Nippecraft Limited (N32) AI Stock Analysis

• Market Cap: S$15.81M
• Dividend Yield: N/A
• Average Volume (3M): 166.15K
• Price to Earnings (P/E): 1.2
• Beta (1Y): 0.53
• Revenue Growth: -8.21%
• EPS Growth: N/A
• Country: SG
• Employees: 47
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Paper, Lumber & Forest Products
• EPS (TTM): N/A
• Shares Outstanding: 351,398,000
• 10 Day Avg. Volume: 72,790
• 30 Day Avg. Volume: 166,150
• PEG Ratio: 0.25
• Price to Book (P/B): 0.34
• Price to Sales (P/S): 0.11
• P/FCF Ratio: 8.79
• 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: 50 Neutral
• Price Target: S$0.05 ▼(-10.00% Downside)
• Action: Reiterated Date: 03/16/26
• Date: Action: Reiterated 03/16/26

The score is held back primarily by inconsistent profitability and volatile cash flow, partially offset by a conservatively financed balance sheet. Technical indicators show weak momentum (negative MACD, very low Stoch) and valuation is difficult to support given the negative P/E and lack of dividend yield data.

Positive Factors

Conservative balance sheet

Low leverage and a sizable equity base give Nippecraft durable financial flexibility. This reduces refinancing and liquidity risk, allowing the firm to fund operations, working capital and selective investments internally through cyclical downturns and preserving strategic optionality.

Return to positive free cash flow

Restoring positive free cash flow in 2025 indicates improved cash conversion versus recent years. Sustained positive FCF would enable internal funding for capex, debt reduction or strategic initiatives, strengthening balance-sheet resiliency and reducing reliance on external financing.

Top-line rebound in 2025

A 7.7% revenue increase in 2025 signals early recovery after multi-year declines. If sustained, this can restore operating leverage, improve capacity utilization and provide a platform to rebuild consistent margins and earnings, supporting longer-term profitability stabilization.

Negative Factors

Inconsistent profitability

Repeated operating losses in several years show the business struggles to generate stable operating profits. This weakens earnings quality, limits retained earnings for reinvestment, and makes long-term returns highly sensitive to modest cost pressures or demand softness.

Volatile cash generation

Wide swings in operating and free cash flow point to unstable working-capital dynamics or cyclical demand. This variability complicates capital allocation, makes financing needs unpredictable, and can force costly short-term financing or deferred investments during cash shortfalls.

Choppy revenue trend

Multi-year revenue volatility undermines confidence in sustainable growth and scale economics. Without a steadier top-line, margin recovery is harder, fixed-cost absorption suffers and the company remains vulnerable to sector cyclicality and demand shifts in paper and lumber markets.

Nippecraft Limited Business Overview & Revenue Model

Company Description

Nippecraft Limited, together with its subsidiaries, engages in trading and sourcing of recycled waste, chemicals, papers, paper bags, pulp, and other related materials. The company operates through two segments, Stationery Business and Trading Business. It also designs, develops, manufactures, markets, and sells diaries/planners, journals, notebooks, organizers and refills, compendiums/conference folders, calendars, and other stationery products for the office, home, and school environment. The company offers its products under the Collins, Debden, and Jumble & Co. brands. In addition, it supplies paper-based stationery products. The company operates in the Asia Pacific, Europe, the United Kingdom, and internationally. Nippecraft Limited was incorporated in 1977 and is headquartered in Singapore.

How the Company Makes Money

null

Nippecraft Limited Financial Statement Overview

Summary

Overall financial quality is mid-range: a strong, low-leverage balance sheet supports stability, but profitability is thin and inconsistent (EBIT negative in multiple years) and cash flow has been volatile despite improving back to positive free cash flow in 2025.

Income Statement

Revenue has been choppy over the last several years (down from 2021–2023, down again in 2024, then +7.7% in 2025), which limits confidence in the growth trajectory. Profitability is thin: gross profit is modest versus sales, and operating profit has been inconsistent (EBIT negative in 2022, 2023 and 2025, only slightly positive in 2024). Net income remains positive in recent years, but at low levels relative to revenue, suggesting earnings are more vulnerable to cost inflation or demand softness.

Balance Sheet

The balance sheet appears conservatively financed with low leverage: debt is small relative to equity (debt-to-equity around ~0.04–0.06 in 2020–2024) and equity is sizable versus total assets. This provides flexibility and reduces refinancing risk. The key weakness is returns: profitability on equity has generally been low and uneven, implying the company is not consistently translating its capital base into strong earnings.

Cash Flow

Cash generation has been volatile. Operating and free cash flow were strong in 2020–2021, turned sharply negative in 2022, recovered to modestly positive in 2023, remained negative in 2024, and improved back to positive in 2025. This swing factor raises questions around working-capital stability and earnings quality consistency. The latest year’s positive free cash flow is a constructive sign, but the recent track record remains uneven.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	99.77M	105.34M	111.55M	129.72M	140.14M
Gross Profit	7.51M	8.41M	7.82M	8.03M	8.26M
EBITDA	1.37M	1.18M	2.06M	784.00K	1.44M
Net Income	784.00K	485.00K	1.34M	4.00K	324.00K
Balance Sheet
Total Assets	55.95M	56.78M	56.42M	63.85M	63.40M
Cash, Cash Equivalents and Short-Term Investments	19.06M	17.63M	19.33M	16.94M	22.96M
Total Debt	1.44M	1.27M	1.70M	1.60M	1.82M
Total Liabilities	22.54M	24.67M	24.47M	33.70M	32.39M
Stockholders Equity	33.41M	32.12M	31.95M	30.14M	31.01M
Cash Flow
Free Cash Flow	1.27M	-1.07M	482.00K	-5.25M	5.62M
Operating Cash Flow	1.35M	-826.00K	617.00K	-5.12M	5.80M
Investing Cash Flow	117.00K	-33.00K	2.12M	-106.00K	-144.00K
Financing Cash Flow	-366.00K	-512.00K	-685.00K	-616.00K	-785.00K

Nippecraft Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.05
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:N32, the sentiment is Negative. The current price of 0.05 is above the 20-day moving average (MA) of 0.04, above the 50-day MA of 0.04, and above the 200-day MA of 0.04, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 46.88 is Neutral, neither overbought nor oversold. The STOCH value of 15.28 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:N32.

Nippecraft Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
5MD	74 Outperform	S$31.32M	3.59	13.75%	1.22%	33.55%	2595.24%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
N32	50 Neutral	S$15.81M	1.25	3.08%	―	-8.21%	―
BLR	49 Neutral	S$7.32M	-4.21	-3.79%	―	-7.59%	78.60%
BJD	48 Neutral	S$2.95M	-0.20	-58.09%	―	-28.47%	30.90%
LS9	46 Neutral	S$16.88M	-35.91	-235.02%	130.45%	-98.50%	-156.76%