Core Insights - Ten-League International Holdings Limited has secured a new order from PSA Corporation Limited for the supply of 30 units of battery electric terminal purpose prime movers, building on its previous success with the first Battery Charging and Swap Station in Singapore [1][2][3] Group 1: Company Achievements - The recent order follows the successful commissioning of Singapore's first Battery Charging and Swap Station (BCSS) at PSA Pasir Panjang Terminal, which was completed in 2024 and marked a significant milestone as the first deployment of its kind outside of China [1][3] - The Pasir Panjang BCSS achieved seamless integration with electric Prime Movers, meeting operational and technical expectations such as rapid battery swapping times and minimal equipment downtime [3] Group 2: Strategic Vision - The CEO of Ten-League emphasized that the order reflects PSA Singapore's confidence in the company's solutions and represents a significant step in advancing port electrification and decarbonization efforts [4] - The company aims to transform port infrastructure and support PSA's broader goal of reducing CO₂ emissions through advanced electrification solutions [4] Group 3: Company Overview - Ten-League International Holdings Limited specializes in turnkey project solutions, including the sale and rental of heavy equipment, and engineering consultancy services for various industries, particularly in port and construction sectors [5][6] - The company organizes its equipment into four categories: foundation equipment, hoist equipment, excavation equipment, and port machinery, while also providing value-added engineering solutions to enhance safety and productivity [6]

Core Insights - Ten-League International Holdings Limited reported strong financial performance for the first half of fiscal year 2025, with a revenue increase of 21.6% to S$37.7 million (US$29.6 million) driven by demand for heavy equipment linked to major infrastructure projects [3][4] - The company achieved a gross profit of S$8.9 million (US$7.0 million), a 67.7% increase from the previous year, and net income surged 268.9% to S$2.4 million (US$1.9 million) [5][12] - The successful execution of growth initiatives and a focus on large-scale infrastructure opportunities have positioned the company for sustainable growth and long-term value creation [3][19] Financial Performance - Total revenues for the six months ended June 30, 2025, were S$37.7 million (US$29.6 million), up from S$31.0 million for the same period last year [4][5] - Gross profit increased to S$8.9 million (US$7.0 million), with a gross margin of 23.5%, up from 17.0% a year earlier [5][8] - Net income reached S$2.4 million (US$1.9 million), compared to S$0.6 million for the same period last year, reflecting a strong conversion of revenue growth into profitability [12][26] Revenue Breakdown - Sales of heavy equipment and parts accounted for S$30.7 million (US$24.1 million), a 24.6% increase from S$24.7 million last year, driven by projects like Changi Airport Terminal 5 and Marina Bay Sands expansion [6] - Rental income rose 14.9% to S$5.9 million (US$4.6 million), attributed to higher utilization rates [6] - Engineering consultancy service income decreased by 9.4% to S$1.1 million (US$0.9 million) due to the completion of projects in the previous year [6] Cost and Expenses - Cost of revenue was S$28.8 million (US$22.7 million), an increase of 12.2% from S$25.7 million last year [7] - General and administrative expenses rose to S$5.7 million (US$4.4 million) from S$4.0 million in the previous year [10] - Selling and distribution expenses remained stable at S$0.3 million (US$0.2 million) [9] Cash Flow and Financial Condition - As of June 30, 2025, cash and cash equivalents increased to S$5.2 million (US$4.1 million) from S$0.7 million at the end of 2024 [14] - Net cash provided by operating activities was S$10.0 million (US$7.9 million), compared to S$5.5 million for the same period last year [14] - Net cash used in financing activities was S$5.7 million (US$4.5 million), up from S$1.6 million in the previous year [17] Strategic Outlook - The company aims to deepen customer relationships and strengthen vendor partnerships following its Nasdaq listing [3] - The focus on aligning with large-scale infrastructure opportunities and optimizing rental operations is expected to support sustainable growth [3][19]

Core Points - Ten-League International Holdings Limited received a deficiency letter from Nasdaq due to its ordinary shares not meeting the minimum bid price requirement of $1.00 per share over a 30-day period [1][2] - The company has a compliance period of 180 calendar days, until March 9, 2026, to regain compliance by achieving a closing bid price of $1.00 for at least 10 consecutive business days [2][3] - If compliance is not regained within the initial period, the company may be eligible for an additional 180-day compliance period under certain conditions [3][4] Company Overview - Ten-League International Holdings Limited is based in Singapore and provides turnkey project solutions, primarily in heavy equipment sales, rental, and engineering consultancy services for various industries [6] - The company's equipment is categorized into four types: foundation equipment, hoist equipment, excavation equipment, and port machinery [6] - The mission of the company is to deliver high-quality equipment and engineering solutions while continuously adapting to new technologies [6]

Group 1: Recent IPOs - Seven new stocks were listed last week, with four coming from China [1] - Notable IPOs include: - MAMK raised $6.5 million by issuing 1.63 million shares at $4 each [1] - ANPA raised $5 million by issuing 1.25 million shares at $4 each [1] - MSGY raised $6 million by issuing 1.5 million shares at $4 each [1] - BMHL raised $5.5 million by issuing 1.38 million shares at $4 each [1] - TLIH raised $8.96 million by issuing 2.24 million shares at $4 each [1] - DLXY raised $8 million by issuing 2 million shares at $4 each [2] - SPAC Globa Terra Acquisition raised $152 million [2] Group 2: Upcoming IPOs - Two companies plan to go public this week, including a Chinese enterprise [3] - Aura Minerals Inc. plans to list on NASDAQ with the ticker AUGO, aiming to raise $210 million by issuing 8.1 million shares at $25.92 each [4][5] - New Junyang Cashmere plans to list on NASDAQ with the ticker MJID, aiming to raise approximately $17.5 million by issuing 2.5 million shares at $6 to $7 each [6][7]

Supply Chain and Operations - Company purchases from SANY represented 71.1% and 67.2% of its cost of revenue for the years ended December 31, 2023 and 2024 respectively[39] - The company has not encountered any material supply chain disruptions due to reliance on SANY for the years ended December 31, 2023 and 2024[39] - The company has been maintaining inventories to meet market demand, but there is no assurance that suppliers can fulfill purchase requirements on time, which could lead to loss of sales[65] - The company relies on spare parts suppliers and any inability to obtain materials at acceptable prices could adversely affect profit margins[92] - The heavy equipment rental fleet may not be fully utilized, resulting in increased maintenance costs and potential adverse impacts on operations and financial results[64] - The aging rental fleet may increase operating costs, and if not replaced timely, could lead to material adverse effects on results of operations[72] Workforce and Labor - As of December 31, 2024, approximately 62.9% of the total employees in Singapore are foreign workers[54] - Competition for skilled foreign labor may increase labor costs, impacting the company's results of operations[56] Financial Performance and Risks - The company is dependent on the level of activities in the construction and infrastructure industries, which are cyclical in nature[61] - The company faces risks from various factors including reduced customer spending, unfavorable credit markets, and supply chain disruptions, which could negatively impact operations[66] - The company does not have long-term contracts with customers, leading to potential order reductions or delays, which could adversely affect business and financial condition[63] - Future growth may require additional financing, and failure to secure such financing could adversely affect business expansion and operations[78][81] - The company may face risks associated with joint ventures and acquisitions, including disagreements with partners and integration challenges, which could impact financial performance[82][84] - Adverse conditions in global financial markets and geopolitical events may create uncertainty, affecting the company's ability to grow and respond to economic changes[88][89] - The company faced a claim of approximately S$4.2 million from a liquidator regarding disputed machinery transactions, which was ultimately dismissed by the court[94] - The company made an allowance for expected credit loss amounting to S$3.6 million and S$3.1 million for the years ended December 31, 2023 and 2024, respectively, representing 0.7% and 1.0% of revenue[102] - Sales to the five largest customers accounted for approximately 38.2% and 41.3% of total net revenue for the years ended December 31, 2023 and 2024, respectively[111] - The company is dependent on a few major customers, with the largest customer accounting for approximately 9.5% and 18.4% of total net revenue for the years ended December 31, 2023 and 2024, respectively[111] Regulatory and Compliance - The company is subject to various regulatory requirements and must ensure compliance to avoid penalties that could adversely affect its operations[104][105] - The company has not yet established effective internal controls over financial reporting, which could lead to inaccuracies in financial statements and loss of investor confidence[139] - The company may face risks related to litigation, which could result in significant liabilities and reputational harm[93] Market and Economic Conditions - The core inflation rate in Singapore averaged 4.2% in 2023 and is projected to be 2.7% in 2024, impacting the company's operations and financial results[98] - The company did not raise prices for heavy equipment and parts despite global interest rate increases, leading to deferred purchases by customers[98] - Climate change regulations and severe weather events may disrupt operations and increase costs, potentially affecting demand for products and services[76][77] Initial Public Offering and Shareholder Risks - The initial public offering price per share is set at US$4.50, leading to an immediate dilution of US$43.71 per share compared to the adjusted net tangible book value of US$0.29 as of December 31, 2024[127] - There are 27,796,502 ordinary shares outstanding prior to the initial public offering, which will increase to 29,404,342 ordinary shares immediately after the offering[125] - The company may face significant adverse consequences if its ordinary shares are delisted from Nasdaq, including reduced liquidity and increased regulatory scrutiny[119] - The trading price of the ordinary shares may be volatile, influenced by market factors and company-specific operations, potentially leading to substantial losses for investors[120] - The company has agreed to a 180-day lock-up period for directors and officers regarding the sale of shares post-initial public offering[125] - The company may not maintain its listing on Nasdaq, which could limit investors' ability to trade its shares and subject it to additional trading restrictions[118] - If the company is classified as a passive foreign investment company (PFIC), U.S. taxpayers holding its securities may face adverse tax consequences[130] - The potential for substantial sales of ordinary shares in the public market after the initial public offering could adversely affect the market price of the shares[125] Financial Management and Internal Controls - The company lacks personnel adequately trained in U.S. GAAP and SEC reporting requirements, which could lead to errors in financial statements and loss of investor confidence[144] - The company is classified as an emerging growth company, allowing it to take advantage of reduced reporting requirements under the JOBS Act[150] - The company is a foreign private issuer, exempt from certain provisions applicable to U.S. domestic public companies, which may limit the information available to investors[152] - The company expects to incur significantly increased costs and management time due to the listing of its ordinary shares on Nasdaq[155] - The company may face challenges in maintaining effective internal control over financial reporting, which could lead to material misstatements and loss of investor confidence[143] - The company has implemented measures to address the lack of trained personnel in financial reporting, aiming to improve internal controls[144] Liquidity and Cash Flow - Liquidity risk is present, as the Company must ensure sufficient cash to meet financial obligations under various conditions[542] - The Company aims to manage liquidity without incurring unacceptable losses or damaging its reputation[542] - Uncertainty in cash flow projections increases liquidity risk for the Company[542] - As of December 31, 2024, the company maintained bank and cash balances of approximately S$0.7 million, with S$1.9 million subject to credit risk[533] Interest Rate and Currency Risks - The company's interest rate risk arises from bank borrowings, which were at fixed interest rates as of December 31, 2024, and 2023[539] - The Company faces foreign currency risk, which may lead to fluctuating profits due to changes in exchange rates between S$ and US$[540]