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Equity Bottom-Up

<ul>
<li>We reiterate our BUY rating on GSH Corporation Limited (‘GSH’) and raise our 12-month Target Price to S$0.26 (previously S$0.20), following the completion of the strategic S$111.87 million placement and updated financial analysis.</li>
<li>The recent placement at S$0.25 per share — a premium of ~25% to the current price of S$0.20 — validates the group’s intrinsic value and strengthens our conviction in the turnaround and digital pivot thesis.</li>
<li>On our updated numbers, the placement reduces pro-forma net debt by approximately 23%, generates estimated annual interest savings of ~S$4.7 million, and improves the group’s interest coverage ratio to around 1.5x.</li>
</ul>


We reiterate our BUY rating on GSH Corporation Limited (‘GSH’) and raise our 12-month Target Price to S$0.26 (previously S$0.20), following the completion of the strategic S$111.87 million placement and updated financial analysis.
The recent placement at S$0.25 per share — a premium of ~25% to the current price of S$0.20 — validates the group’s intrinsic value and strengthens our conviction in the turnaround and digital pivot thesis.
On our updated numbers, the placement reduces pro-forma net debt by approximately 23%, generates estimated annual interest savings of ~S$4.7 million, and improves the group’s interest coverage ratio to around 1.5x.


GSH Corporation Update : Placement Completed, Digital Pivot Initiated

<ul><li>Hospitality Rebound &amp; Deleveraging Theme: GSH’s 1H FY2025 results show a nascent turnaround in operations, underpinned by a strong tourism-led recovery in Sabah and strategic financing initiatives by insiders.</li><li>Revenue in 1H2025 inched up +2.1% YoY to S$66.96 million, and net loss narrowed to S$4.85 million (from a S$6.95m loss a year ago).</li><li>The Pacific &amp; Magellan Sutera resorts benefitted from surging tourist arrivals (Sabah received 2.12 million visitors in Jan–Jul 2025, +20% YoY), lifting hospitality revenue and helping GSH achieve a positive operating profit of S$11.3 million in the half.</li></ul>

Hospitality Rebound &amp; Deleveraging Theme: GSH’s 1H FY2025 results show a nascent turnaround in operations, underpinned by a strong tourism-led recovery in Sabah and strategic financing initiatives by insiders.Revenue in 1H2025 inched up +2.1% YoY to S$66.96 million, and net loss narrowed to S$4.85 million (from a S$6.95m loss a year ago).The Pacific &amp; Magellan Sutera resorts benefitted from surging tourist arrivals (Sabah received 2.12 million visitors in Jan–Jul 2025, +20% YoY), lifting hospitality revenue and helping GSH achieve a positive operating profit of S$11.3 million in the half.

GSH Corporation Update : Steady Recovery Underway, Backed by Insider Support

<ul><li>Asset-rich developer unlocking value: GSH offers investors exposure to a portfolio of high-quality real estate assets whose market value exceeds the current book value.</li><li>The company’s RNAV (Revalued Net Asset Value) is estimated at ~S$0.25 per share, well above the stock price (~S$0.16), indicating a significant undervaluation of the underlying properties.</li><li>The Sutera Harbour resort alone, with its extensive land (384 acres) and facilities, is carried on the books at cost (as part of PPE of S$582M) and is likely worth substantially more if monetized or revalued.</li></ul>

Asset-rich developer unlocking value: GSH offers investors exposure to a portfolio of high-quality real estate assets whose market value exceeds the current book value.The company’s RNAV (Revalued Net Asset Value) is estimated at ~S$0.25 per share, well above the stock price (~S$0.16), indicating a significant undervaluation of the underlying properties.The Sutera Harbour resort alone, with its extensive land (384 acres) and facilities, is carried on the books at cost (as part of PPE of S$582M) and is likely worth substantially more if monetized or revalued.

GSH Corporation Initiation : Hidden Gems in Hospitality and Property: A Revaluation Story

Singapore

GSH Corporation is a Singapore-based property developer and investor with a focus on Southeast Asia, including Malaysia and China. The company develops residential, commercial, and mixed-use properties and operates a hospitality segment that includes hotels, resorts, marinas, and golf courses. It was incorporated in Singapore in 2001.

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GSH Corporation (GSH SP)

GSH Corporation Update : Placement Completed, Digital Pivot Initiated

The recent placement at S$0.25 per share — a premium of ~25% to the current price of S$0.20 — validates the group’s intrinsic value and strengthens...

Tickrs

GSH Corporation Update : Steady Recovery Underway, Backed by Insider Support

Hospitality Rebound & Deleveraging Theme: GSH’s 1H FY2025 results show a nascent turnaround in operations, underpinned by a strong tourism-led...

Tickrs

GSH Corporation Initiation : Hidden Gems in Hospitality and Property: A Revaluation Story

Asset-rich developer unlocking value: GSH offers investors exposure to a portfolio of high-quality real estate assets whose market value exceeds...

Tickrs

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