Singapore Institute of Advanced Medicine Holdings Ltd. (9G2) AI Stock Analysis

• Market Cap: S$44.33M
• Dividend Yield: N/A
• Average Volume (3M): 247.96K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.23
• Revenue Growth: -5.63%
• EPS Growth: 28.29%
• Country: SG
• Employees: 107
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Care Facilities
• EPS (TTM): >-0.01
• Shares Outstanding: 1,231,494,600
• 10 Day Avg. Volume: 138,640
• 30 Day Avg. Volume: 247,960
• PEG Ratio: 0.04
• Price to Book (P/B): 0.55
• Price to Sales (P/S): 1.94
• P/FCF Ratio: -2.83
• 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: 40 Underperform
• Price Target: S$0.03 ▼(-51.43% Downside)
• Action: Downgraded Date: 02/18/26
• Date: Action: Downgraded 02/18/26

The score is held down mainly by weak financial performance—persistent losses, negative operating cash flow, and relatively high leverage—despite strong revenue growth. Technicals also remain poor with a clear downtrend and negative momentum indicators, while valuation is not supportive because the negative P/E is driven by unprofitability and no dividend yield is available.

Positive Factors

Top-line Growth

A near-doubling of revenue indicates strong demand expansion and successful commercial traction in the core business. Sustained top-line growth creates a larger base to absorb fixed costs, supports future operating leverage, and provides management optionality for reinvestment or scaling operations over the medium term.

Free Cash Flow Improvement

Rapid improvement in free cash flow growth signals progress in cash conversion dynamics even if absolute cash remains negative. If sustained, this trend can reduce reliance on external financing, enable incremental debt paydown or capex funding, and materially improve liquidity resilience over several quarters.

Equity Base Stability

A stable equity ratio provides a structural cushion against volatility and supports the firm’s capacity to absorb losses while funding operations. This relative balance-sheet stability preserves access to capital markets and underpins medium-term strategic initiatives despite current profitability headwinds.

Negative Factors

Persistent Unprofitability

Consistent negative operating and net margins indicate structural cost or pricing issues that undermine sustainable earnings power. Without durable margin improvement, revenue growth will struggle to translate into shareholder returns, keeping cash generation weak and solvency risk elevated over time.

Negative Operating Cash Flow

Ongoing negative operating cash flow forces reliance on external financing or asset sales to fund operations and growth. Persistently weak cash generation constrains reinvestment, increases refinancing risk, and magnifies the impact of any adverse cycle or funding cost increase over the medium term.

High Leverage

A debt-to-equity ratio above 1 signals meaningful financial leverage that raises fixed obligations and reduces strategic flexibility. High leverage magnifies earnings volatility, limits capacity for opportunistic investment, and increases default or restructuring risk if operating cash flow does not improve.

Singapore Institute of Advanced Medicine Holdings Ltd. Business Overview & Revenue Model

Company Description

Singapore Institute of Advanced Medicine Holdings Ltd. operates as a holding company with interest in providing healthcare services. It offers pharmaceutical, surgical supplies and medical laboratory services. The company was founded by Djeng Shih Kien on November 24, 2011 and is headquartered in Singapore.

How the Company Makes Money

The company generates revenue through multiple streams, primarily from the sale of medical devices and diagnostic tools, which are marketed to hospitals, clinics, and healthcare professionals. Additionally, it earns income from healthcare management services that help institutions improve operational efficiency. Strategic partnerships with medical technology firms and healthcare providers also play a crucial role in expanding its market reach and enhancing product offerings, contributing significantly to its overall earnings.

Singapore Institute of Advanced Medicine Holdings Ltd. Financial Statement Overview

Summary

Despite very strong revenue growth (95.43%), the company continues to show negative profitability and negative operating cash flow, alongside high leverage (debt-to-equity 1.05) and negative ROE—keeping financial strength near the low end.

Income Statement

The company shows a significant revenue growth rate of 95.43% in the latest year, indicating strong top-line expansion. However, profitability remains a concern with negative net profit margins and EBIT margins, suggesting operational inefficiencies and high costs relative to revenue. The consistent negative margins over the years highlight ongoing challenges in achieving profitability.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio of 1.05, indicating significant leverage, which could pose financial risk. The return on equity is negative, reflecting losses and inefficiencies in generating returns for shareholders. However, the equity ratio is relatively stable, suggesting some level of financial stability despite the high leverage.

Cash Flow

Cash flow analysis shows negative operating cash flow, indicating challenges in generating cash from core operations. The free cash flow to net income ratio is slightly above 1, suggesting that free cash flow is somewhat aligned with net income, albeit both are negative. The high free cash flow growth rate of 91.31% is a positive sign, but sustainability remains a concern given the negative cash flows.

Breakdown	TTM	Jun 2024	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	15.93M	15.71M	16.65M	16.23M	13.81M	12.92M
Gross Profit	-6.99M	14.42M	15.36M	-2.60M	-4.31M	-2.32M
EBITDA	-10.22M	-11.08M	-13.42M	-10.60M	-8.02M	-3.06M
Net Income	-25.14M	-26.16M	-37.45M	-18.07M	-12.43M	-9.35M
Balance Sheet
Total Assets	125.21M	124.71M	138.76M	159.52M	174.36M	172.08M
Cash, Cash Equivalents and Short-Term Investments	3.85M	2.84M	3.16M	11.05M	15.84M	10.29M
Total Debt	88.57M	58.21M	46.10M	80.77M	87.30M	92.26M
Total Liabilities	75.26M	69.07M	57.01M	114.60M	120.31M	112.90M
Stockholders Equity	49.95M	55.64M	81.74M	44.93M	54.05M	59.18M
Cash Flow
Free Cash Flow	-4.80M	-10.78M	-14.80M	-19.89M	-11.26M	-9.72M
Operating Cash Flow	-4.35M	-10.63M	-14.26M	-5.45M	-7.15M	-4.26M
Investing Cash Flow	-169.47K	113.13K	-263.72K	-1.45M	3.72M	-5.25M
Financing Cash Flow	3.01M	10.20M	6.64M	2.11M	9.18M	10.66M

Singapore Institute of Advanced Medicine Holdings Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.07
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:9G2, the sentiment is Negative. The current price of 0.07 is above the 20-day moving average (MA) of 0.05, above the 50-day MA of 0.06, and above the 200-day MA of 0.04, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 10.48 is Positive, neither overbought nor oversold. The STOCH value of 38.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:9G2.

Singapore Institute of Advanced Medicine Holdings Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BSL	68 Neutral	$1.92B	26.74	6.20%	2.45%	8.90%	4.57%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
9G2	40 Underperform	S$44.33M	-1.83	-39.37%	―	-5.63%	28.29%

Singapore Institute of Advanced Medicine Holdings Ltd. Corporate Events

Singapore Institute of Advanced Medicine Announces Board and Committee Changes After Director’s Retirement

Singapore Institute of Advanced Medicine Holdings Ltd. has announced changes to its board and board committee composition effective 9 February 2026, following the retirement of Non-Executive and Non-Independent Director Vivienne Cheng Chi Fan, who will also step down from the Nominating and Remuneration Committees. Her departure leaves both committees with fewer than the required three members, and the company is reviewing its governance structure with a commitment to fill the vacancies within two to three months, underscoring an ongoing adjustment period in its corporate oversight while the remaining directors and audit committee composition remain in place.

The most recent analyst rating on (SG:9G2) stock is a Hold with a S$0.05 price target. To see the full list of analyst forecasts on Singapore Institute of Advanced Medicine Holdings Ltd. stock, see the SG:9G2 Stock Forecast page.

Singapore Institute of Advanced Medicine Fully Utilises S$644,000 Placement Proceeds for Equipment Maintenance

Singapore Institute of Advanced Medicine Holdings Ltd. has fully utilised the net proceeds of approximately S$644,000 from its placement of 19,748,000 new shares at S$0.035 each, completed in October 2025, to fund the group’s general working capital needs. The entire amount was applied to maintenance fees for medical equipment, underscoring the capital-intensive nature of its advanced medical operations, and the company also acknowledged an oversight in not promptly announcing the material use of these funds when it occurred in January 2026.

The most recent analyst rating on (SG:9G2) stock is a Hold with a S$0.05 price target. To see the full list of analyst forecasts on Singapore Institute of Advanced Medicine Holdings Ltd. stock, see the SG:9G2 Stock Forecast page.