© 2019 Elsevier B.V. This work describes a novel approach to time-multiplexed holographic projection on binary phase devices. Unlike other time-multiplexed algorithms where each frame is the inverse transform of independently modified target images, Single-Transform Time-Multiplexed (STTM) hologram generation produces multiple sub-frames from a single inverse transform. Uniformly spacing complex rotations on the diffraction field then allows the emulation of devices containing 2N modulation levels on binary devices by using N sub-frames. In comparison to One-Step Phase Retrieval (OSPR), STTM produces lower mean squared error for up to N=5 than the equivalent number of OSPR sub-frames with a generation time of [Formula presented] of the equivalent OSPR frame. A mathematical justification of the STTM approach is presented and a hybrid approach is introduced allowing STTM to be used in conjunction with OSPR in order to combine performance benefits.