Ten-League International Holdings Limited Ordinary Shares (TLIH) fair value
Industrials · Industrial Distribution · NASDAQ · United States
$5.40+1.89%
Market cap $16MNext earnings 2026-09-30Updated Oct 20, 2026
Our verdict
Trades 56% below our fair value
Price
$5.40
Model fair valueConfidence: medium
$12.30
Only one of our models could value this stock with confidence, so use it as a guide.
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Valued as a mature, profitable company: Discounted cash flow, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionTen-League International Holdings Limited Ordinary Shares (TLIH)
Fair value
Not available
ACCE price target
$6.80
Rating
Not rated
Horizon
12 months
ACCE price target published on 15 Oct 2026, 00:00 CEST.
Price used: $5.40 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, Dividend discount, EV/EBITDA comparison, and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
57
out of 100
P/E
4.0x
1-year return
+22.4%
Dividend yield
0.00%
Ten-League International Holdings Limited Ordinary Shares in four questions
Plain answers, details below
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Overview
ACCE thesis
Ten-League International is a Singapore-based distributor of marine and offshore industrial products, supplying ship chandlery, engineering consumables and related parts to vessel operators and yards across Asia. It sits in a fragmented, relationship-driven niche where scale and supplier access matter more than brand, and its 24.8% gross margin and 7.1% operating margin point to a business that is still earning a reasonable spread on distribution. The near-term picture is weaker: revenue shrank 12.2% on the latest reported period, so the thesis rests on whether that decline reflects a cyclical trough in shipping activity or lost share. At a market capitalisation of about $17 million and a trailing P/E near 4, the market is pricing in a sharp, lasting contraction, and a 36.6% ROE suggests the equity base is small relative to what the business earns. This is a micro-cap with thin liquidity and no index membership, so a deeper look should start with the order book, customer concentration and cash conversion rather than the headline multiples.
⚠ Investor warnings · 4 flagsAI-assisted·How I use AI
high
Revenue and earnings falling
Revenue is down 12.2% year on year and earnings are down 30.8%, even though the 5-year revenue CAGR is 7.4%. The recent trend is moving the wrong way.
high
Leverage high for a shrinking business
Debt to equity is 1.86 while revenue contracts. Free cash flow of $9M gives some cover, but the balance sheet leaves less room if the downturn continues.
moderate
Thin float and low institutional ownership
Insiders hold 80.3% and institutions hold just 1.3%. Little independent ownership means the price can move sharply on small trades and gives few outside checks on governance.
moderate
Sharp score deterioration
The ACCE score fell 26 points over 90 days, from 83 to 57, with the quality and momentum components weakening most visibly in the recent data.
AI research notes
AI-assisted·How I use AIWritten Oct 19, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Free cash flow yield of 43.2% suggests the market prices the stock far below the cash the business generates.
Trailing P/E of 4.1x means investors pay little for each dollar of reported earnings.
The diluted share count fell 4.8% last year, so each remaining share claims a larger slice of the business.
Why it could disappoint
Revenue fell 12.2% year over year, a sharp reversal from its five-year average growth of 7.4% per year.
Debt to equity of 1.86 means the balance sheet leans heavily on borrowed money, leaving less room for a downturn.
Return on invested capital of 9.6% is modest, and free cash flow of SGD 9M over the last twelve months is thin for the stock's size.
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Valuation
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Where TLIH's valuation models land
Price
$5.40
Model fair valueConfidence: medium
$12.30
Model
Fair value
Upside
Discounted cash flow
Dividend discount
EV/EBITDA comparison
Graham number
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Quality
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