CDW Holding (BXE) AI Stock Analysis

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CDW Holding

(SGX:BXE)

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Rating:35Underperform

Price Target:SGD 0.04▼(-2.63% Downside)

Action:reiterated

Date:11/03/26

The score is driven primarily by deteriorating fundamentals: revenue has halved since 2022, margins have compressed, operating losses have persisted for four straight periods, and cash flow has turned to a $5.2 million free cash outflow. A low debt-to-equity ratio of 0.22 provides some defensive support, but equity continues to be consumed by losses. Technicals reinforce the caution, with the price below all key moving averages and a negative MACD. Valuation offers little comfort, as the negative P/E reflects ongoing losses and the headline 21.8% dividend yield looks difficult to sustain amid cash burn.

Positive Factors

Modest LeverageModest leverage provides CDW Holding with more financial flexibility than a highly indebted business. Lower debt exposure can reduce balance-sheet pressure and preserve capacity to address operating challenges, fund essential activity, or withstand weaker trading over the coming quarters.

Negative Factors

Revenue Decline and Persistent LossesFalling revenue combined with recurring EBIT and net losses signals weak earnings resilience and pressure on the company’s operating model. The deterioration from earlier profitability reduces internal funding capacity and makes a durable recovery dependent on improved demand, pricing, or costs.

CDW Holding (BXE) vs. iShares MSCI Singapore ETF (EWS)

Market Cap: SGD 9.55M
Dividend Yield: 23.81%
Average Volume (3M): 104.57K
Price to Earnings (P/E): -1.3
Beta (1Y): 0.93
Revenue Growth: -17.70%
EPS Growth: -58.79%
Country: Singapore
Employees: 414
Sector: Technology
Sector Strength: 61
Industry: Hardware, Equipment & Parts

CDW Holding Business Overview & Revenue Model

Company Description

Established in 1991 and headquartered in Sha Tin, Hong Kong, CDW Holding Limited functions as an investment holding company with a global reach, including significant operations in Mainland China and Japan. The company primarily manufactures and dist...

How the Company Makes Money

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CDW Holding Financial Statement Overview

Summary

Financials are weak. Revenue has roughly halved since 2022 and fell another 15.6% in the latest twelve months to $72.3 million, while gross margin compressed from about 18% to 14.5%. The company has posted operating losses for four consecutive periods, with a TTM operating loss of $2.9 million and a net loss of $5.1 million (-7.0% net margin). Cash flow, previously a strength, has turned negative with TTM operating cash outflow of $3.7 million and free cash outflow of $5.2 million. The one offset is a conservative balance sheet: about $8.1 million of debt against $36.2 million of equity (0.22 debt-to-equity), though equity has eroded from $59.5 million in 2022 and return on equity is negative at -13.3%. Low leverage provides runway, but the shrinking revenue base and cash burn dominate.

Income Statement

21Negative

Balance Sheet

55Neutral

Cash Flow

24Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	72.32M	88.72M	85.80M	109.22M	147.99M	143.24M
Gross Profit	10.48M	12.31M	13.55M	18.72M	25.68M	26.11M
EBITDA	-2.91M	―	-1.53M	2.57M	19.74M	7.50M
Net Income	-5.08M	-2.67M	-4.42M	-1.07M	14.41M	2.35M
Balance Sheet
Total Assets	59.42M	68.16M	115.04M	95.97M	117.54M	108.82M
Cash, Cash Equivalents and Short-Term Investments	20.34M	24.89M	26.55M	27.40M	27.26M	28.60M
Total Debt	8.14M	7.56M	8.36M	9.84M	16.23M	13.48M
Total Liabilities	24.80M	29.83M	40.67M	42.55M	58.94M	58.12M
Stockholders Equity	36.24M	39.89M	44.90M	54.66M	59.50M	50.69M
Cash Flow
Free Cash Flow	-5.24M	1.46M	4.71M	9.54M	4.10M	2.50M
Operating Cash Flow	-3.70M	2.48M	5.34M	10.95M	4.96M	3.78M
Investing Cash Flow	-698.00K	-2.76M	-433.00K	526.00K	-1.16M	-2.60M
Financing Cash Flow	-1.46M	-4.07M	-5.54M	-10.54M	-1.42M	-6.93M

CDW Holding Technical Analysis

Technical Analysis SentimentNegative

Last Price0.04

Price Trends

50DMA0.06Negative

100DMA0.07Negative

200DMA0.08Negative

Market Momentum

MACD-0.01Positive

RSI28.78Positive

STOCH55.63Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:BXE, the sentiment is Negative. The current price of 0.04 is below the 20-day moving average (MA) of 0.05, below the 50-day MA of 0.06, and below the 200-day MA of 0.08, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 28.78 is Positive, neither overbought nor oversold. The STOCH value of 55.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:BXE.

CDW Holding Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

SG:BXE against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SG:5DD	77Outperform	SGD 319.77M	17.04	33.93%	2.55%	26.44%	53.56%
SG:BN2	74Outperform	SGD 410.32M	20.66	7.85%	6.53%	-1.84%	-36.27%
SG:558	67Neutral	SGD 1.69B	24.76	14.80%	2.61%	26.73%	58.42%
Sector *	61Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SG:AWX	57Neutral	SGD 2.17B	50.00	8.82%	0.52%	14.91%	226.44%
SG:BXE	35Underperform	SGD 9.55M	-1.30	-13.34%	23.81%	-17.70%	-58.79%

* Technology Sector Average

Performance Comparison

SG:BXE and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SG:BXE	CDW Holding	0.04	-0.10	-71.85%
SG:5DD	Micro-Mechanics (Holdings)	2.35	0.70	42.60%
SG:558	Ums Integration Limited	1.84	0.74	67.12%
SG:BN2	Valuetronics Holdings	0.94	0.11	13.86%
SG:AWX	AEM Holdings Ltd.	7.10	5.34	302.95%
SG:BDR	Willas-Array Electronics (Holdings) Limited	0.40	-0.64	-61.54%

CDW Holding Corporate Events

CDW Holding Names New Legal Representative for Thai Subsidiary

Aug 28, 2026

CDW Holding Limited has appointed Mr. Chan Kam Wah as the sole director and legal representative of its Thai subsidiary, Tomoike Precision Machinery (Thailand) Co., Ltd., with immediate effect. The move strengthens governance and oversight of the Gro...

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: Nov 03, 2026

CDW Holding AI Stock Analysis