Vico International Holdings Ltd. (1621) AI Stock Analysis

• Market Cap: HK$187.00M
• Dividend Yield: N/A
• Average Volume (3M): 576.27K
• Price to Earnings (P/E): 2.1
• Beta (1Y): 0.16
• 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: 71 Outperform
• Price Target: HK$0.21 ▲(72.50% Upside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

The score is driven primarily by solid financial stability and cash generation, supported by strong technical uptrend signals. It is held back by pressured profitability and declining revenue, while valuation appears only moderate with no dividend yield data to add support.

Positive Factors

Strong cash generation

Sustained free cash flow growth provides durable internal funding for capex, working capital and debt service. With FCF nearly matching net income the firm can self-fund investments, repay leverage or smooth operations during cyclical downturns without reliance on volatile external financing.

Low leverage / healthy balance sheet

Very low debt relative to equity gives the company financial flexibility and lowers refinancing and interest-rate risk. This conservative capital structure supports resilience, capacity for opportunistic investments or acquisitions, and reduces insolvency risk during multi-quarter revenue pressure.

Operational margin resilience

Maintaining positive EBIT/EBITDA margins indicates core operations generate earnings before finance and tax, reflecting structural efficiency in refining/marketing operations. This operational cash yield supports long-term viability and provides a platform to recover profits as volumes or pricing normalize.

Negative Factors

Declining revenue trend

A continued revenue decline erodes scale economics and reduces bargaining power with suppliers and customers. Over multiple quarters this compresses absolute gross profit, limits reinvestment capacity and can turn fixed-cost leverage into a persistent headwind to margin recovery and growth prospects.

Thin net profitability

Very thin net margins leave minimal buffer against cost inflation, commodity swings or volume drops. Limited retained earnings constrain strategic investment, dividends and debt reduction, and magnify the long-term impact of any revenue volatility on solvency and the ability to fund growth initiatives.

Limited scale / concentration risk

A tiny workforce implies narrow operational scale and likely limited product or geographic diversification. This raises dependency on a few contracts, suppliers or sites, reduces redundancy, and limits capacity to execute larger projects or expand quickly—heightening structural business risk over time.

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.

Vico International Holdings Ltd. Financial Statement Overview

Summary

Strong cash flow quality and growth (free cash flow up 33.40% and high cash conversion) plus prudent leverage (debt-to-equity 0.17) support stability. This is tempered by weakening revenue (down 7.96%) and thin profitability (net margin 0.80%) with declining gross margin.

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	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 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: Neutral
• 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 Neutral. The current price of 0.12 is below the 20-day moving average (MA) of 0.19, below the 50-day MA of 0.16, and above the 200-day MA of 0.12, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 54.92 is Neutral, neither overbought nor oversold. The STOCH value of 25.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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
0603	72 Outperform	HK$949.67M	1.68	4.05%	―	-12.48%	―
1621	71 Outperform	HK$187.00M	2.13	5.81%	―	-14.65%	-2.82%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
2337	55 Neutral	HK$610.44M	-20.66	6.71%	2.35%	-13.08%	-43.83%
0332	46 Neutral	HK$130.91M	-0.26	167.07%	―	-76.52%	-630.18%
2728	43 Neutral	HK$124.74M	-6.03	-26.94%	―	-0.55%	-340.00%