Equity Research Analysis: FBS Global Ltd (FBGL)
|Blank Capital Research Unit|Spot: $1.23
Price$1.23
Composite Score52.2/100
RatingHOLD (3★)
Rank#1659 OF 7,333
Market Cap$0
ROE
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Verdict
Quantitative factor alignment verified for current market regime.
Quant Score
Rank
#1659
Positioning
Market Dominance
Manufacturing
Misc.
$0
Kelvin Ang
From its beginning as a construction company since 1996, FBS SG has developed into a premier integrated engineering company that provides a full suite of construction and engineering services. Our Company was incorporated in the Cayman Islands on March 10, 2022. Our registered office in the Cayman Islands is located at the offices of Conyers Trust Company (Cayman) Limited, Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands. Our principal executive office is at 74 Tagore Lane, #02-00 Sindo Industrial Estate, Singapore. Our agent for service of process in the United States is Cogency Global, Inc. located at 122 E. 42nd St., 18th Floor, New York.
Headcount
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X-AXIS: EV/EBITDA (LOWER = CHEAPER) | Y-AXIS: ROE (HIGHER = ELITE) | RED CIRCLE = FBGL ANALYSIS TARGET
| Stock | Rating | Score▼ | Quality | Value | Momentum | P/E | EV/EBITDA | ROE | ROA | Gross Mgn | Op Mgn | Net Mgn | Rev Growth | Div Yield | D/E | Mkt Cap | AUDIT |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$UL UNILEVER PLC | 78 | 96 | 98 | 59 | - | - | - | - | - | - | - | - | - | - | $0 | VS | |
$ASML ASML HOLDING NV | 77 | 89 | 86 | 83 | - | - | - | - | - | - | - | - | - | - | $0 | VS | |
$ESLT ELBIT SYSTEMS LTD | 76 | 81 | 87 | 85 | - | - | - | - | - | - | - | - | - | - | $0 | VS | |
$MT ArcelorMittal | 75 | 71 | 98 | 85 | - | - | - | - | - | - | - | - | - | - | $0 | VS | |
$AMAT APPLIED MATERIALS INC /DE | 75 | 85 | 87 | 84 | 20.9x | 13.6x | 32.9% | 20.5% | 48.8% | 30.6% | 24.4% | 7.7% | 0.9% | 32.0x | $148.6B | VS | |
$SIMO Silicon Motion Technology CORP | 75 | 84 | 86 | 85 | - | - | - | - | - | - | - | - | - | - | $0 | VS | |
$CODA Coda Octopus Group, Inc. | 74 | 83 | 90 | 79 | 16.3x | 11.9x | 7.4% | 7.5% | 68.3% | 19.5% | 18.2% | 29.0% | 0.0% | 0.0x | $84M | VS | |
$GSK GSK plc | 74 | 84 | 90 | 70 | - | - | - | - | - | - | - | - | - | - | $0 | VS | |
$EFXT Enerflex Ltd. | 74 | 80 | 91 | 83 | - | - | - | - | - | - | - | - | - | - | $0 | VS | |
$BUD Anheuser-Busch InBev SA/NV | 74 | 84 | 97 | 63 | - | - | - | - | - | - | - | - | - | - | $0 | VS | |
$FBGL FBS Global Ltd | 52 | 42 | 48 | 49 | - | 41.8x | -76.1% | -20.8% | 9.0% | -7.0% | -5.9% | - | - | 19.0x | $0 | ||
| SECTOR BENCH | - | - | - | - | - | 22.3x | 11.5x | -1.9% | 0.9% | 44.1% | 2.5% | 1.0% | 6.7% | 0.0% | 0.2x | - | REF |
FBS Global Ltd (FBGL) receives a "Hold" rating with a composite score of 52.2/100. It ranks #1659 out of 7,333 stocks in our coverage universe and carries a 3-star rating. Ratings are driven by a 6-factor quantitative model measuring quality, value, momentum, investment, stability, and short interest.
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HQ Base
SINGAPORE,
In-line with peers — no strong momentum signal
Fair valuation relative to peers
Average quality profile
High volatility — wider range of outcomes increases timing risk
Moderate investment profile
Mid-range overall rating
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Relative valuation derived from Manufacturing sector benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Re-calculated daily.
No analyst ratings for FBGL.
View All Ratings| Factor | Global | Sector | Tilt |
|---|---|---|---|
| PROFITABILITY | 42 | 30 | +12ALPHA |
| MOMENTUM | 49 | 43 | +6ALPHA |
| VALUATION | 48 | 38 | +10ALPHA |
| INVESTMENT | 56 | 96 | -40DRAG |
| STABILITY | 24 | 9 | +15ALPHA |
| SHORT INT | 88 | 98 | -10DRAG |
Global = full universe. Sector = relative to industry peers. Positive tilt indicates idiosyncratic strength.
ROE proxy -76.1% (sector -1.9%)
GM 9% vs sector 44%, OM -7% vs sector 3%
Capital turnover N/A
Rev growth N/A, 2yr history
Interest coverage -14.7x, Net debt/EBITDA -20.3x
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation and elite competitive moats.
Profit generated per dollar of shareholder equity
Efficiency of asset utilization
Pricing power and cost efficiency
Core business profitability
Bottom-line profitability
The Quality factor evaluates the persistence and magnitude of realized cash flows. Companies with scores >70 exhibit superior pricing power and structural financial resilience through diverse economic regimes.
Our uncertainty rating tracks the predictability of future cash flows and potential for permanent capital loss. Moderate visibility with standard industry cyclicality.
We rate FBS Global Ltd (FBGL) as a Hold with a composite score of 52.2/100 at a current price of $1.23. The stock presents a mixed quantitative picture — neither compelling enough to warrant new accumulation nor weak enough to justify selling.
FBS Global Ltd holds a top-quartile position (#0 of 50) within the Manufacturing sector, based on our composite quantitative scoring across quality, value, momentum, and stability factors. The composite score of 52.2/100 places it at rank #1659 in our full universe.
No Moat
High
Poor
Fair Value
Stable competitive position in a defensive sector.
Vulnerability to macroeconomic shocks and interest rate volatility.
FBS Global Ltd represents a hold based on multi-factor quantitative performance.
Our model assigns FBS Global Ltd a Hold rating, with a composite score of 52.2/100 and 3 out of 5 stars. Ranked #1659 of 7,333 stocks, FBGL presents a mixed quantitative picture — neither compelling enough to initiate new positions nor weak enough to warrant selling. Investors already holding may consider maintaining their position while monitoring for changes in the factor profile.
FBGL's quality score of 42/100 is below average, suggesting challenges with profitability or capital efficiency. The company reports a return on equity of -76.1% (sector avg: -1.9%), gross margins of 9.0% (sector avg: 44.1%), net margins of -5.9% (sector avg: 1.0%). Investors should examine whether management is actively addressing these weaknesses or if they reflect structural industry headwinds.
With a value score of 48/100, FBGL appears somewhat expensive relative to its fundamentals. Key valuation metrics include an EV/EBITDA of 41.79x, a P/B ratio of 4.65x. Investors paying a premium here are likely betting on above-average growth or margin expansion to justify current prices.
With an investment score of 56/100, FBGL exhibits moderate growth-oriented spending. Key growth metrics include a return on assets of -20.8% (sector: 0.9%). The company appears to be balancing growth investments with capital returns, though the pace of investment may not be enough to accelerate top-line growth meaningfully.
FBGL is currently showing below-average momentum at 49/100, which may indicate weakening institutional interest or negative sentiment shifts. Revenue growth data is not currently available, while a beta of 1.12 reflects its sensitivity to broader market moves. Investors should note that declining momentum can precede further price weakness, though contrarian opportunities sometimes emerge at these levels.
FBS Global Ltd registers a low stability score of 24/100, indicating high volatility and potentially stressed financial conditions. Key stability metrics include a beta of 1.12 and a debt-to-equity ratio of 19.00x (sector avg: 0.2x). Stocks at this level carry elevated capital loss risk and may be unsuitable for conservative portfolios without careful risk management.
FBGL's short interest factor score of 88/100 indicates very low short selling activity relative to peers — a positive signal suggesting institutional investors see limited near-term downside. Specific risk factors include elevated leverage (D/E: 19.00x), micro-cap liquidity risk. As a micro-cap company with a market capitalization of $0, FBS Global Ltd benefits from the generally lower volatility and deeper liquidity associated with its size class.
FBS Global Ltd is a micro-cap company in the Manufacturing sector, ranked #0 of 50 in its sector (100th percentile) and #1659 of 7,333 overall (77th percentile). Key comparisons include ROE of -76.1% trailing the -1.9% sector median and operating margins of -7.0% below the 2.5% sector average. This top-quartile standing reflects exceptional competitive strength relative to Manufacturing peers.
While FBGL currently exhibits a HOLD profile, superior opportunities exist within the MANUFACTURING sector. Our model identifies several "Strong Buy" candidates with higher quality scores and more attractive valuations among direct industry competitors.
View Top Manufacturing Alpha →Quant Factor Profile
Key factor gap
Short Int. (88) vs Stability (24) — closing this gap could shift the rating.
EV/EBITDA 265% ABOVE SECTOR MEDIAN
ROE 3906% ABOVE SECTOR MEDIAN (FAVORABLE)
Gross Margin 80% BELOW SECTOR MEDIAN
Above 50MA
37.18%
Net New Highs
+51081
WallachBeth Capital LLC, a leading provider of capital markets and institutional execution services, announced that FBS Global Limited ("FBS Global" or the "Company") (NASDAQ: FBGL), a green building contractor with award-winning projects using green construction methods and sustainably-source and environmentally responsible materials based in Singapore, announced the closing of its initial public offering (the "Offering") of 2,250,000 ordinary shares par value US$0.001 per share at a price of U
WallachBeth Capital LLC, a leading provider of capital markets and institutional execution services, announced today that FBS Global Limited ("FBS Global" or the "Company"),(NASDAQ: FBGL) a green building contractor with award-winning projects using green construction methods and sustainably-source and environmentally responsible materials based in Singapore, announced the pricing of its initial public offering (the "Offering") of 2,250,000 ordinary shares par value US$0.001 per share at a price