Matex International Limited (M15) AI Stock Analysis

• Market Cap: S$11.35M
• Dividend Yield: N/A
• Average Volume (3M): 0.00
• Price to Earnings (P/E): ―
• Beta (1Y): 0.66
• Revenue Growth: -20.15%
• EPS Growth: -2.30%
• Country: SG
• Employees: 65
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): >-0.01
• Shares Outstanding: 515,698,200
• 10 Day Avg. Volume: 0
• 30 Day Avg. Volume: 0
• PEG Ratio: 0.12
• Price to Book (P/B): 0.88
• Price to Sales (P/S): 1.14
• P/FCF Ratio: -2.68
• 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: 37 Underperform
• Price Target: S$0.02 ▲(5.00% Upside)

Matex International Limited faces significant financial challenges, with declining revenues and persistent losses. Technical analysis indicates a lack of momentum and potential overbought conditions. Valuation metrics are unfavorable, with a negative P/E ratio and no dividend yield. These factors collectively result in a low overall stock score.

Positive Factors

Leadership Strengthening

The appointment of a new Executive Director and CTO can enhance technical leadership and drive innovation, potentially improving product offerings and competitive positioning.

Strategic Governance Changes

Aligning board structure with regulatory standards can improve governance and strategic decision-making, potentially enhancing investor confidence and operational stability.

Sustainable Product Focus

Emphasis on sustainable solutions can attract eco-conscious clients and command premium pricing, supporting long-term revenue growth and market differentiation.

Negative Factors

Declining Revenue

Consistent revenue decline indicates challenges in maintaining market share and demand, potentially impacting long-term financial health and operational viability.

Profitability Challenges

Ongoing profitability issues suggest difficulty in cost management and pricing power, which could hinder the company's ability to reinvest in growth and innovation.

Cash Flow Weakness

Weak cash flow generation limits financial flexibility and the ability to fund operations and strategic initiatives, posing risks to long-term sustainability.

Matex International Limited Business Overview & Revenue Model

Company Description

Matex International Limited engages in the formulation, manufacture, and sale of specialty chemicals in Singapore, the People's Republic of China, and Malaysia. It offers dyestuffs, auxiliaries, textile chemicals, and optical brighteners, as well as color measurement and computer aided systems. The company is also involved in the import, export, and wholesale of garments, textile products, and chemical products, as well as general wholesale activities. In addition, it engages in the manufacture and repair of measuring devices, process control equipment, and other related products. The company serves textile, paper, leather, detergent, and polymer industries. Matex International Limited was incorporated in 1989 and is headquartered in Singapore.

How the Company Makes Money

Matex International Limited generates revenue through the sale of its specialty chemical products and solutions to various industries. The company's primary revenue streams include direct sales to textile manufacturers, partnerships with distributors, and agreements with key industry players that enhance its market reach. Additionally, Matex focuses on developing innovative and sustainable chemical solutions, which allows it to command premium pricing and attract clients seeking eco-friendly options. The company's commitment to research and development also leads to strategic collaborations that drive additional revenue through the introduction of new product lines tailored to emerging market needs.

Matex International Limited Financial Statement Overview

Summary

Matex International Limited is experiencing significant financial challenges, with declining revenues and persistent losses impacting its income statement. The balance sheet shows moderate leverage and a strong equity ratio, but the negative return on equity underscores profitability concerns. Cash flow remains a critical issue, with negative operating cash flow and inconsistent free cash flow growth.

Income Statement

Matex International Limited has experienced declining revenue over the years, with a negative revenue growth rate of -7.19% in the TTM period. The company is facing significant profitability challenges, as evidenced by negative net profit margins and EBIT margins. The gross profit margin is relatively low at 21.56%, indicating limited pricing power or high cost of goods sold. Overall, the income statement reflects a struggling financial performance with consistent losses.

Balance Sheet

The balance sheet shows a moderate debt-to-equity ratio of 0.18 in the TTM period, suggesting manageable leverage levels. However, the return on equity is negative, indicating that the company is not generating returns for its shareholders. The equity ratio stands at 65.15%, which is a positive sign of financial stability. Despite these strengths, the negative ROE highlights ongoing profitability issues.

Cash Flow

Cash flow analysis reveals a negative operating cash flow, indicating that the company is not generating sufficient cash from its core operations. The free cash flow to net income ratio is above 1, suggesting that the company is managing its cash flow better than its net income would imply. However, the overall cash flow position remains weak, with negative free cash flow growth in prior periods.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	6.06M	7.00M	7.35M	14.59M	20.93M	24.63M
Gross Profit	1.31M	1.47M	1.61M	2.51M	2.64M	3.42M
EBITDA	-4.33M	-2.55M	-3.23M	5.39M	-5.01M	-8.58M
Net Income	-3.53M	-2.65M	-3.31M	7.27M	-4.93M	-6.38M
Balance Sheet
Total Assets	16.90M	15.24M	21.40M	24.25M	30.22M	33.52M
Cash, Cash Equivalents and Short-Term Investments	10.09M	8.86M	16.37M	11.92M	5.66M	4.51M
Total Debt	1.98M	1.49M	3.20M	4.40M	6.12M	11.83M
Total Liabilities	7.13M	7.29M	9.15M	9.15M	23.14M	19.59M
Stockholders Equity	11.02M	9.05M	12.70M	14.88M	7.80M	12.53M
Cash Flow
Free Cash Flow	-3.51M	-2.97M	-754.00K	-1.25M	-35.00K	-4.67M
Operating Cash Flow	-2.94M	-2.40M	-456.00K	-1.17M	238.00K	-3.98M
Investing Cash Flow	-2.89M	-3.23M	3.82M	11.77M	-267.00K	-578.00K
Financing Cash Flow	6.95M	-1.88M	1.12M	-4.82M	1.91M	5.65M

Matex International Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.02
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Neutral
• RSI: Negative
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:M15, the sentiment is Negative. The current price of 0.02 is below the 20-day moving average (MA) of 0.02, below the 50-day MA of 0.02, and below the 200-day MA of 0.02, indicating a bearish trend. The MACD of >-0.01 indicates Neutral momentum. The RSI at 100.00 is Negative, neither overbought nor oversold. The STOCH value of >-0.01 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:M15.

Matex International Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
5MD	73 Outperform	S$28.08M	4.59	14.32%	1.22%	33.55%	2595.24%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
N32	60 Neutral	S$16.87M	12.50	3.08%	―	-8.21%	―
C05	46 Neutral	S$39.49M	-1.70	-19.55%	0.92%	-7.45%	-480.22%
C8R	45 Neutral	S$49.71M	-2.12	-20.85%	―	-2.43%	52.80%
M15	37 Underperform	S$11.35M	-2.47	-31.32%	―	-20.15%	-2.30%

Matex International Limited Corporate Events

Matex International Announces Board Re-designation

Matex International Limited, a company incorporated in Singapore, has announced a change in its Board of Directors. Mr. James Kho Chung Wah, currently an Independent Director, will be re-designated as the Independent Chairman of the Board effective 26 November 2025. Despite this change, the company acknowledges its current non-compliance with certain corporate governance rules and aims to address these issues by filling board and committee vacancies within three months.

The most recent analyst rating on (SG:M15) stock is a Sell with a S$0.02 price target. To see the full list of analyst forecasts on Matex International Limited stock, see the SG:M15 Stock Forecast page.

Matex International Faces Significant Legal Expenditure Impact

Matex International Limited, a company incorporated in Singapore, has announced a significant legal expenditure of S$518,942.41 incurred over a 10-week period related to shareholder requisitions, lawsuits, and a settlement agreement. This expenditure represents approximately 93.5% of the company’s gross profit for the first half of 2025 and 5.3% of its net assets as of June 30, 2025. The Board is currently assessing the financial impact and seeking legal advice on the reasonableness of these expenses.

Matex International Faces Legal Demand Over Settlement Payments

Matex International Limited, a company incorporated in Singapore, has received a letter of demand from Dr Tan Pang Kee and Mr Tan Guan Liang regarding cessation payments due under a settlement agreement. The letter demands payment by 18 November 2025, failing which legal action will be initiated. The company is seeking legal advice and will update shareholders as necessary.

Matex International Announces Major Board Reshuffle

Matex International Limited, a company incorporated in Singapore, has announced significant changes to its board and board committees, effective from November 5, 2025. The company appointed Mr. Chen Hongbo as the new CEO, while Dr. Danny Oh Beng Teck, Mr. Tan Chong Huat, and Mr. Yeo Hock Huat have resigned from their respective positions. These changes are seen as an opportunity for the company to reassess the size and composition of its board and committees, aligning with the Code of Corporate Governance 2018 and the Catalist Rules. The company plans to fill the vacancies within three months.

Matex International Plans EGM for Cessation Payments Approval

Matex International Limited has announced an update regarding its intended Extraordinary General Meeting (EGM) to seek shareholder approval for cessation payments to Dr Tan Pang Kee and Mr Tan Guan Liang. The Board plans to publish the notice for the EGM by December 19, 2025, aiming to hold the meeting in January 2026. The payments are classified as an ‘interested person transaction’ under Catalist Rules, and the company is working with legal advisors to ensure all relevant information is provided to shareholders.

Matex International Limited Announces Board Changes

Matex International Limited, a company incorporated in Singapore, has announced a change in its board of directors with the appointment of Dr. Liu Shen as Executive Director and Chief Technical Officer, effective from October 17, 2025. This appointment reflects the company’s strategic decision to strengthen its leadership team, although Dr. Liu Shen will not be part of any board committees, leaving the current committee compositions unchanged.

Matex International Limited Holds Extraordinary General Meeting

Matex International Limited held an Extraordinary General Meeting at the Suntec Singapore Convention & Exhibition Centre. The meeting was briefly adjourned to await announcements to the Singapore Exchange Securities Trading Limited, after which it resumed. The meeting introduced directors and proposed nominated directors, highlighting the company’s ongoing governance and strategic planning efforts.