OxPay Financial Limited (TVV) AI Stock Analysis

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OxPay Financial Limited

(SGX:TVV)

Select Model

Rating:40Underperform

Price Target:SGD 0.03▼(-3.85% Downside)

Action:downgraded

Date:09/16/26

The score is primarily constrained by weak financial performance—persistent large losses, ongoing cash burn, and a deteriorated balance sheet with negative equity. Technicals also remain unfavorable with a clear downtrend and negative momentum, although indicators are extremely oversold. Valuation contributes limited support because the company is loss-making (negative P/E) and no dividend yield is available.

Positive Factors

Revenue ReboundThe 2025 revenue rebound indicates that OxPay retained the ability to expand its top line despite its broader financial difficulties. If sustained, stronger revenue can improve operating leverage, support investment in its payment platform, and provide a foundation for eventual earnings recovery.

Negative Factors

Negative Shareholders' EquityNegative shareholders’ equity materially weakens OxPay’s financial resilience and reduces flexibility to absorb further losses or fund expansion internally. It can also make leverage metrics less favorable and increase dependence on external financing while the company works to restore its capital base.

OxPay Financial Limited (TVV) vs. iShares MSCI Singapore ETF (EWS)

Market Cap: SGD 8.89M
Dividend Yield: ―
Average Volume (3M): 81.64K
Price to Earnings (P/E): -2.7
Beta (1Y): 0.01
Revenue Growth: ―
EPS Growth: ―
Country: Singapore
Employees: 37
Sector: Technology
Sector Strength: 61
Industry: Software - Infrastructure

OxPay Financial Limited Business Overview & Revenue Model

Company Description

OxPay Financial Limited, a Singapore-based company founded in 2005, specializes in providing comprehensive merchant payment and digital commerce enablement solutions across Singapore, Malaysia, and Thailand. The company delivers versatile online-to-o...

OxPay Financial Limited Financial Statement Overview

Summary

Despite a 2025 revenue rebound (~34% YoY), the company remains deeply unprofitable (about a 61% net loss margin), continues to burn cash (negative operating and free cash flow), and the balance sheet has weakened with shareholders’ equity turning negative—raising funding and financial flexibility risk.

Income Statement

28Negative

Balance Sheet

22Negative

Cash Flow

18Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	6.41M	4.84M	3.63M	8.32M	9.87M	17.54M
Gross Profit	2.12M	2.10M	2.32M	2.45M	2.56M	10.26M
EBITDA	-2.64M	-2.69M	-3.03M	-1.19M	-179.00K	-26.63M
Net Income	-3.03M	-2.93M	-3.24M	-1.36M	-473.00K	-27.06M
Balance Sheet
Total Assets	5.11M	3.93M	6.07M	16.74M	26.13M	30.50M
Cash, Cash Equivalents and Short-Term Investments	2.95M	2.13M	4.16M	9.40M	22.11M	26.45M
Total Debt	2.88M	2.23M	1.20M	823.00K	28.00K	24.00K
Total Liabilities	7.47M	5.78M	5.27M	12.62M	20.64M	25.07M
Stockholders Equity	-1.76M	-1.31M	1.26M	4.53M	5.83M	5.89M
Cash Flow
Free Cash Flow	-2.92M	-3.27M	-5.35M	-13.58M	-4.12M	19.98M
Operating Cash Flow	-2.82M	-3.15M	-5.21M	-13.51M	-3.90M	20.06M
Investing Cash Flow	585.04K	-136.00K	-141.00K	-71.00K	-198.00K	1.17M
Financing Cash Flow	101.05K	1.28M	126.00K	765.00K	-190.00K	1.83M

OxPay Financial Limited Technical Analysis

Technical Analysis SentimentNeutral

Last Price0.03

Price Trends

50DMA0.03Positive

100DMA0.03Negative

200DMA0.04Negative

Market Momentum

MACD0.00Negative

RSI60.09Neutral

STOCH100.00Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:TVV, the sentiment is Neutral. The current price of 0.03 is below the 20-day moving average (MA) of 0.03, below the 50-day MA of 0.03, and below the 200-day MA of 0.04, indicating a neutral trend. The MACD of 0.00 indicates Negative momentum. The RSI at 60.09 is Neutral, neither overbought nor oversold. The STOCH value of 100.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:TVV.

OxPay Financial Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

SG:TVV against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SG:BBW	79Outperform	SGD 291.00M	13.02	57.45%	7.32%	-5.54%	-22.51%
SG:ITS	75Outperform	SGD 202.53M	10.36	46.38%	4.62%	37.21%	80.71%
SG:AIY	62Neutral	SGD 2.36B	18.80	28.38%	1.34%	35.49%	40.68%
Sector *	61Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SG:BIX	56Neutral	SGD 41.67M	21.26	1.99%	24.00%	23.86%	48.72%
SG:TVV	40Underperform	SGD 8.89M	-2.71	214.12%	―	―	―

* Technology Sector Average

Performance Comparison

SG:TVV and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SG:TVV	OxPay Financial Limited	0.03	-0.03	-51.85%
SG:AIY	iFAST Corporation Ltd	7.71	-1.85	-19.36%
SG:BBW	Azeus Systems Holdings Ltd.	9.70	-4.70	-32.62%
SG:BCY	Powermatic Data Systems Ltd.	2.80	0.01	0.36%
SG:BIX	Ellipsiz Ltd	0.25	-0.01	-3.85%
SG:ITS	Info-Tech Systems Ltd	0.79	-0.02	-2.24%

OxPay Financial Limited Corporate Events

OxPay overhauls board committees to boost governance

Aug 3, 2026

OxPay Financial Limited has reconstituted its board committees following the recent appointments of Francis Lee Fook Wah and Tan Suan Tiu Bryan as non-executive independent directors. The changes, effective 4 August 2026, are aimed at strengthening t...

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: Sep 16, 2026

OxPay Financial Limited AI Stock Analysis

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