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Employees: 3,192
Size NSL (N02.SI) is a Singapore Materials company (Construction Materials) with a market value of $262M, the 145th largest of 186 Singapore companies the cockpit tracks. Shares closed at S$0.89 on 6 Nov 2026.
Performance Over six months the shares gained 2.3%, against -21.9% for the median peer and -1.2% for the Singapore market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 24.2% over the last twelve months (peer median -3.3%); the operating margin is 10.2% (peer median 6.2%).
Valuation It trades at 0.5× enterprise value to sales against a peer median of 1.4× (2nd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -17% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -27 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 13.3 points above its cost of capital (5.0% WACC).
| TTM | FY2026 | FY2025 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$386M | S$386M | S$311M | S$298M | S$370M |
| Revenue growth | — | +24% | +4% | -19% | — |
| Gross profit | S$77.7M | S$77.0M | S$68.9M | S$53.4M | S$59.6M |
| EBITDA | S$53.8M | S$53.5M | S$45.9M | S$32.1M | S$36.5M |
| Net income | S$23.1M | S$23.3M | S$24.8M | -S$18.7M | S$10.7M |
| Free cash flow | S$12.3M | S$12.3M | S$61.5M | S$38.8M | S$23.0M |
| Capital expenditure | S$14.2M | S$14.2M | S$10.3M | S$6.89M | S$15.8M |
| Total debt | n/a | S$26.9M | S$13.6M | S$33.4M | S$42.3M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | N02.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.1% | -8.9% | 5th highest of 21 |
| 6-month return | +2.3% | -21.9% | 3rd highest of 21 |
| Distance from 52-week high | -10.1% | -40.7% | highest of 21 |
| Revenue growth (TTM) | +24.2% | -3.3% | 4th highest of 21 |
| Operating margin | 10.2% | 6.2% | 5th highest of 21 |
| EV / Sales | 0.5× | 1.4× | 2nd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -17.3% | -3.7% | least demanding of 14 |
| Growth delivered (Del g) | +9.3% | +4.7% | 3rd highest of 14 |
| Hurdle (Req g minus delivered) | -26.6 pp | +0.2 pp | 2nd least demanding of 14 |
| ROIC minus cost of capital | +13.3 pp | -2.8 pp | 2nd highest of 21 |
| EV / EBITDA | 3.8× | 7.1× | 4th cheapest of 13 |
| Net debt / EBITDA | -2.4× | 1.3× | least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NSL N02.SI | Singapore | $262M | +2% | +24% | 10% | 0.5× | -17.3% | +9.3% |
| International Cement KUO.SI | Singapore | $218M | -32% | +36% | 27% | 0.7× | -17.0% | +21.7% |
| Nippon Hume 5262.T | Japan | $329M | -16% | +22% | 6% | 1.0× | n/a | n/a |
| ASIA PILE 5288.T | Japan | $340M | +1% | +11% | 10% | 0.4× | -16.0% | +5.9% |
| Hubei Guochuang Hi-Tech Material 002377.SZ | China | $343M | -34% | +134% | 43% | 1.5× | -12.6% | -12.8% |
| Dongwu Cement International 0695.HK | Hong Kong | $378M | -36% | -41% | -20% | 20.1× | n/a | n/a |
| Vertex 5290.T | Japan | $383M | -42% | +18% | 14% | 1.0× | -11.1% | +4.3% |
| Hanil 003300.KS | South Korea | $384M | -4% | -10% | 7% | 0.9× | -3.7% | +4.7% |
| Lets 002398.SZ | China | $394M | -24% | -13% | 1% | 0.8× | -3.7% | -9.3% |
| Fujian SuperTech Advanced Material 688398.SS | China | $399M | -50% | +7% | 5% | 3.1× | 42.2% | +14.2% |
| Zhejiang Jianfeng 600668.SS | China | $403M | -41% | -13% | -12% | 1.5× | n/a | n/a |
| Ibstock IBST.L | United Kingdom | $408M | -19% | -10% | 3% | 1.4× | n/a | n/a |
| SAMPYO Cement 038500.KS | South Korea | $413M | -69% | -3% | 10% | 1.4× | 4.7% | +4.5% |
| Lionhead Technology Development 600539.SS | China | $427M | -30% | -5% | -7% | 6.1× | n/a | n/a |
| CHC Resources 9930.TW | Taiwan | $433M | -17% | -2% | 10% | 1.2× | -5.8% | +7.0% |
| Forterra FORT.L | United Kingdom | $445M | +11% | -5% | 10% | 1.2× | 6.4% | +5.7% |
| Jiangsu Baoli Asphalt 300135.SZ | China | $470M | -17% | -4% | -2% | 2.8× | 43.7% | -7.5% |
| Jiangxi Wannianqing Cement 000789.SZ | China | $471M | -21% | -28% | -9% | 1.5× | 24.3% | -18.3% |
| Tianjin Tianbao Infrastructure 000965.SZ | China | $476M | -23% | +65% | 8% | 1.9× | n/a | n/a |
| Fujian Cement 600802.SS | China | $502M | +29% | -22% | -23% | 3.6× | n/a | n/a |
| Qinglong Pipes Industry 002457.SZ | China | $507M | -12% | +4% | 6% | 1.4× | 0.0% | +5.1% |