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Vicom Ltd
(SGX:WJP)
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Rating:75Outperform
Price Target:
S$2.00
▲(20.48% 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 profitability
High 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 conversion
Although 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.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong and improving profitability
High 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.
Read all positive factors
Vicom Ltd (WJP) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$631.13M
Dividend Yield5.14%
Average Volume (3M)47.57K
Price to Earnings (P/E)13.6
Beta (1Y)0.36
Revenue Growth29.22%
EPS Growth52.54%
CountrySG
Employees955
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Dealerships
Share Statistics
EPS (TTM)0.13
Shares Outstanding354,568,000
10 Day Avg. Volume25,880
30 Day Avg. Volume47,566
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 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 as...
Vicom Ltd Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
82
Very Positive
Cash Flow
74
Positive
| 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 | 66.08M | 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
Neutral
1.66
Price Trends
1.82
Negative
1.78
Positive
1.71
Positive
Market Momentum
>-0.01
Positive
43.10
Neutral
27.38
Neutral
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 1.66 is below the 20-day moving average (MA) of 1.82, below the 50-day MA of 1.82, and below the 200-day MA of 1.71, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 43.10 is Neutral, neither overbought nor oversold. The STOCH value of 27.38 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | S$631.13M | 13.64 | 28.95% | 5.14% | 29.22% | 52.54% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
52 Neutral | S$110.35M | 53.68 | 0.71% | 4.71% | -6.06% | -58.39% | |
51 Neutral | S$45.58M | 41.74 | 0.95% | 5.21% | -3.50% | 12.82% |
* Consumer Cyclical Sector Average
SG:WJP
Vicom Ltd
1.80
0.25
16.20%
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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, reinf...
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 ap...
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.