YHI International Limited Overview
YHI International is a Singapore-headquartered, family-controlled distributor of automotive and industrial products that also designs and manufactures aftermarket alloy wheels as an Original Design Manufacturer (ODM). Distribution produced 84.4% of FY2025 revenue of S$393.3M and 90.1% of 1H2026 revenue. It covers tyres (Yokohama, Pirelli, Toyo, Nankang, Continental, Nitto), alloy wheels (Enkei, OZ, Konig and the in-house Advanti Racing brand), energy solutions (Trojan, CSB, Vision and the in-house Neuton Power brand), electric buggies and utility vehicles (E-Z-GO, Cushman), and industrial products. The distribution network spans ASEAN, Oceania, Greater China, Germany and the United States. In 2025, US tariffs on China-made wheels led the group to close its Suzhou and Taiwan plants and consolidate all manufacturing at a single plant in Malacca, Malaysia (840,000 wheels per year). The restructuring produced the group's first annual loss since its 2003 listing. The balance sheet is conservative, with net cash after leases at end-FY2025. The shares trade at about 0.39× book value.
Company's own description (AR2025)
AR2025 describes YHI as a leading global distributor of high-quality automotive and industrial products and a trusted alloy-wheel brand operating as an Original Design Manufacturer. The group's mission is to be a recognised global distributor and a familiar ODM brand in alloy wheels, to build customer relationships through quality products and service, to provide growth for employees and stable returns for shareholders, and to commit to quality and sound business practice. Its long-standing slogan is "The World is Our Market". The 1H2026 results (Note 1) state that the group's principal activities are distributing automotive and related products and manufacturing alloy wheels.
Independent characterisation
YHI is best understood as an Asia-Pacific multi-brand wholesale distributor (about 85–90% of revenue) attached to a sub-scale aftermarket wheel contract manufacturer (about 10–15% of revenue) and a minority stake in a premium Italian wheel brand (OZ S.p.A., 35.51%).
The distribution business is a working-capital-intensive trading model. YHI holds exclusive or principal distributorships from global brand owners, especially Yokohama (since 1974) and Enkei (since 1975). It warehouses inventory in each country and sells to tyre dealers, workshops, fleets, resorts, golf courses and industrial users. Value-add comes from logistics, credit, local market coverage and after-sales service. Gross margins sit in the mid-20s (group GPM 24.5% in FY2025; 27.4% in 1H2026).
The manufacturing business makes cast, tilt-cast and flow-formed aluminium alloy wheels mainly for the aftermarket. Customers are brand owners and distributors in Europe and North America, and YHI's own distribution arms. In 1H2026, management stated that over 80% of wheel sales were generated in Europe. OZ S.p.A. outsources 90–95% of its production to contract manufacturers including YHI Malaysia (AGM Q&A, 23 Apr 2026).
A small Rental segment emerged in FY2025 when the Suzhou factory building was converted into an investment property. Rental income was S$3.6M in 1H2026.
Revenue model mix
| Revenue type | FY2025 SGD Mn | Share of group % | Comment | Source |
|---|---|---|---|---|
| Product distribution: tyres | 150.8 | 38.4 | Resale of third-party brands | AR2025 Business/Financial Review |
| Product distribution: energy & industrial products | 111.3 | 28.3 | Batteries, lubricants, solar panels, chargers, inverters, UPS, buggies, utility vehicles | AR2025 |
| Product distribution: alloy wheels | 69.6 | 17.7 | Third-party and in-house brands (Advanti Racing) | AR2025 |
| Manufacturing: alloy wheels (ODM/OEM-for-brand) | 61.5 | 15.6 | External sales after eliminating inter-segment sales | AR2025; FY2025 results Note 4 |
| Services / subscription / licensing | — | — | Retail/fleet services exist in Singapore; rental income (S$5.4M FY2025) is booked in other income, not revenue | FY2025 results Note 5.1 |
Value-chain position
Upstream: Aluminium ingots and moulds for wheels. YHI made its own moulds at YHI Precision Moulding (Shanghai, from 2004), later moved to Suzhou (2016).
Midstream: Wheel casting and flow-forming in Malacca.
Downstream: Importer and master distributor, wholesale to dealers, plus selected retail and fleet services in Singapore.
- YHI does not make tyres or batteries. In those categories it depends on its principals.
Customer types and end-markets
Distribution customers: More than 5,000 customers worldwide, including tyre dealers, wheel retailers, workshops, commercial fleets, telecom and infrastructure contractors (a Malaysian telecom energy project contributed in FY2024), golf courses, resorts and industrial users.
Manufacturing customers: Aftermarket wheel brands and distributors in Europe and the US, plus OZ S.p.A.
Concentration: No single external customer accounted for 10% or more of group revenue in FY2025 or 1H2026 (results Note 4(b)).
End-markets: Passenger car and light-truck replacement tyres and wheels; commercial and off-road tyres; stationary and motive batteries, including renewable-energy storage; leisure and commercial electric vehicles (buggies); industrial power (UPS, inverters).
Strategy
Stated strategic themes (AR2025, FY2025 theme: "Strengthening Through Consolidation")
-
Manufacturing consolidation into Malaysia. About MYR25M invested to raise Malacca capacity by about 30%. Flow-forming machines doubled from 4 to 8 by March 2026. Old machinery scrapped. The rationale is that US tariffs on Malaysian-origin wheels are substantially lower than on Chinese-origin wheels, giving a structural price advantage for US and European customers diversifying away from China. Management is engaging premium US and EU customers to transfer and grow volumes.
-
Premiumisation of manufacturing. Flow-formed wheels targeted at about 40% of production (capacity 336,000 per year), with a focus on premium and high-end brand customers.
-
"3R" cost strategy. Reduce operating costs, inventories and accounts receivable. Management describes this as embedded for years and to be "redoubled" in FY2026.
-
"3M" marketing strategy. Multi-product, multi-brand, multi-category, to diversify revenue across products, brands and geographies.
-
Energy solutions expansion in ASEAN. Accelerate expansion where penetration is "relatively early stage", for a "substantial" medium-term opportunity.
-
EV-related portfolio evolution. Work with brand partners and dealers on EV-driven tyre, wheel and energy needs.
-
Strategic partnerships. "Continue to explore collaboration opportunities with strategic partners in both the manufacturing and distribution segments."
-
Right-sizing and automation. "Review and restructure its businesses, including automation, right-sizing resources" (1H2026 commentary).
-
Digitalisation. Orbit supply-chain platform (2025), new ERP at Wheelworld (FY2025), and a digital strategy and systems-integration remit for the new ED (Apr 2026).
Initiative register (last 24 months)
| Initiative | Date | Description | Target / status |
|---|---|---|---|
| Suzhou factory closure | Announced 13 Aug 2025; ceased 3Q2025 | Exit tariff-exposed China production | Completed; building converted to rental |
| Taiwan factory closure | 4Q2025 | Exit loss-making plant (losses for three consecutive years) | Completed |
| Malaysia capacity expansion | 2025–Mar 2026 | MYR25M; +30% capacity; 8 flow-forming lines | Completed per AR2025; utilisation not disclosed |
| Suzhou property rental business | 2H2025 onward | Investment property (S$16.2M carrying value in rental segment at 30 Jun 2026) | Rental income rose to S$3.6M in 1H2026 from S$2.5M |
| 30% JV in Suzhou Yunke Zhiyu | Jul 2025 | Property management and non-residential leasing | S$0.275M investment (FY2025 cash flow) |
| Orbit platform | 2,025 | Supply-chain digitalisation | Deployment commenced |
| Wheelworld ERP | FY2025 | New ERP (intangible assets rose to S$4.6M) | Implemented |
| Entity rationalisation | 2025–2026 | Closure of Evo-Trend Malaysia and YHI Guangzhou | Guangzhou in liquidation since 28 Jul 2026 |
| Board succession | Apr 2026 | Ryan Tay appointed ED | Completed |
| Sustainability targets | 2025–2030 | Hold electricity and gas intensity at 2024 level through 2027; maintain training hours to 2030; employee survey at all subsidiaries 2026–2030; full ISSB alignment by FY2030; net-zero goal under development | In progress |
Medium-term financial targets / guidance
No quantitative revenue, margin or return targets have been published. Guidance is qualitative:
-
FY2025 results (Feb 2026): "cautiously optimistic" on wheel manufacturing in FY2026; core tyres and energy distribution "expected to contribute positively in FY2026."
-
1H2026 results (Aug 2026): Middle East conflict and the war in Europe "adversely affected" wheel manufacturing and are "expected to continue weighing on demand" in Europe, where over 80% of wheel sales are generated. Core tyre and energy distribution remains resilient.
The tone on manufacturing deteriorated between February and August 2026.
Products & Services
YHI states that its distribution portfolio is represented by 45 leading brands (AR2025 Business Review). The public catalogue below lists the brands YHI itself names. Product specifications and pricing are not disclosed at group level; YHI is a reseller for most lines.
Distribution segment
| Product line | Brands named by YHI | Description / capabilities | Target customer | Launch / latest year | Pricing model |
|---|---|---|---|---|---|
| Passenger, commercial and off-road tyres | Yokohama (principal since 1974), Pirelli, Toyo Tires, Nankang, Continental, Nitto | Range from budget to high-end; passenger car, light truck, truck/bus, off-the-road | Tyre dealers, workshops, fleets | Yokohama relationship since 1974 | Wholesale; not disclosed |
| Proprietary tyre brand | Neuton Tyres | Group-owned tyre brand | Value segment (not specified) | Launched 2006 | — |
| Alloy wheels (third-party) | Enkei (distributor since 1975), OZ (Italy; 35.51% associate), Konig (US; 95% subsidiary Pan-Mar Corp.) | Aftermarket performance and replacement wheels | Wheel retailers, tuners, dealers | Enkei since 1975; Konig since 2005 | — |
| Alloy wheels (proprietary) | Advanti Racing | In-house design, made by YHI; former F1 supplier (Toro Rosso 2008; Mercedes AMG Petronas 2013) | Aftermarket enthusiasts | Launched 1996; 20th Anniversary wheel 2016 | — |
| Wheel e-commerce / regional distribution in Germany | Wheelworld GmbH (60%) | German wheel distributor, Ilsenburg (Harz); new ERP implemented FY2025 | German and EU retail/trade | Acquired Nov 2023 | — |
| Energy solutions: rechargeable batteries | Trojan, CSB, Vision, Neuton Power (proprietary) | Commercial and industrial batteries, including renewable-energy storage | Industrial, telecom, renewable, motive-power users | Neuton Power launched 2008; Hitachi relationship from 1973 | Project and wholesale; not disclosed |
| Buggies and utility vehicles | E-Z-GO, Cushman, Neuton Power Electric (proprietary) | Electric buggies and utility vehicles for golf courses, resorts, private and commercial estates, events | Golf/resort operators, estates | — | Sale and finance lease (80 buggies under a 5-year finance lease, Malaysia, FY2025) |
| Lubricants | Brands not itemised in text | Automotive and industrial lubricants | Workshops, fleets | — | — |
| Industrial power products | Brands shown as logos, including ZEROVA | Solar panels, chargers, inverters, UPS | Commercial and industrial | — | — |
| Retail and fleet services (Singapore) | YHI Corporation (Singapore) | Repair services for commercial trucks and passenger cars; fleet management; retail centre; used tyre and battery disposal for customers | Fleets and motorists in Singapore | — | Service fees; not disclosed |
Sources: AR2025 "Our Products" (pp.4–5); AR2025 Business Review; SR2025 p.15; FY2025 results balance-sheet review (finance lease).
Manufacturing segment
| Offering | Description / capabilities | Target customer | Year | Notes |
|---|---|---|---|---|
| Gravity-cast alloy wheels | Six gravity-casting lines at Malacca, with tilt-casting capability added on top | Aftermarket brand owners in Europe and North America; OZ S.p.A. | Malacca plant production since 2006 (per AR2025 plant table) | Plant capacity about 840,000 wheels per year |
| Flow-formed wheels (DST) | Dynamic Spinning Technology, YHI's flow-forming process, introduced 2014; lighter and stronger than conventional cast wheels | Premium aftermarket (US/EU) | DST launched 2014; 8 lines by Mar 2026 | Capacity up to 336,000 wheels per year; target about 40% of total production |
| MAT wheels | "Most Advanced Technology" process developed with Enkei Corporation to improve material properties and structural strength | Premium aftermarket | Installed 2009 | — |
| Licensed wheels | Licensed by Enkei to manufacture "Enkei Tuning" wheels | Enkei channel | From 2006 | — |
| Precision moulds | Alloy-wheel moulds for in-house use (formerly Suzhou, 850 mould sets per year) | Internal | 2004–2025 | Suzhou capability ceased with closure |
| Orbit digital supply-chain platform | Platform to standardise supplier engagement, data transparency and supply continuity | Internal / suppliers | Deployment began 2025 | Managed by Manufacturing Group team |
Quality credentials: ISO 9001:2015; IATF 16949:2016; Japan VIA, US SFI Foundation and Germany TÜV certification for wheel quality systems; Suzhou Clean Production Audit Certificate (pre-closure); BizSAFE (Singapore). Source: SR2025 p.6; AR2025 pp.6–7.
Financial Narrative
Income statement: notes and sources
Sources: AR2025 Five-Year Financial Summary (p.9) for revenue, PBT, net attributable profit, EBITDA, EPS and DPS. FY2025 results announcement for FY2024/FY2025 line items. Gross profit, finance costs, associates and tax for FY2021–FY2023 from S&P Global via StockAnalysis.com. Operating income is the S&P/StockAnalysis definition. TipRanks gives materially different figures (FY2024 S$10.24M vs S$16.85M; FY2021 S$21.67M vs S$20.50M), so treat operating income as indicative only. FY2021 growth uses FY2020 revenue of S$422.8M (The Edge Singapore).
Margins (%)
Computed from 6.1. AR2025 reports "net profit %" of 5.0 / 5.1 / 3.6 / 2.3 / 0.0, which differs slightly from the attributable computation above, probably because a different numerator (including non-controlling interests) is used.
Five-year revenue CAGR (FY2021–FY2025): -3.0% per year (S$444.7M to S$393.3M).
Commentary. Revenue peaked in FY2021 on post-pandemic restocking. FY2023 fell 12.5% as manufacturing revenue dropped 26% and ASEAN demand weakened. FY2024 recovered 7.8%, helped by the first contribution from Wheelworld (acquired Nov 2023) and a Malaysian telecom energy project. FY2025 dipped 3.2% as the factory closures took effect.
Gross margin has held in a tight 22.8–25.2% band. This is typical of distribution, and the mix shift toward distribution has supported it. Profit erosion therefore comes from below gross profit. Operating expenses rose from 23.3% of sales in FY2024 to 26.1% in FY2025, mainly because of S$8.3M of retrenchment costs. Underneath that is a structurally rising cost base: employee costs were S$51.8M in FY2023, S$57.8M in FY2024 and S$60.1M in FY2025 (SR2025, Economic Performance table).
The FY2025 effective tax rate above 100% reflects deferred tax assets written off after the Taiwan closure, which was flagged in the 2HFY2025 commentary. Excluding one-off closure costs and insurance gains, management states that underlying net attributable profit would have been S$8.4M in FY2025, against S$9.6M in FY2024 (AR2025 Financial Review).
Balance sheet
Sources: AR2025 Five-Year Financial Summary (total assets, current assets, equity, NAV, cash). FY2025 results announcement (FY2024/FY2025 borrowings, leases, intangibles, cash-flow reconciliation of FY2023 bank borrowings of S$30.5M and leases of S$28.2M). S&P via StockAnalysis.com for FY2021–FY2022 debt and lease split, FY2021–FY2023 goodwill plus intangibles, and inventories. FY2021 net debt uses aggregator cash of S$84.85M, consistent with the AR's 3.0% net debt/equity. Net debt here matches the company definition (borrowings plus leases minus gross cash), which reconciles to the AR's 0.2% FY2024 and "NM" FY2025 net gearing.
Commentary. The balance sheet is the group's main defensive asset. All bank borrowings are secured trust receipts and short-term trade lines, repayable within one year, under fixed and floating charges over certain subsidiaries' assets. That gives full refinancing exposure each year, but it is self-liquidating against inventory and receivables. Inventory of about S$120M (about 148 days of cost of sales in FY2025) is the largest asset and the main capital sink. It rose to S$126.2M at 30 June 2026 because of precautionary buying amid supply-chain disruption. Goodwill is negligible (about S$1.2M), so book value is almost entirely tangible (tangible book about S$270M at FY2025 per S&P).
Cash flow
Sources: FY2025 results announcement (FY2024–FY2025 cash flow). S&P via StockAnalysis.com (FY2021–FY2023). No buybacks appear in any year; the company reissued treasury shares under the 2021 Share Option Scheme (1,315,000 in FY2024; 135,000 in FY2025).
Commentary. Cash generation moves almost entirely with working capital. In FY2021 a S$30M inventory build reduced OCF to S$5.5M; in FY2023 a S$18.5M inventory release lifted it to S$37.6M. Over five years, cumulative OCF of S$94.3M covered capex (S$24.5M), lease principal (S$33.4M) and dividends (S$46.4M), with net debt broadly unchanged. Shareholder distributions have been funded but not over-funded. Capex intensity is low at about 1.5% of revenue, consistent with a distribution-heavy model. The roughly MYR25M Malaysian expansion (AR2025) is only partly visible in FY2025 PP&E additions of S$5.9M, and supplier advances for equipment rose in 1H2026.
Ratios
ROE from AR2025. Other ratios computed from 6.1–6.4. ROIC method: invested capital = total equity + debt including leases − cash; the 17% Singapore statutory tax rate is applied uniformly because reported effective rates are distorted. The FY2024–FY2025 debt-to-equity figures reconcile to the AR's gross gearing of 24.3% and 23.2%.
Cash conversion cycle. It is available on a consistent company basis only for FY2024 and FY2025. Debtor days were 66 and 59, creditor days 55 and 54 (AR2025 Financial Review), and inventory days 143 and 148. That gives a CCC of about 154 days in FY2024 and 153 days in FY2025. Earlier years were not disclosed on the same basis.
Interpretation. ROE has fallen from 7.4% to negative over five years, and returns have been well below any reasonable cost of equity since FY2023. The problem is the mix of a low-margin, long-CCC distribution model with a manufacturing arm that has destroyed value since FY2023. Leverage is not the problem; the group is effectively unlevered.
Latest interim: 1H2026 vs 1H2025: notes and sources
Source: 1H2026 results announcement (14 Aug 2026). The 1H2025 cash figure is the 30 June 2025 balance. Borrowings and NAV compare 30 June 2026 with 31 December 2025.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansFinancial Detail
Segment Overview
| Segment | Definition | Contents |
|---|---|---|
Manufacturing | North East Asia and ASEAN operations that manufacture alloy wheels | YHI Manufacturing (Malaysia) / YHI Advanti Manufacturing (Malaysia), Malacca; formerly YHI Advanti Manufacturing (Suzhou) and YHI International (Taiwan), production ceased 2H2025; YHI Manufacturing (Singapore) as sales/marketing arm; OZ S.p.A. (associate) reported in Manufacturing ASEAN |
Distribution | North East Asia, ASEAN, Oceania, USA and Europe operations that distribute automotive and industrial products | Tyres, alloy wheels, energy solutions, buggies and utility vehicles, lubricants and industrial products; YTSM (associate) reported in Distribution ASEAN |
Rental | North East Asia (and, from 1H2026, ASEAN, described as immaterial) | Suzhou factory property converted to investment property in 2H2025 |
Revenue by Segment and Revenue by Segment (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Distribution revenue (SGD Mn) | 329.5 | 323.7 | 297.7 | 329.5 | 331.8 |
Manufacturing revenue (SGD Mn) | 115.2 | 107.2 | 79.2 | 77.0 | 61.5 |
Group revenue (SGD Mn) | 444.7 | 430.9 | 376.9 | 406.5 | 393.3 |
Distribution share of group revenue (%) | 74.1 | 75.1 | 79.0 | 81.0 | 84.4 |
Manufacturing share of group revenue (%) | 25.9 | 24.9 | 21.0 | 19.0 | 15.6 |
Distribution revenue growth YoY (%) | 0 | -1.8 | -8.0 | 10.7 | 0.7 |
Manufacturing revenue growth YoY (%) | 0 | -6.9 | -26.1 | -2.8 | -20.1 |
Segment Revenue
| Segment | Revenue FY2024 | Revenue FY2025 | Segment result FY2024 | Segment result FY2025 | PBT FY2024 | PBT FY2025 | PBT margin FY2024 % | PBT margin FY2025 % | Net profit FY2024 | Net profit FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
Manufacturing (NEA: Suzhou/Taiwan) | 35.8 | 22.5 | 1.4 | -12.0 | -0.7 | -13.7 | -1.8 | -60.8 | -0.7 | -13.7 |
Manufacturing (ASEAN: Malaysia + OZ associate) | 41.2 | 39.0 | 2.9 | 3.3 | 2.9 | 3.2 | 7.1 | 8.1 | 2.3 | 2.5 |
Manufacturing total | 77.0 | 61.5 | 4.2 | -8.7 | 2.3 | -10.5 | 2.9 | -17.1 | 1.6 | -11.3 |
Distribution NEA | 16.6 | 15.6 | -0.1 | -0.7 | -0.3 | -1.0 | -1.7 | -6.3 | -0.2 | -1.0 |
Distribution ASEAN | 123.1 | 109.6 | 4.8 | 9.4 | 2.0 | 7.4 | 1.6 | 6.8 | 0.4 | 5.3 |
Distribution Oceania | 144.2 | 149.0 | 13.0 | 11.1 | 5.9 | 4.0 | 4.1 | 2.7 | 4.4 | 2.8 |
Distribution USA | 17.1 | 15.0 | 3.6 | 3.5 | 2.8 | 2.6 | 16.4 | 17.6 | 2.1 | 1.9 |
Distribution Europe | 28.4 | 42.6 | 0.7 | 2.1 | -0.4 | 0.6 | -1.2 | 1.4 | -0.3 | 0.7 |
Distribution total | 329.5 | 331.8 | 22.2 | 25.4 | 10.1 | 13.6 | 3.1 | 4.1 | 6.4 | 9.7 |
Rental (NEA) | 0.0 | 0.0 | 2.4 | 2.4 | 2.0 | 2.0 | n/m | n/m | 1.5 | 1.5 |
Group | 406.5 | 393.3 | 28.8 | 19.1 | 14.4 | 5.1 | 3.5 | 1.3 | 9.5 | -0.1 |
Segment Revenue (PBT 1H2025–Sales 1H2026)
| Segment | Sales 1H2025 | Sales 1H2026 | YoY % | PBT 1H2025 | PBT 1H2026 |
|---|---|---|---|---|---|
Manufacturing NEA | 15.4 | 0.03 | -99.8 | -3.4 | 0.1 |
Manufacturing ASEAN | 20.6 | 18.2 | -11.7 | 1.6 | 2.0 |
Distribution NEA | 7.7 | 6.7 | -13.3 | -0.2 | -0.1 |
Distribution ASEAN | 52.7 | 51.4 | -2.5 | 2.7 | 1.0 |
Distribution Oceania | 73.4 | 81.0 | 10.3 | 2.3 | 2.6 |
Distribution USA | 7.6 | 7.2 | -5.8 | 1.5 | 0.9 |
Distribution Europe | 19.0 | 18.6 | -2.2 | 0.4 | -0.2 |
Rental NEA | 0.0 | 0.0 | n/m | 1.0 | 1.2 |
Group | 196.5 | 183.1 | -6.8 | 5.9 | 7.6 |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (SGD Mn) | 444.7 | 430.9 | 376.9 | 406.5 | 393.3 |
Revenue growth YoY (%) | 5.2 | -3.1 | -12.5 | 7.8 | -3.2 |
Gross profit (SGD Mn) | 105.8 | 98.2 | 92.7 | 102.3 | 96.5 |
Operating income, aggregator definition (SGD Mn) | 20.5 | 13.5 | 10.0 | 16.9 | 3.6 |
EBITDA, company-reported (SGD Mn) | 46.4 | 45.8 | 34.6 | 31.8 | 23.2 |
Finance costs (SGD Mn) | 2.8 | 3.3 | 3.3 | 3.3 | 3.6 |
Share of profit of associates (SGD Mn) | 3.3 | 4.2 | 3.7 | 2.1 | 3.5 |
Profit before tax (SGD Mn) | 28.8 | 28.4 | 18.3 | 14.4 | 5.1 |
Income tax (SGD Mn) | 6.6 | 6.6 | 4.9 | 4.8 | 5.2 |
Net profit attributable to equity holders (SGD Mn) | 21.2 | 20.7 | 13.1 | 9.6 | -0.9 |
Basic EPS (S cents) | 7.29 | 7.14 | 4.49 | 3.29 | -0.31 |
Diluted EPS (S cents) | 7.29 | 7.14 | 4.49 | 3.28 | -0.31 |
Dividend per share (S cents) | 3.60 | 3.60 | 3.15 | 2.30 | 1.72 |
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansMargin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 23.8 | 22.8 | 24.6 | 25.2 | 24.5 |
Operating margin, aggregator basis (%) | 4.6 | 3.1 | 2.6 | 4.1 | 0.9 |
EBITDA margin (%) | 10.4 | 10.6 | 9.2 | 7.8 | 5.9 |
Pre-tax margin (%) | 6.5 | 6.6 | 4.9 | 3.5 | 1.3 |
Net margin, attributable (%) | 4.8 | 4.8 | 3.5 | 2.4 | -0.2 |
Effective tax rate (%) | 23.0 | 23.2 | 26.9 | 33.7 | 102.0 |
Balance Sheet and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (SGD Mn) | 439.0 | 414.3 | 393.6 | 403.6 | 393.2 |
Current assets (SGD Mn) | 301.8 | 281.7 | 263.5 | 277.5 | 264.8 |
Cash and bank balances, AR basis (SGD Mn) | 83.6 | 60.6 | 64.2 | 66.2 | 64.5 |
Inventories (SGD Mn) | 128.9 | 138.5 | 118.8 | 119.2 | 120.3 |
Bank borrowings, short-term (SGD Mn) | 58.7 | 39.3 | 29.3 | 43.1 | 40.6 |
Bank borrowings, long-term (SGD Mn) | 3.9 | 2.5 | 1.2 | 0.0 | 0.0 |
Lease liabilities, total (SGD Mn) | 31.0 | 28.4 | 28.2 | 25.0 | 23.1 |
Total debt including leases (SGD Mn) | 93.6 | 70.2 | 58.8 | 68.1 | 63.7 |
Net debt including leases, gross-cash basis (SGD Mn) | 8.7 | 9.6 | -5.5 | 0.5 | -0.8 |
Equity attributable to shareholders (SGD Mn) | 286.3 | 280.4 | 278.5 | 279.9 | 275.0 |
Total equity including NCI (SGD Mn) | 294.3 | 288.4 | 285.3 | 285.8 | 281.5 |
Goodwill and intangible assets (SGD Mn) | 2.8 | 2.7 | 4.6 | 4.2 | 4.6 |
Net working capital (SGD Mn) | 188.3 | 183.0 | 180.6 | 180.5 | 171.0 |
Net asset value per share (S cents) | 98.58 | 96.55 | 95.90 | 95.94 | 94.24 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (SGD Mn) | 5.5 | 16.1 | 37.6 | 12.1 | 23.0 |
Capital expenditure, PP&E (SGD Mn) | 3.8 | 6.0 | 2.8 | 6.0 | 5.9 |
Free cash flow, OCF minus PP&E capex (SGD Mn) | 1.7 | 10.2 | 34.8 | 6.1 | 17.1 |
Lease principal repayments (SGD Mn) | 6.3 | 6.0 | 6.5 | 7.1 | 7.5 |
Free cash flow after leases (SGD Mn) | -4.6 | 4.2 | 28.3 | -1.0 | 9.6 |
Dividends paid to shareholders (SGD Mn) | 9.6 | 10.5 | 10.5 | 9.2 | 6.7 |
Share buybacks (SGD Mn) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Change in working capital (SGD Mn) | -31.0 | -12.6 | 12.1 | -11.3 | 6.6 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Return on equity, company-reported (%) | 7.4 | 7.4 | 4.7 | 3.4 | -0.3 |
Return on assets, attributable NI / year-end assets (%) | 4.8 | 5.0 | 3.3 | 2.4 | -0.2 |
ROIC, aggregator EBIT × (1 − 17%) / invested capital (%) | 5.6 | 3.8 | 3.0 | 4.9 | 1.1 |
Current ratio (x) | 2.66 | 2.85 | 3.18 | 2.86 | 2.82 |
Total debt incl. leases / attributable equity (%) | 32.7 | 25.0 | 21.1 | 24.3 | 23.2 |
Net debt / EBITDA (x) | 0.19 | 0.21 | -0.16 | 0.02 | -0.04 |
Interest coverage, (PBT + finance cost) / finance cost (x) | 11.4 | 9.5 | 6.5 | 5.4 | 2.4 |
Asset turnover, revenue / year-end assets (x) | 1.01 | 1.04 | 0.96 | 1.01 | 1.00 |
Inventory days, inventory / cost of sales × 365 | 139 | 152 | 153 | 143 | 148 |
Margin Analysis (%) and Per-Share Data
| Item | 1H2025 | 1H2026 | Change % |
|---|---|---|---|
Sales | 196.5 | 183.1 | -6.8 |
Gross profit | 48.5 | 50.2 | 3.5 |
Gross margin (%) | 24.7 | 27.4 | +2.7 pts |
Other income (mainly rental) | 3.3 | 4.4 | 33.3 |
Distribution expenses | 22.2 | 23.5 | 6.2 |
Administrative expenses | 25.5 | 23.6 | -7.6 |
Retrenchment cost (within admin) | 2.0 | 0.1 | n/m |
Finance costs | 1.8 | 1.7 | -5.1 |
Profit before tax | 5.9 | 7.6 | 28.4 |
Net profit attributable | 2.8 | 5.7 | 101.1 |
Basic EPS (S cents) | 0.97 | 1.95 | 101.0 |
Operating cash flow | 10.7 | 7.4 | -30.8 |
Cash and bank balances (period end) | 70.2 | 65.4 | n/m |
Bank borrowings (period end vs 31 Dec 2025) | 40.6 | 45.1 | 11.3 |
NAV per share (S cents, vs 31 Dec 2025) | 94.24 | 94.39 | 0.2 |
Revenue by Region
| Region | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ASEAN (SGD Mn) | 183.9 | 185.6 | 154.6 | 164.3 | 148.6 |
Oceania (SGD Mn) | 137.5 | 144.0 | 136.9 | 144.2 | 149.0 |
North East Asia (SGD Mn) | 103.3 | 79.0 | 63.0 | 52.5 | 38.1 |
Others: Europe + USA (SGD Mn) | 20.0 | 22.3 | 22.4 | 45.5 | 57.6 |
Region Margins & Growth (%)
| Region | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
ASEAN growth (%) | 0.9 | -16.7 | 6.3 | -9.6 |
Oceania growth (%) | 4.7 | -4.9 | 5.3 | 3.3 |
North East Asia growth (%) | -23.5 | -20.3 | -16.7 | -27.4 |
Others growth (%) | 11.5 | 0.4 | 103.1 | 26.6 |
Geographic Revenue
| Segment × Region | FY2024 | FY2025 |
|---|---|---|
Manufacturing: North East Asia (Suzhou/Taiwan) | 35.8 | 22.5 |
Manufacturing: ASEAN (Malaysia) | 41.2 | 39.0 |
Distribution: North East Asia | 16.6 | 15.6 |
Distribution: ASEAN | 123.1 | 109.6 |
Distribution: Oceania | 144.2 | 149.0 |
Distribution: USA | 17.1 | 15.0 |
Distribution: Europe | 28.4 | 42.6 |
Revenue by Region (FY2024–FY2025)
| Country | FY2024 | FY2025 |
|---|---|---|
Australia (SGD Mn) | 89.3 | 93.9 |
Singapore (SGD Mn) | 67.6 | 65.3 |
Malaysia (SGD Mn) | 71.7 | 55.2 |
New Zealand (SGD Mn) | 54.9 | 55.1 |
Germany (SGD Mn) | 28.4 | 42.6 |
China / Hong Kong (SGD Mn) | 37.3 | 22.8 |
USA (SGD Mn) | 17.1 | 15.0 |
Other countries (SGD Mn) | 40.2 | 43.4 |
Geographic Revenue (1H2025 SGD Mn–1H2026 SGD Mn)
| Country | 1H2025 SGD Mn | 1H2026 SGD Mn | YoY % |
|---|---|---|---|
Australia | 47.0 | 52.9 | 12.5 |
Singapore | 31.5 | 29.8 | -5.4 |
Malaysia | 27.9 | 28.2 | 1.2 |
New Zealand | 26.4 | 28.1 | 6.4 |
Germany | 19.0 | 18.6 | -2.2 |
USA | 7.6 | 7.2 | -5.8 |
China / Hong Kong | 14.6 | 5.8 | -60.4 |
Philippines | 6.0 | 3.6 | -39.7 |
Other countries | 16.4 | 8.9 | -46.1 |
Capital Markets
| Item | Value | Source |
|---|---|---|
Last price | S$0.370 (13 Oct 2026, 12:59 SGT, delayed) | StockAnalysis.com |
Market capitalisation | About S$108.0M | Computed from 291.85M shares |
52-week price change | -11.6% (to 17 Aug 2026); Stockopedia gives -12.4% over 365 days and underperformance of 52.1 points against FTSE Developed Asia Pacific | StockAnalysis; Stockopedia |
1-year relative return | -10.2% vs SG Retail Distributors +11.5% and SG market +30.6% | Simply Wall St |
Beta (5-year) | 0.02 | StockAnalysis (Aug 2026) |
Average daily volume (20-day) | About 41,700 shares | StockAnalysis (Aug 2026) |
Free float | About 86.65M shares (about 30%) | StockAnalysis |
Last capital restructuring | Share consolidation 14 Jan 2016 (aggregator: 0.5 reverse split) | — |
Valuation Multiples
| Multiple | YHI | Basis | Peer reference |
|---|---|---|---|
P/E (TTM) | About 55x | TTM attributable EPS of 0.67 cents (FY2025 -0.31 − 1H2025 0.97 + 1H2026 1.95) | Stamford Tyres FY2025E P/E 51.6x (MarketScreener) |
P/B | About 0.39x | NAV 94.39 cents (30 Jun 2026) | — |
EV / Sales | About 0.30x | EV about S$114.5M (market cap S$108.0M + debt incl. leases S$65.5M − cash S$65.4M + NCI S$6.5M) on TTM sales S$379.9M | Stamford Tyres FY2025E EV/Sales 0.52x (MarketScreener) |
EV / EBITDA | About 4.5x | TTM company-basis EBITDA about S$25.4M (FY2025 S$23.2M − 1H2025 S$14.8M + 1H2026 S$16.9M) | StockAnalysis aggregator basis 4.66x (Aug 2026) |
Dividend yield | About 4.6% | 1.72 cents FY2025 DPS | — |
FCF yield (TTM) | About 12.5% | Aggregator TTM FCF S$13.9M | StockAnalysis |
Per-Share Data and Dividends & Capital Returns
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividend per share (S cents) | 3.60 | 3.60 | 3.15 | 2.30 | 1.72 |
Total dividend declared (SGD Mn) | 10.45 | 10.45 | 9.19 | 6.71 | 5.02 |
Basic EPS (S cents) | 7.29 | 7.14 | 4.49 | 3.29 | -0.31 |
Analyst Conclusions
Management guidance (latest)
-
Core tyre and energy distribution is "resilient" and expected to "contribute positively in FY2026" (FY2025 results; reiterated in 1H2026).
-
Wheel manufacturing: cautious optimism in February 2026 gave way in August 2026 to an expectation that geopolitical cost and demand pressures will "continue weighing on demand" in Europe.
-
Further restructuring, automation and right-sizing to lower the cost base.
-
No numerical guidance.
Consensus growth expectations
No sell-side consensus is publicly available. On a simple run-rate basis, 1H2026 attributable profit of S$5.7M is the highest half-year since at least 1H2024. If 2H2026 matches 2H2025 excluding the S$6.3M retrenchment cost, FY2026 attributable profit could plausibly fall in a S$8–12M range. This is an analyst illustration, not company guidance or consensus.
Bull case
-
Earnings normalisation is already visible. With closure costs gone, 1H2026 attributable profit doubled to S$5.7M and gross margin reached 27.4%. Management's underlying FY2025 profit was S$8.4M. A return to S$9–10M attributable profit would put the stock on roughly 11–12x earnings at about 0.4x book.
-
Asset backing and yield. About S$65M of cash (60% of market cap), negligible net debt, tangible book of about S$0.93 per share, and a dividend paid even in a loss year all provide downside protection.
-
Tariff-advantaged Malaysian platform. If US and EU brand owners keep moving procurement out of China, a modernised plant with 8 flow-forming lines could lift manufacturing back to its historic 25% revenue share at better margins. Suzhou rental income (S$3.6M per half) adds low-risk earnings.
Bear case
-
Manufacturing may be structurally unviable. Malaysian external sales fell 11.7% in 1H2026 after consolidation, wheel demand is concentrated in a weakening Europe, and the business has made losses or thin profits since FY2023. Capacity fell 68% in five years.
-
Distribution profitability is eroding. Distribution PBT fell 36% in 1H2026 despite revenue growth. Oceania PBT fell in FY2025 on higher revenue, and employee costs are rising faster than sales.
-
Governance and liquidity cap the valuation. About 70% family control, a combined Chair and MD, near-zero institutional ownership, about 42,000 shares traded per day, and no buyback history mean the discount to book may never close.
Catalysts and monitorables (next 12 months)
| Catalyst / monitorable | Expected timing | Why it matters |
|---|---|---|
| FY2026 full-year results and dividend | By end-Feb 2027 (based on prior pattern) | Tests the earnings recovery and dividend restoration |
| Malaysian plant utilisation and new US/EU customer wins | Ongoing | Core of the manufacturing thesis |
| US tariff developments for Malaysian-origin wheels | Ongoing | The tariff differential underpins the consolidation rationale |
| European wheel demand and aluminium and freight costs | Ongoing | Over 80% of wheel sales go to Europe |
| Energy solutions growth in ASEAN | 2H2026 to FY2027 | Primary profit driver in 1H2026 |
| Inventory and working capital (S$126M inventory at 1H2026) | 2H2026 | Cash conversion and "3R" delivery |
| Suzhou rental occupancy and income | Half-yearly | Recurring, low-risk earnings |
| Evo-Trend insurance litigation | 2026–2027 | Minor (about S$0.8M) |
| Succession and governance (Ryan Tay's role; any capital-allocation change) | AGM April 2027 | Possible re-rating trigger |
| Director dealings (2026 change-in-interest filings) | Ongoing | Signals insider sentiment |
Analyst verdict
YHI International emerges from FY2025 as a simpler but smaller company. It closed two of its three wheel factories, took its first loss in 22 years as a listed company, and kept its balance sheet intact. The resulting profile is an Asia-Pacific multi-brand distributor, about 90% of revenue in 1H2026, with an option on a tariff-advantaged Malaysian wheel plant, a 35.51% stake in OZ S.p.A., and a Suzhou rental property.
The investment case rests mainly on valuation and balance-sheet safety rather than growth. At S$0.37, the shares trade at about 0.39x book value, about 4.5x trailing EBITDA and a roughly 4.6% dividend yield. Cash of about S$65M offsets all debt including leases. The 1H2026 recovery, with attributable profit doubling to S$5.7M and gross margin up 2.7 points, suggests the earnings trough has passed.
Three cautions temper that view. First, the Malaysian consolidation has not yet produced volume: external manufacturing sales fell 11.7% in 1H2026, and management's tone on European wheel demand turned more negative between February and August 2026. Second, distribution profitability is not as robust as the revenue line suggests. Distribution pre-tax profit fell 36% in 1H2026, and the cost base has grown faster than sales for three years. Third, structural features keep the discount to book in place: family control of about 70%, a combined Chair and MD, minimal institutional ownership, thin liquidity and no buyback history.
On balance, YHI looks like a deep-value, low-volatility income holding whose re-rating depends on management showing that Malacca can be filled profitably and that Oceania margins can be restored. A capital-allocation change, such as buybacks, a special distribution or monetisation of the Suzhou asset, would be the most direct catalyst. Without one, the shares are likely to stay anchored near current levels, supported by the dividend and book value rather than earnings growth.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansExecutive Leadership
Board of Directors
| Name | Title | Age | Board tenure | Committees | Background / prior roles | Education |
|---|---|---|---|---|---|---|
Tay Tian Hoe, Richard | Executive Chairman & Group Managing Director | 74 (AR2025) | Director since 26 Aug 2000; Executive Chairman & GMD since 16 May 2003; last re-appointed 26 Apr 2024 | NC member | Key founder; 45+ years in automotive sales and distribution; led entry into wheel manufacturing; E&Y Manufacturing Entrepreneur of the Year 2007; Rotary-ASME Entrepreneur of the Year 1997; Lianhe Zaobao ENDEC award 1996; member, Singapore Institute of Directors | Not disclosed in AR2025 biography |
Ryan Tay Guoren | Executive Director | 42 (appointment announcement); 41 (FY2025 results, Rule 704(13) table) | Appointed 29 Apr 2026 | None disclosed | GM, YHI Manufacturing (Singapore) since Jan 2022; Deputy GM 2015–2021; Sales Manager, YHI Manufacturing (Malaysia) 2012–2015; Development Manager (Energy), YHI Corporation (Singapore) 2008–2012. Responsible for global business strategy, export sales, key accounts, pricing, restructuring and digital strategy. Holds 8.16% of YHI Holdings Pte Ltd. Son of the Chairman. | BSc Business Administration (International Business and Operations), Boston University, 2008 |
Hong Pian Tee | Lead Independent Director | 81 | Since 1 Sep 2021 | AC Chair; NC and RC member | PwC Partner 1985–1999; corporate advisory, financial reconstruction and insolvency; former ID of Sinarmas Land, Yanlord Land and XMH Holdings (retired 2024); former Chairman, Pei Hwa Foundation; ID of Hyflux Ltd (in liquidation) | — |
Ong Kian Min | Independent Director | 65 | Since 1 Oct 2021 | RC Chair; AC and NC member | Elected Member of Parliament 1997–2011; consultant at Drew & Napier 2000–2019 (M&A, JVs, restructuring, corporate finance); called to the Bar of England & Wales 1988 and Singapore 1989 | President's Scholar (1979); LLB (Hons), University of London; BSc (Hons), Imperial College |
Gn Jong Yuh, Gwendolyn | Independent Director | 55 | Since 1 Oct 2021; nominated for re-appointment at the 2026 AGM | NC Chair; AC and RC member | Equity Partner, Shook Lin & Bok LLP; 20+ years in corporate finance and capital markets law | LLB (Hons), National University of Singapore, 1994 |
Tay Tiang Guan (retired) | Executive Director | 73 | 26 Aug 2000 to 29 Apr 2026; did not seek re-election | None | Ran ASEAN operations and tyre/industrial distribution; brother of the Chairman | — |
“—” = not publicly disclosed.
Executive Leadership Team
| Name | Role | Background |
|---|---|---|
Gary Su Thiam Huat | Group CFO & Company Secretary | 30+ years; began as an auditor in London; previously CFO and Company Secretary of an SGX Mainboard company; BA (Hons) Accounting, University of Hull; FCCA; FCT; ISCA member. Start date not disclosed. |
Alex Ong Chin Kiong | COO, Distribution Group | 20+ years in management and sales operations; automotive, energy and industrial domain knowledge; BSc (Hons) Management, University of London |
Amy Soo Wee Hsien | GM, Group HR/Administration, 5S & Kaizen | Joined 2001; 30+ years in HR; MSc HRM, University of Bradford; BBA, National Chengchi University |
Deng Jun Hui | GM, YHI Manufacturing (Malaysia) | Heads the sole manufacturing plant |
Tony Suhan / David Chen | MDs, YHI (Australia) / YHI Power (Australia) | Lead the largest regional business |
Bevan Messenger | GM, YHI (New Zealand) | — |
Scott Weiss | President, Pan-Mar Corp. (Konig, USA) | — |
Thomas Mogelin | MD, Wheelworld GmbH | — |
Claudio Bernoni | MD, O.Z. S.p.A. (associate) | — |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
Jul 2025 | Margaret Tay appointed Internal Controls & Policy Manager, YHI Corporation (Singapore) | Strengthens cost and inventory controls under the "3R" programme |
8 Apr 2026 | Tay Tiang Guan announces he will not seek re-election | Retirement of a co-founding-generation executive |
29 Apr 2026 | Ryan Tay Guoren appointed Executive Director | Generational succession; remit covers restructuring and digitalisation |
Major Shareholders
| Holder | Shares | % of outstanding | Type |
|---|---|---|---|
YHI Holdings Pte Ltd | 94,100,846 | 32.2 | Family holding company (Tay family; Ryan Tay holds 8.16% of it) |
Tay Tiang Guan | 45,000,353 | 15.4 | Founding-family individual |
Tay Tian Hoe (Richard) | 34,420,498 | 11.8 | Chairman (direct holding) |
Tay Tiang Hong | 7,036,423 | 2.41 | Family individual |
Tay Tian Koi | 6,401,093 | 2.19 | Family individual |
Gu Jian Lin | 6,323,600 | 2.17 | Individual |
Lee Ling | 3,245,100 | 1.11 | Individual |
Lim Mee Hwa | 1,574,000 | 0.54 | Individual |
Lee Woon Kiat | 1,488,000 | 0.51 | Individual |
Lew Wing Kit | 1,466,200 | 0.50 | Individual |
Competitive Landscape
Key Competitors
| # | Competitor | Segment overlap | Listing / ownership | Scale indicator | Relative positioning vs YHI |
|---|---|---|---|---|---|
| 1 | Stamford Tyres Corporation | Tyre and wheel distribution (ASEAN, HK, Australia, South Africa); own wheel factory (SSW); retail (Stamford Tyres Mart) | SGX Mainboard | FY ended 30 Apr 2024: revenue S$184.8M, net profit S$6.0M, gross margin 26.3% (company press release, 27 Jun 2024). Annual Report 2026 reports full-year revenue of S$181.2M. | Closest listed peer; about half YHI's revenue; similar model with stronger retail presence |
| 2 | CITIC Dicastal | Alloy wheel manufacturing | Unlisted (CITIC Group) | — | Global volume leader in OEM wheels; far larger scale |
| 3 | Superior Industries International | Alloy wheels (OEM, plus ATS/RIAL aftermarket brands in Europe) | Formerly NYSE; taken private by lenders led by Oaktree in 2025 | 2024 net sales US$1,267M; net loss US$78M (DEF 14A 2025) | OEM-focused; also hit by tariffs and lost customers in 2025 |
| 4 | Maxion Wheels (Iochpe-Maxion) | Alloy and steel wheels | B3-listed parent | — | Global OEM supplier |
| 5 | Ronal Group | Aftermarket and OEM alloy wheels in Europe | Private | — | Direct competitor in European aftermarket wheels |
| 6 | Borbet | Alloy wheels (OEM and aftermarket) | Private | — | European competitor |
| 7 | Enkei Corporation | Alloy wheels | Private (Japan) | — | Both partner and competitor in aftermarket wheels |
| 8 | Chinese export wheel makers (e.g., Wanfeng Auto Wheel, Lizhong Group) | Aftermarket and OEM wheels | Shenzhen-listed | — | Low-cost competitors; equally exposed to US tariffs on China, which is YHI's argument for Malaysia |
| 9 | Tyre makers' own distribution and retail networks (e.g., Bridgestone, Goodyear, Michelin channels) | Tyre distribution in Australia, NZ and ASEAN | Listed multinationals | — | Vertical integration by principals is a structural threat to independent distributors |
| 10 | Regional battery and energy distributors (e.g., Century Yuasa in Australia) | Battery and energy distribution | Various | — | Competes with YHI Power in Oceania |
| 11 | Golf-car and utility-vehicle brands and dealers (e.g., Club Car, Yamaha dealer networks) | Buggies and utility vehicles | Various | — | Competes with E-Z-GO/Cushman distribution |
“—” = not publicly disclosed.
Peer Comparison FY2025
| Metric | YHI International (FY2025) | Stamford Tyres (FY to 30 Apr 2024) | Superior Industries (FY2024) |
|---|---|---|---|
Revenue | S$393.3M | S$184.8M | US$1,267M |
Revenue growth | -3.2% | -1.9% | -8.5% (vs US$1,385M) |
Gross margin | 24.5% | 26.3% | — |
Net margin | -0.2% (attributable) | 3.2% | -6.2% |
Business model | Distribution-led with ODM wheels | Distribution-led with own wheel factory and retail | OEM wheel manufacturing |
Recent Developments
No layoffs beyond the Suzhou/Taiwan retrenchments, no guidance revisions beyond the January 2026 profit guidance, and no regulatory actions were identified.*
