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Union Steel HoldingsSGX:ZB9 51 Return-on-Tangible-Equity is 10.20% as of Dec. 2025, which is 48% above its 10-year median of 6.91. GuruFocus rates SGX:ZB9 with a GF Score™ of 51/100 and a GF Value™ of S$0.51 (Fairly Valued). The stock has 5 warning signs investors should review. Among 224 Waste Management companies, Union Steel Holdings ranks worse than 51.34% on this metric.
Return-on-Tangible-Equity is calculated as Net Income divided by its average total shareholder tangible equity. Total shareholder tangible equity equals to Total Stockholders Equity minus Intangible Assets. Union Steel Holdings's annualized net income for the quarter that ended in Dec. 2025 was S$9.2 Mil. Union Steel Holdings's average shareholder tangible equity for the quarter that ended in Dec. 2025 was S$90.4 Mil. Therefore, Union Steel Holdings's annualized Return-on-Tangible-Equity for the quarter that ended in Dec. 2025 was 10.20%.
The historical rank and industry rank for Union Steel Holdings's Return-on-Tangible-Equity or its related term are showing as below:
SGX:ZB9'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: -26.98 Med: 6.91 Max: 17.09
Current: 9.1
During the past 13 years, Union Steel Holdings's highest Return-on-Tangible-Equity was 17.09%. The lowest was -26.98%. And the median was 6.91%.
SGX:ZB9's Return-on-Tangible-Equity is ranked worse than 51.34% of 224
companies
in the Waste Management industry
Industry Median: 9.39
vs SGX:ZB9: 9.10
Union Steel Holdings (SGX:ZB9) Return-on-Tangible-Equity Explanation
Return-on-Tangible-Equity measures the rate of return on the ownership interest (shareholder's tangible equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' tangible equity (shareholders equity minus intangibles). Return-on-Tangible-Equity shows how well a company uses investment funds to generate earnings growth. Return-on-Tangible-Equitys between 15% and 20% are considered desirable.
Be Aware
Net Income is used.
Because a company can increase its Return-on-Tangible-Equity by having more financial leverage, it is important to watch the leverage ratio when investing in high Return-on-Tangible-Equity companies. Like Return-on-Tangible-Asset, Return-on-Tangible-Equity is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their Return-on-Tangible-Equitys can be extremely high.
Union Steel Holdings Return-on-Tangible-Equity Related Terms
Union Steel Holdings Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for Union Steel Holdings's Return-on-Tangible-Equity can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Union Steel Holdings Return-on-Tangible-Equity Chart
SGX:ZB9 vs WM, RSG, WCN: Return-on-Tangible-Equity Comparison
For the Waste Management subindustry, Union Steel Holdings's Return-on-Tangible-Equity, along with its competitors' market caps and Return-on-Tangible-Equity data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Union Steel Holdings Return-on-Tangible-Equity vs Waste Management Industry
For the Waste Management industry and Industrials sector, Union Steel Holdings's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Union Steel Holdings's Return-on-Tangible-Equity falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Return-on-Tangible-Equity, the net income of the last fiscal year and the average total shareholder tangible equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is two times the semi-annual (Dec. 2025) net income data.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of 10.20% mean?
Union Steel Holdings (SGX:ZB9) has a Return-on-Tangible-Equity of 10.20% as of Dec. 2025. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Union Steel Holdings and its competitors. This is 48% above median its historical median of 6.91. According to the industry distribution chart, Union Steel Holdings ranks #115 out of 224 companies in the Waste Management industry, placing it in the top 51.3%.
Is Union Steel Holdings' Return-on-Tangible-Equity too high?
Union Steel Holdings' current Return-on-Tangible-Equity of 10.20% is 48% above median its 10-year median of 6.91. The Waste Management industry median Return-on-Tangible-Equity is 9.39. Union Steel Holdings' value of 10.20% is 8.6% above this industry median. Based on the distribution chart, Union Steel Holdings ranks #115 out of 224 companies in the Waste Management industry, which is below the industry midpoint. Overall, Union Steel Holdings has a GF Score™ of 51/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Union Steel Holdings' Return-on-Tangible-Equity compare to WM and RSG?
According to the Waste Management industry distribution chart, Union Steel Holdings ranks #115 out of 224 companies for Return-on-Tangible-Equity. This places Union Steel Holdings in the lower half of its industry. The industry median Return-on-Tangible-Equity is 9.39. Union Steel Holdings' value of 10.20% is 8.6% above this benchmark. While the company's 10-year median is 6.91 vs. the industry median of 9.39, Union Steel Holdings has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Return-on-Tangible-Equity for a Waste Management company?
The median Return-on-Tangible-Equity among Waste Management companies is 9.39, based on 224 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Equity significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Union Steel Holdings's current Return-on-Tangible-Equity of 10.20% is 8.6% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Return-on-Tangible-Equity mean?
A high Return-on-Tangible-Equity can signal that a stock is expensive relative to its fundamentals. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Union Steel Holdings and its competitors. For the Waste Management industry, the median Return-on-Tangible-Equity is 9.39 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Union Steel Holdings's current Return-on-Tangible-Equity is 10.20%, which is 48% above median its own 10-year median of 6.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Union Steel Holdings stock overvalued right now?
Based on GuruFocus' analysis, Union Steel Holdings (SGX:ZB9) is currently considered Fairly Valued. The stock's GF Value™ is S$0.51, compared to a current price of S$0.48 — trading 6.9% below its estimated fair value. The current Return-on-Tangible-Equity is 10.20%, which is 48% above median its 10-year median of 6.91 and 8.6% above the Waste Management industry median of 9.39. Union Steel Holdings' overall GF Score™ is 51/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Equity calculated?
Return-on-Tangible-Equity is calculated from a company's financial statements. For Union Steel Holdings (SGX:ZB9), the current Return-on-Tangible-Equity is 10.20% as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Union Steel Holdings (SGX:ZB9) Overvalued in 2026?
Based on GuruFocus' analysis, Union Steel Holdings stock appears to be undervalued.
The current stock price of S$0.48 is trading 6.9% below its estimated GF Value™ of S$0.51.
GuruFocus considers Union Steel Holdings to be Fairly Valued.
Key valuation signals for SGX:ZB9:
Return-on-Tangible-Equity: 10.20% (48% above median its 10-year median of 6.91)
GF Value™: S$0.51 vs. price of S$0.48 (6.9% below fair value)
Industry Position: 8.6% above the Waste Management median (#115 of 224)
No single metric tells the full story. See the SGX:ZB9 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Union Steel Holdings Ltd is an investment holding company. Its operating segments are Metals, which include import and export of scrap metals, waste collection services, trading, and leasing of metal products.; Scaffolding that provides scaffolding services and related consultancy services; Engineering, including civil construction and engineering work, manufacturing of motor vehicle bodies, and sale and rental of marine deck equipment; and Others that include income from the rental of properties. The company generates the majority of revenue from the Metals segment. Geographically, the company operates mainly in Singapore, followed by India, Thailand, Malaysia, Indonesia, Pakistan, China, Bangladesh, and Other Countries.
51GF Score
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Return-on-Tangible-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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