Professional
Added to YB: 2025-09-03
Pitch date: 2025-09-02
WJP.SI [neutral]
VICOM Ltd
-0.62%
current return
Author Info
No bio for this author
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.
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