Sing Holdings Ltd. (5IC) AI Stock Analysis

• Market Cap: S$278.69M
• Dividend Yield: 2.2%
• Average Volume (3M): 179.04K
• Price to Earnings (P/E): 2.0
• Beta (1Y): 0.26
• Revenue Growth: 118.91%
• EPS Growth: 50.78%
• Country: SG
• Employees: N/A
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): 0.34
• Shares Outstanding: 400,994,660
• 10 Day Avg. Volume: 118,520
• 30 Day Avg. Volume: 179,043
• PEG Ratio: <0.01
• Price to Book (P/B): 0.41
• Price to Sales (P/S): 0.22
• P/FCF Ratio: -0.19
• 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: 65 Neutral
• Price Target: S$0.77 ▲(61.25% Upside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 02/28/26

The score is held back primarily by weak and volatile cash generation and higher leverage despite stronger 2025 profitability. Support comes from bullish technical momentum and an inexpensive valuation (very low P/E), with a modest dividend yield.

Positive Factors

Material margin improvement

Sustained mid-to-high teens net/EBIT margins indicate the business can generate strong operating profitability from core activities. Over 2-6 months this supports reinvestment capacity, competitive pricing power and resilience to modest revenue dips, improving long-term earnings durability.

Improved ROE and scale

Higher ROE alongside asset/equity growth shows management has recently deployed capital into revenue-generating assets effectively. This expanded scale enhances capacity to win larger contracts and creates a broader base to sustain profits beyond a single strong year.

Revenue and earnings recovery

A strong rebound demonstrates the company can recover demand and convert project opportunities into revenues. This operational ability to execute and restore top-line momentum is a durable capability that supports medium-term growth when market conditions normalize.

Negative Factors

Deeply negative cash generation

Persistent negative operating and free cash flow undermines internal funding for capex, dividends and working capital. Over months, this forces reliance on external financing, increases refinance risk, and constrains the firm's ability to sustain investment during real estate cycle downturns.

Marked increase in leverage

A jump to ~2.3x debt/equity materially reduces financial flexibility and raises interest and refinancing exposure. In a capital-intensive, cyclical real-estate services industry, higher leverage amplifies downside risk and limits ability to weather prolonged revenue or cash-flow weakness.

Lumpy, volatile revenue and earnings

Project-driven, irregular revenue recognition produces unstable earnings and cash timing, complicating forecasting and capital planning. This structural volatility weakens predictability of future profits and cash flow, making durable budgeting and long-term contracts harder to rely on.

Sing Holdings Ltd. Business Overview & Revenue Model

Company Description

Sing Holdings Limited, an investment holding company, engages in the property development and investment activities in Singapore and Australia. It operates through two segments, Property Development and Property Investment. The company develops and sells residential, commercial, and industrial properties; and owns and leases investment properties. Its property portfolio includes landed houses, condominiums, and commercial and industrial buildings. The company also owns Travelodge Docklands, a limited service hotel that consists of 291 rooms located in Melbourne; and 35 strata units in BizTech Centre, a light industrial building. Sing Holdings Limited was incorporated in 1964 and is based in Singapore.

How the Company Makes Money

Sing Holdings Ltd. generates revenue primarily through the sale of residential properties developed by the company, which includes both completed projects and those in various stages of development. The company also earns income from leasing its commercial properties, providing a steady stream of rental income. Additionally, Sing Holdings may engage in joint ventures and partnerships with other real estate developers or investors, allowing for shared resources and risks in larger projects, which can enhance profitability. The company's strategic focus on high-demand areas within Singapore contributes to its ability to command premium pricing for its properties, further bolstering its revenue generation.

Sing Holdings Ltd. Financial Statement Overview

Summary

2025 profitability improved materially with solid margins, but this is offset by deeply negative and volatile operating/free cash flow and a meaningful increase in leverage (debt ~2.3x equity), which raises financial risk and questions earnings quality.

Income Statement

Profitability strengthened materially in 2025, with solid margins (about 21% gross margin and ~16% net margin) and healthy earnings power (EBIT margin near 20%). However, results have been volatile across years: revenue contracted in 2020–2022, dipped again in 2023, then rebounded sharply in 2025 off a low base, suggesting lumpy/project-driven recognition rather than steady growth. Net margins also swung widely historically, which tempers confidence in durability.

Balance Sheet

Leverage increased meaningfully in 2025, with debt rising to roughly 2.3x equity versus sub-1.0x in 2022–2024, reducing financial flexibility. Equity and assets expanded alongside the 2025 earnings lift, and return on equity improved sharply in 2025, but the higher debt load raises refinancing and downturn risk for a real-estate-linked business.

Cash Flow

Cash generation is the key weakness: 2025 operating cash flow and free cash flow were deeply negative (both around -$1.0B), a sharp reversal from positive cash flow in 2022 and 2024. The pattern shows significant year-to-year swings (including negative years in 2020, 2021, and 2023), indicating working-capital/investment timing risk and weaker cash conversion even when reported earnings are strong.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	18.17M	881.53M	14.97M	5.83M	62.01M	121.73M
Gross Profit	12.18M	189.48M	10.68M	-1.27M	21.16M	28.79M
EBITDA	6.69M	174.24M	12.28M	13.73M	16.02M	22.17M
Net Income	11.65M	142.32M	9.78M	7.97M	10.84M	9.83M
Balance Sheet
Total Assets	869.18M	1.75B	875.16M	770.20M	737.56M	894.62M
Cash, Cash Equivalents and Short-Term Investments	78.20M	42.85M	72.42M	83.15M	102.43M	16.76M
Total Debt	199.11M	1.06B	254.22M	294.57M	294.77M	478.28M
Total Liabilities	545.08M	1.29B	550.17M	445.85M	411.55M	535.11M
Stockholders Equity	317.20M	460.25M	318.11M	317.53M	314.98M	314.25M
Cash Flow
Free Cash Flow	97.58M	-1.02B	48.62M	-3.68M	310.62M	-332.35M
Operating Cash Flow	98.02M	-1.02B	49.04M	-3.02M	314.72M	-332.34M
Investing Cash Flow	-70.00K	166.88M	-168.00K	-272.00K	-3.79M	223.00K
Financing Cash Flow	-99.37M	797.69M	-44.37M	-15.95M	-225.25M	314.40M

Sing Holdings Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.48
• 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 SG:5IC, the sentiment is Positive. The current price of 0.48 is below the 20-day moving average (MA) of 0.67, below the 50-day MA of 0.58, and above the 200-day MA of 0.46, indicating a bullish trend. The MACD of 0.03 indicates Positive momentum. The RSI at 63.33 is Neutral, neither overbought nor oversold. The STOCH value of 42.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:5IC.

Sing Holdings Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
5IC	65 Neutral	S$278.69M	2.03	3.68%	2.20%	118.91%	50.78%
O10	65 Neutral	S$603.86M	11.73	4.51%	3.17%	-2.21%	-20.80%
5JK	58 Neutral	S$338.80M	11.40	1.53%	0.46%	21.91%	82.03%
A30	49 Neutral	S$292.56M	13.51	7.26%	―	26.74%	―

Sing Holdings Ltd. Corporate Events

Sing Holdings Winds Up Dormant Subsidiary Fernvale Green

Sing Holdings Limited has placed Fernvale Green Pte. Ltd., a 70%-owned indirect dormant subsidiary, under members’ voluntary liquidation as part of its corporate streamlining. The company stated that the winding up of this non-operational unit is not expected to materially affect the group’s net tangible assets per share or earnings per share for the financial year ending 31 December 2025, and that none of its directors or controlling shareholders has any interest in the transaction beyond their shareholdings in Sing Holdings.

The most recent analyst rating on (SG:5IC) stock is a Hold with a S$0.50 price target. To see the full list of analyst forecasts on Sing Holdings Ltd. stock, see the SG:5IC Stock Forecast page.