Professional
Added to YB: 2025-09-03
Pitch date: 2025-09-02
WJP.SI [neutral]
VICOM Ltd
+5.59%
current return
Author Info
Corporate Monitor Limited shares objective research focused on corporate strategy, finance and governance. Visit the website.
Company Info
VICOM Ltd, an investment holding company, provides motor vehicle inspection; and non-vehicle testing, inspection, and consultancy services in Singapore.
Market Cap
SGD 567.3M
Pitch Price
SGD 1.61
Price Target
N/A
Dividend
3.88%
EV/EBITDA
12.09
P/E
18.46
EV/Sales
4.11
Sector
Commercial Services and Supplies
Category
value
VICOM LTD. – When less is more
WJP.SI (overview): Singapore vehicle inspection monopolist (73% market share) with 22% ROE, stable cashflow from regulated demand, but diluted by unprofitable non-vehicle testing (53% revenue, 16% profit). SETSCO burns $7M cash over 3yrs with flat growth. $55M Jalan Papan project funded via equity cuts dividends 30%. Lacks segment disclosure despite FRS 108 requirement, bloated 10-member board.
Read full article (21 min)