OneApex (SGX:5SY) FY2025 Results — A Candid, No-Nonsense Review of a Company With Almost No Operating Base Left
OneApex (SGX:5SY) FY2025 Results — Reading the Numbers of a Company With Almost No Operating Base Left
A line-by-line, accountant-style look at OneApex’s FY2025 results — why revenue has collapsed, NAV has halved, and what this really means for investors.
Published: 11 December 2025 | Based on: OneApex Limited FY2025 results (financial year ended 30 June 2025)
Key Takeaways (Straight to the Point)
- Revenue collapsed to about S$47,000 — essentially no ongoing operating activity.
- Profit swung from ~S$5.7m profit to a S$1.36m loss, reflecting the absence of one-off gains and project completions.
- NAV per share fell sharply from 19.68 cents to 8.93 cents (around -55%).
- Cash balance nearly halved from ~S$14.3m to ~S$6.4m, with no meaningful revenue base to replenish it.
- Previous dividend payout (~S$8.0m) was not supported by recurring earnings and further weakened the balance sheet.
- Operating business: functionally non-existent; no disclosed pipeline or recurring income streams.
- My overall view: OneApex now resembles a cash-light listed shell with extremely high investor risk unless a credible new business emerges.
1. Big Picture — What the FY2025 Numbers Really Say
For many SGX companies, annual results reflect normal business cycles. For OneApex, FY2025 results reflect something more fundamental: the numbers now resemble those of a listed shell rather than a functioning operating business.
When you strip out past one-off developments and look at FY2025 on its own, what you see is:
- Near-zero revenue.
- A loss at the bottom line.
- Sharp erosion in net asset value per share.
- A shrinking cash balance with no recurring income to rebuild it.
Explaining it like you’re 11:
Imagine you had a stall that made good money for one year because you sold one big batch of stock from a warehouse sale. After that, you closed the stall, did not buy new stock, and stopped selling — but you still had to pay some bills. That’s what OneApex’s FY2025 financials look like.
2. Revenue Collapse — The Core Issue No Investor Should Ignore
OneApex reported revenue of roughly S$47,000 in FY2025.
Not S$47 million. Not S$4.7 million. S$47k.
This is the financial footprint of a company without a functioning operating engine. The prior year’s revenue was largely tied to the completion of The Fluent @ Redhill — a one-off development project. Once it completed, the income stream vanished.
In FY2025 there is:
- No recurring project revenue.
- No meaningful services or rental base.
- No disclosed pipeline of new developments.
In other words, there is no operating business that can support sustainable profits.
Explaining it like you’re 11:
Last year OneApex sold a “big house” and booked the profit. This year, there is no new house, no flats, no shops to sell. So almost no money came in. If you stop selling things, your “sales” number drops to near zero — that’s exactly what happened.
3. From Profit to Loss — When One-Offs Disappear
The group swung from a profit of around S$5.7m to a S$1.36m loss. This is not a “bad year in the cycle”. It is a structural shift that happens when one-off project gains roll off and nothing replaces them.
Prior year profit was driven by:
- Property development profit recognition tied to The Fluent @ Redhill.
- Fair value adjustments and completion-related effects.
- Other non-recurring items.
Once those disappeared, the underlying earnings power — or the lack of it — was exposed. A company without recurring revenue has no natural way to cover ongoing listing costs, staff, and overheads.
The FY2025 loss is simply the logical result of a company with no operating base but ongoing expenses.
Analyst insight:
- FY2024’s profit was not a steady-state number; it was largely a project realisation + one-off effect.
- FY2025’s loss is what you get when you remove those one-offs and leave the cost structure intact.
- This is why, for asset-heavy developers, investors must always ask: “What does earnings look like after completion?”
5. Cash Nearly Halved — Why This Matters for Survival
Cash is the lifeblood of small-cap developers. For OneApex, cash fell from about S$14.3m to roughly S$6.4m.
When a developer’s cash drops and there is no replacement business, its ability to:
- Acquire land or new projects,
- Fund working capital and regulatory costs,
- Invest in future growth,
becomes severely constrained.
With no meaningful revenue line, that S$6.4m is not a war chest — it is a dwindling buffer.
Analyst insight:
- This is how small listed entities quietly drift into dormancy — they run down cash without rebuilding the business.
- Future “salvation” then typically depends on new equity injections, RTOs, or fresh project introductions, all of which dilute or reshape the original investment thesis.
6. Business Model Reality — A Listed Shell Without a Clear Engine
When a listed company:
- Has near-zero revenue,
- Has no recurring business or project pipeline,
- Shows declining NAV,
- Burns cash year-on-year,
the rational conclusion is that it operates more like a shell than a going concern developer.
This does not automatically imply wrongdoing. It simply means the economic engine is no longer functioning.
Management could secure a new project or pivot into a different business. But based on FY2025 disclosures, investors are looking at:
- Severely reduced operating activity,
- Limited capital to kick-start new developments,
- High dependence on future announcements or deals.
Sensible investors should price the current financial reality, not the past narrative.
7. Dividends — Attractive, But Not Supported by Earnings
The previous dividend payout of roughly S$8.027m looked attractive on the surface. But it was not supported by a recurring earnings base.
That payout contributed to:
- Reducing asset backing,
- Weakening cash reserves,
- Limiting future development capacity.
For dividend-focused investors, the key question must always be:
“Is this dividend funded by sustainable profits, or by shrinking the balance sheet?”
In OneApex’s case, the answer leans heavily towards the latter.
8. Key Risks Investors Must Seriously Consider
- No earnings visibility: there is no active operating business today.
- Catalyst dependence: share price upside likely hinges on a major project, RTO, or new strategic direction.
- Cash burn: with limited income, ongoing costs continue to eat into the remaining S$6.4m cash.
- Strategic drift: current financials do not reflect a clear, sustainable business model.
- Liquidity risk: small-cap counter; share price can be volatile and difficult to exit in size.
These risks are not theoretical — they are visible directly in the FY2025 financial statements.
9. My Overall Take as an Accounting-Trained Investor
I try to look at companies as businesses first, not as stock tickers.
Today, OneApex looks less like a small developer and more like a listing with some remaining cash and a shrinking asset base.
Until we see evidence of:
- A credible new development or operating pipeline,
- Clear strategic direction and execution,
- Rebuilding of the balance sheet (rather than drawing it down),
- Visibility of recurring income streams,
I see very high risk with limited upside for long-term, fundamentals-driven investors.
To borrow Warren Buffett’s language on turnaround situations:
“Turnarounds seldom turn.”
That doesn’t mean OneApex cannot produce a positive surprise someday. But it does mean any position here should be treated as speculation on future corporate events, not as a value or income investment supported by current fundamentals.
If you prefer businesses with clearer operating engines, you may find better use of your research time elsewhere on the SGX.
10. FAQ — Questions a New Investor Might Ask
Q1. Is OneApex still a property developer?
Technically, yes — that remains the stated business. But FY2025 results show no active development pipeline and almost no revenue. On the numbers alone, it functions more like a listed shell than an operating developer.
Q2. Why did NAV collapse so sharply?
Mainly due to losses, significant cash outflows (including a large prior dividend), and the absence of new income-generating assets to replace completed projects. The balance sheet has been drawn down without being replenished.
Q3. Is the company currently profitable?
No. FY2025 recorded a loss of about S$1.36m, with no visible operating base to support a return to sustainable profitability in the near term.
Q4. Is this a value stock because it trades below NAV?
Traditional value investing relies on assets that can produce cashflows. When a company is asset-light with no earnings and a shrinking balance sheet, NAV alone is not a margin of safety — it is just an accounting number that can continue to fall.
Q5. What should investors watch next?
The key things to monitor are:
- Announcements of new projects or a clear strategic pivot.
- Any corporate transactions such as RTOs, significant share placements or M&A.
- The trend in cash balance and NAV per share over the next 1–2 years.
The Accounting Investor (HenryT) is a Fellow Chartered Accountant (FCA) based in Singapore. He combines professional accounting training, corporate finance experience and personal dividend investing to help everyday investors read financial statements with confidence.
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Disclaimer
This article is for education and general information only. It does not constitute investment, legal, tax or any other form of professional advice, and it is not a recommendation to buy, sell or hold any securities mentioned.
My sole intent is to help readers learn how to read financial statements and think more clearly about businesses. Please do your own research or consult a licensed financial adviser before making any investment decisions. I may or may not hold positions in the securities discussed at the time of writing and am under no obligation to update this article.
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