CSC Holdings Limited (C06) AI Stock Analysis

• Market Cap: S$53.52M
• Dividend Yield: 2.5%
• Average Volume (3M): 3.93M
• Price to Earnings (P/E): 75.0
• Beta (1Y): -0.01
• Revenue Growth: 20.81%
• EPS Growth: N/A
• Country: SG
• Employees: 1,400
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 0.00
• Shares Outstanding: 3,588,348,100
• 10 Day Avg. Volume: 7,507,379
• 30 Day Avg. Volume: 3,929,923
• PEG Ratio: -0.17
• Price to Book (P/B): 0.43
• Price to Sales (P/S): 0.10
• P/FCF Ratio: 12.24
• 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: 51 Neutral
• Price Target: S$0.02 ▼(-15.00% Downside)
• Action: Reiterated Date: 11/19/25
• Date: Action: Reiterated 11/19/25

The overall stock score reflects significant financial challenges, including high leverage and liquidity concerns, despite some recovery in revenue and gross margins. Technical indicators suggest a bearish trend with potential for price correction. The high P/E ratio raises valuation concerns, partially mitigated by a moderate dividend yield.

Positive Factors

Revenue recovery & higher gross margins

Reported revenue growth and a 10.47% gross margin indicate structural recovery in demand and better cost control. Sustained higher gross margins improve the firm's ability to generate operating cash and absorb fixed project costs, supporting reinvestment and resilience over several months.

Improving operating margins

Improved EBIT and EBITDA margins point to successful operational actions and efficiency gains. If maintained, stronger operating margins provide durable earnings quality, raise free cash flow potential, and reduce earnings volatility versus peers in the engineering and construction sector.

Moderate equity ratio

A moderate equity ratio implies a degree of balance between debt and equity financing, offering creditors and counterparties greater confidence. This structural financing mix can enable access to capital and provide a buffer during cyclical slowdowns across the 2–6 month horizon.

Negative Factors

High financial leverage

A 1.71 debt-to-equity ratio signals significant leverage that raises interest burden and refinancing risk. In a cyclical industry, elevated leverage reduces financial flexibility, increasing the chance of covenant stress or forced deleveraging if operating cash flow weakens over coming quarters.

Weak cash generation

A 52% decline in free cash flow and an OCF-to-net-income ratio of 0.05 show poor cash conversion and strained liquidity. Persistently weak cash flow limits the firm's ability to service debt, fund capital needs, or build reserves, posing multi-month solvency and working capital risks.

Very low profitability and ROE

A net margin of 0.56% and ROE of 2.32% indicate minimal returns on sales and shareholder capital. Sustained low profitability constrains internal funding, reduces investment capacity, and leaves scant buffers against project cost overruns or market downturns across the medium term.

CSC Holdings Limited Business Overview & Revenue Model

Company Description

CSC Holdings Limited, an investment holding company, provides foundation and geotechnical, and ground engineering solutions in Singapore, Malaysia, Thailand, India, and internationally. It operates through two segments, Foundation and Geotechnical Engineering, and Sales and Lease of Equipment. The company offers civil engineering, piling, foundation and geotechnical engineering, soil investigation, land surveying, and other related services. It also engages in the construction and installation of large diameter bored piles, diaphragm walls, ground improvement works, driven piles, jack-in piles, micro piles, pile testing and instrumentation, and automatic underground tunnel monitoring and engineering survey activities. In addition, the company provides laboratory testing, geotechnical instrumentation and monitoring, tunnel and structural deformation monitoring surveying, and tunneling surveying services. Further, it is involved in the property investment, development, management, and other related activities, as well as real estate activities with owned or leased properties; trading and rental of piling hammers, other foundation equipment, machinery, and other related services; sale and subletting of land; fabrication, repair, and maintenance of heavy machinery; and wholesale trading of equipment, spare parts, and consumable items. Additionally, the company rents and sells foundation engineering equipment, machinery, and spares parts; and trades in and rents construction equipment and related parts. It provides solutions for private and public sector works, including residential, commercial, industrial, and infrastructure projects. The company was founded in 1975 and is based in Singapore.

How the Company Makes Money

CSC Holdings Limited generates revenue through multiple streams, primarily from its telecommunications services, which include mobile and fixed-line services, internet connectivity, and data solutions for both residential and commercial customers. Additionally, the company earns income from its media division, which encompasses digital content distribution, advertising, and broadcasting services. Strategic partnerships with technology firms and content providers further bolster its revenue, enabling the company to offer bundled services and enhance customer loyalty. The company's investment in innovative technologies and infrastructure development also positions it to capitalize on emerging market trends, contributing to its overall financial performance.

CSC Holdings Limited Financial Statement Overview

Summary

CSC Holdings Limited shows signs of recovery with revenue growth and improved gross margins. However, profitability remains a challenge with low net margins and high leverage. The balance sheet reflects significant debt, posing financial risks. Cash flow metrics indicate liquidity concerns, necessitating careful cash management.

Income Statement

CSC Holdings Limited has shown a positive revenue growth rate of 3.75% in the latest year, indicating a recovery from previous declines. The gross profit margin improved to 10.47%, reflecting better cost management. However, the net profit margin remains low at 0.56%, suggesting limited profitability. The EBIT and EBITDA margins have improved, but still indicate room for operational efficiency improvements.

Balance Sheet

The company's debt-to-equity ratio is high at 1.71, indicating significant leverage which could pose financial risks. Return on equity is low at 2.32%, reflecting limited returns for shareholders. The equity ratio is moderate, suggesting a balanced asset financing structure but with potential vulnerability due to high debt levels.

Cash Flow

Free cash flow has decreased significantly by 52.49%, which is concerning for liquidity. The operating cash flow to net income ratio is low at 0.05, indicating potential cash flow challenges. The free cash flow to net income ratio is also low at 0.24, highlighting limited cash generation relative to earnings.

Breakdown	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	337.81M	305.34M	264.60M	268.74M	178.33M
Gross Profit	35.38M	14.28M	6.29M	27.72M	10.87M
EBITDA	31.85M	10.65M	4.06M	34.24M	17.44M
Net Income	1.88M	-20.16M	-26.68M	661.00K	-10.96M
Balance Sheet
Total Assets	396.30M	372.32M	382.62M	344.10M	325.51M
Cash, Cash Equivalents and Short-Term Investments	19.05M	18.81M	22.80M	34.36M	34.45M
Total Debt	139.17M	136.96M	136.69M	95.02M	81.42M
Total Liabilities	288.94M	267.01M	258.26M	198.54M	177.82M
Stockholders Equity	81.27M	80.23M	99.05M	119.86M	120.46M
Cash Flow
Free Cash Flow	2.86M	9.31M	-4.37M	3.60M	16.68M
Operating Cash Flow	12.04M	17.44M	5.15M	18.25M	22.63M
Investing Cash Flow	-3.69M	-7.27M	-5.75M	-12.39M	6.47M
Financing Cash Flow	-7.92M	-10.90M	-12.42M	-5.66M	-11.97M

CSC Holdings Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MR7	78 Outperform	S$191.93M	11.46	13.44%	1.84%	13.35%	20.00%
E3B	66 Neutral	S$730.80M	27.41	4.06%	11.07%	5.49%	-86.00%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
C06	51 Neutral	S$53.52M	75.00	1.01%	2.50%	20.81%	―

CSC Holdings Limited Corporate Events

CSC Holdings raises S$3.58m in oversubscribed 6‑month SDAX digital commercial paper

CSC Holdings Limited has continued to tap digital capital markets, successfully closing its 6‑month Series 006 commercial paper issuance of digital securities on the SDAX platform. The offering, launched on 29 January 2026 and closing on 12 February 2026, attracted accredited and institutional investors and raised gross proceeds of S$3.58 million, with the securities set to mature on 13 August 2026.

The issue saw notable participation from related parties, with certain directors and connected persons subscribing to S$0.55 million, or 15.36%, of the total issuance, underscoring internal confidence in the programme. Taurus Point Capital Pte. Ltd. advised the company on the SDAX commercial paper facility and this latest tranche, and CSC signalled it will provide further updates as material developments arise in the ongoing programme.

The most recent analyst rating on (SG:C06) stock is a Hold with a S$0.02 price target. To see the full list of analyst forecasts on CSC Holdings Limited stock, see the SG:C06 Stock Forecast page.

CSC Holdings Launches Sixth 6‑Month Digital Commercial Paper on SDAX

CSC Holdings Limited has launched the sixth series of its 6‑month commercial paper in digital securities on the SDAX platform, continuing its use of digital capital-raising instruments targeted at accredited and institutional investors. The new Series 006 issuance, priced at 4.50% per annum and maturing in about six months, is expected to raise between S$2 million and S$3 million, reinforcing the group’s ongoing strategy of leveraging the SDAX Commercial Paper Facility to diversify funding sources and maintain financial flexibility.

The most recent analyst rating on (SG:C06) stock is a Sell with a S$0.01 price target. To see the full list of analyst forecasts on CSC Holdings Limited stock, see the SG:C06 Stock Forecast page.

CSC Holdings Raises S$14.06 Million from Fully Subscribed SDAX Digital Commercial Papers

CSC Holdings Limited has successfully closed and fully subscribed its latest tranches of digital commercial papers on the SDAX platform, comprising a 3‑month Series 009 and a 6‑month Series 005 issuance, raising total gross proceeds of S$14.06 million from accredited and institutional investors. The strong take-up, including significant participation by the company’s own directors and related parties, underscores investor confidence in CSC’s credit profile and highlights the SDAX programme as an important channel for the group’s short-term funding needs, potentially enhancing financial flexibility and reinforcing its presence in the digital securities market.

The most recent analyst rating on (SG:C06) stock is a Hold with a S$0.02 price target. To see the full list of analyst forecasts on CSC Holdings Limited stock, see the SG:C06 Stock Forecast page.

CSC Holdings Launches New Digital Securities on SDAX Platform

CSC Holdings Limited has announced the launch of two new series of commercial papers in digital securities on the SDAX platform. The 3-month Series 009 and 6-month Series 005 issuances are expected to raise between S$10 million and S$12 million from accredited and institutional investors, with interest rates set at 4.3% and 4.6% per annum, respectively. This move signifies CSC Holdings’ continued efforts to leverage digital securities for capital raising, potentially enhancing its market positioning and offering attractive investment opportunities for stakeholders.

The most recent analyst rating on (SG:C06) stock is a Hold with a S$0.02 price target. To see the full list of analyst forecasts on CSC Holdings Limited stock, see the SG:C06 Stock Forecast page.