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Vicom Ltd
(SGX:WJP)
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Rating:76Outperform
Price Target:
S$2.00
▲(20.48% Upside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by solid financial performance (strong profitability and 2025 growth rebound) tempered by higher 2025 leverage and weaker free-cash conversion. Technicals add support with a positive uptrend and healthy momentum, while valuation is favorable with a moderate P/E and a strong dividend yield.
Positive Factors
Revenue acceleration
Sustained 2025 revenue acceleration indicates stronger demand and expanding market penetration. Higher top-line growth supports scalable fixed-cost absorption, funds reinvestment in operations, and underpins multi-quarter earnings expansion, making future profit recovery and investment more durable.
Negative Factors
Rising leverage
A meaningful step-up in debt increases financial risk and reduces balance sheet flexibility. Higher leverage raises interest and refinancing exposure, limits capacity for opportunistic M&A or capital returns, and amplifies earnings volatility during downturns, making capital structure less resilient over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue acceleration
Sustained 2025 revenue acceleration indicates stronger demand and expanding market penetration. Higher top-line growth supports scalable fixed-cost absorption, funds reinvestment in operations, and underpins multi-quarter earnings expansion, making future profit recovery and investment more durable.
Read all positive factors
Vicom Ltd (WJP) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$663.04M
Dividend Yield4.49%
Average Volume (3M)65.02K
Price to Earnings (P/E)15.6
Beta (1Y)0.33
Revenue Growth29.22%
EPS Growth52.54%
CountrySG
Employees955
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Dealerships
Share Statistics
EPS (TTM)0.12
Shares Outstanding354,568,000
10 Day Avg. Volume33,420
30 Day Avg. Volume65,020
Financial Highlights & Ratios
PEG Ratio0.30
Price to Book (P/B)3.61
Price to Sales (P/S)3.47
P/FCF Ratio28.26
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.08
Revenue Forecast (FY)S$118.09M
Vicom Ltd Business Overview & Revenue Model
Company Description
VICOM Ltd is a Singapore-based investment holding company that provides a range of motor vehicle inspection, non-vehicle testing, and expert consultancy services. The company's primary services include comprehensive vehicle inspections for various...
How the Company Makes Money
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Vicom Ltd Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
72
Positive
Cash Flow
67
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 167.41M | 117.16M | 111.90M | 108.30M | 100.89M |
| Gross Profit | 69.13M | 47.49M | 48.49M | 47.38M | 46.20M |
| EBITDA | 62.36M | 45.11M | 42.83M | 40.67M | 38.49M |
| Net Income | 42.48M | 29.28M | 27.60M | 26.18M | 24.78M |
Balance Sheet | |||||
| Total Assets | 250.41M | 211.21M | 196.37M | 186.97M | 199.76M |
| Cash, Cash Equivalents and Short-Term Investments | 57.90M | 60.70M | 55.07M | 60.49M | 75.36M |
| Total Debt | 34.10M | 31.88M | 31.42M | 31.16M | 31.76M |
| Total Liabilities | 86.61M | 68.70M | 64.07M | 63.14M | 71.55M |
| Stockholders Equity | 161.24M | 140.77M | 130.90M | 122.92M | 127.25M |
Cash Flow | |||||
| Free Cash Flow | 20.58M | 23.04M | 18.87M | 16.48M | 17.38M |
| Operating Cash Flow | 59.63M | 34.94M | 31.66M | 25.39M | 29.66M |
| Investing Cash Flow | -39.33M | -8.16M | -14.21M | -8.34M | -12.90M |
| Financing Cash Flow | -23.18M | -21.20M | -22.82M | -31.86M | -34.63M |
Vicom Ltd Technical Analysis
Positive
1.66
Price Trends
1.80
Positive
1.79
Positive
1.70
Positive
Market Momentum
0.01
Negative
69.02
Neutral
83.81
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:WJP, the sentiment is Positive. The current price of 1.66 is below the 20-day moving average (MA) of 1.82, below the 50-day MA of 1.80, and below the 200-day MA of 1.70, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 69.02 is Neutral, neither overbought nor oversold. The STOCH value of 83.81 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:WJP.
Vicom Ltd Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | S$663.04M | 15.61 | 27.73% | 3.72% | 29.22% | 52.54% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | S$110.35M | -126.67 | -0.33% | 6.05% | -6.06% | -58.39% | |
50 Neutral | S$47.48M | 43.48 | 0.95% | 5.15% | -3.50% | 12.82% |
* Consumer Cyclical Sector Average
SG:WJP
Vicom Ltd
1.87
0.34
21.90%
SG:WNH
Autagco Ltd.
―
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―
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Vicom Ltd Corporate Events
Vicom maps out CEO succession and reshuffles leadership at SETSCO
Jun 24, 2026
Vicom Ltd has outlined a planned leadership transition over the next six months, with long-serving Chief Executive Officer and Executive Director Sim Wing Yew set to retire on 31 December 2026 after 14 years at the helm. The board has expressed ap...
Vicom Defends Testing Investments and EV Strategy at 45th AGM
May 13, 2026
Vicom’s 45th annual general meeting detailed how the group is integrating its vehicle and non-vehicle testing businesses under a single operating structure and managing disclosure to balance transparency with competitive sensitivity. Managem...
Vicom posts resilient Q1 2026 on core demand and strong balance sheet
May 8, 2026
Vicom Ltd reported a resilient first-quarter performance for 2026, driven by sustained demand across its core testing and inspection services and contributions from the ERP 2.0 OBU installation project. While testing demand from the Oil Gas secto...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.