SGX Mainboard-listed Chasen Holdings has reported higher revenue and profit for the six months ended 30 September 2021 (“1HFY2022”) amid higher contributions from all three business segments.

It also secured fresh contracts worth a combined S$19.9 million during the period.


1H FY2022

1H FY2021






Gross Profit




Gross Profit margin

18.1 %

19.9 %

1.8 points

Pre-tax profit




Net profit




Net profit after tax increased 35% to S$2.8 million, reflecting the stronger business momentum despite lower receipt of government Job Support Scheme grants.

Net profit attributable to shareholders stood at S$1.6 million for the period in review. 

Net asset value per share grew to 16.2 Singapore cents as at 30 September 2021 from 15.8 Singapore cents as at 31 March 2021.

Specialist Relocation segment: Resumption of projects delayed earlier by the pandemic, along with new projects, contributed to the performance of the segment, the Group’s main revenue contributor.

"The segment continues to see opportunities as semiconductor companies upgrade their facilities amid a global chip shortage and the U.S.-China “tech war”, says Chasen.

Chasen has been focusing efforts to diversify its Specialist Relocation skillset to the semiconductor market in the PRC. It is also leveraging on its track record of being the only relocation specialist to relocate equipment for an 8.5G OLED plant for a leading South Korean manufacturer to carve its foothold into OLED technology in which the display panel market is expected to transition into a higher market share.

Stock price

7.3 c


5.4 – 8.2 c

PE (ttm)


Market cap

S$28 m





1-year return


Source: Yahoo!

Third Party Logistics (“3PL”) segment: This segment saw the highest increase in revenue for the first time, as cross-border land transportation services continued to gain business momentum amid ongoing disruptions to air and sea freight due to the pandemic.

"Revenue for the 3PL segment is expected to be robust in the quarters ahead," said Chasen.

Chasen Logistics Services Limited recently secured six projects worth S$2.8 million in total; two of which involve managing move-in services for a Taiwan-based semiconductor plant owned by a U.S.-based fabless manufacturer.

The remaining four contracts involve two chip manufacturers, a Singapore-based Japanese freight forwarder, as well as the rigging and installation of a satellite antenna for a Singapore research institution.

The Group’s 3PL subsidiary in Malaysia, City Zone Express Sdn Bhd, clinched a cross-border trucking contract for a German MNC to transport power tools from its facilities in China to Penang reinforcing its market position. Its newly-expanded warehouse in Bukit Minyak (Penang) also secured fresh contracts to store and distribute electronic components for a U.S. and a Japanese MNC.

These contracts, worth a total of S$9.2 million, commenced in July 2021 and will end in December 2022.

The Group expects its cross-border land freight transportation customers are expected to stick with Chasen’s services even after the pandemic, as its “Cheaper than Air, Faster than Sea” value statement has been well proven over the past year.

The Group is looking to enhance the value proposition of its services, which include the continuing expansion of its truck fleet, expanding its warehouse capacity, and providing smoother and faster cross-border services through its participation in the ASEAN Customs Transit System.

Technical & Engineering (“T&E”): The T&E subsidiary has received a Letter of Award – worth S$7.9 million – to install solar panels on approximately 180 HDB blocks and three commercial buildings. The project will commence in 2HFY2022 and is targeted for completion in early FY2023.

The Group is diversifying its T&E operations towards GreenTech and renewable energy project opportunities in line with Singapore’s SG Green Plan 2030.

Within this segment, the component and parts manufacturing activities in Singapore and the PRC continue to register strong growth amid the adoption of 5G and other technology trends.

However, construction activities in Singapore continue to face restrictions due to Covid-related measures.

JustinLow120b“It has been an encouraging half-year for the Group; we continue to see a strong recovery across all business segments, which underscore our ability to overcome challenges and seek fresh opportunities. We have secured several fresh and sizeable contracts despite the challenges imposed by the pandemic. These will keep us busy in the coming quarters even as we remain on the lookout for other opportunities.”

-- Mr Low Weng Fatt, Chasen’s Managing Director and CEO


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