SingAsia Holdings (8293) AI Stock Analysis

• Market Cap: HK$75.26M
• Dividend Yield: N/A
• Average Volume (3M): 42.98K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.73
• Revenue Growth: 1.43%
• EPS Growth: 86.01%
• Country: HK
• Employees: 69
• Sector: Industrials
• Sector Strength: 72
• Industry: Staffing & Employment Services
• EPS (TTM): N/A
• Shares Outstanding: 215,040,100
• 10 Day Avg. Volume: 6,000
• 30 Day Avg. Volume: 42,980
• PEG Ratio: 0.04
• Price to Book (P/B): 2.38
• Price to Sales (P/S): 0.35
• P/FCF Ratio: -2.36
• 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: 41 Neutral
• Price Target: HK$0.33 ▼(-16.50% Downside)
• Action: Reiterated Date: 03/24/26
• Date: Action: Reiterated 03/24/26

The score is held down mainly by weak financial performance (ongoing losses and negative operating/free cash flow) and bearish technicals (price below key moving averages with negative MACD). Valuation provides limited support because the negative P/E reflects loss-making operations and there is no dividend yield data.

Positive Factors

Balance-sheet improvement

Leverage declining from 0.99 to ~0.85 and positive equity provide a durable financial cushion, reducing near-term solvency risk and supporting investment or restructuring options. Improved leverage enhances financial flexibility and lowers default risk over the next several quarters.

Revenue recovery trend

A 24.1% YoY revenue increase from the lower base indicates demand resilience and the potential to regain scale. If sustained, this trend can support operating leverage, improve fixed-cost coverage and create a path to consistent profitability over multiple quarters.

Operating improvement vs prior year

Material margin improvement reflects effective cost controls and operating adjustments that are beginning to take hold. If management sustains these structural changes, improved margins can translate into quicker recovery to positive operating cash flow and long-term viability.

Negative Factors

Persistent losses

Ongoing net losses mean the business has not yet returned to profitability, limiting retained earnings and impairing ROE. Continued losses require either sustained operational turnarounds or external capital, which constrains long-term growth and shareholder return potential.

Negative operating & free cash flow

Deep negative operating and free cash flow undermines self-funding ability and forces reliance on financing or asset sales. Over months this reduces strategic flexibility, raises refinancing risk, and can impede investment in sales, technology, or staffing needed to sustain recovery.

Gross margin compression

Significant gross margin decline signals pricing pressure or cost increases that are structural rather than cyclical. If gross margins remain compressed, the company will struggle to convert revenue growth into sustainable operating profits, limiting durable margin expansion.

SingAsia Holdings Business Overview & Revenue Model

Company Description

SingAsia Holdings Limited, an investment holding company, provides workforce solutions in Singapore. The company offers manpower outsourcing, recruitment, and training services. The company also provides cleaning services. It offers workforce solutions for the hotel and resort, retail, and food and beverage sectors. SingAsia Holdings Limited was founded in 2004 and is headquartered in Singapore. SingAsia Holdings Limited is a subsidiary of Centrex Treasure Holdings Limited.

SingAsia Holdings Financial Statement Overview

Summary

Financials remain weak overall: the company is still loss-making (2025 net margin about -9.2%), margins compressed in 2025, and cash flow turned into a sizable operating and free-cash outflow. The balance sheet is not over-levered and improved versus 2024, but negative ROE and inconsistent cash conversion keep the score low.

Income Statement

Revenue has been volatile: after a sharp rebound in 2022–2023, it fell in 2024 and was roughly flat in 2025 (+24.1% year-over-year from a lower base). Profitability remains weak—2025 delivered a net loss (about -9.2% margin) despite an improved cost structure versus 2024 (net margin improved from roughly -26.6%). Gross margin compressed notably in 2025 (~16.6% vs ~24.5% in 2024), and operating profitability is still negative, though materially better than 2024.

Balance Sheet

Leverage is moderate but has fluctuated meaningfully. Debt relative to equity improved in 2025 (~0.85) from 2024 (~0.99) and is well below the spike-risk levels, but still above the more conservative 2023 position (~0.37). Equity remains positive, providing some balance-sheet cushion, yet returns to shareholders are strongly negative in 2024–2025 (negative return on equity), reflecting persistent losses and limiting the quality of the capital base.

Cash Flow

Cash generation has been inconsistent. After positive operating cash flow in 2023 and a small inflow in 2024, 2025 swung back to a sizable operating cash outflow, and free cash flow was also deeply negative. While 2025 free cash flow improved versus 2024 on a growth basis, the absolute level remains a key concern, and the business is not consistently converting earnings into cash across the cycle.

Breakdown	TTM	Jul 2025	Jul 2024	Jul 2023	Jul 2022	Jul 2021
Income Statement
Total Revenue	9.85M	12.23M	12.32M	18.52M	9.79M	5.76M
Gross Profit	2.45M	2.04M	3.02M	4.29M	2.17M	1.48M
EBITDA	-2.05M	-104.71K	-2.72M	1.21M	-1.86M	-630.81K
Net Income	-3.61M	-1.13M	-3.27M	565.03K	-1.72M	-1.34M
Balance Sheet
Total Assets	5.23M	7.47M	7.27M	7.47M	6.61M	5.71M
Cash, Cash Equivalents and Short-Term Investments	1.08M	2.25M	4.22M	1.72M	370.06K	3.39M
Total Debt	1.44M	1.52M	2.85M	1.41M	1.64M	1.41M
Total Liabilities	3.39M	5.68M	4.39M	3.69M	3.34M	2.71M
Stockholders Equity	1.84M	1.79M	2.88M	3.78M	3.27M	2.99M
Cash Flow
Free Cash Flow	-1.28M	-1.81M	-230.35K	1.61M	-2.51M	-291.93K
Operating Cash Flow	-921.38K	-1.26M	129.25K	1.64M	-2.48M	-283.78K
Investing Cash Flow	-1.74M	-867.36K	-362.65K	-41.77K	-36.55K	-8.15K
Financing Cash Flow	1.52M	-1.39M	2.83M	-323.23K	-608.17K	-786.04K

SingAsia Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.40
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:8293, the sentiment is Negative. The current price of 0.4 is below the 20-day moving average (MA) of 0.44, below the 50-day MA of 0.42, and above the 200-day MA of 0.27, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 39.46 is Neutral, neither overbought nor oversold. The STOCH value of 6.25 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:8293.

SingAsia Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2180	70 Outperform	HK$1.10B	3.26	10.96%	36.73%	17.49%	9.67%
8031	70 Outperform	HK$128.60M	33.03	1.60%	―	―	―
8462	66 Neutral	HK$46.20M	52.05	7.29%	―	-11.47%	5.00%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
8042	60 Neutral	HK$55.20M	8.09	3.78%	―	50.80%	―
6919	43 Neutral	HK$609.11M	2.51	-4.24%	2.26%	14.29%	-200.37%
8293	41 Neutral	HK$75.26M	-3.78	-47.93%	―	1.43%	86.01%