| Thakral Corporation has just delivered a stellar set of results for the FY25, with the headline figure being an eye-catching net profit of $170.9 million (+493%). This was heavily driven by the stock gains from the IPOs of GemLife (ASX) and the Beauty Tech group (London Stock Exchange) in which Thakral holds minority stakes. Notably, GemLife, an over-50s lifestyle resort investment in Australia, listed at A$4.16, and has since surged to A$5.30, propelling GemLife to a market capitalization of A$2.02 billion. |
Thakral's FY2025 results:
|
SS$'000 |
FY25 |
FY24 |
Change (%) |
|
Revenue |
411,327 |
288,807 |
42 |
|
· Lifestyle |
352,124 |
273,027 |
29 |
|
· Investment Segment |
59,203 |
15,780 |
275 |
|
Operating profit |
55,050 |
24,497 |
125 |
|
Net gains on fair value of investees upon IPO |
173,836 |
- |
- |
|
Share of profit of associates |
15,731 |
22,537 |
(30) |
|
Profit before income |
238,997 |
42,804 |
458 |
|
Attributable to equity holders (net profit) |
170,933 |
28,809 |
493 |
Thakral’s FY25 success wasn’t limited to paper gains.
Realized profits from its minority stakes in Japanese property investments brought in $17 million in dividend income.
As a result of these wins, Thakral’s Net Asset Value (NAV) more than doubled, rocketing from $1.28 to $2.60 per share.
Thakral Corp CEO Inderbethal Singh Thakral at the FY25 results briefing.
CEO Inderbethal Singh Thakral says the company’s stock remains deeply undervalued.
During a recent briefing, he articulated several core merits of the stock.
Undervaluation and Shareholder Returns
Inderbethal pointed out that despite doubling its NAV to $2.60 and possessing financial "firepower," the stock is still languishing at a 67% discount to its book value.
Thakral stock has re-rated in the past year, enabling long-term shareholders to enjoy an astounding 500% total return over the last five years.
To top it off, Thakral rewards its investors with a reliable 20% dividend payout policy on normalized profits, with the FY25 payout of 6.5 cents/share translating to a healthy 4.1% dividend yield.
High-Octane Lifestyle Division 
In 2024, Thakral was appointed the official distributor for Nespresso in India. Photo: Nestle Nespresso SA
Beyond real estate, Inderbethal highlighted the consistent performance of Thakral’s premium Lifestyle business.
The division, which handles exclusive distributorships for global heavyweights like DJI in India and high-end fragrances in China, has reliably grown 25% to 30% year-on-year.
The company recently secured the Nespresso distributorship for India, opening high-traffic stores in major malls, and is officially projecting a continued baseline growth of 25% for the lifestyle segment.
Inderbethal assured analysts that this 25% target is carefully built "ground up" by strictly analyzing product lines and collaborating with supplier pipelines.
The CEO presented the massive long-term catalyst: a lucrative mixed-use healthcare development in Gurugram, India. |
With an undervalued share price, safe dividend yields, a surging lifestyle brand portfolio, and an Indian mega-project waiting in the wings, CEO Inderbethal’s message is clear: the market has yet to fully wake up to Thakral’s true potential.
→ See Thakral's FY25 Powerpoint deck here.
