| Valuation method | Value, $ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 979.40 | 117928 |
| Intrinsic value (DCF) | n/a | |
| Graham-Dodd Method | n/a | |
| Graham Formula | n/a |
FBS Global Limited (NASDAQ: FBGL) is a Singapore-based engineering and construction company specializing in interior fit-out works for institutional, residential, commercial, and industrial building projects. Founded in 1996, the company also supplies building materials, precast concrete components, and offers pavement consultancy services, alongside construction waste recycling and R&D activities. Operating in the Industrials sector, FBS Global serves a niche but essential segment of Singapore's construction industry, contributing to urban development and sustainable building practices. With a market capitalization of approximately $8 million, the company plays a role in both traditional construction and eco-friendly initiatives, positioning itself as a versatile player in Singapore's competitive engineering and construction landscape.
FBS Global Limited presents a micro-cap investment opportunity with modest revenue growth ($21.8M in FY 2023) and thin profitability (net income of $4,685). The company's strengths include diversified service offerings, from fit-out works to waste recycling, which may provide resilience in cyclical construction markets. However, risks include its small scale, lack of dividend payouts, and exposure to Singapore's concentrated real estate sector. The negligible beta suggests low correlation with broader markets, which could appeal to niche investors. With positive operating cash flow ($3.6M) and a solid cash position ($4.5M), liquidity appears manageable, but growth prospects remain uncertain given minimal capital expenditures ($3.3K).
FBS Global operates in a highly fragmented segment of Singapore's construction industry, competing against larger engineering firms and specialized fit-out contractors. Its competitive advantage lies in its vertical integration—combining design, material supply, and waste recycling—which can streamline project delivery for clients. However, the company lacks the scale of major construction conglomerates, limiting its ability to bid on large infrastructure projects. Its focus on interior fit-outs and sustainable practices (like waste recycling) differentiates it from generic contractors but exposes it to competition from eco-focused builders. The $8M market cap indicates minimal economies of scale, and the absence of reported EPS or dividends reduces appeal to income investors. While its cash reserves provide stability, the stagnant revenue and negligible capex suggest limited capacity for expansion or technological differentiation versus peers like Tiong Seng Holdings or Chip Eng Seng.