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SIIC Environment Holdings
(SGX:BHK)
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Rating:62Neutral
Price Target:
S$0.16
▼(-0.63% Downside)
Action:Reiterated
Date:08/04/26
The score is supported primarily by very attractive valuation (low P/E and high dividend yield). Offsetting this, financial performance is held back by elevated leverage and especially volatile/weak cash conversion with inconsistent free cash flow and a recent revenue decline. Technical indicators are broadly neutral, providing limited additional support.
Positive Factors
Solid operating profitability
Consistently strong gross and EBIT margins indicate that the operating platform can convert environmental infrastructure activity into meaningful profit. Margin stability provides a durable earnings foundation and suggests the business retains reasonable operating efficiency across its plant portfolio.
Negative Factors
Elevated leverage
Debt remains high relative to equity, limiting financial flexibility if operating cash flow weakens or funding costs rise. Elevated leverage can also restrict investment capacity and make it harder for the company to absorb project underperformance while maintaining shareholder distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Solid operating profitability
Consistently strong gross and EBIT margins indicate that the operating platform can convert environmental infrastructure activity into meaningful profit. Margin stability provides a durable earnings foundation and suggests the business retains reasonable operating efficiency across its plant portfolio.
Read all positive factors
SIIC Environment Holdings (BHK) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$401.80M
Dividend Yield7.05%
Average Volume (3M)185.71K
Price to Earnings (P/E)3.0
Beta (1Y)0.33
Revenue GrowthN/A
EPS GrowthN/A
CountrySG
Employees6,526
SectorUtilities
Sector Strength65
IndustryRegulated Water
Share Statistics
EPS (TTM)0.22
Shares Outstanding2,575,665,800
10 Day Avg. Volume397,400
30 Day Avg. Volume185,706
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)0.22
Price to Sales (P/S)0.35
P/FCF Ratio28.44
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)N/A
Revenue Forecast (FY)N/A
SIIC Environment Holdings Business Overview & Revenue Model
Company Description
SIIC Environment Holdings Ltd., an investment firm established in Singapore in 2002, focuses on providing a range of environmental solutions, primarily within the People's Republic of China. Its core activities encompass wastewater processing, wat...
How the Company Makes Money
The company primarily makes money from operating municipal solid waste-to-energy (WTE) incineration plants in China. Key revenue streams typically include: (1) waste treatment (tipping) fees paid by local municipalities or government-linked counte...
SIIC Environment Holdings Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
52
Neutral
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.94B | 6.99B | 7.60B | 7.57B | 8.30B | 7.27B |
| Gross Profit | 2.39B | 2.43B | 2.62B | 2.70B | 2.63B | 2.40B |
| EBITDA | 2.50B | 2.57B | 2.60B | 2.68B | 2.60B | 2.45B |
| Net Income | 578.89M | 603.29M | 605.14M | 604.02M | 780.20M | 706.16M |
Balance Sheet | ||||||
| Total Assets | 44.37B | 44.48B | 44.96B | 42.61B | 40.55B | 37.51B |
| Cash, Cash Equivalents and Short-Term Investments | 2.91B | 3.50B | 2.93B | 2.95B | 2.61B | 2.80B |
| Total Debt | 21.69B | 21.77B | 22.39B | 20.30B | 19.21B | 16.72B |
| Total Liabilities | 27.41B | 27.81B | 28.87B | 27.32B | 25.73B | 23.48B |
| Stockholders Equity | 11.18B | 11.04B | 10.64B | 10.13B | 9.82B | 9.53B |
Cash Flow | ||||||
| Free Cash Flow | -95.93M | 87.15M | -1.20B | 772.32M | -1.85B | -555.63M |
| Operating Cash Flow | 790.01M | 788.15M | 565.09M | 1.90B | -1.39B | 315.62M |
| Investing Cash Flow | -881.83M | 68.17M | -1.71B | -1.43B | -658.12M | -867.08M |
| Financing Cash Flow | -2.20B | -1.46B | 1.17B | -89.46M | 1.76B | 678.55M |
SIIC Environment Holdings Technical Analysis
Neutral
0.16
Price Trends
0.16
Positive
0.16
Negative
0.16
Negative
Market Momentum
>-0.01
Negative
57.26
Neutral
90.00
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:BHK, the sentiment is Neutral. The current price of 0.16 is above the 20-day moving average (MA) of 0.15, above the 50-day MA of 0.16, and below the 200-day MA of 0.16, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 57.26 is Neutral, neither overbought nor oversold. The STOCH value of 90.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:BHK.
SIIC Environment Holdings Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | S$468.29M | 6.55 | 18.01% | 0.37% | ― | ― | |
68 Neutral | S$1.02B | 6.28 | 10.04% | 5.29% | 5.25% | 11.02% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
63 Neutral | S$10.40B | 17.50 | 10.86% | 4.62% | 7.75% | -41.04% | |
62 Neutral | S$401.80M | 3.04 | 6.52% | 7.05% | ― | ― | |
58 Neutral | S$592.90M | 4.56 | 5.70% | 8.24% | -36.35% | -23.32% | |
42 Neutral | S$256.77M | -7.34 | -5.73% | ― | 17.62% | -326.67% |
* Utilities Sector Average
SG:BHK
SIIC Environment Holdings
0.16
-0.01
-7.69%
SG:U9E
China Everbright Water
0.21
-0.04
-14.94%
SG:5IG
Gallant Venture
0.05
-0.03
-37.33%
SG:U96
Sembcorp Industries
5.82
-0.41
-6.57%
SG:BWM
Zheneng Jinjiang Environment Holding Co., Ltd.
0.70
0.28
66.67%
SG:5GD
Sunpower Group Ltd.
0.56
0.08
16.67%
SIIC Environment Holdings Corporate Events
SIIC Environment Holds Share Capital Steady, Confirms Public Float Compliance
Oct 6, 2026
SIIC Environment Holdings reported no changes to its share capital for the month ended 30 September 2026, with total issued ordinary shares remaining at 2,575,665,726 and no treasury shares recorded. The company confirmed compliance with Hong Kong...
SIIC Environment shifts shareholder communications to electronic-only under HK paperless regime
Sep 14, 2026
SIIC Environment Holdings has published its latest interim report, making both English and Chinese versions available on its corporate website and the HKEXnews portal, with printed copies sent to shareholders who have opted for hard copies. The co...
SIIC Environment Keeps Share Capital Steady, Confirms HKEX Float Compliance
Sep 3, 2026
SIIC Environment Holdings reported that its issued share capital remained unchanged in August 2026, with 2,575,665,726 ordinary shares in issue and no treasury shares held. The company confirmed that it continued to meet Hong Kong Stock Exchange p...
SIIC Environment Keeps Share Capital Stable and Confirms Public Float Compliance
Aug 5, 2026
SIIC Environment Holdings reported that its issued share capital remained unchanged at 2,575,665,726 ordinary shares for the month ended 31 July 2026, with no treasury shares and no movements involving options, warrants, convertibles or other shar...
SIIC Environment Expands China Water Portfolio with 2026 Project Milestones
Jul 31, 2026
SIIC Environment Holdings reported significant progress in the first half of 2026, deepening its presence in core segments of wastewater treatment, water supply and reclaimed water. The group completed four acquisition projects in Liaoning Provinc...
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.