Koda Ltd. (BJZ) AI Stock Analysis

• Market Cap: S$29.90M
• Dividend Yield: N/A
• Average Volume (3M): 5.31K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.54
• Revenue Growth: 13.64%
• EPS Growth: N/A
• Country: SG
• Employees: 1,651
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Furnishings, Fixtures & Appliances
• EPS (TTM): 0.02
• Shares Outstanding: 83,237,854
• 10 Day Avg. Volume: 1,930
• 30 Day Avg. Volume: 5,306
• PEG Ratio: -0.23
• Price to Book (P/B): 0.31
• Price to Sales (P/S): 0.27
• P/FCF Ratio: 20.29
• 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$0.36 ▲(30.00% Upside)
• Action: Reiterated Date: 02/14/26
• Date: Action: Reiterated 02/14/26

The score is primarily held back by weak financial performance (sharp revenue decline, thin margins, and soft operating cash generation). Technicals provide some support with price above major moving averages, but overbought conditions and a slightly negative MACD temper momentum. Valuation is a further headwind due to a high P/E and no dividend yield provided.

Positive Factors

Stable gross profit margin

A gross margin around 31% indicates the company retains structural product or production margins above variable costs. That margin provides a buffer to absorb cost inflation or sales volatility and supports recovery in operating profitability if fixed-cost absorption improves.

Conservative leverage and healthy equity base

Low debt relative to equity gives the company financial flexibility to fund investment or withstand demand shocks without heavy refinancing risk. A conservative capital structure supports long-term resilience and optionality for strategic spending or restructuring.

Solid free cash flow conversion

A 0.75 FCF-to-net-income ratio shows the company can convert a meaningful portion of accounting earnings to cash after capex. Over months this supports debt reduction, selective reinvestment, or stabilization of operations even if near-term cash from operations is weak.

Negative Factors

Sharp revenue decline

A 25.7% revenue drop is a structural concern: loss of scale undermines operating leverage, reduces bargaining power with suppliers, and can trigger margin deterioration. Restoring topline requires successful product, distribution, or market repositioning over the medium term.

Very thin net profit margin

A roughly 1% net margin means profits are minimal relative to sales, leaving little room to absorb adverse shocks or invest from internally generated earnings. Persistently thin net returns constrain retained earnings and damage long-term return on equity.

Weak operating cash generation

Very low operating cash conversion and declining FCF growth imply operations are not generating reliable cash. This weakens the company's ability to fund capex, reduce leverage, or invest in growth without external financing, limiting strategic flexibility.

Koda Ltd. Business Overview & Revenue Model

Company Description

Koda Ltd designs, manufactures, sells, and export wood furniture and fixtures in the Asia-Pacific, North America, Europe, and internationally. It operates in two segments, Manufacturing, and Retail and Distribution. The company offers metal, glass, fabric, wood, stone, and leather furniture. It sells furniture to the wholesale market and directly to customers through retail outlets. Koda Ltd was founded in 1972 and is headquartered in Singapore.

How the Company Makes Money

Koda Ltd. generates revenue primarily through the sale of software licenses, subscription services, and custom development projects. The company's key revenue streams include recurring income from software-as-a-service (SaaS) offerings, which provide clients with continuous access to their applications and updates. Additionally, Koda Ltd. earns revenue from consulting services that help clients implement and optimize their software solutions. Strategic partnerships with other tech firms and integration with popular platforms also contribute to increased sales and market reach, enhancing the company's overall earnings.

Koda Ltd. Financial Statement Overview

Summary

Financials are mixed but pressured: revenue declined sharply (-25.67%) and profitability is very thin (net margin 1.04%) with low operating margins. Balance sheet leverage is moderate (debt-to-equity 0.32) and the equity base appears healthy, but cash generation is weak (operating cash flow to net income 0.07) with negative free cash flow growth (-12.31%).

Income Statement

Koda Ltd. has experienced a significant decline in revenue over the past year, with a revenue growth rate of -25.67%. The gross profit margin remains relatively stable at 31.42%, but the net profit margin is low at 1.04%, indicating challenges in converting revenue into profit. The EBIT and EBITDA margins are also low, suggesting operational inefficiencies.

Balance Sheet

The company's debt-to-equity ratio is moderate at 0.32, indicating a balanced approach to leveraging. However, the return on equity is low at 1.19%, reflecting limited profitability from shareholders' investments. The equity ratio is healthy, suggesting a strong asset base relative to liabilities.

Cash Flow

Koda Ltd. shows a negative free cash flow growth rate of -12.31%, indicating challenges in generating cash. The operating cash flow to net income ratio is low at 0.07, suggesting limited cash generation from operations. However, the free cash flow to net income ratio is relatively strong at 0.75, indicating some efficiency in cash conversion.

Breakdown	Jun 2024	Jun 2023	Jun 2022	Jun 2021	Jun 2020
Income Statement
Total Revenue	52.73M	45.60M	43.78M	79.34M	111.13M
Gross Profit	16.57M	12.82M	11.95M	24.55M	36.45M
EBITDA	4.22M	-124.00K	2.82M	11.78M	15.15M
Net Income	547.00K	-4.52M	-2.83M	5.67M	12.23M
Balance Sheet
Total Assets	71.64M	73.22M	74.24M	87.97M	100.16M
Cash, Cash Equivalents and Short-Term Investments	10.18M	11.67M	15.80M	14.78M	19.73M
Total Debt	14.92M	16.10M	16.09M	20.06M	8.78M
Total Liabilities	25.75M	29.00M	25.31M	35.36M	33.94M
Stockholders Equity	46.09M	44.44M	49.08M	52.87M	66.30M
Cash Flow
Free Cash Flow	709.00K	-2.49M	6.33M	-7.74M	3.65M
Operating Cash Flow	941.00K	-797.00K	7.70M	5.46M	10.12M
Investing Cash Flow	-230.00K	-1.66M	-1.35M	-13.12M	-9.45M
Financing Cash Flow	-1.67M	-1.52M	-5.27M	7.45M	-3.27M

Koda Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.28
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:BJZ, the sentiment is Positive. The current price of 0.28 is below the 20-day moving average (MA) of 0.30, below the 50-day MA of 0.29, and above the 200-day MA of 0.24, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 74.26 is Negative, neither overbought nor oversold. The STOCH value of 97.44 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:BJZ.

Koda Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
BJZ	52 Neutral	S$29.90M	―	1.22%	―	13.64%	―
5BI	44 Neutral	S$17.05M	25.00	―	―	―	―
T09	43 Neutral	S$14.68M	-3.50	―	―	-23.26%	28.07%
XCF	43 Neutral	S$7.64M	―	-31.29%	―	-6.00%	-267.05%