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Vicom Ltd (SG:WJP)
SGX:WJP
Singapore Market
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Vicom Ltd (WJP) AI Stock Analysis

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SG:WJP

Vicom Ltd

(SGX:WJP)

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Outperform 76 (OpenAI - 5.2)
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)

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
Fundamentals are solid: Income Statement strength (86) reflects sharply improving 2025 revenue growth and consistently high margins, but with some margin compression versus peak years. Balance Sheet is healthy (72) with strong ROE, though leverage increased meaningfully in 2025, reducing flexibility. Cash Flow is the main constraint (67) due to weaker free-cash conversion versus net income in 2025 despite positive and growing operating cash flow.
Income Statement
86
Very Positive
Balance Sheet
72
Positive
Cash Flow
67
Positive
BreakdownDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue167.41M117.16M111.90M108.30M100.89M
Gross Profit69.13M47.49M48.49M47.38M46.20M
EBITDA62.36M45.11M42.83M40.67M38.49M
Net Income42.48M29.28M27.60M26.18M24.78M
Balance Sheet
Total Assets250.41M211.21M196.37M186.97M199.76M
Cash, Cash Equivalents and Short-Term Investments57.90M60.70M55.07M60.49M75.36M
Total Debt34.10M31.88M31.42M31.16M31.76M
Total Liabilities86.61M68.70M64.07M63.14M71.55M
Stockholders Equity161.24M140.77M130.90M122.92M127.25M
Cash Flow
Free Cash Flow20.58M23.04M18.87M16.48M17.38M
Operating Cash Flow59.63M34.94M31.66M25.39M29.66M
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

Technical Analysis Sentiment
Positive
Last Price1.66
Price Trends
50DMA
1.80
Positive
100DMA
1.79
Positive
200DMA
1.70
Positive
Market Momentum
MACD
0.01
Negative
RSI
69.02
Neutral
STOCH
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

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
76
Outperform
S$663.04M15.6127.73%3.72%29.22%52.54%
61
Neutral
$18.38B12.79-2.54%3.03%1.52%-15.83%
55
Neutral
S$110.35M-126.67-0.33%6.05%-6.06%-58.39%
50
Neutral
S$47.48M43.480.95%5.15%-3.50%12.82%
* Consumer Cyclical Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SG:WJP
Vicom Ltd
1.87
0.34
21.90%
SG:WNH
Autagco Ltd.
SG:BPF
YHI International Limited
0.38
-0.04
-8.65%
SG:DM0
PSC Corporation Ltd
0.51
0.12
31.78%
SG:S29
Stamford Tyres Corporation Limited
0.20
0.00
0.00%
SG:VI2
Trans-China Automotive Holdings Ltd.
0.01
-0.02
-57.58%

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.Date of analysis: Aug 04, 2026