Vicom Ltd (WJP) AI Stock Analysis

Vicom Ltd

(SGX:WJP)

Select Model

Rating:75Outperform

Price Target:SGD 2.00▲(14.29% Upside)

Action:reiterated

Date:09/24/26

The score is driven primarily by strong financial performance (high and improving margins, low leverage, high ROE, and operating cash flow that supports earnings). Valuation is supportive with a reasonable P/E and a high dividend yield. The main offset is muted technical momentum, with indicators suggesting a neutral-to-soft near-term trend.

Positive Factors

Strong and improving profitabilityHigh and improving gross, operating, and net margins indicate strong economics in Vicom’s inspection and testing services. Sustained profitability provides capacity to absorb operating costs, reinvest in facilities, and retain more earnings as the business grows over the next several quarters.

Negative Factors

Moderate free cash flow conversionAlthough operating cash generation is healthy, only a moderate share of accounting profit converted into free cash flow. Higher reinvestment, working-capital, or capital-spending needs can constrain discretionary cash, limiting flexibility for dividends, expansion, or other capital allocation.

Vicom Ltd (WJP) vs. iShares MSCI Singapore ETF (EWS)

Market Cap: SGD 620.49M
Dividend Yield: 5.28%
Average Volume (3M): 46.39K
Price to Earnings (P/E): 13.3
Beta (1Y): 0.36
Revenue Growth: 29.22%
EPS Growth: 52.54%
Country: Singapore
Employees: 955
Sector: Consumer Cyclical
Sector Strength: 61
Industry: Auto - Dealerships

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 ty...

How the Company Makes Money

Vicom makes money primarily by charging service fees for inspections and testing conducted at its facilities. A core revenue stream is vehicle inspection fees, including periodic inspections required for certain vehicle categories and ages, and assoc...

Vicom Ltd Financial Statement Overview

Summary

Strong profitability with improving TTM margins (gross ~45.7%, net ~27.2%, EBIT ~34.3%) and sharply higher recent revenue growth versus 2025. Balance sheet is conservatively financed (TTM debt-to-equity ~0.21) with high ROE (~28.9%). Cash flow is solid with operating cash flow exceeding net income (coverage ~1.33), but free cash flow conversion is only moderate (~39% of net income), making sustainability of the latest growth and cash conversion the main watch-outs.

Income Statement

86Very Positive

Balance Sheet

82Very Positive

Cash Flow

74Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	171.90M	167.41M	117.16M	111.90M	108.30M	100.89M
Gross Profit	78.61M	69.13M	47.49M	48.49M	47.38M	46.20M
EBITDA	68.16M	62.36M	45.11M	42.83M	40.67M	38.49M
Net Income	46.84M	42.48M	29.28M	27.60M	26.18M	24.78M
Balance Sheet
Total Assets	252.06M	250.41M	211.21M	196.37M	186.97M	199.76M
Cash, Cash Equivalents and Short-Term Investments	52.98M	57.90M	60.70M	55.07M	60.49M	75.36M
Total Debt	33.32M	34.10M	31.88M	31.42M	31.16M	31.76M
Total Liabilities	87.81M	86.61M	68.70M	64.07M	63.14M	71.55M
Stockholders Equity	162.34M	161.24M	140.77M	130.90M	122.92M	127.25M
Cash Flow
Free Cash Flow	27.77M	20.58M	23.04M	18.87M	16.48M	17.38M
Operating Cash Flow	70.75M	59.63M	34.94M	31.66M	25.39M	29.66M
Investing Cash Flow	-41.99M	-39.33M	-8.16M	-14.21M	-8.34M	-12.90M
Financing Cash Flow	-31.49M	-23.18M	-21.20M	-22.82M	-31.86M	-34.63M

Vicom Ltd Technical Analysis

Technical Analysis SentimentNeutral

Last Price1.75

Price Trends

50DMA1.80Negative

100DMA1.79Negative

200DMA1.73Positive

Market Momentum

MACD-0.02Negative

RSI45.65Neutral

STOCH36.11Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:WJP, the sentiment is Neutral. The current price of 1.75 is below the 20-day moving average (MA) of 1.75, below the 50-day MA of 1.80, and above the 200-day MA of 1.73, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 45.65 is Neutral, neither overbought nor oversold. The STOCH value of 36.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:WJP.

Vicom Ltd Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

SG:WJP against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SG:WJP	75Outperform	SGD 620.49M	13.26	28.95%	5.28%	29.22%	52.54%
Sector *	61Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
SG:BPF	52Neutral	SGD 107.45M	54.41	0.71%	4.65%	-6.06%	-58.39%
SG:S29	51Neutral	SGD 44.87M	41.09	0.95%	5.29%	-3.50%	12.82%

* Consumer Cyclical Sector Average

Performance Comparison

SG:WJP and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SG:WJP	Vicom Ltd	1.75	0.24	15.82%
SG:BPF	YHI International Limited	0.37	-0.03	-6.80%
SG:DM0	PSC Corporation Ltd	0.40	0.08	23.44%
SG:S29	Stamford Tyres Corporation Limited	0.19	-0.01	-5.03%
SG:VI2	Trans-China Automotive Holdings Ltd.	0.01	-0.02	-58.06%

Vicom Ltd Corporate Events

Vicom strengthens board with new independent director in succession move

Aug 17, 2026

Vicom Ltd has appointed Ms Tan Yen Yen as an independent non-executive director effective 1 October 2026, as part of its succession planning strategy. She will also join the Technology Committee and the Nominating and Remuneration Committee, reinforc...

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 appre...

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 24, 2026

Vicom Ltd AI Stock Analysis