Attika Group Ltd. (53W) AI Stock Analysis

• Market Cap: S$54.40M
• Dividend Yield: N/A
• Average Volume (3M): 25.35K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.18
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SG
• Employees: 99
• Sector: Services
• Sector Strength: N/A
• Industry: Engineering & Construction
• EPS (TTM): N/A
• Shares Outstanding: 136,000,000
• 10 Day Avg. Volume: 45,000
• 30 Day Avg. Volume: 25,353
• PEG Ratio: 0.00
• Price to Book (P/B): 8.02
• Price to Sales (P/S): 1.45
• P/FCF Ratio: -17.71
• 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: 52 Neutral
• Price Target: S$0.40 ▲(6.32% Upside)
• Action: Reiterated Date: 03/15/26
• Date: Action: Reiterated 03/15/26

The score is primarily supported by improving financial performance, led by strong revenue rebound and sustained profitability, but is constrained by balance-sheet leverage and volatile cash-flow conversion. Technical signals are currently weak (below key short-term averages and negative MACD). Valuation cannot be supported from the provided P/E and dividend data.

Positive Factors

Revenue rebound & profitability

A pronounced 2025 top-line rebound with sustained positive earnings demonstrates recovering demand and contract wins. Durable revenue growth supports backlog conversion and repeat business, providing a stronger base for multi-month revenue visibility and improved cash generation potential.

Operating cash flow recovery

The shift from negative to sustained positive operating cash flow signals improved project execution and working-capital management. This structural improvement reduces reliance on external funding, enhances liquidity for near-term obligations, and supports reinvestment over the coming months.

Improving capital structure

Equity growth and normalized leverage in 2024 indicate a strengthening balance sheet and reduced solvency risk. A healthier capital structure increases capacity for new contracts, improves lender confidence and borrowing terms, and creates more resilience to project or cycle volatility.

Negative Factors

Elevated leverage

Historically very high debt and still-meaningful leverage in 2025 amplify sensitivity to project delays, interest cost increases, and cyclical downturns. Persistent leverage constrains strategic flexibility, raises refinancing and covenant risks, and can limit capacity to invest or bid on large contracts.

Volatile free cash flow

Swinging free cash flow driven by working-capital swings undermines predictable funding for capex, debt reduction, or dividends. Such volatility can force reliance on short-term financing, raise effective funding costs, and complicate multi-month planning for project execution and growth investments.

Margin inconsistency

Inconsistent gross and net margins and weak operating leverage suggest project-level pricing or cost control issues. If margins fail to scale with revenue, earnings quality remains vulnerable to cost inflation, competitive pressure, and execution risks, limiting sustainable profit expansion.

Attika Group Ltd. Business Overview & Revenue Model

Company Description

Attika Group Ltd., an investment holding company, provides electrical works in Singapore. The company also undertakes interior design and fitted out works. In addition, it is involved in the design, production, building and project management, service, and maintenance of interior fit-out works. The company serves private and public sectors. Attika Group Ltd. was founded in 2014 and is based in Singapore.

How the Company Makes Money

Attika Group Ltd. Financial Statement Overview

Summary

Income statement is solid (72) with strong 2025 revenue rebound and consistent profitability, but margin consistency is uneven. Balance sheet is the main drag (48) due to historically high leverage, improving in 2024 but still meaningful in 2025. Cash flow is mixed (55) with volatile free cash flow and uneven cash conversion.

Income Statement

The company delivered strong top-line expansion, with revenue rebounding sharply in 2025 after a modest growth year in 2024, indicating improving demand/contract wins. Profitability is positive across periods, but margins show volatility: 2024 margins were modest for the sector (about 15% gross and ~5% net), and profits did not scale proportionally with revenue in 2024. Overall, earnings are consistently positive, but margin consistency and operating leverage appear uneven.

Balance Sheet

Leverage has been a recurring risk: debt compared with equity was very high in 2021–2023 (especially 2021 and 2023), raising balance-sheet sensitivity to project/cycle volatility. The profile improves materially in 2024 as equity grows and leverage normalizes, but 2025 still shows meaningful debt versus equity. Assets are expanding, yet the capital structure remains a key watch item given the historically elevated leverage.

Cash Flow

Cash generation is mixed. Operating cash flow was negative in 2021 but turned positive thereafter, which is a constructive shift. However, free cash flow has been volatile—negative in 2023, strong in 2024, and materially lower in 2025—suggesting working-capital swings and/or uneven project cash conversion typical of construction. Cash flow quality improved versus the early period, but stability remains a concern.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	22.08M	37.55M	55.52M	26.97M	24.91M	25.72M
Gross Profit	2.62M	7.70M	8.38M	5.86M	4.35M	3.03M
EBITDA	1.79M	5.09M	4.52M	3.70M	2.87M	1.93M
Net Income	1.30M	3.36M	2.82M	2.28M	2.07M	1.43M
Balance Sheet
Total Assets	37.08M	44.42M	35.02M	24.66M	18.65M	18.53M
Cash, Cash Equivalents and Short-Term Investments	324.34K	6.82M	9.18M	2.71M	882.27K	594.00K
Total Debt	16.00M	14.70M	11.76M	16.17M	8.80M	10.04M
Total Liabilities	33.10M	31.76M	24.73M	21.90M	15.83M	16.98M
Stockholders Equity	3.98M	12.66M	10.30M	2.76M	2.82M	1.54M
Cash Flow
Free Cash Flow	-1.80M	3.20M	10.77M	-603.00K	2.73M	-2.36M
Operating Cash Flow	-1.72M	3.25M	10.86M	5.67M	2.79M	-2.26M
Investing Cash Flow	-274.81K	-1.34M	-840.00K	-6.55M	228.32K	58.66K
Financing Cash Flow	-388.29K	-4.07M	-3.89M	2.85M	-2.73M	1.96M

Attika Group Ltd. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.38
• 50DMA: Negative
• 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 SG:53W, the sentiment is Neutral. The current price of 0.38 is below the 20-day moving average (MA) of 0.42, below the 50-day MA of 0.42, and above the 200-day MA of 0.35, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 42.23 is Neutral, neither overbought nor oversold. The STOCH value of 44.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:53W.

Attika Group Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
53W	52 Neutral	S$54.40M	―	43.14%	―	―	―
V8Y	47 Neutral	S$12.59M	-15.29	―	―	―	―
R14	47 Neutral	S$34.21M	-32.35	-1.53%	―	―	―

Attika Group Ltd. Corporate Events

Attika Group Broadens Investor Base With S$5.46 Million Vendor Share Sale

Attika Group Ltd.’s majority shareholder, Managing Director and Executive Chairman Steven Tan, has sold 15.6 million existing shares in the company at S$0.35 each, raising S$5.46 million from a group of institutional and high net-worth investors that includes Areca Capital, Asdew Acquisitions, ICH Synergrowth Fund and Lion Global Investors (on behalf of its clients). The transaction is positioned as a strategic move to broaden Attika’s shareholder base and improve trading liquidity in its stock, while Tan maintains a significant controlling stake, reinforcing confidence in the company’s ongoing direction and capital structure optimisation efforts.

The most recent analyst rating on (SG:53W) stock is a Hold with a S$0.48 price target. To see the full list of analyst forecasts on Attika Group Ltd. stock, see the SG:53W Stock Forecast page.

Attika Group Wins S$38 Million in Interior Fit-Out Contracts, Extending Revenue Visibility to 2027

Attika Group Ltd. has secured two new interior fit-out contracts in Singapore worth a combined S$38 million, reinforcing its push into larger-scale commercial office projects. The key award is a S$36 million contract to fit out 20 floors spanning about 371,350 square feet in a commercial office building, targeted for completion by June 2027, alongside a smaller S$2 million office fit-out set to finish by April 2026. These wins, which follow three contracts worth S$26 million secured in late 2025 including a data centre project, are expected to contribute progressively to the company’s financial performance through 2027 and enhance its order book visibility, underscoring its strengthening position in the regional fit-out market.

The most recent analyst rating on (SG:53W) stock is a Hold with a S$0.48 price target. To see the full list of analyst forecasts on Attika Group Ltd. stock, see the SG:53W Stock Forecast page.

Attika Group Wins S$38 Million in Interior Fit-Out Contracts, Extending Revenue Visibility to 2027

Attika Group Ltd. has secured two new interior fit-out contracts in Singapore worth a combined S$38 million, reinforcing its push into larger-scale commercial office projects. The key award is a S$36 million contract to fit out 20 floors spanning about 371,350 square feet in a commercial office building, targeted for completion by June 2027, alongside a smaller S$2 million office fit-out set to finish by April 2026. These wins, which follow three contracts worth S$26 million secured in late 2025 including a data centre project, are expected to contribute progressively to the company’s financial performance through 2027 and enhance its order book visibility, underscoring its strengthening position in the regional fit-out market.

The most recent analyst rating on (SG:53W) stock is a Hold with a S$0.48 price target. To see the full list of analyst forecasts on Attika Group Ltd. stock, see the SG:53W Stock Forecast page.

Attika Group Updates Market on Deployment of IPO Proceeds

Attika Group Ltd. has provided an update on the deployment of its IPO net proceeds, reporting that S$1.336 million has been utilised out of S$2.22 million, leaving a balance of S$884,000. The bulk of the funds used to date have gone to the Group’s property business (S$1.258 million) and general working capital (S$78,000), with the allocation for new equipment, plant and machinery still untouched, and the company emphasises that all spending remains in line with the intended uses previously communicated to shareholders.

The most recent analyst rating on (SG:53W) stock is a Hold with a S$0.50 price target. To see the full list of analyst forecasts on Attika Group Ltd. stock, see the SG:53W Stock Forecast page.