Through its other subsidiaries, TSE also carries and distributes a wide range of third-party electrical products in Singapore, supporting the needs of local contractors and manufacturers; provides independent testing and inspection services for construction projects in Singapore, Malaysia, and Indonesia; and manufactures electrical switchboards in Brunei.
TSE’s cable and wires are widely used in Singapore’s key infrastructure including MRT lines, Changi Airport, and Tuas Mega Port. It is also a primary supplier to many of Singapore’s iconic landmarks such as Jewel at Changi, Gardens by the Bay, and Resorts World Sentosa. TSE supplies to over 70% of data centres in Singapore.
The way Chen sees it, TSE’s core competitive advantages include ts sizeable local production facility that can cater to large and mega projects while offering superior logistics experiences (short turnaround time and multiple deliveries within a day); its strong project track record; and its “tri-axis” production bases in Singapore, Malaysia and Vietnam that ensure supply resilience.
“TSE has been consistently profitable for 28 years since its listing in 1998, though its profits and margins may fluctuate with infrastructure development cycles and copper prices,” notes Chen.
“While TSE routinely hedges a portion of copper demand after a project is entered, its contract margins may still be somewhat eroded if copper prices sharply rise,” says Chen, adding that this happened during the pandemic when the supply chain was severely disrupted, resulting in TSE ending up with onerous contracts (older contracts that were entered when copper prices were low) that dragged its financial performance in FY2023-FY2024.
With the onerous contracts largely depleted, TSE’s net profit was more normalised in FY2025, reaching a record-high level of $25.9 million, an increase of 78% y-o-y.
As at 11.32am, shares in TSE are trading 4.4% higher for the day at 60 cents. Ytd, its share price has risen 50%.
