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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:03/24/26
The score is driven primarily by strong financial performance—especially the 2025 growth rebound and high margins—tempered by increased leverage and weaker free-cash-flow conversion. Technicals are broadly supportive with price holding above key longer-term averages and positive momentum, while valuation is a further tailwind due to a moderate P/E and solid dividend yield.
Positive Factors
Revenue recovery & accelerating growth
A sharp revenue rebound in 2025 indicates regained end-market demand and better utilization of the company’s sales platform. Durable top-line recovery supports scale economics, funds reinvestment, and reduces cyclicality risk over a 2–6 month horizon and beyond.
Negative Factors
Rising leverage
A meaningful step-up in debt reduces financial flexibility and increases interest and refinancing risk if conditions tighten. Higher leverage makes the firm more sensitive to demand shocks and could constrain strategic options like acquisitions or aggressive buybacks.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue recovery & accelerating growth
A sharp revenue rebound in 2025 indicates regained end-market demand and better utilization of the company’s sales platform. Durable top-line recovery supports scale economics, funds reinvestment, and reduces cyclicality risk over a 2–6 month horizon and beyond.
Read all positive factors
Vicom Ltd (WJP) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$645.31M
Dividend Yield3.72%
Average Volume (3M)65.02K
Price to Earnings (P/E)15.0
Beta (1Y)0.35
Revenue Growth40.11%
EPS Growth45.04%
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
Vicom makes money primarily by charging fees for mandatory vehicle inspection and testing services required for regulatory compliance (e.g., periodic roadworthiness inspections). Revenue is generated on a per-inspection/per-test basis from vehicle...
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
1.78
Positive
1.76
Positive
1.67
Positive
Market Momentum
0.01
Negative
52.11
Neutral
70.83
Neutral
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 1.80, below the 50-day MA of 1.78, and below the 200-day MA of 1.67, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 52.11 is Neutral, neither overbought nor oversold. The STOCH value of 70.83 is Neutral, 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$645.31M | 15.03 | 15.62% | 3.72% | 40.11% | 45.04% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | S$113.26M | -130.00 | 1.37% | 6.05% | -3.25% | -109.45% | |
50 Neutral | S$45.10M | 41.30 | 0.62% | 5.15% | -2.11% | 12.82% |
* Consumer Cyclical Sector Average
SG:WJP
Vicom Ltd
1.80
0.35
24.31%
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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.