Combine Will International Holdings Limited (N0Z) AI Stock Analysis

• Market Cap: S$41.38M
• Dividend Yield: 3.97%
• Average Volume (3M): 1.03K
• Price to Earnings (P/E): 6.5
• Beta (1Y): 0.04
• Revenue Growth: 30.99%
• EPS Growth: -7.99%
• Country: SG
• Employees: 18,000
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Leisure
• EPS (TTM): N/A
• Shares Outstanding: 32,327,400
• 10 Day Avg. Volume: 2,500
• 30 Day Avg. Volume: 1,030
• PEG Ratio: -0.35
• Price to Book (P/B): 0.31
• Price to Sales (P/S): 0.13
• P/FCF Ratio: -1.13
• 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: 59 Neutral
• Price Target: S$1.50 ▲(19.05% Upside)
• Action: Downgraded Date: 03/06/26
• Date: Action: Downgraded 03/06/26

The score is primarily held back by weak financial quality—negative operating and free cash flow and rising leverage—despite improved revenue growth. Technicals are mildly constructive with price above key moving averages, and valuation is a positive offset due to a low P/E and decent dividend yield.

Positive Factors

Improving revenue growth

Sustained revenue growth (~9% in 2025) indicates underlying demand recovery and market traction for the company's leisure offerings. Over 2-6 months this supports margin recovery potential and gives management room to focus on operational efficiencies and cash conversion improvements.

Sizeable equity capital base

A large equity base relative to debt provides financial flexibility to fund investment or absorb shocks without immediate refinancing. This buffer supports medium-term strategic initiatives and reduces bankruptcy risk while the company stabilizes cash flows.

Scale of operations

A workforce of ~18,000 signals established operational scale and distribution capability in the leisure sector. Scale supports unit economics, bargaining power with suppliers, and quicker roll-out of service improvements, aiding durable revenue and margin recovery efforts.

Negative Factors

Weak cash generation

Persistent negative operating and free cash flow erodes liquidity and forces reliance on external funding. Over months this raises refinancing risk, constrains capital spending for growth or efficiency projects, and limits the firm's ability to convert earnings into sustainable value.

Rising leverage

A material uptick in leverage reduces financial flexibility and increases interest burden sensitivity. If cash generation remains weak, higher leverage can force deleveraging actions or cost-cutting that impair long-term growth and make the company more vulnerable to industry or macro shocks.

Margin compression

Declining net and EBIT margins signal rising cost pressures or pricing weakness. Sustained margin compression impairs return on capital and reduces internal cash available for reinvestment, making it harder to recover profitability even if top-line growth continues.

Combine Will International Holdings Limited Business Overview & Revenue Model

Company Description

Combine Will International Holdings Limited, an investment holding company, operates as an original design manufacturer, original equipment manufacturer, and supplier of corporate premiums, toys, and consumer products worldwide. It also manufactures and trades in plastic toys, die castings, and electronics parts. The company was founded in 1992 and is based in Tai Po, Hong Kong. Combine Will International Holdings Limited is a subsidiary of Raffles Nominees (Pte.) Ltd.

How the Company Makes Money

Combine Will International Holdings Limited generates revenue through multiple key streams, including the sale of its manufactured consumer goods, which encompass household and personal care items. The company leverages its established distribution channels to sell these products to retailers and directly to consumers. Additionally, Combine Will may engage in strategic partnerships with other manufacturers and retailers, allowing for expanded market reach and collaborative product development. The effectiveness of their supply chain management and marketing strategies also plays a critical role in driving sales and, consequently, the company's overall profitability.

Combine Will International Holdings Limited Financial Statement Overview

Summary

Revenue growth improved in 2025 (~9%), but profitability weakened (net margin down from ~3.1% to ~2.1%; EBIT margin compressed). Balance sheet leverage rose (debt-to-equity up to ~0.80). Cash flow is the main drag: operating cash flow turned negative (~-76m) and free cash flow was deeply negative (~-218m).

Income Statement

Revenue growth improved meaningfully in 2024–2025 (2025 revenue up ~9%), indicating demand momentum. However, profitability is trending weaker: net margin fell from ~3.1% (2024) to ~2.1% (2025) and EBIT margin also compressed, suggesting higher costs and/or pricing pressure. Overall, the company is growing again, but margins are thin and deteriorating versus the prior year.

Balance Sheet

Leverage is moderate but rising: debt-to-equity increased from ~0.47–0.58 (2023–2024) to ~0.80 in 2025, reducing balance-sheet flexibility. Equity remains sizeable (2025 equity ~789m vs. debt ~633m), but returns on equity are modest (~4.8% in 2025) and down versus 2024, implying profitability is not strong relative to the capital base.

Cash Flow

Cash generation deteriorated sharply in 2025: operating cash flow turned negative (~-76m) and free cash flow was deeply negative (~-218m) after already being negative in 2024. This signals earnings are not converting into cash currently, likely due to working-capital or investment demands, and it increases reliance on funding (debt or equity) if the pattern persists.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.68B	1.84B	1.47B	1.11B	1.34B	197.17M
Gross Profit	166.40M	191.44M	153.80M	128.45M	24.33M	15.67M
EBITDA	169.59M	174.80M	175.58M	178.12M	159.30M	125.83M
Net Income	40.46M	37.67M	45.73M	42.53M	42.76M	40.81M
Balance Sheet
Total Assets	1.76B	1.92B	1.61B	1.43B	265.08M	286.31M
Cash, Cash Equivalents and Short-Term Investments	203.27M	151.71M	202.06M	248.71M	252.99M	195.54M
Total Debt	594.70M	632.53M	433.87M	352.37M	387.78M	459.08M
Total Liabilities	992.43M	1.12B	861.65M	684.87M	141.33M	157.62M
Stockholders Equity	764.07M	789.09M	746.45M	742.68M	720.15M	744.17M
Cash Flow
Free Cash Flow	-154.47M	-217.79M	-51.94M	42.26M	33.08M	17.05M
Operating Cash Flow	-30.60M	-76.28M	58.52M	135.27M	50.18M	42.45M
Investing Cash Flow	-163.26M	-136.67M	-153.63M	-88.47M	-91.45M	-142.82M
Financing Cash Flow	180.42M	162.58M	73.27M	-51.38M	-87.11M	-63.50M

Combine Will International Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.26
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:N0Z, the sentiment is Positive. The current price of 1.26 is below the 20-day moving average (MA) of 1.27, below the 50-day MA of 1.26, and above the 200-day MA of 1.22, indicating a bullish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 53.52 is Neutral, neither overbought nor oversold. The STOCH value of 81.82 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:N0Z.

Combine Will International Holdings Limited 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%
N0Z	59 Neutral	S$41.38M	6.54	5.36%	3.97%	30.99%	-7.99%
BLZ	43 Neutral	S$13.16M	―	-9.72%	―	-31.80%	32.12%