Vriddhi Consulting

Punit Khanna

Focused on Asian Small-mid cap market space with long term investment horizon.

Sitoy Results: Value Trap or Not? You Decide: Below Liquidation Value

Sitoy (1023 HK) Disappointing H1 FY24, 6x PE, 67% of Mkt Cap in Cash,~9% Div Yield: Good Trade

Primer: Sitoy Group Holdings (1023 HK) - May 2026

Sitoy (1023 HK): Deep Value ~50% of Mkt in Cash, 4x PE and 12.5% Dividend Yield

Independent Insight Provider

Equity Bottom-Up

<ul>
<li>Stock trades at .3 x P/B, Cash on books is .38 cents per share, and Liquidation Value is .64 cents ( Net Current Assets less all liabilities is .64 cents.</li>
<li>Manufacturing business is the main business, and the company has blue-chip customers but not much pricing power.</li>
<li>The retail business has a chequered history, and the property value per share is 40 cents per share. Dividend Yield is 7%</li>
</ul>
        <div class="content-highlight">
        <h2>Raising Money for Persons with Disabilities in Singapore</h2>
        <p><strong><em>For your kind consideration</em></strong></p>
        <p><em>This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.</em></p>
        <p><em>All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.</em></p>
        <p data-start="635" data-end="669">To contribute, <a href="https://www.giving.sg/donate/campaign/raising-money-for-special-needs-persons-in-singapore" target="_blank" rel="noopener">please visit this URL.</a> </p>
        </div>
        


Stock trades at .3 x P/B, Cash on books is .38 cents per share, and Liquidation Value is .64 cents ( Net Current Assets less all liabilities is .64 cents.
Manufacturing business is the main business, and the company has blue-chip customers but not much pricing power.
The retail business has a chequered history, and the property value per share is 40 cents per share. Dividend Yield is 7%

        
        Raising Money for Persons with Disabilities in Singapore
        For your kind consideration
        This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.
        All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.
        To contribute, please visit this URL. 
        
        

Sitoy Group

Sitoy : Value Trap or Not