Chasen Holdings' profit before tax for the year ended 31 March 2022 (“FY2022”) rose 40% to S$6.5 million from S$4.6 million a year ago.

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6.1 – 8.2 c

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Market cap

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16.7 c

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This outpaced revenue growth of 26% which came about amid continued disruptions to air and sea freight related to the pandemic.

Net profit increased 24% to S$4.3 million after taking into account under-provisioning of income tax in a prior year.

All three business segments of the SGX Mainboard-listed diversified logistics provider recorded better performance.

And total fresh project wins amounted to S$14.5 million.









Gross Profit




Gross Profit margin

17.6 %

18.6 %

(1.0) points

Pre-tax profit




Net profit




• The Third Party Logistics (“3PL”) segment continued to gain market share through warehousing and fixed asset investments to build its trucking fleet capacity.

This segment has won over more customers for its cross-border land transportation services, which have been less affected by the pandemic compared to air and sea freight operators.

• The Specialist Relocation and Technical & Engineering (“T&E”) divisions also recorded higher revenue as projects secured earlier in the year were executed.

Net asset value per share increased to 16.7 Singapore cents as of 31 March 2022 from 15.8 Singapore cents as at 31 March 2021.

The Group has strengthened its balance sheet, with cash and cash equivalent increasing to S$16.0 million as at 31 March 2022 from S$13.9 million as at 31 March 2021.

equipment relocateChasen offers one-stop integrated solutions in Specialist Relocation services, Technical & Engineering services and Third-Party Logistics management and last mile services.

Orderbook momentum 
The Group has been gaining momentum on its strategies to recover from the pandemic, and continues to build up its book orders. Subsequent to the end of FY2022, the Specialist Relocation, 3PL and T&E segments secured fresh projects of S$6.7 million, S$6.3 million and S$1.5 million, respectively.

• Specialist Relocation division: It secured projects to relocate laboratory equipment in Penang, Malaysia worth RM1.0 million (S$0.3 million) and to move-in machinery for a solar panel manufacturer in Ho Chi Minh City, Vietnam, worth US$0.37 million (S$0.5 million).

In Singapore, it also commenced a move-in/out project for a fabless semi-conductor manufacturer based in Taiwan and South Korea worth US$0.78 million (S$1.1 million), as well as a relocation project for a Singapore-based electronics manufacturer valued at S$0.2 million.

Meanwhile, Chasen (Chuzhou) Hi-Tech Machinery Services, the Group’s subsidiary in the People’s Republic of China (“PRC”) has secured a RMB21.7 million (S$4.6 million) project for an 8.5th Generation TFT LCD production line expansion in Guangzhou that commenced in March 2022.

• 3PL segment: It secured several contracts in Malaysia through its subsidiary, City Zone Express Sdn Bhd – a RM9.0 million (S$2.8 million) air-conditioned warehousing project spanning three years, one-year warehousing contracts in Penang and Johor amounting to RM8.8 million (S$2.7 million), and a trucking contract between Malaysia and Singapore worth RM1.2 million (S$0.4 million).

In Singapore, this segment secured a project for warehousing, delivery and installation of people mover facility for two buildings worth S$0.4 million.

• Hup Lian Engineering, Chasen’s T&E subsidiary: It secured a S$1.5 million solar panel installation project for six commercial buildings in Singapore. It follows earlier wins to install solar panels for 180 public housing blocks and four commercial buildings. To date it has secured projects for eight commercial buildings. 

Looking ahead, the Group expects the operating environment to be increasingly challenging. While travel restrictions have eased across Southeast Asia, the “Dynamic Zero” policy in several major cities in PRC has led to delays in Specialist Relocation project timelines and disrupted 3PL cross-border trucking operations. At the same time, economic headwinds such as rising operating costs, interest rates and manpower shortages may also compress margins.

To mitigate the slowdown in the TFT LCD sector in the PRC, the Specialist Relocation segment is diversifying into the semiconductor and automotive sectors as well as equipment manufacturer and back-end assembly markets in Malaysia and Singapore, including the electronics industry in Vietnam.

For 3PL, the Group intends to offer trucking, warehousing and forwarding services to support the growing semiconductor industry. To overcome border closures in the PRC, the Group has been seeking alternative options, such as rail transport to complement and ease the choke points of the road operations, while upgrading and enlarging its trucking fleet.

Despite rising costs and manpower shortages in Singapore, the T&E segment continues to see strong demand for the installation of solar panels on rooftops of commercial buildings. Chasen intends to leverage its track record to capture new projects.

JustinLow120a“Despite the challenging environment, Chasen has remained resilient and improved its financial performance. We will redouble efforts to seek new opportunities, and will continue to sharpen our competitive edge in the 3PL and Specialist Relocation segments to maintain a healthy flow of projects to continue delivering value to our shareholders.”

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


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