Vico International Holdings Ltd. (1621) AI Stock Analysis

• Market Cap: HK$131.00M
• Dividend Yield: N/A
• Average Volume (3M): 576.27K
• Price to Earnings (P/E): 9.5
• Beta (1Y): 0.17
• Revenue Growth: -14.65%
• EPS Growth: -2.82%
• Country: HK
• Employees: 29
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Refining & Marketing
• EPS (TTM): 0.01
• Shares Outstanding: 1,000,000,000
• 10 Day Avg. Volume: 1,539,200
• 30 Day Avg. Volume: 576,266
• PEG Ratio: -0.24
• Price to Book (P/B): 0.34
• Price to Sales (P/S): 0.05
• P/FCF Ratio: 1.81
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 73 Outperform
• Price Target: HK$0.17 ▲(43.33% Upside)

The score is driven primarily by solid financial performance—especially strong free cash flow generation and a low-leverage balance sheet—tempered by thin profitability and some margin/revenue pressure. Technicals add support with the price above key moving averages and positive momentum, while valuation appears reasonable with a single-digit P/E.

Positive Factors

Strong Free Cash Flow

Sustained FCF growth indicates the business reliably converts earnings into cash, supporting reinvestment, capex, and deleveraging. Over 2-6 months this underpins financial flexibility, funds for product development or OEM contracts, and resilience through cyclical demand swings.

Low Financial Leverage

A low debt-to-equity ratio signals conservative capital structure and low fixed financing costs, reducing bankruptcy risk. This grants management optionality to invest in growth or weather downturns without pressure to raise dilutive capital, supporting long-term stability.

Diversified Revenue Streams

Multiple product lines and OEM/customer channels reduce single-market exposure and smooth revenue cycles. Diversification supports sustained order flow and cross-selling opportunities, enabling the firm to leverage manufacturing capabilities and maintain volume despite sector-specific weakness.

Negative Factors

Declining Revenue Trend

Material revenue declines signal demand or market-share challenges that can persist beyond a quarter. Continued top-line contraction pressures operating leverage, limits reinvestment capacity, and can erode supplier/customer relationships, making recovery longer and more costly.

Thin Net Profitability

Very low net margin and shrinking gross margin suggest limited pricing power or rising input costs. Persistently thin profitability undermines retained earnings accumulation, constrains strategic investments, and leaves little buffer against cyclical downturns or competitive pricing pressure.

Modest Return on Equity

A middling ROE indicates the company generates modest shareholder returns on capital employed. Over the medium term this can limit investor confidence and make funding growth via equity less attractive, constraining scale-up and competitive reinvestment versus higher-ROE peers.

Vico International Holdings Ltd. Business Overview & Revenue Model

Company Description

Vico International Holdings Limited, an investment holding company, distributes third-party branded petrochemicals primarily in Hong Kong, Macau, Vietnam, and Malaysia. It offers diesel; lubricant oils, including self-branded lubricant and third-party branded lubricant oils; and other petrochemicals, such as bitumen, as well as kerosene. The company also provides fleet card and transportation services. As of March 31, 2022, it operated a total number of 51, 259 fleet card accounts. The company was formerly known as Rico International Holdings Limited and changed its name to Vico International Holdings Limited in May 2017. The company was founded in 1977 and is headquartered in Cheung Sha Wan, Hong Kong. Vico International Holdings Limited is a subsidiary of Max Fortune Holdings Limited.

How the Company Makes Money

Vico International Holdings Ltd. generates revenue through multiple streams, primarily from the sale of its manufactured products and components in the electronics and consumer goods sectors. The company's revenue model is built on direct sales to retailers and wholesalers, as well as contracts with OEM (original equipment manufacturer) clients. Key revenue streams include the sale of electronic components, consumer electronics, and related products. Additionally, Vico may engage in partnerships with other firms for co-development projects, enabling it to expand its market reach and leverage shared resources, which contributes to its overall earnings. The company may also benefit from economies of scale in production, reducing costs and increasing profitability.

Vico International Holdings Ltd. Financial Statement Overview

Summary

Solid overall fundamentals supported by strong cash flow performance (free cash flow growth and high cash conversion) and a healthy balance sheet with low leverage. The main constraint is weak profitability, with low net margin and some pressure from declining gross margin and a recent revenue drop.

Income Statement

Vico International Holdings Ltd. has shown fluctuating revenue trends with a recent decline of 7.96% in the latest year. The gross profit margin has decreased over time, indicating pressure on cost management. The net profit margin is relatively low at 0.80%, suggesting limited profitability. However, the company maintains a positive EBIT and EBITDA margin, reflecting operational efficiency.

Balance Sheet

The company maintains a healthy debt-to-equity ratio of 0.17, indicating prudent leverage management. The return on equity is moderate at 5.31%, showing reasonable returns for shareholders. The equity ratio stands at a solid level, suggesting a stable financial structure with adequate equity backing.

Cash Flow

Vico International Holdings Ltd. has demonstrated strong free cash flow growth of 33.40%, indicating robust cash generation capabilities. The operating cash flow to net income ratio is high, reflecting efficient cash conversion. The free cash flow to net income ratio of 0.95 suggests effective cash management and reinvestment potential.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.43B	1.54B	1.60B	1.02B	1.37B	816.37M
Gross Profit	46.85M	45.91M	48.34M	44.69M	43.48M	47.16M
EBITDA	30.92M	26.53M	32.73M	22.66M	21.81M	30.78M
Net Income	13.75M	12.35M	16.93M	8.80M	9.17M	18.34M
Balance Sheet
Total Assets	300.33M	287.29M	273.17M	260.82M	267.96M	245.91M
Cash, Cash Equivalents and Short-Term Investments	102.81M	83.01M	39.95M	42.16M	54.63M	56.24M
Total Debt	37.38M	40.04M	35.16M	46.30M	63.37M	37.20M
Total Liabilities	56.93M	54.92M	53.15M	57.73M	73.67M	50.78M
Stockholders Equity	243.39M	232.37M	220.02M	203.09M	194.29M	195.13M
Cash Flow
Free Cash Flow	27.38M	43.72M	8.72M	2.23M	24.44M	14.73M
Operating Cash Flow	29.45M	45.98M	10.11M	3.73M	26.84M	21.07M
Investing Cash Flow	-17.96M	-15.83M	3.91M	-7.01M	-38.94M	-36.30M
Financing Cash Flow	-9.18M	-6.13M	-12.60M	-17.58M	10.48M	4.35M

Vico International Holdings Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.12
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1621, the sentiment is Positive. The current price of 0.12 is below the 20-day moving average (MA) of 0.13, below the 50-day MA of 0.13, and above the 200-day MA of 0.10, indicating a bullish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 57.16 is Neutral, neither overbought nor oversold. The STOCH value of 20.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:1621.

Vico International Holdings Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
1621	73 Outperform	HK$131.00M	9.49	5.81%	―	-14.65%	-2.82%
0603	72 Outperform	HK$817.38M	5.88	4.05%	―	-12.48%	―
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
2337	55 Neutral	HK$558.01M	15.30	7.01%	2.35%	-13.08%	-43.83%
2728	42 Neutral	HK$111.38M	-6.94	-25.25%	―	-0.55%	-340.00%
0332	40 Underperform	HK$117.82M	-0.06	―	―	-76.52%	-630.18%

Vico International Holdings Ltd. Corporate Events

Vico International Holdings Reports Increased Profits Despite Revenue Decline

Vico International Holdings Limited reported a 13.9% decrease in revenue to HK$697.7 million for the six months ending September 30, 2025, compared to the same period in 2024. Despite the revenue drop, the company saw a 3.9% increase in gross profit to HK$25.4 million and a 14.6% rise in net profit to HK$11.0 million, indicating improved operational efficiency and cost management.

Vico International Holdings to Review Interim Results and Dividend

Vico International Holdings Limited has announced that its Board of Directors will convene on November 24, 2025, to review and approve the company’s interim financial results for the six months ending September 30, 2025. The meeting will also consider the declaration of an interim dividend and address other business matters, which could impact the company’s financial strategy and stakeholder interests.