OxPay Financial Limited (TVV) AI Stock Analysis

• Market Cap: S$14.94M
• Dividend Yield: N/A
• Average Volume (3M): 1.00M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.14
• Revenue Growth: 23.30%
• EPS Growth: -46.43%
• Country: SG
• Employees: 37
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): >-0.01
• Shares Outstanding: 311,253,140
• 10 Day Avg. Volume: 1,585,830
• 30 Day Avg. Volume: 1,003,446
• PEG Ratio: -0.02
• Price to Book (P/B): 6.13
• Price to Sales (P/S): 2.13
• P/FCF Ratio: -1.44
• 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: 53 Neutral
• Price Target: S$0.05 ▼(-2.00% Downside)

The overall stock score is primarily impacted by the company's poor financial performance, with significant revenue declines and persistent losses. Technical analysis provides some positive signals, but the valuation remains unattractive due to the negative P/E ratio. The lack of earnings call data and corporate events limits further insights.

Positive Factors

Diversified fintech revenue streams

OxPay’s business model monetizes payments through transaction fees, subscriptions, bank partnerships and data-analytics services. These multiple, recurring revenue levers provide durable monetization options and reduce single-source dependence, supporting steadier revenue recovery over time.

High gross profit margin

A ~64% gross margin reflects scalable payments and software economics: once fixed processing and platform costs are covered, incremental volume should flow largely to gross profit. This structural margin advantage can support long-term investment in product and customer growth when top-line stabilizes.

Improving free cash flow generation

Material FCF growth and a FCF/net income ratio above 1 indicate the company is beginning to convert operations into cash despite headline losses. Durable cash-generation improvement, if sustained, lowers refinancing needs and gives management flexibility to invest in product or partnerships.

Negative Factors

Steep revenue decline

A >50% annual revenue decline is a structural red flag: it erodes scale, weakens network effects and undermines the ability to leverage high gross margins. Reversing such a decline is necessary for sustainable unit economics and long-term market competitiveness.

Persistent deep losses

Extremely negative EBIT and net margins indicate the core business is not covering operating costs. Over the medium term this necessitates significant restructuring, margin improvement, or revenue recovery; otherwise continued losses will deplete capital and hinder strategic investments.

High leverage and weak equity returns

Near-1.0 leverage and a low equity ratio limit financial flexibility and raise refinancing risk, especially with persistent losses. A deeply negative ROE signals capital destruction, making it harder to attract partners or funding and constraining the company’s ability to execute long-term growth plans.

OxPay Financial Limited Business Overview & Revenue Model

Company Description

OxPay Financial Limited provides merchant payment and digital commerce enabling solutions in Singapore, Malaysia, and Thailand. It offers online-to-offline financial services through its integrated platform with a focus on servicing merchants in the retail, transportation, and food and beverage industries. The company's products include payment solutions, such as card acceptance and alternative payment; cross border and local payout solutions; and online and offline solutions. It also engages in the provision of proprietary and licensed software-as-a-service, as well as tokenisation/detokenization services; development of bespoke software solutions; and sale and lease of smart POS terminals. In addition, the company offline POS payment, on-the-go virtual terminal, buy now pay later, and e-commerce and social media live selling; and POS hardware, order management, capital lending, customer data analytics, customer relationship management, card and loyalty program aggregation, omni-channel brand management, and expense and inventory management solutions. Further, it acts as an aggregator and master merchant for electronic payment processing; and provides financial and blockchain technology services, as well as engages in e-commerce, and hardware sale activities. The company was founded in 2005 and is based in Singapore.

How the Company Makes Money

OxPay Financial Limited generates revenue through multiple key streams, primarily from transaction fees charged on payment processing services. Each time a merchant uses their platform to process a transaction, OxPay earns a percentage of the transaction value. Additionally, the company may offer subscription-based services for businesses that require advanced features or analytics. Partnerships with banks and financial institutions can also enhance their service offerings, allowing them to tap into new customer bases and increase revenue through co-branded solutions. Furthermore, OxPay may leverage data analytics to provide value-added services to clients, creating additional monetization opportunities.

OxPay Financial Limited Financial Statement Overview

Summary

OxPay Financial Limited faces significant financial challenges, with declining revenues and persistent losses impacting profitability. The balance sheet reflects high leverage, and while there is some improvement in free cash flow, overall cash flow remains negative. The company needs to address these issues to stabilize its financial position and improve performance.

Income Statement

OxPay Financial Limited has experienced significant revenue decline over the years, with a negative revenue growth rate of -56.45% in the latest year. The company also shows negative profit margins, with a net profit margin of -89.43% and an EBIT margin of -89.49%, indicating substantial losses. The gross profit margin of 63.94% is a positive aspect, but overall profitability remains a concern.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio of 0.95, indicating a leveraged position. The return on equity is negative at -257.51%, reflecting the company's inability to generate profit from shareholders' equity. However, the equity ratio stands at 20.74%, suggesting some level of asset financing through equity.

Cash Flow

The cash flow statement shows improvement in free cash flow growth at 60.64%, but operating cash flow remains negative, with an operating cash flow to net income ratio of -1.14. The free cash flow to net income ratio is slightly positive at 1.03, indicating some ability to cover net losses with free cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	3.63M	8.32M	9.87M	17.54M	11.11M
Gross Profit	0.00	2.32M	2.45M	2.56M	10.26M	3.57M
EBITDA	-651.00K	-3.03M	-1.19M	-179.00K	-26.63M	-466.00K
Net Income	-2.23M	-3.24M	-1.36M	-473.00K	-27.06M	-1.75M
Balance Sheet
Total Assets	1.02M	6.07M	16.74M	26.13M	30.50M	11.57M
Cash, Cash Equivalents and Short-Term Investments	1.01M	4.16M	9.40M	22.11M	26.45M	3.48M
Total Debt	7.17M	1.20M	823.00K	28.00K	24.00K	1.45M
Total Liabilities	9.51M	5.27M	12.62M	20.64M	25.07M	12.10M
Stockholders Equity	-8.49M	1.26M	4.53M	5.83M	5.89M	-362.00K
Cash Flow
Free Cash Flow	-649.00K	-5.35M	-13.58M	-4.12M	19.98M	-7.64M
Operating Cash Flow	-649.00K	-5.21M	-13.51M	-3.90M	20.06M	-7.63M
Investing Cash Flow	-548.00K	-141.00K	-71.00K	-198.00K	1.17M	52.00K
Financing Cash Flow	291.00K	126.00K	765.00K	-190.00K	1.83M	-440.00K

OxPay Financial Limited Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:TVV, the sentiment is Negative. The current price of 0.05 is below the 20-day moving average (MA) of 0.05, below the 50-day MA of 0.05, and above the 200-day MA of 0.04, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 48.15 is Neutral, neither overbought nor oversold. The STOCH value of 85.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:TVV.

OxPay Financial Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
TVV	53 Neutral	S$14.94M	-3.82	-183.78%	―	23.30%	-46.43%
CYW	47 Neutral	S$4.90M	-11.03	-4.27%	―	5.95%	64.63%

OxPay Financial Limited Corporate Events

OxPay Fully Utilises S$395,000 Share Subscription Proceeds for Working Capital

OxPay Financial Limited has fully utilised the approximately S$395,000 in net proceeds raised from a recent subscription of 35.41 million new ordinary shares, after deducting about S$29,000 in costs. The funds were deployed entirely as general working capital, with around 71.2% directed to employee remuneration and statutory contributions and 28.8% to operating expenses, aligning with the use of proceeds previously disclosed and underscoring the company’s reliance on equity funding to support day-to-day operations.

The most recent analyst rating on (SG:TVV) stock is a Hold with a S$0.06 price target. To see the full list of analyst forecasts on OxPay Financial Limited stock, see the SG:TVV Stock Forecast page.

OxPay Obtains MAS Approval to Trim Unused Payment Services from Licence

OxPay Financial’s subsidiary OxPay SG has obtained approval from the Monetary Authority of Singapore to vary its major payment institution licence by removing e-money and account issuance services, which it had never launched following an internal strategic business review and which are not part of its current operations. The licence variation, which complies with regulatory requirements for unused authorised services, does not prevent OxPay SG from reapplying for these activities in future and is not expected to have a material impact on the group’s earnings or net tangible assets, with the company emphasizing its ongoing commitment to operational discipline, strong internal controls and regulatory compliance in its payment services business.

The most recent analyst rating on (SG:TVV) stock is a Hold with a S$0.06 price target. To see the full list of analyst forecasts on OxPay Financial Limited stock, see the SG:TVV Stock Forecast page.

OxPay Expands into Crypto Payments with Approval in Bhutan

OxPay Financial Limited has received in-principle approval to provide money services in Bhutan’s Gelephu Mindfulness City, aiming to leverage the growing global adoption of crypto payments. The company plans to establish a subsidiary in GMC to offer a comprehensive suite of digital payment services, including crypto-enabled merchant payments and stablecoin-based business remittance services. This expansion is expected to enhance OxPay’s scalability and position it for future regional growth, utilizing a non-custodial, asset-light model to facilitate secure and efficient transactions.

The most recent analyst rating on (SG:TVV) stock is a Hold with a S$0.05 price target. To see the full list of analyst forecasts on OxPay Financial Limited stock, see the SG:TVV Stock Forecast page.

OxPay Financial Extends Convertible Loan Agreement Conditions

OxPay Financial Limited has announced an extension to the conditions satisfaction date of its convertible loan agreement with Oxley Capital Management Pte. Ltd., moving it from 28 November 2025 to 28 May 2026. This extension is intended to provide additional time for the company to secure necessary approvals, although no part of the loan has been disbursed yet. Stakeholders are advised to exercise caution as there is no guarantee that the loan facility will be granted or remain unchanged.

The most recent analyst rating on (SG:TVV) stock is a Hold with a S$0.05 price target. To see the full list of analyst forecasts on OxPay Financial Limited stock, see the SG:TVV Stock Forecast page.

OxPay Financial Unveils Strategic Recovery Plan with New Leadership

OxPay Financial Limited has announced a phased recovery plan aimed at driving long-term growth by enhancing its B2B product offerings and expanding into the B2C market. The plan is supported by new leadership, including a CEO with extensive industry experience, and aims to unlock the full value of its Merchant Payment Services. The company is also preparing to launch an instant merchant sign-up function to strengthen its competitive position, demonstrating a commitment to revitalizing its operations and aligning with industry demands.