VICOM Ltd Overview
VICOM is Singapore's dominant regulated vehicle-inspection franchise, attached to a growing, mid-sized technical testing, inspection and certification (TIC) laboratory business. Through VICOM Inspection Centre and its 78%-owned JIC Inspection Services, the group performed 519,088 statutory vehicle inspections in 2025, a 72.3% national market share (AR2025). That business is underpinned by Land Transport Authority (LTA) and National Environment Agency (NEA) mandates and generates highly predictable cash flow. SETSCO Services, acquired from Keppel in 2003, is the group's non-vehicle arm. It provides accredited mechanical, construction, chemical, biological, non-destructive, aerospace, environmental, cybersecurity and certification services, increasingly to electronics, semiconductor and AI-server manufacturers. The ERP 2.0 On-Board Unit (OBU) installation programme lifted revenue 40.1% to S$167.4 million in FY2025, a peak that management expects to fade. The investment case now rests on whether the new Jalan Papan Integrated Hub and the expansion into Malaysia can grow SETSCO enough to replace OBU earnings while VICOM keeps its 70% payout, debt-free balance sheet.
Company's own description
In its FY2025 condensed financial statements (Note 1), VICOM describes the company as an investment holding company that also provides motor-vehicle evaluation and related services. The group's activities are testing services, covering motor vehicle inspection and non-vehicle testing, inspection and consultancy. In its media releases, VICOM calls itself Singapore's leading provider of inspection and technical testing services, working in vehicle and non-vehicle fields that include mechanical, biochemical, civil engineering and non-destructive testing. From the 1H2026 release the wording shifts to "testing, inspection and certification", which signals the repositioning toward TIC.
Independent characterisation
VICOM is best analysed as two economically distinct businesses inside one reporting segment.
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Vehicle testing (VICOM Inspection Centre Pte Ltd and JIC Inspection Services Pte Ltd). This is a quasi-regulated, high-share, capital-light-at-maturity network. It carries out statutory periodic inspections required by LTA, emission testing (including the VICOM Emission Test Laboratory, VETL, which supports type approval for new vehicles under NEA rules), and pre-registration and type-approval inspections. It also conducts inspections of private-hire cars (mandatory annual inspection from 1 January 2021), motorcycles, power-assisted bicycles and e-scooters (mandatory testing from May 2022). Ancillary services include car evaluation, accident assessment through VICOM Assessment Centre, road-tax renewal, transfer of vehicle ownership, motor insurance distribution (a long-standing partnership with DirectAsia, AGM Q&A April 2026), advertising, and the VICOM-Visa (V2) co-brand card (AR2025). Episodic government programmes add large one-off volumes: in-vehicle unit (IU) installation for ERP 1.0 from 1997, and OBU installation for ERP 2.0 in 2024 to 2026.
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Non-vehicle TIC (Setsco Services Pte Ltd and subsidiaries). This is a diversified, accreditation-driven laboratory and field-services business. Its customers are in construction and infrastructure, manufacturing, electronics and semiconductors, aerospace MRO, marine and offshore, oil and gas, food and agri-food, pharmaceuticals and medical devices, the environment and water, and cybersecurity. It also certifies management systems and products as an accredited ISO/IEC 17021 and 17065 certification body.
Business and revenue model
VICOM's revenue is almost entirely fee-for-service. There is no product, subscription or licensing revenue of note. The FY2025 revenue note discloses three streams: inspection and testing services (S$163.3 million, 97.5%), rental income from subleasing right-of-use assets (S$2.2 million, 1.3%), and other income (S$1.9 million, 1.1%).
Vehicle-testing revenue is driven by regulated inspection volumes multiplied by fees. Volumes are set by the vehicle population, its age profile and the mandated inspection cycle.
SETSCO revenue is project-based and recurring-contract based. It includes multi-year government testing packages, such as construction-materials testing for Jurong Region Line packages (AR2022) and aggregate testing for HDB projects (AR2024), as well as per-sample laboratory fees.
Value-chain position
VICOM is a third-party conformity-assessment provider. It sits between regulators (LTA, NEA, Singapore Food Agency, Cyber Security Agency of Singapore, IMDA/PDPC, Singapore Civil Defence Force) and regulated parties (motorists, fleet operators, contractors, manufacturers). Its moat comes from regulatory authorisation and accreditation (SAC-SINGLAS ISO/IEC 17025, NADCAP, EASA, Singapore Food Agency's Laboratory Recognition Programme, AS 9100), from network density, and from brand trust. Management cited the trust motorists place in the VICOM brand as the reason it was the top OBU installer (AR2025 chairman's statement).
Customer types and end-markets
| Customer group | Services consumed | Notes / source |
|---|---|---|
| Private motorists | Periodic inspection, emission tests, OBU installation, evaluation, insurance, road tax | 519,088 vehicles inspected in 2025 (AR2025) |
| Commercial fleets, hauliers, bus and taxi operators | Heavy-vehicle inspection (JIC's Jurong base), chassis dynamometer smoke tests, PHC inspections | JIC historically strong in heavy goods vehicles (AR2005) |
| Related companies (ComfortDelGro Group) | Inspection and testing services | S$1.7 million in FY2025 (FY2025 Note 8.2) |
| Vehicle importers and distributors | Type approval, VETL emission testing to WLTP | VETL upgraded to WLTP in 2023 (AR2023) |
| Government agencies (LTA, HDB, SFA, NEA, PSA, MINDEF) | Construction materials testing, food testing, environmental monitoring, load testing | AR2022 and AR2024 operations reviews |
| Construction contractors | Concrete, steel, geotechnical, glass and façade, water-tightness, fire-code testing (planned) | Fire laboratory planned at Jalan Papan (AGM Q&A 2026) |
| Electronics, semiconductor and AI-server manufacturers | Reliability, environmental and climatic, EMC/RF (through Setsco QAV), durability, IP-rating | FY2025 demand uplift (FY2025 media release) |
| Aerospace MRO | NADCAP and EASA-approved NDT | Aerospace testing centre at VICOM Changi since 2006 |
| Medical device and wearables makers | Device testing, rough-handling protocols | A multi-year contract worth more than S$1 million (AGM Q&A 2026) |
| Device and ICT vendors, government high-security users | Common Criteria and ISO/IEC 17025 cybersecurity evaluation | Setsco-An Security (70%) |
| Corporates seeking certification | Data Protection Trustmark (SS 714:2025), Cyber Trust mark, management-system certification | AGM Q&A 2026 |
Strategy
Stated strategy (paraphrased from annual reports and AGM responses)
VICOM's chairman's statements describe a "multi-year growth strategy" (AR2024). AR2023 enumerated the strategy, starting with "extending current capabilities". Management's AGM responses in April 2026 make the logic explicit and split it in two:
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Vehicle inspection: run for excellence, not capacity. Management says the government's car-light policy limits growth, so the inspection business focuses on operational excellence, efficiency and service quality rather than capacity-driven expansion. Jalan Papan improves throughput and the customer experience (longer queuing ingress, more lanes, new equipment) together with online booking and e-payments.
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SETSCO as the group's key growth engine. It receives the larger share of capex. The pillars are diversification to reduce sector volatility; moving up the value chain into EMC/EMI, cybersecurity, medical devices and fire testing; certification services; and regional expansion into Malaysia.
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Capital allocation. Pay out 70% of PATMI, fund capex from operating cash and existing reserves, and remain open to debt if it improves capital efficiency without weakening the balance sheet.
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Future-readiness. The new CEO-designate's stated priorities are disciplined growth, making full use of Jalan Papan, strengthening TIC capabilities, and supporting customers' transition to greener and smarter operations (24 June 2026 media release, as reported by The Edge Singapore).
Initiatives in the last 24 months (October 2024 to October 2026)
| Initiative | Date | Description | Status / metric |
|---|---|---|---|
| ERP 2.0 OBU installation | 2024–2026 | LTA Authorised Partner (one of four) | 77,000 installed in 2024; more than 251,000 in 2025, the most of any partner; tapering in 2026 |
| Jalan Papan Integrated Hub | Lease won Dec 2022; inaugurated 4 Feb 2026 | Integrated vehicle inspection (JIC) and advanced SETSCO labs, including a planned SCDF fire laboratory | Progressive operations from 16 Feb 2026; full operations 2H2026; FY2025 capex S$42.2 million (accrual), mostly this project |
| Setsco QAV joint venture | Signed 30 Oct 2025; facility opened 9 Jul 2026 | E&E testing in Penang (EMC/RF, safety, energy efficiency, OTA, acoustic) | RM7.2 million paid-up capital; 49/51 with QAV; management expects no material near-term contribution |
| New SETSCO capabilities, 2025 | 2,025 | Climatic simulation and testing, IPX8 accreditation, rough-handling protocol for wearables, water and effluent testing, penetration testing | AR2025 |
| New SETSCO capabilities, 2024 | 2,024 | EV charging system testing, fatigue testing | AR2024 |
| MedTech entry | Disclosed Apr 2026 | Multi-year device-testing contract worth more than S$1 million | AGM Q&A |
| Cybersecurity scale-up | 2023 onward | Setsco-An Security; accredited labs for high-security devices; Cyber Trust mark certification | AGM Q&A 2026 |
| Leadership succession | Jun–Aug 2026 | New CEO and CFO from 1 Jan 2027; Acting SETSCO CEO from 1 Jul 2026 | Announced |
| Board refresh | Jan–Oct 2026 | Ngan (Jan), Tan Yen Yen (Oct); two retirements | Completed |
| Digitalisation | Ongoing | Online booking, e-payments, queue displays; CTO-led programmes | AR2024; AGM Q&A 2026 |
Sustainability commitments
VICOM has a board Sustainability Committee and a Chief Risk and Sustainability Officer. Quantified emissions targets are not publicly disclosed in the retrieved materials.
Medium-term targets and guidance
VICOM publishes no medium-term numerical financial targets. The FY2025 statements, item 3, state that no forecast or prospect statement had been disclosed. Its qualitative guidance (FY2025 results, February 2026; 1H2026 results, August 2026) is as follows:
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Overall testing demand will decrease in 2026 as OBU installation tapers after substantial completion in 2025.
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Non-vehicle demand should rise as Jalan Papan becomes fully operational in 2H2026, but demand will be uneven across sectors.
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2H2026 will be softer than 1H2026.
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FY2026 capex will be below FY2025.
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The 70% payout policy continues (the 1H2026 interim of 3.95 cents equals a 70% payout).
Products & Services
VICOM does not publish SKU-level revenue or price lists in its filings.
Vehicle testing business (VICOM Inspection Centre, JIC Inspection Services)
| Offering | Description and capabilities | Target customer | Launch / latest milestone | Pricing model |
|---|---|---|---|---|
| Periodic statutory inspection | LTA-mandated roadworthiness and emission inspection for cars, taxis, goods vehicles, buses and motorcycles | Vehicle owners whose vehicles have reached the inspection age | Since 1982; 519,088 vehicles inspected in 2025 | Regulated per-inspection fee |
| Private-hire car annual inspection | Mandatory under the Point-to-Point framework | PHC owners and rental fleets | From 1 Jan 2021 | Per inspection |
| Motorcycle inspection | Periodic inspection | Motorcyclists | Since 2 May 1984 | Per inspection |
| Active-mobility device testing | Mandatory testing of motorised active-mobility devices (power-assisted bicycles, e-scooters) | Device owners and retailers | From May 2022 (AR2022) | Per test |
| Emission testing, VICOM Emission Test Laboratory (VETL) | Laboratory emission testing for type approval; upgraded to WLTP in 2023 in a multi-million-dollar upgrade | Importers and distributors | Opened 10 Oct 2009; Euro 4 (2014), Euro 6 and JPN 2009 (2017), WLTP (2023) | Per test / per type |
| Chassis dynamometer smoke test | Mandatory diesel smoke test | Diesel vehicle owners | From 1 Jan 2007 | Per test |
| High-idle emission test | NEA's tighter in-use petrol vehicle standard | Petrol cars and motorcycles | From 1 Apr 2018 | Part of inspection |
| Electric and hybrid vehicle inspection | Same frequency as internal-combustion vehicles but without emission testing; management says margins are currently lower | EV and hybrid owners | 33,202 hybrid and electric vehicles inspected in 2021 (FY2021 media release) | Per inspection |
| ERP 2.0 On-Board Unit installation | Installation as one of four LTA Authorised Partners | Motorists and fleets | 77,000 installed by end-2024; more than 251,000 in 2025; continuing in 2026 but tapering | Contract with LTA (terms not disclosed) |
| ERP 1.0 IU services (historical) | Commissioning centres for in-vehicle units | Motorists | From 1997 | LTA contract |
| Car evaluation | Pre-purchase or ownership-transfer condition evaluation | Buyers and sellers of used cars | Launched 1991 | Per evaluation |
| Accident assessment (VICOM Assessment Centre) | Accident and damage reports and surveys | Insurers and motorists | JV formed 1996 | Per report |
| Road-tax renewal and vehicle-ownership transfer | Over-the-counter transactional services | Motorists | Long-standing | Service fee |
| Motor insurance distribution | Partnership with DirectAsia | Motorists | Long-standing (AGM Q&A 2026) | Commission |
| Advertising | Media space at centres | Advertisers | Long-standing | Fees |
| VICOM-Visa (V2) co-brand card | Co-brand payment card | Motorists | Referenced in AR2025 (launch date not disclosed) | — |
| Digital channels | Online booking, e-payments, automated payment machines, real-time queue display at Bukit Batok and Kaki Bukit | All customers | Queue display introduced 2024 (AR2024) | Not applicable |
Non-vehicle testing business (SETSCO and subsidiaries)
| Offering | Description and capabilities | Target customer | Key dates / notes |
|---|---|---|---|
| Mechanical testing and calibration | Stress and strain analysis, steel structures, metallography, instrument calibration, fatigue testing | Manufacturing, construction, marine | Fatigue testing added 2024 (AR2024) |
| Construction materials testing | Concrete (Automated Concrete Cube Testing System, a Singapore first, 2014), aggregates, steel, glass brick, geotechnical, pavement and geophysical | LTA, HDB, contractors | Jurong Region Line testing packages (AR2022); HDB aggregate contracts (AR2024) |
| Façade and glass inspection | Glass inspection projects | Developers | Dubai DMCC towers (c.2016) |
| Water-tightness testing | Building envelope | Contractors | Contracts secured 2024 (AR2024) |
| Fire testing (planned) | Dedicated fire laboratory for SCDF Fire Code compliance on doors, cladding and similar products | Building-product makers and contractors | At Jalan Papan; management says it will be only the second such facility in Singapore (AGM Q&A 2026) |
| Non-destructive testing (NDT) and aerospace | NADCAP-accredited special processes, EASA-approved NDT, radiographic testing | Aerospace MRO, aviation | NADCAP 2005; EASA approval 2020; satellite facility at Jalan Buroh (AR2022) |
| Load testing | Port and heavy equipment | PSA Corporation and others | AR2024 |
| Chemical testing | Analytical chemistry, paint quality, polymers | Industrial | AR2024 |
| Food and microbiological testing | Food safety; SFA Laboratory Recognition Programme | SFA, food industry, exporters | One of the first labs recognised (Apr 2020); real-time molecular testing contract (AR2024) |
| Agri-food residue testing | Accredited for more than 170 pesticides and 80 drug residues | SFA, importers | AR2023 |
| Pharmaceutical testing | Sterility and endotoxin testing | Pharma manufacturers | Started 2022 (AR2022) |
| Environmental testing | Air, water, biological and waste samples; field and laboratory | NEA, industry | Environmental lab 2012; water lab 2007; growth in effluent testing (AR2025) |
| Ballast water testing | Ballast-water compliance | Ship operators | AR2022 |
| Surgical mask testing | Full mask test facility | Regulators, importers | 2020 (COVID-19) |
| Electronics reliability and environmental testing | Climatic simulation, product durability, IPX8 water immersion, rough-handling protocol for wearables | Electronics, semiconductor, AI-server makers | Capabilities added 2025 (AR2025) |
| EV charging system testing | Testing of EV charging systems | Charger makers and installers | Launched 2024 (AR2024) |
| Medical and wearable device testing | Device testing under a multi-year contract worth more than S$1 million | MedTech and wearables firms | Disclosed April 2026 (AGM Q&A) |
| Cybersecurity evaluation (Setsco-An Security) | ISO/IEC 17025-accredited evaluation of devices for high-security environments; Common Criteria; penetration testing | Device vendors, government | Acquired 2023; management describes it as the only locally based laboratory of its kind (AGM Q&A 2026) |
| AI programme vulnerability testing | Vulnerability testing of an AI programme | Technology clients | AR2022 |
| Certification (ISO/IEC 17021 and 17065) | Management-system and product certification, including Data Protection Trustmark (SS 714:2025), Cyber Trust mark, structural steel fabricator certification | Corporates, fabricators | 17065 accreditation (2010s); 17021 accreditation (AR2021 timeline) |
| Electrical and electronics testing, Malaysia (Setsco QAV) | EMC/RF, electrical safety, energy efficiency, over-the-air antenna measurement, acoustic measurement | E&E manufacturers in Malaysia and the region | JV signed Oct 2025; Penang facility opened 9 Jul 2026 |
| Construction testing, Malaysia (Setsco Services (M)) | Soil, structural and NDT testing | Malaysian contractors | General Manager has about 25 years' experience (AR2025) |
| Training | Technical and certification training (for example with Republic Polytechnic and Singapore Institute of Technology) | Students, industry | Agreements 2014 and 2018 |
SETSCO organises its laboratories into divisions named in AR2025: Mechanical Technology, Biological & Chemical Technology, and Construction Technology, alongside aerospace and NDT, cybersecurity, certification and Malaysian operations.
Financial Narrative
Basis: SFRS(I) consolidated statements in S$. FY2022 balance-sheet figures are shown as restated in the FY2023 statements for the SFRS(I) 1-12 deferred-tax-on-leases amendment, which added about S$1.3 million to accumulated profits. As originally reported, FY2022 total assets were S$186.965 million and total equity S$123.828 million.
Income statement
Sources: FY2021 to FY2025 media releases; FY2022, FY2023 and FY2025 condensed statements. FY2023 depreciation and amortisation is derived as EBITDA minus operating profit. FY2021 DPS includes a 2.00-cent special dividend.
Gross profit is not reported. VICOM presents expenses by nature (staff, contract services, depreciation, materials, utilities, repairs, premises, other) rather than by function, so gross profit and gross margin are not publicly disclosed and cannot be derived without arbitrary allocation.
Derived. FY2021 growth rates compare with FY2020 revenue of S$86.5 million and PATMI of S$24.5 million (FY2021 media release).
Revenue CAGR, FY2021 to FY2025: 13.5% a year (S$100.9 million to S$167.4 million). Excluding FY2025, the FY2021 to FY2024 CAGR is 5.8%, which better reflects the run-rate before OBU work. PATMI CAGR, FY2021 to FY2025: 14.4%.
COVID-19 relief distortion. Government reliefs (Jobs Support Scheme and similar) contributed S$1.8 million to FY2021 operating profit and S$0.2 million to FY2022. Excluding reliefs, operating profit was S$29.2 million in FY2021 and S$32.4 million in FY2022, an underlying increase of 11.1% (FY2022 statements).
Operating cost structure (FY2024 vs FY2025)
Source: FY2025 condensed statements.
Commentary. Two lines explain FY2025. Contract services rose 377.8% to S$28.5 million, mainly subcontractor fees for OBU installation. Staff costs rose 7.9%. Staff costs fell from 44.4% of revenue to 34.2%, because OBU work was largely subcontracted rather than done by permanent staff. As a result, operating margin rose only 2.0 percentage points despite 40.1% revenue growth. OBU revenue carried thinner incremental margins than core inspection. Excluding the non-cash S$2.06 million goodwill impairment on the vehicle-inspection cash-generating unit, FY2025 operating profit would have been S$53.9 million (32.2% margin, derived).
In earlier years, staff costs were 45.0% of revenue in FY2021 (S$45.4 million) and 46.1% in FY2022 (S$49.9 million). Contract services were only S$2.9 million in each of those years (FY2022 statements).
Interim trajectory
Sources: 1H2024, 1H2025 and 1H2026 media releases.
Sources: 1Q2025 and 1Q2026 business updates; 3Q2025 business update as summarised by Minichart. 1Q2026 PATMI was S$10.0 million, up 33.6%.
Commentary. 1H2026 operating margin reached a record 32.3% (derived). Revenue grew only 6.4%, but OBU work continued and core services held up. The 2H2025 base is very high: 2H2025 revenue was S$97.6 million and operating profit S$32.9 million, because OBU installations peaked in that half. Management guides to a softer 2H2026 (1H2026 media release), so FY2026 revenue is likely to fall against FY2025 unless non-vehicle growth surprises. Management published no numerical forecast.
Balance sheet
Sources: FY2022, FY2023 and FY2025 statements; FY2023 AGM slides for FY2023 current liabilities. Derived items: FY2023 PPE (FY2022 PPE plus the S$9.3 million increase disclosed in the FY2023 review); FY2023 current assets (FY2022 less the S$2.4 million decrease disclosed); FY2022 restated equity attributable (NAV per share multiplied by shares); FY2022 restated total assets and equity (FY2023 balances less disclosed changes). FY2021 NAV is as originally reported. Intangible assets other than goodwill are immaterial (S$8,000 in FY2024 and FY2025; S$116,000 recognised on the An Security acquisition in 2023).
At 31 March 2026, cash was S$59.9 million, total assets S$258.9 million and total liabilities S$85.2 million (1Q2026 business update).
Commentary. VICOM has no bank borrowings in any year. All reported "debt" is SFRS(I) 16 lease liabilities, mainly long-dated JTC land leases (Sin Ming, Bukit Batok, Jalan Papan and others). Cash fell from S$93.2 million at the start of FY2021 to S$57.9 million at end-FY2025. Three things absorbed it: a 90% payout through 2022 plus a 2.00-cent special dividend, the Jalan Papan land premium, and the FY2025 build-out. FY2025 capex of S$39.0 million was funded entirely from S$58.2 million of operating cash flow.
The FY2025 decline in working capital to S$33.0 million came from higher payables (S$39.6 million, including OBU subcontractor accruals and S$6.1 million of unpaid capex) and higher tax payable. It does not signal liquidity stress; the current ratio is still 1.64x. Goodwill fell to S$9.5 million after the full write-off of the S$2.06 million goodwill allocated to the vehicle-inspection cash-generating unit. EY designated goodwill impairment a key audit matter in FY2023 and FY2025.
Cash flow
Sources: FY2022 and FY2025 cash flow statements; FY2023 AGM slides (FY2023 operating cash flow); FY2022, FY2023 and FY2025 PPE notes. FY2023 cash capex is derived from the FY2023 statements: additions of S$8.322 million less the increase in unpaid capex (S$1.827 million against S$1.034 million). FY2023 lease principal is derived from the FY2023 statements and should be treated as approximate. FY2024 includes a S$1.35 million government grant received in investing activities.
Commentary. Operating cash flow nearly doubled in FY2025 on OBU earnings and a S$9.8 million favourable swing in payables. Cash conversion (OCF divided by PATMI) was 1.37x in FY2025, against 1.19x in FY2024. Free cash flow fell to S$19.1 million because capex more than tripled. Dividends exceeded free cash flow in FY2021, FY2022 and FY2025, financed from the cash pile. Management says FY2026 capex will be below FY2025 and consist mostly of Jalan Papan spending carried over from 2025 (AGM Q&A, April 2026). 1Q2026 capex was S$11.6 million, mainly Jalan Papan progress billings (1Q2026 business update).
Ratios
Derived from the tables above. NOPAT = operating profit × (1 − effective tax rate).
Derived. FY2023 is excluded because separate interest-expense and trade-receivable lines were not available in the retrieved FY2023 extract.
Cash conversion cycle. A conventional cash conversion cycle is not meaningful for VICOM. Inventories were only S$21,000 at end-FY2025, and trade-payable days are distorted by capex accruals. DSO is the relevant working-capital metric. Its rise from 41 days to about 50 reflects the growing weight of SETSCO's B2B and government billing and of OBU billing to LTA, compared with largely cash-on-service vehicle inspection.
Trend synthesis. FY2021 to FY2024 showed a mature, slowly compounding franchise: revenue growth of 3% to 7%, operating margin drifting from 30.7% to 29.0% under wage inflation, and ROE around 21%. Its main lever was capital return. The 2023 payout cut (90% to 70%) marked the point where VICOM began reinvesting, chiefly the roughly 20-year Jalan Papan lease and build. FY2025 was an outlier driven by OBU work. Return metrics in FY2025 flatter the underlying run-rate, and analysts should normalise them down to about the FY2024 level, adjusted for Jalan Papan depreciation that begins in FY2026.
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Revenue stream (SGD K)
| Revenue stream (SGD K) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Inspection and testing services (SGD K) | 96,802 | 104,226 | 107,843 | 115,084 | 163,264 |
Rental income from sub-leased right-of-use assets (SGD K) | 2,214 | 2,260 | 2,356 | 2,326 | 2,247 |
Others (SGD K) | 1,876 | 1,818 | 1,704 | 2,072 | 1,896 |
Total revenue (SGD K) | 100,892 | 108,304 | 111,903 | 119,482 | 167,407 |
Growth and mix (%)
| Growth and mix (%) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Inspection and testing revenue growth (%) | 7.7 | 3.5 | 6.7 | 41.9 |
Inspection and testing share of total (%) | 96.2 | 96.4 | 96.3 | 97.5 |
Total revenue growth (%) | 7.3 | 3.3 | 6.8 | 40.1 |
Results by Segment and Segment Margins & Growth (%)
| Segment metric (SGD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Segment revenue (SGD Mn) | 111.9 | 119.5 | 167.4 |
Segment operating profit (SGD Mn) | 33.0 | 34.6 | 51.8 |
Segment pre-tax profit (SGD Mn) | 34.1 | 35.7 | 52.0 |
Operating margin (%) | 29.5 | 29.0 | 31.0 |
Share of group revenue (%) | 100 | 100 | 100 |
Group Entities
| Entity | Country | Effective interest | Activity | Source |
|---|---|---|---|---|
VICOM Ltd | Singapore | Listed parent | Investment holding; motor-vehicle evaluation | FY2025 Note 1 |
VICOM Inspection Centre Pte Ltd | Singapore | 100% | Five VICOM vehicle inspection centres | SGX corporate information |
JIC Inspection Services Pte Ltd | Singapore | 78% | JIC inspection centre (now Jalan Papan; formerly Pioneer and Ang Mo Kio) | AR2021; The Edge Singapore (Dec 2022) |
Setsco Services Pte Ltd | Singapore | 100% | Non-vehicle TIC | AR2025; SGX announcements |
Setsco Services (M) Sdn Bhd | Malaysia | Not publicly disclosed in retrieved sources | Construction, soil, structural and NDT testing | AR2025 key management |
Setsco-An Security Pte Ltd | Singapore | 70% (through SETSCO) | Cybersecurity product evaluation, Common Criteria, consultancy | FY2023 Note 12 |
Setsco QAV Technologies Sdn Bhd | Malaysia | 49% (through SETSCO); QAV holds 51% | EMC/RF, electrical safety, energy efficiency, OTA and acoustic testing in Penang | SGX announcement, 30 Oct 2025 |
VICOM Assessment Centre | Singapore | Current stake not publicly disclosed | Accident-vehicle assessment (JV with insurers formed 1996) | AR2021; AR2025 |
Associate (unnamed) | Not stated | Carrying value S$25,000 | Not stated | FY2025 balance sheet |
Foretellix (unquoted equity, FVTOCI) | Israel | Minority, size not stated | Autonomous-vehicle verification software | AR2021; FY2023 Note 11 |
Income statement (SGD Mn)
| Income statement (SGD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (SGD Mn) | 100.9 | 108.3 | 111.9 | 119.5 | 167.4 |
Total operating costs (SGD Mn) | 69.9 | 75.7 | 78.9 | 84.9 | 115.6 |
Operating profit (SGD Mn) | 31.0 | 32.7 | 33.0 | 34.6 | 51.8 |
EBITDA, company-reported (SGD Mn) | 38.2 | 39.9 | 40.9 | 43.2 | 60.3 |
Depreciation and amortisation (SGD Mn) | 7.2 | 7.3 | 7.9 | 8.5 | 8.5 |
Profit before tax (SGD Mn) | 30.4 | 32.6 | 34.1 | 35.7 | 52.0 |
Income tax (SGD Mn) | 5.1 | 6.0 | 6.1 | 6.1 | 9.3 |
Profit after tax (SGD Mn) | 25.2 | 26.6 | 28.0 | 29.6 | 42.8 |
Net profit attributable to shareholders, PATMI (SGD Mn) | 24.8 | 26.2 | 27.6 | 29.3 | 42.5 |
Basic and diluted EPS (S cents) | 6.99 | 7.38 | 7.78 | 8.26 | 11.98 |
Dividend per share, total declared (S cents) | 8.28 | 6.64 | 5.50 | 5.80 | 8.40 |
Margins and growth (%)
| Margins and growth (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating margin (%) | 30.7 | 30.1 | 29.5 | 29.0 | 31.0 |
EBITDA margin (%) | 37.9 | 36.8 | 36.5 | 36.2 | 36.0 |
Net margin, PATMI / revenue (%) | 24.6 | 24.2 | 24.7 | 24.5 | 25.4 |
Effective tax rate (%) | 16.9 | 18.4 | 17.8 | 17.0 | 17.8 |
Revenue growth YoY (%) | 16.7 | 7.3 | 3.3 | 6.8 | 40.1 |
Operating profit growth YoY (%) | 5.6 | 5.4 | 1.1 | 4.9 | 49.7 |
PATMI growth YoY (%) | 1.2 | 5.7 | 5.4 | 6.1 | 45.1 |
Cost line (SGD K)
| Cost line (SGD K) | FY2024 | FY2025 |
|---|---|---|
Staff costs | 53,040 | 57,246 |
Contract services | 5,971 | 28,532 |
Depreciation and amortisation | 8,547 | 8,488 |
Materials and consumables | 3,722 | 4,013 |
Utilities and communication | 3,708 | 3,778 |
Repairs and maintenance | 2,090 | 2,543 |
Premises costs | 2,270 | 2,215 |
Impairment of goodwill | 0 | 2,057 |
Other operating costs | 5,510 | 6,718 |
Total operating costs | 84,858 | 115,590 |
Income Statement and Per-Share Data
| Half-year metric (SGD Mn) | 1H2024 | 1H2025 | 1H2026 |
|---|---|---|---|
Revenue (SGD Mn) | 56.3 | 69.8 | 74.3 |
Operating profit (SGD Mn) | 16.8 | 18.9 | 24.0 |
EBITDA (SGD Mn) | 21.1 | 23.1 | 28.9 |
PATMI (SGD Mn) | 14.1 | 15.6 | 19.9 |
EPS (S cents) | 3.98 | 4.39 | 5.61 |
Interim DPS (S cents) | 2.80 | 3.10 | 3.95 |
Income Statement
| Quarterly metric (SGD Mn) | 1Q2025 | 3Q2025 | 1Q2026 |
|---|---|---|---|
Revenue (SGD Mn) | 33.3 | 41.6 | 37.2 |
Operating profit (SGD Mn) | 9.0 | 12.1 | 12.0 |
Balance Sheet and Per-Share Data
| Balance sheet (SGD Mn, at 31 Dec) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (SGD Mn) | 199.8 | 188.3 | 196.4 | 211.2 | 250.4 |
Cash and cash equivalents (SGD Mn) | 75.4 | 60.5 | 55.1 | 60.7 | 57.9 |
Vehicles, premises and equipment (SGD Mn) | 97.4 | 96.3 | 105.6 | 111.5 | 149.0 |
Goodwill (SGD Mn) | 11.3 | 11.3 | 11.6 | 11.6 | 9.5 |
Lease liabilities, current (SGD Mn) | 1.1 | 0.9 | 1.4 | 1.1 | 1.5 |
Lease liabilities, non-current (SGD Mn) | 30.7 | 30.2 | 30.0 | 30.7 | 32.6 |
Total debt incl. leases (SGD Mn) | 31.8 | 31.2 | 31.4 | 31.9 | 34.1 |
Bank borrowings (SGD Mn) | 0 | 0 | 0 | 0 | 0 |
Net debt incl. leases, negative = net cash (SGD Mn) | -43.6 | -29.3 | -23.6 | -28.8 | -23.8 |
Equity attributable to shareholders (SGD Mn) | 127.3 | 124.2 | 130.9 | 140.8 | 161.2 |
Total equity incl. NCI (SGD Mn) | 128.2 | 125.1 | 132.3 | 142.5 | 163.8 |
Current assets (SGD Mn) | 87.7 | 74.2 | 71.8 | 80.4 | 84.4 |
Current liabilities (SGD Mn) | 39.1 | 30.8 | 31.3 | 34.6 | 51.4 |
Working capital (SGD Mn) | 48.6 | 43.4 | 40.5 | 45.8 | 33.0 |
NAV per share (S cents) | 35.89 | 35.03 | 36.92 | 39.70 | 45.47 |
Cash flow (SGD Mn)
| Cash flow (SGD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net cash from operating activities (SGD Mn) | 29.7 | 25.4 | 31.7 | 34.9 | 58.2 |
Purchase of vehicles, premises and equipment, cash (SGD Mn) | 12.3 | 8.9 | 7.5 | 11.9 | 39.0 |
Free cash flow, OCF less capex (SGD Mn) | 17.4 | 16.5 | 24.2 | 23.0 | 19.1 |
Dividends paid to shareholders (SGD Mn) | 32.8 | 30.4 | 21.5 | 19.7 | 21.6 |
Share buybacks (SGD Mn) | 0 | 0 | 0 | 0 | 0 |
Lease principal repaid (SGD Mn) | 1.1 | 1.1 | 1.6 | 1.5 | 1.6 |
PPE additions, accrual basis (SGD Mn) | 15.7 | 6.5 | 8.3 | 13.9 | 42.2 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE, PATMI / average attributable equity (%) | 18.9 | 20.8 | 21.6 | 21.6 | 28.1 |
ROA, PAT / year-end total assets (%) | 12.6 | 14.1 | 14.3 | 14.0 | 17.1 |
ROIC, NOPAT / (total equity + leases − cash) (%) | 30.4 | 27.8 | 25.0 | 25.3 | 30.4 |
Current ratio (x) | 2.24 | 2.41 | 2.29 | 2.32 | 1.64 |
Debt to equity, leases / total equity (x) | 0.25 | 0.25 | 0.24 | 0.22 | 0.21 |
Net debt to EBITDA, negative = net cash (x) | -1.14 | -0.74 | -0.58 | -0.67 | -0.39 |
Asset turnover, revenue / total assets (x) | 0.51 | 0.58 | 0.57 | 0.57 | 0.67 |
Dividend payout, DPS / EPS (%) | 118 | 90 | 71 | 70 | 70 |
Financial Ratios (x) and Working Capital (Days)
| Ratio (years with complete disclosure) | FY2021 | FY2022 | FY2024 | FY2025 |
|---|---|---|---|---|
Interest coverage, operating profit / lease interest (x) | 35.6 | 38.5 | 40.0 | 56.1 |
Days sales outstanding, trade receivables / revenue × 365 (days) | 41 | 41 | 53 | 49 |
Revenue by geography (SGD Mn)
| Revenue by geography (SGD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Group total, predominantly Singapore (SGD Mn) | 111.9 | 119.5 | 167.4 |
Share Price & Returns
| Period | Return / range | Source |
|---|---|---|
Year to date 2026 (to 4 Sep 2026) | +12.20% | MarketScreener |
One year | +14.29%; 52-week range S$1.55 to S$1.88 | MarketScreener |
Three years | +17.20%; three-year low S$1.22 | MarketScreener |
Five years | Total return not available; five-year range S$1.22 to S$2.11 | MarketScreener |
Ten-year high | S$2.50 | MarketScreener |
Beta (five-year monthly) | 0.37–0.38 | Yahoo Finance (2024 snapshot) |
Valuation Multiples
| Multiple | VICOM | Basis |
|---|---|---|
Market capitalisation | S$652.4 million | 354.568 million shares × S$1.84 |
Enterprise value | About S$631 million | Market cap + leases S$34.1 million − cash S$57.9 million + NCI S$2.6 million |
P/E, FY2025 | 15.4x | EPS 11.98 cents |
P/E, TTM | 13.9x | TTM EPS 13.20 cents = 11.98 − 4.39 + 5.61 |
EV/EBITDA, TTM | 9.5x | TTM EBITDA S$66.1 million |
EV/Sales, TTM | 3.7x | TTM revenue S$171.9 million |
P/B | 4.0x | NAV 45.47 cents (FY2025) |
Dividend yield, FY2025 DPS | 4.6% | 8.40 cents |
Trailing dividend yield | 5.0% | Final 5.30 cents + interim 3.95 cents |
MarketScreener reference figures | P/E FY2025 13.7x; EV/Sales FY2025 3.33x; FY2025 yield 5.12% | Different price basis |
Dividend (S cents per share)
| Dividend (S cents per share) | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
Interim DPS (S cents) | 3.53 | 0 | 3.04 | 3.32 | 2.75 | 2.80 | 3.10 |
Final DPS (S cents) | 6.07 | 6.22 | 3.24 | 3.32 | 2.75 | 3.00 | 5.30 |
Special DPS (S cents) | 0 | 0 | 2.00 | 0 | 0 | 0 | 0 |
Total DPS (S cents) | 9.60 | 6.22 | 8.28 | 6.64 | 5.50 | 5.80 | 8.40 |
EPS (S cents) | 8.01 | 6.91 | 6.99 | 7.38 | 7.78 | 8.26 | 11.98 |
Analyst Conclusions
Management guidance (latest)
-
In February 2026, management said overall demand for testing services would decrease in 2026 because OBU installation was substantially completed in 2025, and that non-vehicle demand would rise as Jalan Papan becomes fully operational in 2H2026.
-
In August 2026, management guided to a softer 2H2026, with testing demand uneven across sectors and OBU activity tapering. It expects Jalan Papan and Setsco QAV to strengthen advanced testing capacity in Singapore and Malaysia.
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FY2026 capex will be lower than FY2025's and consist mainly of the Jalan Papan carry-over.
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The 70% payout continues.
Consensus
No published consensus. Our arithmetic framing is not a forecast: if 2H2026 merely matched 2H2024 (revenue S$63.2 million, PATMI S$15.2 million), FY2026 revenue would be about S$137 million and PATMI about S$35 million. Actual results will depend on residual OBU work and the Jalan Papan ramp-up.
Bull case
-
SETSCO re-rating. Jalan Papan's fire lab, EMC/RF in Penang, cybersecurity and MedTech give SETSCO higher-value, less cyclical revenue. If these lift non-vehicle growth toward peers' 5% to 7% organic rate with better mix, group growth survives the end of OBU work.
-
Earnings floor and capital return. Vehicle inspection (about 519,000 inspections a year at a 72% share) provides a regulated, low-capex annuity. With no debt, 1H2026 operating margin of 32.3% and falling capex, payouts could match FY2025's 8.40 cents even on lower earnings, or be supplemented by specials once Jalan Papan spending ends.
-
Valuation gap. At about 9.5x TTM EV/EBITDA and a 5.0% trailing yield, VICOM trades below the multiples global TIC peers have historically commanded despite twice their margins. Any corporate action by ComfortDelGro, which owns 67%, or improved segment disclosure could close the gap.
Bear case
-
OBU cliff. OBU work drove FY2025 revenue up S$47.9 million. As it disappears, FY2026 and FY2027 earnings may fall below the FY2025 peak, and Jalan Papan depreciation arrives just as revenue normalises, compressing margins.
-
Structural decline in the core. The car-light policy caps volumes; inspections fell about 1.1% in 2025. EV adoption removes emission tests and lowers inspection margins. The FY2025 write-off of vehicle-inspection goodwill shows erosion at the unit level.
-
Unproven reinvestment and opacity. About S$70 million of cumulative PPE additions over FY2023 to FY2025 went largely to SETSCO without segment disclosure. Shareholders already allege that capex has not lifted SETSCO's profitability (AGM Q&A Q12). Both the CEO and CFO change on 1 January 2027.
Catalysts and monitorables (next 12 months)
-
3Q2026 business update (expected around November 2026): the size of the OBU taper.
-
Jalan Papan reaching full operations; fire-lab accreditation and first contracts.
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The first Setsco QAV revenue disclosures and any confirmation of its consolidation treatment.
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FY2026 results (around February 2027): FY2026 DPS, FY2027 capex and any debt use.
-
The first strategic communication from CEO Chung Tying Chun and CFO Philip Cheok (from 1 January 2027).
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Any change in segment-reporting stance, any special dividend, or any ComfortDelGro corporate action.
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LTA or NEA regulatory changes, such as EV-specific inspection requirements or fee revisions.
-
SETSCO order flow from AI and semiconductor clients, and recovery in oil and gas testing.
Analyst verdict
VICOM combines a near-monopoly regulated cash engine with an under-disclosed growth option, and the market is still deciding how to value the option. The core is exceptional in quality. A 72.3% share of a capped, legally mandated inspection market produces operating margins near 30% and ROE above 20% with no bank debt. Its 2025 performance as the leading ERP 2.0 installer shows the brand and operating depth that underpin that position. Those strengths are durable and justify a premium-quality, low-beta classification.
FY2025, however, should not be capitalised as a new base. Revenue grew 40.1% because of a government programme that management itself says is winding down, and the incremental work was largely subcontracted at thinner margins. Normalised earnings sit materially below FY2025. Meanwhile, Jalan Papan adds depreciation before it adds proportional revenue, and the core inspection business faces gradual pressure from the car-light policy and electrification. The goodwill write-off on the vehicle-inspection cash-generating unit is a small but telling signal.
The thesis therefore rests on SETSCO. Management has made the right strategic choices: higher-value niches such as EMC, cybersecurity, MedTech and fire testing, regional expansion through Penang, and a CEO succession that draws on SETSCO leadership. But it refuses to show the segment economics that would prove those choices work. Until it does, investors are underwriting about S$70 million of reinvestment on trust.
At around S$1.84, roughly 14x trailing earnings and a 5% yield, the valuation already prices a meaningful normalisation and provides income support from a net-cash balance sheet with a 70% payout. We view VICOM as a defensive income holding with moderate upside, best accumulated on evidence of SETSCO traction or improved disclosure. The main near-term risk is a sharper-than-expected earnings decline in 2H2026 and FY2027 as OBU work ends during the transition to a new leadership team.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Independence | Appointed | Committees | Background | Age |
|---|---|---|---|---|---|---|
Dr Tan Kim Siew | Chairman | Independent non-executive | Director 1 May 2018; Chairman 27 Apr 2022 | NRC (Chair); Sustainability; Technology | Senior Consultant, Ministry of Finance; Commissioner of Inland Revenue 2012–2014; Permanent Secretary (Defence Development) 2003–2012; formerly CEO of URA; Chairman of DSTA and DSO National Laboratories. Also an independent director of SBS Transit. BA (Hons) Engineering Tripos and PhD, University of Cambridge. | 72 (MarketScreener) |
Cheng Siak Kian | Deputy Chairman | Non-independent non-executive | 1 Jan 2023 | NRC; Technology | MD/Group CEO of ComfortDelGro since 1 Jan 2023; CEO of SBS Transit 2020–2022; CEO ComfortDelGro Australia (NSW) 2016–2019. B.Eng (First Class), University of Manchester; MBA, MIT. | — |
Sim Wing Yew | CEO and Executive Director | Non-independent executive | CEO and director since 1 May 2012; retires 31 Dec 2026 | Sustainability; Technology | CEO of ComfortDelGro Engineering from 1 Mar 2011 (COO from Aug 2008); SBS Transit workshops GM 2002–2008; GM of See Hup Seng. B.Eng (Hons) Mechanical and Production Engineering, NTU; MBA, University of Hull. Senior Accredited Director, SID. | 58 (SGX cessation announcement, Jun 2026) |
Prof Karina Yew-Hoong Gin | Director | Independent non-executive | 1 Nov 2024 | Technology (Chair) | Professor of Civil and Environmental Engineering, NUS; Provost's Chair 2025–2027; WHO expert panels on water and AMR. BE (Melbourne); MEng (NUS); ScD (MIT / Woods Hole). | — |
Soh Chung Hian, Daniel | Director | Independent non-executive | 1 May 2018 | Audit and Risk (Chair); NRC | Former Ernst & Young partner (1990–2012); independent director of Sunright and Intraco. B.Acc (University of Singapore); MBA. | 72 (MarketScreener) |
Tan Poh Hong | Director | Independent non-executive | 25 Apr 2019 | Sustainability (Chair); Audit and Risk; NRC | CEO of AVA 2009–2017; Deputy CEO of HDB 2004–2009; boards of Sheng Siong, Centurion, AnnAik, APAC Realty, OTS Holdings; Non-Resident Ambassador to Denmark. BSc (Hons) NUS; MBA, NYU. | — |
Wong Yoke Woon | Director | Independent non-executive | 21 May 2020 | Audit and Risk; NRC | Director, NTUC-ARU Operations Department since May 2022; formerly Deputy CEO of e2i. EMBA (SMU); BSocSci (NUS). | — |
Ngan Wan Sing, Winston | Director | Independent non-executive | 1 Jan 2026 | Audit and Risk | Former EY partner (retired 2020) who led the EY Financial Services Assurance practice; director and Audit Committee Chair, HSBC Bank (Singapore); Audit and Risk Committee Chair, United Overseas Insurance. MBA (York University); BSc (Loughborough). | — |
Tan Yen Yen | Director | Independent non-executive | 1 Oct 2026 | NRC; Technology | Director of Jardine Cycle & Carriage (since 2020); OCBC board 2020 to Apr 2026; audax Financial Technology (2026); Workday APAC advisor (2026). | — |
“—” = not publicly disclosed.
Executive Leadership Team
| Name | Title | Since | Background |
|---|---|---|---|
Sim Wing Yew | CEO, VICOM Ltd | 1 May 2012 (to 31 Dec 2026) | See board table |
Chung Tying Chun | Deputy CEO (from 1 May 2026); CEO-designate (from 1 Jan 2027) | Joined VICOM 2013 | Ran ancillary operations (VETL, VAC, insurance, advertising); SETSCO Deputy CEO Mar 2022 to Feb 2023 and CEO Mar 2023 to 30 Jun 2026; managed the Biological & Chemical Technology Division from Oct 2017; earlier senior SAF command and staff roles. MEng Chemical Engineering (Hons), UCL; MBA (Strategy), NUS. |
Mary Lee Peck Kim | CFO | Since 2012 (MarketScreener lists 1 Jul 2012) | ACCA; Chartered Accountant (ISCA); MBA Finance (Hull); formerly Head of Finance, ComfortDelGro Engineering; Best CFO (Mid-cap), Singapore Corporate Awards 2019. Successor appointed (below). |
Cheok Bok Sim, Philip | CFO-designate | From 1 Jan 2027 | CFO of Faxolif Industries since Aug 2025; formerly a board member of Mitbana (2023–2025) (SGX, 21 Aug 2026) |
Ng Soon Lee | Acting CEO, Setsco Services | From 1 Jul 2026 | Existing SETSCO key management with long TIC experience (SGX, 24 Jun 2026) |
Lim Kok Seng | Chief Technology Officer | Feb 2022 | Formerly in senior roles at DSTA; B.EE (First Class), NTU; MSc EE, Naval Postgraduate School |
Zaidee Bin Bakee | Chief Risk and Sustainability Officer | At SETSCO since 1996; group Risk and Sustainability Lead from 2019 | MBA (Leicester, TQM) |
Teo Teng Kang, Anthony | VP Operations (vehicle inspection) | 2019 | Formerly AVP, ComfortDelGro Engineering; B.Tech Mechanical Engineering (Hons), NUS |
Yip Chun Wah | VP Operations Support | Joined 1998 | Inspection quality, properties and equipment; B.Eng (NTU); MSc (NUS) |
Yusoof Aynuddin | Divisional Director, Mechanical Technology (SETSCO) | Joined 1988 | Mechanical testing and calibration |
Sng Mui Tiang | Divisional Director, Biological & Chemical Technology (SETSCO) | Joined 2021 | BSc Chemistry; MMOT (NUS) |
Prathipa Devi Sundraju | Divisional Director, Construction Technology (SETSCO) | Rejoined 2004 | Geotechnical and pavement testing; B.Eng (Hons) Civil, Heriot-Watt |
Lim Chia Aik | GM, Setsco Services (M) Sdn Bhd | — | About 25 years in soil, structural and NDT testing |
Tham Hoong Sheng | GM, Setsco QAV Technologies | — | More than 23 years in product compliance (EMC/RF, safety, reliability) |
Koh Eng Haur, Daryl | GM, Setsco-An Security | Founder of An Security | Pioneer of formal cybersecurity assurance in Singapore; helped CSA set up the Common Criteria scheme; also the 30% vendor-shareholder |
Cheong Mang Kiet | AVP Human Resource | 2013 | Senior HR professional |
“—” = not publicly disclosed.
Directors' Remuneration
| Item | Value | Source / caveat |
|---|---|---|
CEO total annual compensation | About S$716,100 (54.5% salary, 45.5% bonus) | Simply Wall St, latest reported financial year (FY2024 basis); aggregator figure |
CEO total compensation, FY2019 | S$661,000 (salary about S$290,000) | Simply Wall St (Dec 2020) |
CEO base salary (prior year) | S$375,600 cited | Simply Wall St article via Yahoo Finance; year not specified |
Directors' fees expensed | FY2024 S$805,000; FY2025 S$817,000 | FY2025 statements, Note 8.1 |
Directors' fees approved | Up to S$768,000 for FY2026 | AGM, 22 Apr 2026 |
Stock-based compensation | No share plan disclosed in retrieved filings; share capital unchanged at 354,568,000 shares FY2021–FY2025 | FY2022, FY2023 and FY2025 Note 15/16 |
Major Shareholders
| Holder | Shares | % of issued | Type | Source |
|---|---|---|---|---|
ComfortDelGro Corporation Limited | 237,760,000 | 67.1 | Parent / public company | Simply Wall St |
Chu Chee Leong | 3,768,000 | 1.06 | Individual | Simply Wall St |
Sze Thiam Siong (former SETSCO GM) | 3,088,000 | 0.87 | Individual | Simply Wall St; AR2021 (identity) |
Ong Yong Khee | 2,128,000 | 0.60 | Individual | Simply Wall St |
Quah Siew-Kwee | 2,006,000 | 0.57 | Individual | Simply Wall St |
Quah Siew-Eng | 1,660,000 | 0.47 | Individual | Simply Wall St |
Quah Siew-Thye | 1,520,000 | 0.43 | Individual | Simply Wall St |
iFAST Financial (asset management arm) | 1,253,600 | 0.35 | Institution | Simply Wall St |
Tan Kuangxu | 1,228,000 | 0.35 | Individual | Simply Wall St |
Pang Cheow Jow | 1,192,000 | 0.34 | Individual | Simply Wall St |
Dimensional Fund Advisors LP | 723,400 | 0.20 | Institution | Simply Wall St |
Competitive Landscape
Key Competitors
| Competitor | Activity | Position vs VICOM | Source |
|---|---|---|---|
STA Inspection Pte Ltd | LTA-authorised vehicle inspection centres at 302 Sin Ming Road and 249 Jalan Boon Lay; OBU Authorised Partner | The only other authorised periodic-inspection operator; holds the residual share of about 27.7% (derived as 100% minus VICOM's 72.3%, assuming a two-operator market). Its ownership and revenue are not publicly disclosed in retrieved sources. | LTA OneMotoring lists; AR2025 |
Indeco Engineers (Pte) Ltd | LTA-authorised OBU inspection and installation (Defu Industrial City) | OBU installation competitor only | LTA OBU list |
Ban Hock Hin Company Pte Ltd | Motorcycle-only OBU installation (Defu) | OBU installation competitor (motorcycles) | LTA OBU list |
LTA-authorised IU / OBU service workshops | Non-inspection installation outlets | Fragmented, small | LTA IU list |
SGS SA | Global TIC leader | Certification, industrial, environmental, consumer testing | CHF 6,945 million (FY2025) |
Bureau Veritas SA | Global TIC | Industry, construction, certification, marine | €6,466.4 million (FY2025) |
Intertek Group plc | Global TIC | Electrical, consumer, industrial assurance | £3,432 million (FY2025) |
Eurofins Scientific | Global laboratory testing | Food, environment, pharma | €7,296 million (FY2025) |
TÜV SÜD (incl. TÜV SÜD PSB Singapore) | Global TIC (private) | Certification, E&E, medical devices, industrial | Not publicly disclosed in retrieved sources |
UL Solutions | Global TIC | E&E safety, EMC, certification | — |
ALS Limited | Global laboratory testing | Environmental, food, industrial | — |
TÜV Rheinland | Global TIC (private) | E&E, certification | — |
DEKRA | Global TIC (private) | Vehicle and industrial inspection, certification | — |
Local SMEs and specialist labs | Domestic | Construction materials, NDT, calibration | — |
“—” = not publicly disclosed.
Peer Comparison FY2021
| Metric | VICOM | SGS | Bureau Veritas | Intertek |
|---|---|---|---|---|
Revenue | S$167.4 million | CHF 6,945 million | €6,466.4 million | £3,432 million |
Growth | +40.1% reported (OBU-driven); FY2021–24 CAGR 5.8% | +5.6% organic; +2.2% reported | +6.5% organic | +4.3% constant currency |
Operating margin | 31.0% reported (32.2% excluding goodwill impairment) | 16.0% adjusted operating income | 16.3% adjusted | 18.1% adjusted |
EBITDA margin | 36.0% | — | — | — |
Leverage | Net cash (no bank debt) | 1.7x adjusted EBITDA | 1.1x adjusted net debt / EBITDA | — |
