Ceramic tiles add quite a nice finishing flair to lobbies, signposts and swimming pools.
We could not find any information about what percent of the Singapore tile market NH occupies, but the number of competitors suggests this is a fragmented market with many competitors and low entry barriers. While NH has showed no revenue growth over the last three years, they did show a nice pop in profitability in 1999. This is certainly a good trend if it can be maintained. Keep in mind, during 1997 and 1998 there was a deep recession in Singapore which saw most construction related companies not just contracting revenue, but often falling to net losses in their operations. Sagely investors will hesitate to invest in niche construction related companies who have minimal barriers to entry to a fragmented market.