From $0.70 to $1.70 In A Year – And This Stock's Re-Rating Has More Room To Rise?

Just one year ago, in Nov 2024, Thakral Corporation traded at a lowly ~S$0.60–0.70 per share, languishing with a market capitalisation of ~S$100 million.

Under investors' radar for years, the stock was trading at a deep discount to its underlying value amid poor liquidity.

That shifted dramatically from mid-2025, as the chart shows.

Thakral chart11.25 Thakral's rerating owes much to its successful investment in GemLife, which develops lifestyle resorts in Australia specifically for people over 50.

The catalysts were quarterly investor briefings and other engagements and, notably, two IPOs that crystallised years of patient value-building.

First, the July listing of GemLife (ASX: GLF) – Australia's leading developer of over-50s lifestyle resorts.

Thakral's shares surged, with Thakral's 16.8% stake rising to a market value of S$272 million by early November.

GemLife's own market cap has climbed to around A$2.0 billion, reflecting strong demand for its resort-style communities.

The momentum continued in October with the London Stock Exchange debut of The Beauty Tech Group (owner of CurrentBody, ZIIP Beauty, and Tria Laser) at a ~£300 million valuation.

Thakral, having partially monetised its holding by selling down from ~9.55% to 6.04% pre- and post-IPO.

Thakral booked S$13.1 million in cash proceeds plus a fair value uplift, while its remaining stake has a market value of S$27 million.

These IPOs not only delivered immediate gains but also increasingly put Thakral on investors' radars, driving its shares to a 2025 peak above S$1.70 (market cap: S$216 million).

Now, the question is: has the re-rating run its course?

The answer, based on management's most transparent disclosure yet via its 3Q2025 business update, is no.

New insights into Thakral's value

CEO Inderbethal Singh Thakral ("Bethal") provided unprecedented granularity: exact share counts, entry prices, current carrying values, and recent valuations across the entire portfolio.

Total investments (quoted and unquoted) now stand at S$432 million. Here's a breakdown:

Quoted Investments	Thakral's Stake	Carrying Value (30 Sep 2025)	Market Value (5 Nov 2025)
GemLife (ASX listed)	16.80%	S$250.1m	S$272.1m
No. of stapled securities	64,000,962	(A$4.58 / security)	(A$5.01 / security)
The Beauty Tech Group (LSE listed in Oct 25)	6.04%	S$16.2m	S$27.3m
No. of shares	6,683,868	N/A	(£2.40 / share)
Total value of quoted investments		S$266.3m	S$299.4m

While quoted holdings are worth S$299 million, the unquoted portfolio adds substantial value not previously spelt out:

Unquoted Investments	Thakral's Ownership	Carrying Value as at 30 Sep 2025
Gurugram real estate	13.64%	S$6.4m
Real estate investments in Japan	55%-59%	S$116.4m
Riverwalk Office – Singapore	100%	S$31.2m
New economy ventures		S$7.7m
Other unquoted investments		S$4.1m
Total value of unquoted investments		S$165.8m

This asset base sits alongside a thriving Lifestyle division – premium beauty & fragrance retail in Greater China, exclusive DJI drone distribution in South Asia, Bharat Skytech, and more.

The Lifestyle division delivered S$13 million in segmental profit for the first nine months of 2025, up an impressive 27% YoY.

Annualising this run-rate yields ~S$17 million.

Apply a 12–15x P/E and the Lifestyle business alone is worth S$200–260 million, matching Thakral's current market cap.

Company / Activity	Key Geography
Beauty & fragrance premium retail	Greater China
Exclusive distribution of DJI products	South Asia
Bharat Skytech	India
Skylark Drones	India
Official distributor for Nespresso	India
Segmental Profits for 9M2025 = S$13M (27%+ YoY)

Still undervalued

As Bethal pointedly remarked: the stock market is currently "valuing either our investments or our lifestyle business – but not both."

Add ongoing capital recycling (e.g., recent Japan property sales above book value generating strong IRRs and liquidity), a strong cash position, and geographic diversification across Australia, Japan, India, China, and Singapore, and the sum-of-parts discount is glaring.

For investors seeking undervalued small-caps with proven monetisation ability and multiple organic growth drivers, Thakral offers an interesting opportunity.

The GemLife and Beauty Tech IPOs were transformative milestones.

The next leg of Thakral's re-rating could be rewarding also.

→ Thakral's 3Q PowerPoint deck is here.

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