a net loss of about S$0.9 million, compared with a net profit of about S$1.0 million a year earlier.
The model rests on a centralized warehouse of about 42,614 square feet in Singapore and an inventory stocking program with suppliers in the PRC and Thailand. Most of its manufacturing partners in Asia have worked with the group for over ten years on average, which lets it offer customized designs and colors. Recent projects include contracts for Singapore public institutions and corporate clients in the Philippines, Indonesia, India and Malaysia. Sales are mostly wholesale, and the end customers are often property developers, architecture and interior design firms.
Segments
Exports to Asian markets
Exports to more than 20 countries, particularly India, the Philippines and Indonesia, grew as a share of revenue to 51.4% in fiscal 2026. The company attributed the growth to new projects with end users such as WeWork and Accenture, but exposure to tariffs and trade policy remains a point of attention.
Wholesale distribution
Wholesale sales to dealers and installation firms are the main go-to-market model, with more than 260 active partners. Inventory, which accounted for about 20.6% of current assets, supports fast delivery but also creates exposure to slow-moving stock.
Market context
The Asia-Pacific flooring market was valued at about US$127.6 billion in 2023 according to a source cited by the company, and the source projects compound annual growth over the forecast period. Demand in this segment depends on new commercial space and on renovation budgets of businesses, which are sensitive to economic cycles.
Competition is intense and runs on price, quality, service levels and delivery capability. Heightened competition could put pressure on prices and margins, particularly if transport and material costs rise.
Trends
- Growing demand for eco-friendly materialstailwind
Projects requiring certified eco-friendly products with low volatile organic compound emissions are becoming more common in Singapore, in line with government initiatives for green buildings. The company has developed an eco-friendly range that could support sales growth.
- Renovation budgets and commercial spaceheadwind
Demand depends on new commercial space and on renovation budgets of businesses. An economic slowdown could reduce the number of projects, and the company has no long-term contracts with its customers.
- Trade tensions and tariffsmixed
Changes in trade policy, tariffs and export controls across Asia could affect supply costs and access to export markets, which account for more than half of revenue. The company says it does not currently expect a material impact from recent tariff changes, but the risk remains.
- Freight and fuel costsheadwind
Higher freight costs and fuel surcharges contributed to the decline in gross margin in fiscal 2026. If these costs stay elevated, pressure on profitability could continue.
Competitive position
The company competes in the Asian commercial flooring market with distributors and manufacturers that offer similar product categories, from carpet tiles to vinyl flooring. Its stated advantages are a diversified stock, fast delivery and a reputation of more than 35 years for the 'SMJ' brand.
The sources reviewed do not identify competitors listed on US exchanges, and market share data is not disclosed. The company relies on competitive pricing, service and its ability to fill orders quickly to maintain its position.
- Local flooring distributors in Singapore and Asia
Private companies selling carpets and vinyl flooring to the same commercial customers; the sources do not name them.
- Asian manufacturers of vinyl flooring and carpets
Suppliers that can sell directly to end customers or to distributors; their presence is mentioned only generically in the source.
- Regional importers in Asia-Pacific
Import firms competing for the same institutional and commercial projects in the Philippines, Indonesia and India.
- Global commercial flooring suppliers
International companies that can compete for large projects, although the source does not name them or provide details.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)07 Oct 2026
- Current report (foreign issuer)01 Oct 2026
- Current report (foreign issuer)15 Sept 2026
- Current report (foreign issuer)28 Aug 2026
- Current report (foreign issuer)17 Aug 2026
- Current report (foreign issuer)07 Aug 2026
- Current report (foreign issuer)28 Jul 2026
- Annual report (foreign issuer)28 Jul 2026
- Current report (foreign issuer)18 Mar 2026
- Current report (foreign issuer)18 Feb 2026
Sources
- [1] Form 20-F, fiscal year ended 2026-03-31 · SEC / SMJ International Holdings Inc. · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.