olivLaw · US equity research
Ten-League International Holdings Ltd TLIH
Wholesale-Machinery, Equipment & Supplies · SIC 5080 · Vertical: Wholesale-Machinery, Equipment & Supplies (SIC 5080)
Ten-League International Holdings is a Singapore-based provider of turnkey project solutions that sells and rents heavy equipment and offers engineering consultancy for ports, construction and foundation work. The company matters now because it is trying to extend into electric equipment and charging infrastructure while demand for large urban projects in Singapore is rising, and its dependence on one main supplier remains a central vulnerability.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Ten-League International Holdings Ltd (TLIH) stock was 5.68 USD (+3.31% on the day), with market capitalisation 167.1 m USD, P/E 37.9 on diluted EPS of 0.15 USD over the last 12 months, beta 1.62, 52-week range 2.34–5.90 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)
- 56.1
- strong (55–70)
- Bollinger (20, 2)
- 5.29 – 5.85
- in the upper half of the band · %B 0.70 · band width 10.0%
- SMA 50 / 200
- 5.68 / 4.41
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.05
- 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 | −1.4% | −1.1% | −0.3 pp | — |
| 3 months | −1.4% | −0.5% | −1.0 pp | — |
| 6 months | +37.9% | +4.4% | +33.5 pp | — |
| Year to date | +53.6% | +12.3% | +41.3 pp | — |
| 1 year | +26.8% | +13.5% | +13.3 pp | +15.2% |
| 3 years | unavailable | +76.4% | unavailable | +37.5% |
| 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.
Today's P/E sits at the 100 percentile of its own 1-quarter history (min 24.7, median 24.7, max 24.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 72.8 m | 42.8 m | 59.2 m |
| Revenue YoY | unavailable | −41.2% | +38.4% |
| Net income | unavailable | 1.4 m | 4.3 m |
| Net income YoY | unavailable | unavailable | +215.1% |
| Diluted EPS | unavailable | 0.05 | 0.15 |
| Diluted EPS YoY | unavailable | unavailable | +200.0% |
| net % | unavailable | 3.2% | 7.3% |
| Free cash flow | unavailable | -5.7 m | 7.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 8.3 m USD
- Financial debt
- 30.1 m USD
- Net debt
- 21.8 m USD
- Equity
- 13.0 m USD
- Total assets
- 60.2 m USD
- Debt / equity
- 2.32x
- Current ratio
- 0.87x
- ROE
- 49.6%
- ROA
- 7.7%
- FCF margin
- 11.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 72.8 m | 42.8 m | 59.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Cost of revenue | — | 35.0 m | 44.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Gross profit | — | 7.8 m | 14.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Operating income | — | 2.0 m | 5.6 m | SEC (XBRL)· 30 Apr 2026verified |
| Interest expense | — | 695.0 k | 684.0 k | SEC (XBRL)· 30 Apr 2026verified |
| Pre-tax income | — | 1.9 m | 5.6 m | SEC (XBRL)· 30 Apr 2026verified |
| Income tax | — | 535.0 k | 1.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Net income | — | 1.4 m | 4.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Diluted EPS | — | 0.05 | 0.15 | SEC (XBRL)· 30 Apr 2026verified |
| Weighted average diluted shares | 27.8 m | 27.8 m | 28.6 m | SEC (XBRL)· 30 Apr 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | — | 502.0 k | 8.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Receivables | — | 11.9 m | 11.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Inventories | — | 13.6 m | 12.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Current assets | — | 28.7 m | 34.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Property, plant & equipment, net | — | 22.1 m | 25.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Total assets | — | 52.0 m | 60.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Accounts payable | — | 8.9 m | 8.9 m | SEC (XBRL)· 30 Apr 2026verified |
| Short-term debt | 17.1 m | 17.1 m | 13.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Long-term debt | 175.0 k | 23.3 m | 17.0 m | SEC (XBRL)· 30 Apr 2026verified |
| Current liabilities | — | 41.0 m | 39.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Total liabilities | — | 47.5 m | 47.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Equity | — | 4.6 m † | 13.0 m † | SEC (XBRL)· 30 Apr 2026verified |
| Shares outstanding at year end | — | 27.8 m | 29.4 m | SEC (XBRL)· 30 Apr 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 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | — | 3.7 m | 20.4 m | SEC (XBRL)· 30 Apr 2026verified |
| Capex | — | 9.4 m | 13.4 m | SEC (XBRL)· 30 Apr 2026verified |
| Free cash flow | — | -5.7 m ≈ | 7.0 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Investing cash flow | — | -6.4 m | -12.9 m | SEC (XBRL)· 30 Apr 2026verified |
| Financing cash flow | — | 1.5 m | 228.0 k | SEC (XBRL)· 30 Apr 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
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 167.1 m USD
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.56 – 6.71 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)3.89 – 6.71 (Mid 4.96)WACC 8.6% · starting FCFF 7.6 m USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 20.7%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E2.56 – 3.59 (Mid 3.21)3 companies used · median multiple 21.4x · quartiles 17.1x – 23.9xAIT, HDSN, WLFC
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.0% | 69 (on a fixed band) | 20% |
| Net margin · Quality | 7.3% | 60 (vs peers) | 12% |
| FCF conversion · Quality | 161.6% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 8.2x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.9x | 6 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 37.9x | 0 (on a fixed band) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.2% | 53 (on a fixed band) | 16% |
| 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 sheet62/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality75/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation23/100 · 2/3 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
Ten-League International Holdings Limited (TLIH). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 59.2 m USD in 2025; YoY growth 38.4%; net margin 7.3%; ROE 49.6%.
The estimated value range is 3.23–5.15 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 4.08 USD, the price of 5.68 USD leaves a potential of -28.1% (value / price − 1) and a margin of safety of -39.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 161.6%
- Interest coverage: 8.2x
What contradicts it
- Current ratio: 0.9x
- P/E (TTM): 37.9x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Wholesale-Machinery, Equipment & Supplies (SIC 5080) · 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 | |
|---|---|---|---|---|---|---|
| AITApplied Industrial Technologies, Inc. | 10.9 bn | 26.4 | 22.5% | 8.4% | +8.8% | +15% / +86% |
| DSGRDistribution Solutions Group, Inc. | 1.6 bn | 180.0 | 1.4% | 0.4% | +9.8% | +26% / +38% |
| WLFCWillis Lease Finance Corp | 1.0 bn | 12.7 | 11.5% | 9.6% | +28.3% | +16% / +213% |
| ASLEAerSale Corporation | 237.2 m | — | -0.9% | -1.2% | −2.8% | −23% / −64% |
| HDSNHudson Technologies Inc | 185.6 m | 21.4 | 3.6% | 3.5% | +4.0% | −35% / −64% |
| TLIHTen-League International Holdings Limited | 167.1 m | 37.9 | 49.6% | 7.3% | +38.4% | +27% / unavailable |
1- and 3-year price returns: for TLIH 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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 3.66 Total return -36% · Per year -36% | 6.44 Total return 13% · Per year 13% | 9.66 Total return 70% · Per year 70% |
| 3 years | 4.34 Total return -24% · Per year -9% | 8.51 Total return 50% · Per year 14% | 13.90 Total return 145% · Per year 35% |
| 5 years | 5.15 Total return -9% · Per year -2% | 11.26 Total return 98% · Per year 15% | 20.02 Total return 252% · Per year 29% |
- Exit P/E± 2.13
- Net margin± 1.49
- Annual revenue growth± 1.11
- Annual dilution± 0.13
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 30 Apr 2026; since then the company filed 6-K (30 Sept 2026), 6-K (01 Jun 2026).
In brief
Ten-League International Holdings is a Singapore-based provider of turnkey project solutions that sells and rents heavy equipment and offers engineering consultancy for ports, construction and foundation work. The company matters now because it is trying to extend into electric equipment and charging infrastructure while demand for large urban projects in Singapore is rising, and its dependence on one main supplier remains a central vulnerability.
SWOT
Strengths
- The company has a long relationship with its main supplier and a recognised position in Singapore for turnkey project solutions 1.
- Its integrated offer of sales, rental and consultancy lets customers choose the operating model that suits their budget 1.
- Experience in electrifying port machinery gives the company a technology advantage in a changing market 1.
Weaknesses
- Dependence on a single supplier for almost all equipment exposes the company to supply and contract risks 1.
- The concentration of customers and revenue in Singapore makes the company vulnerable to a local downturn in construction 1.
- Dependence on foreign workers could raise costs and limit the company's ability to staff its operations 1.
Opportunities
- Electrification policies and government plans for charging infrastructure could open new contracts for the company 1.
- Large urban projects in Singapore could add demand for equipment and rentals 1.
- A strategy of expansion through partnerships or acquisitions could strengthen the company's position in new regions 1.
Threats
- A supplier that distributes directly or fails to renew its arrangements could seriously affect the company's business 1.
- Extreme weather and lower construction investment could reduce demand for the company's equipment 1.
- Legislative changes on foreign workers and sector regulation could raise costs or interrupt operations 1.
Risks
- Dependence on the main supplierhigh
Almost all equipment comes from one supplier, and distribution agreements could be renewed on different terms or terminated 1. If the relationship deteriorated, the company could need time and additional cost to find alternatives.
- Customer concentrationhigh
A significant share of revenue comes from a few large customers in the construction industry, and contracts are not long-term 1. Losing an important customer could quickly affect revenue.
- Labour costsmedium
Dependence on foreign workers and rules on levies and quotas could raise wage costs 1. If these costs cannot be passed on to customers, margins could fall.
- Operational and regulatory risksmedium
Equipment failures or procedural errors could cause accidents and interruptions, and non-compliance with regulations could lead to penalties 1. A major incident could damage the company's reputation.
- Collection of receivableslow
The company recorded provisions for doubtful debts in 2025 because some customers had difficulty paying 1. If these problems grow, the financial result could be affected.
Investment thesis
What would need to be true (bull case)
- The company holds a consolidated market position in Singapore and benefits from a long relationship with its main supplier, which could secure access to modern equipment 1.
- Higher sales and rental revenue in 2025 shows that demand from large projects can support the company's results 1.
- Experience in electric equipment and charging infrastructure could become an advantage if electrification policies accelerate 1.
What would break the thesis
- Dependence on a single supplier and on agreements that can be renewed or terminated exposes the company to a structural risk 1.
- Customer concentration and activity concentrated in Singapore mean results depend on a small number of projects in one market 1.
- Gross margins are volatile and depend on the mix of sales and rental, and labour costs could rise 1.
What to watch
- Development of the relationship with the main supplier and the status of renewing distribution agreementsnext 10-K
- Level of revenue from sales and rental, quarter by quarterQ1 2027
- Trend in gross margin in the rental and sales segments2027
- Development of contracts for charging infrastructure and battery swap stationsnext 10-K
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 30 Apr 2026; since then the company filed 6-K (30 Sept 2026), 6-K (01 Jun 2026).
The business
The company operates through its subsidiaries Ten-League (E&T) and Ten-League (PES) and presents itself as a provider of turnkey solutions for the port, construction, civil engineering and underground foundation industries. Its range includes foundation equipment, hoist equipment, excavation equipment and port machinery, and in 2025 revenue came mainly from equipment and parts sales, which made up 80.4% of the total 1. The company also provides engineering consultancy with technical solutions applied to equipment, such as modernisation and fleet management 1.
The company remains tied to its main supplier SANY, from which it buys almost all of its equipment, and purchases from SANY represented 64.5% of cost of revenue in 2025 1. The company stated that its distribution arrangement is non-exclusive and subject to renewal, which makes the relationship a sensitive element of the business model 1.
Segments
Engineering consultancy
This segment supports sales and rental through technical solutions such as retrofitting and software integration, and its revenue stayed stable at 2.2 million SGD in 2025 1. The company links the segment to electrification through the supply of battery swap stations and charging infrastructure for a leading port operator 1.
Market context
The core market is Singapore, where activity depends on the level of construction and port projects, and the company reports that the city-state has seen rising demand for large urban developments 1. The government has announced an intention to deploy 60000 charging points by 2030, which could support demand for electric equipment and charging infrastructure 1.
Demand also depends on global and regional economic conditions, customers' access to credit and weather, particularly monsoon and typhoon events that can halt work on sites and in ports 1. Over the long term the market could be shaped by energy transition policies, but contracts are generally short in duration and carry no long-term commitments 1.
Trends
- Electrification of equipmenttailwind
Singapore's policy to cut emissions could encourage the shift to battery-powered equipment, and the company has already supplied electric port machinery since 2021 1. If demand for such equipment grows, its technology lead could become a differentiator.
- Large urban projectstailwind
Projects such as Changi airport terminal 5, the Marina Bay Sands expansion and new MRT lines support demand for heavy equipment and rentals 1. If these projects proceed as planned, demand from construction customers could remain high.
- Cost and availability of foreign labourheadwind
The company depends on foreign workers, who make up a large share of its Singapore staff, and policies on levies and quotas could raise wage costs 1. This pressure could affect margins if the company cannot pass costs on to customers.
- Supplier dependence and continuitymixed
The relationship with a main supplier based in China carries continuity and cost risk, since the distribution arrangement could be modified or terminated 1. However, the company reported no material supply chain disruptions in 2025 1, which suggests the relationship has worked so far.
Competitive position
The company describes competition in terms of reputation, track record, pricing, product range and delivery times, but the source analysed does not name specific competitors 1. In the Singapore market, competition could come from other distributors of equipment as well as from new entrants, and SANY could distribute the same products directly 1.
Competition could intensify if new entrants appear or if the supplier expands its own distribution, which could affect the company's current customers 1. The company positions its integrated offering of sales, rental and engineering consultancy as a defence 1.
- SANY
Main supplier and strategic partner, but also a potential competitor because it could distribute its products directly in Singapore 1.
- Other heavy equipment distributors in Singapore
Companies that can offer similar equipment to construction and port customers, given that distribution is non-exclusive 1.
- New entrants to the industry
Companies that could enter the market and intensify competition for customers and projects 1.
- Providers of charging and electrification solutions
Companies that could compete in the charging infrastructure and electric equipment segment 1.
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.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)30 Sept 2026
- Current report (foreign issuer)01 Jun 2026
- Annual report (foreign issuer)30 Apr 2026
- Current report (foreign issuer)29 Apr 2026
- Current report (foreign issuer)13 Apr 2026
- Current report (foreign issuer)24 Mar 2026
- Current report (foreign issuer)16 Mar 2026
- Current report (foreign issuer)24 Feb 2026
- Current report (foreign issuer)19 Dec 2025
- Current report (foreign issuer)12 Dec 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Ten-League International Holdings Ltd · 30 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.