Amplefield Limited (SGX:C60): FY2025 Results — Can This Deep-Value Property & Manufacturing Micro-Cap Recover?

Amplefield Limited (SGX:C60) FY2025 Results — Asset-Backed Micro-Cap in Transition, Cash Flow Intact

A simple, accounting-led walkthrough of Amplefield’s FY2025 revenue, assets and cash flows — and what they might mean for deep-value Singapore investors.

Published: 30 November 2025  |  Based on: Amplefield Limited FY2025 results announcement (SGX)

Key Takeaways (If You Only Have 30 Seconds)

• Group revenue fell 39% from S$12.95m → S$7.94m, mainly due to a collapse in Malaysian property unit sales.
• Net profit remained positive at S$0.38m, but down 32% from the previous year and reliant on a few stable pillars.
• Operating cash flow was strong at about S$2.04m, helped by working capital movements and recurring rental income.
• NAV per share edged down from 6.12 cents → 5.97 cents, reflecting modest earnings and portfolio movements.
• No dividend was declared, as the group focuses on conserving liquidity and ramping up its new manufacturing subsidiary.
• Key weaknesses: property sales slump and a loss-making manufacturing unit still in early ramp-up.
• Key strengths: stable rental/facility income and profitable associates, backed by a reasonably asset-heavy balance sheet and low secured borrowings.

Contents

1. Big Picture
2. Revenue & Business Mix
3. Margins & Cost Structure
4. Profitability & Segment Performance
5. Balance Sheet / Debt
6. Cash Flow
7. Business Segments in Detail
8. Outlook & Management Commentary
9. Ratios & Trend Snapshot
10. FAQ
11. My Overall Take / Deep-Value View

Quick Facts

Company: Amplefield Limited

SGX Ticker: C60

Financial period: FY2025 (full year)

Main business: Malaysian property development, recurring rental and facility income, plus a newly acquired manufacturing subsidiary.

Key geographies: Malaysia (property and rentals), manufacturing and related operations, with regional exposures.

Source documents: SGX FY2025 results announcement

1. Big Picture — Asset-Backed, But Earnings Still in Transition

Amplefield Limited (SGX:C60) is a small-cap group with three pillars: Malaysian property development, recurring rental/facility income, and a new manufacturing business acquired recently. FY2025 showed:

• much lower group revenue,
• still-positive but modest net profit, and
• continuing restructuring and integration challenges.

While the balance sheet is not distressed and cash flow is positive, FY2025 is best described as a transition year. For deep-value investors who focus on asset backing and rental stability, this may be a name to watch — but not one to ignore the risks on.

2. Revenue & Business Mix — Property Slump, Rental Stable, Manufacturing New

Group revenue fell from S$12.95m → S$7.94m, a drop of about 39%.

Main drivers:

• Only 4 apartment units sold in Malaysia, compared with 84 last year — a huge decline in property development revenue.
• Rental income stayed stable at about S$2.79m, providing a recurring base of cash flow.
• The new manufacturing subsidiary contributed roughly S$4.8m of revenue, but did so at a loss.

Net profit came in at about S$0.38m versus S$0.55m last year — still positive, but modest and not yet from a fully steady engine.

Explaining it like you’re 11:

Imagine Amplefield as a family with three money jars. One jar is “selling flats”, one is “collecting rent”, and one is a “new factory jar”. This year, the “selling flats” jar hardly had any coins dropped in. The rent jar kept filling up steadily every month. The new factory jar brought in money, but it cost even more to run, so that jar didn’t help much yet.

Analyst insight:

• The revenue drop is largely cyclical and project-driven, not just a gradual decline — 4 unit sales vs 84 is a sharp swing.
• Rental and facility income is now the most dependable top-line pillar, underpinning cash flow.
• The manufacturing unit increases diversification but currently dilutes profitability until it scales and improves efficiency.
• Investors should treat FY2025 as a reset of revenue mix: less “lumpy” property, more recurring rental, and a developing manufacturing leg.

3. Margins & Cost Structure — Not Structurally Strong Yet

FY2025 margin dynamics were shaped by the shift in revenue mix and the manufacturing consolidation:

• Direct costs fell from about S$10.2m → S$3.7m, mainly because far fewer property units were sold.
• The manufacturing arm added raw material and production costs that will need volume to be absorbed efficiently.
• Employee expenses doubled after consolidating the manufacturing operations, raising the fixed cost base.

Overall, Amplefield’s margins are not yet structurally strong and remain highly sensitive to how well it controls costs and fills capacity.

Explaining it like you’re 11:

Think of margin like how much “profit per bubble tea cup” you keep after paying for cups, sugar and pearls. Amplefield’s problem is that the shop now has more staff and a bigger kitchen, but not enough extra customers. So even if each cup still makes some profit, there aren’t enough cups sold to comfortably pay all the wages and kitchen bills.

Analyst insight:

• Reduced direct costs mirror the property volume collapse; this is not necessarily “efficiency”, just fewer units.
• Manufacturing adds operational leverage — margins could improve if volume ramps, but could deteriorate if utilisation stays low.
• Doubling of staff cost is a red flag if revenue does not grow to match over the next few years.
• For now, this remains a cost-discipline story as much as a revenue story.

4. Profitability & Segment Performance — Rental Anchors, Others Drag

Even with weaker revenue, Amplefield remained profitable at the group level, with net profit of about S$0.38m (down from S$0.55m).

By segment profit before tax (PBT):

• Rental / Facility Provider: PBT of about S$1.68m — stable and profitable.
• Property Development: PBT of around −S$0.72m — reflecting the weak unit sales.
• Manufacturing: PBT of about −S$0.16m — early-stage ramp-up and inefficiencies.

The key takeaway is that rental/facility income is the anchor, while property development and manufacturing are currently more volatile.

Explaining it like you’re 11:

Imagine you rent out a room every month, sell some toys sometimes, and just bought a small machine to make custom T-shirts. The rent money comes in like clockwork. Toy sales are random — some years many, some years almost none. The T-shirt machine is new and still learning, so it costs you more than it earns. Right now, your “rent” is the main reason your pocket money is still positive.

Analyst insight:

• Rental/facility operations are the economic backbone and deserve central focus in any investment thesis.
• Property development looks more opportunistic now, rather than a predictable earnings engine.
• Manufacturing is still in “prove-it” mode — investors should assume early-stage losses until utilisation improves.
• Overall profitability remains thin; small shocks to any segment could swing results into loss-making territory.

5. Balance Sheet / Debt — Asset-Heavy, Low Borrowings, Tight Liquidity

• NAV per share: about 5.97 cents (slightly lower than 6.12 cents previously).
• Cash & equivalents: around S$0.84m.
• Fixed deposits: about S$1.89m, up significantly.
• Investment properties: around S$24.99m, forming a major part of the asset base.
• Debt: only about S$1.125m of secured borrowings.

The balance sheet is not distressed — leverage is low, and there is a clear asset base. However, liquidity is not abundant and must be managed carefully given the company’s small size and earnings volatility.

Explaining it like you’re 11:

Think of Amplefield like a family that owns a few shophouses and some savings. They don’t owe the bank very much, which is good. But they also don’t have a huge pile of cash lying around. Most of their “wealth” is tied up in the buildings, not in the wallet. If they manage the rent and bills carefully, they’re okay — but they can’t be too careless.

Analyst insight:

• The combination of investment properties + fixed deposits versus low secured debt supports a deep-value, asset-backed framing.
• That said, a falling NAV per share reminds us that value can erode if earnings stay weak.
• Liquidity is adequate but not generous; large capex or acquisitions would likely require external funding or asset monetisation.
• For value investors, the key is whether assets are fairly valued and can generate sustainable cash yields, not just their book value.

6. Cash Flow — Operating Cash Generation as a Quiet Strength

Despite weaker reported earnings, Amplefield generated a healthy S$2.04m in operating cash flow during FY2025.

This was supported by:

• lower receivables,
• reduced development inventory, and
• positive working capital movements.

For a micro-cap, this level of operating cash flow — especially in a transition year — is encouraging. It suggests that, underneath the volatile property numbers, the core rental and facility operations are still throwing off cash.

Explaining it like you’re 11:

Profit is like your exam marks; cash flow is how much pocket money you actually see in your wallet. Amplefield’s “marks” weren’t fantastic this year, but it still managed to collect enough pocket money from rent and customers paying their bills. That’s why cash flow looks stronger than the headline profit.

Analyst insight:

• Operating cash flow exceeding accounting profit is a positive sign for earnings quality this year.
• Working capital movements can be lumpy, so investors should look for multi-year patterns, not just a single strong year.
• For a micro-cap without ready capital markets access, internal cash generation is critical to fund maintenance and selective growth.
• Continued positive cash flow would support the deep-value thesis, even if earnings remain modest.

7. Business Segments in Detail — Rental, Property, Manufacturing

Rental / Facility Provider	PBT of about S$1.68m — stable and profitable; key recurring engine.
Property Development	PBT of around −S$0.72m — only 4 units sold vs 84 last year, now highly unpredictable.
Manufacturing	PBT of about −S$0.16m — revenue present but still loss-making due to early-stage inefficiencies.

Putting it together:

• Rental is the anchor, generating the bulk of sustainable profits.
• Manufacturing requires time and volume to turn into a meaningful contributor.
• Property development has shifted to a more opportunistic, less predictable role.

Explaining it like you’re 11:

Think of three children in a family business. The eldest child (rental) quietly does homework and gets good marks every year. The middle child (property) sometimes scores A+ and sometimes fails, depending on luck and exam difficulty. The youngest (manufacturing) just started school and is still figuring things out. Right now, the family depends mostly on the eldest child’s steady marks.

Analyst insight:

• Any deep-value thesis must be anchored on the rental/facility segment and the economics of investment properties.
• Property development should be treated as a potential upside kicker, not a base-case earnings driver.
• Manufacturing’s risk is two-sided: it could enhance value if it scales profitably, or drain cash if underutilisation persists.
• Segment diversification is helpful, but only if each segment’s risk/return profile is clearly understood and monitored.

8. Outlook & Management Commentary — Stabilisation, Not Aggressive Growth

Management highlighted several points:

• a weak Malaysian property market, contributing to slow unit sales,
• manufacturing inefficiencies due to product mix and early-stage setup, and
• a cautious stance on cash conservation and operational discipline.

There were no major new growth catalysts highlighted. The tone suggests a focus on stabilising operations, improving efficiency in manufacturing, and navigating the property cycle, rather than aggressive expansion.

9. Ratios & Trend Snapshot — Smaller Top Line, Thin But Positive Earnings

A simplified snapshot comparing FY2024 and FY2025:

Metric	FY2024	FY2025	Trend
Revenue (S$m)	12.95	7.94	Down ~39%
Net profit (S$m)	0.55	0.38	Lower, but still positive
Operating cash flow (S$m)	Not highlighted	2.04	Strong in FY2025
NAV per share (cents)	6.12	5.97	Slight decline
Units sold (Malaysian property)	84	4	Very sharp drop

Visual placeholder — you can insert your own chart here showing Amplefield’s revenue, net profit and NAV per share trend.

10. FAQ

Q1. Is Amplefield financially stable?

Moderately. Debt is low and the group is still generating positive operating cash flow, with meaningful investment property backing. However, liquidity is not abundant and earnings are thin, so stability requires ongoing cost discipline and careful cash management.

Q2. Does Amplefield pay dividends?

No dividend was declared for FY2025, and none in the prior year either. Given accumulated losses, ramp-up needs for manufacturing and the desire to conserve cash, dividends are unlikely in the near term.

Q3. What is the main growth catalyst?

Potential catalysts include a turnaround in manufacturing (better utilisation and margins) and any monetisation or revaluation of property assets. For now, management’s tone is more about stabilisation than aggressive growth.

Q4. Is this a value stock?

It trades below its NAV per share and holds a portfolio of investment properties, which fits the “asset-backed deep value” label. But business uncertainty is high, earnings are modest, and manufacturing is still loss-making — so it is not a simple, low-risk value story.

Q5. What other risks should investors note?

Key risks include potentially wider manufacturing losses before improvement, highly unpredictable property sales, thin trading liquidity as a micro-cap, and FX exposure related to Malaysia and the region.

11. My Overall Take as The Accounting Investor

If I had to explain Amplefield to an 11-year-old, I’d say: “This is a small company that owns some buildings and a new factory. The rent from the buildings is steady, but selling flats is very on-off, and the factory is still learning to make money.”

Through an accounting-trained investor’s lens, I’d summarise it like this:

• Business quality: Mixed. Rental/facility income is relatively high quality and recurring; property and manufacturing add cyclicality and execution risk.
• Earnings quality: FY2025 profit is real but modest; operating cash flow is stronger than earnings, which is a positive, but driven partly by working capital moves.
• Balance sheet: Asset-backed with low secured borrowings and meaningful investment properties, but NAV per share has slipped and liquidity needs to be watched.
• Dividend profile: No dividend, with reasonable justification — capital must support restructuring, manufacturing ramp-up and any future property cycles.
• Risk–reward profile: Best classified as a deep-value, asset-backed micro-cap in transition. Upside exists if manufacturing turns profitable and property cycles cooperate, but downside includes prolonged low earnings and asset value erosion.
• Investor fit: More suitable, if at all, for experienced investors who specialise in small-cap value and special situations and can tolerate volatility and illiquidity. Not a natural fit for conservative, income-focused portfolios.

For now, I would place Amplefield in the “monitor and understand better” bucket — worthwhile to track for asset and cash-flow developments, but requiring careful sizing and patience for anyone considering exposure.

About The Author

The Accounting Investor is a Singapore-based investment blogger and Chartered Accountant–trained analyst who enjoys explaining company accounts in plain English for busy working adults (and curious teens).

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Disclaimer: This post is for education and general information only. It is not a recommendation to buy or sell any security, and it does not take into account your individual financial situation, objectives or risk tolerance. Always do your own research or consult a licensed financial adviser before making any investment decisions. The author may or may not hold shares in the companies mentioned at the time of writing and is under no obligation to update this post.