ZICO Holdings Inc. Overview
ZICO Holdings is a small-cap, ASEAN-focused professional services group. It was founded by lawyers from Malaysia's Zaid Ibrahim & Co. and listed on SGX Catalist in 2014 as a "multidisciplinary practice" combining legal, Shariah, trust, corporate secretarial and advisory services under the ZICO brand. After a decade of mixed profitability, management has been narrowing the Group into a licensed financial-services platform. It exited support services to the ZICOlaw network in 2022 and sold its corporate secretarial business to Ascentium for S$10.7M in 2025. The Group now concentrates on four businesses: SGX sponsorship and issue management through ZICO Capital; trust and fiduciary services through ZICO Trust (S) Ltd (AUM of nearly S$14 billion at 30 June 2026); asset and wealth management through ZICO Asset Management; and Shariah advisory and insourced legal/ESG consulting. Its Singapore and Malaysian licences are the main differentiator. Execution, scale and profitability remain unproven: continuing operations lost S$6.1M after tax in FY2025 (audited).
Company's own description (paraphrased from AR2025)
The FY2025 Annual Report describes ZICO as an ASEAN-focused platform for regulated wealth, advisory and transactional services. It presents the Group as a "trusted advisor" offering solutions across the full business lifecycle, from market entry through operations to exit. Clients include governments and government-linked companies, law firms, public and private companies, multinational corporations, family offices and high-net-worth individuals. AR2025 lists operations in Laos, Malaysia, Myanmar, Singapore, Thailand and the Philippines. The key reporting segment is Advisory and Transactional Services (ATS) [S3].
Independent characterisation
In practice, ZICO is now a holding company for a set of licensed financial and professional-services subsidiaries. Most revenue is billed in Singapore, with secondary contributions from Malaysia and Indonesia. Its revenue model has four main elements:
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Transaction-based fees. These are mainly corporate finance (IPO sponsorship, issue management, placement, financial adviser/IFA roles, M&A advice) and consulting mandates. They are cyclical and depend on Catalist IPO and corporate-action volumes. ZICO Capital sometimes takes part of its IPO fees in shares of the listing client. These "share-based fees" were later monetised: S$2.69M of FVOCI investments were sold in 1H2026 [S4][S5].
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Recurring and retainer fees. These come from continuing sponsorship of about 20 Catalist companies (per management in 2025), trust administration and trusteeship, custodian, escrow and fund-administration services, and share registrar services (B.A.C.S.) [S10][S3].
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AUM-linked fees. These come from ZICO Asset Management (discretionary and fund management, external asset management, family-office support) and the trust business. The Group has not disclosed fee rates or AUM for its asset management business [S3][S4].
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Professional services billing. This covers ZICO Insource (legal insourcing or "lawyering-as-a-service", ESG and data-governance consulting), Shariah advisory, ZICO IP, and legal services in Laos and Thailand. Management stated in 2025 that lawyering-as-a-service accounted for less than 10% of Group revenue [S10].
There is no product, subscription-software or licensing revenue from third parties. Trademark licensing of "ZICO" is now intra-group only: inter-segment MSSL revenue was S$1.79M in FY2025 [S1].
Value-chain position: ZICO is an intermediary and adviser. It sits between issuers and investors in capital markets, between settlors and beneficiaries in trust structures, and between corporate clients and lawyers in insourcing. It does not underwrite significant balance-sheet risk, other than share-based fees, receivables, and investments in associates.
End-markets: Singapore equity capital markets (Catalist IPOs and continuing sponsorship); Singapore and Malaysia private wealth and estate planning; Malaysian Shariah-compliant capital markets; and ASEAN corporate legal and ESG services.
Strategy
Stated corporate strategy (paraphrased from the 24 March 2026 corporate update, AGM deck and AR2025)
| Pillar | Content | Evidence of execution to date |
|---|---|---|
| 1. Regulated capital markets and trust (SG and MY) | Grow ZICAP SG IPO and sponsorship pipeline, aided by MAS equity-market initiatives; strategic review to upgrade ZICAP Malaysia licence; expand ZICO Trust (S) and ZICO Trust (M) | 2 IPOs in FY2025; 3 IPO mandates secured (Apr 2026); ZTS AUM ~S$12bn to ~S$14bn (Dec 2025 to Jun 2026); new ZTMB board appointments (Aug–Sep 2026) |
| 2. Grow ZICO Asset Management | Hard real estate, digital infrastructure, logistics, private credit; conventional and Shariah; MAS VCC structure; recruit portfolio managers | New CEO (Jan 2026); no fund launch or AUM disclosed as of Oct 2026 |
| 3. Shariah-aligned products and consulting | Shariah funds, sukuk strategies, private credit, waqf and trust structures; ZICO Insource legal, sustainability and data-governance consulting | ZICO Insource HCMC office (Apr 2026) |
| 4. Harness AI and improve efficiency | AI for KYC and onboarding, transaction monitoring (AML/CFT), document intelligence, process automation | No quantified savings disclosed |
| 5. Raise profile, alliances and liquidity | Partnerships with asset managers, boutiques, fintech and RegTech; investor engagement; Board to evaluate options to support trading liquidity and capital management | ADTV rose to 596,000+ shares (Sep 2025–Feb 2026) from 154,000 (Mar–Aug 2025); first dividend (May 2026) |
The Board's aim is to build a focused, regulated, higher-value services platform for ASEAN. It is structured as five pillars [S4][S5][S6]:
Strategic initiatives in the last 24 months (Oct 2024 – Oct 2026)
| Date | Initiative | Detail | Source |
|---|---|---|---|
| Nov 2024 | Evolve Capital partnership | 10% stake in ZICO Capital; IPOs, secondary fundraisings and M&A in Malaysia | [S10][S39] |
| Feb 2025 | Presentation currency to SGD | Reflects underlying transactions | [S19] |
| Apr 2025 | S$2M convertible loan | Working capital (S$1.509M) and opportunistic acquisition (S$0.3M, unused) | [S1][S5] |
| Apr 2025 | PSP 2025 / ESOS 2025 | 10-year employee incentive schemes | [S1] |
| Jun–Aug 2025 | Exit from corporate services | Sale to Ascentium; proceeds partly used for debt reduction | [S1][S10] |
| 2,025 | Focus-market reset | From all 10 ASEAN markets to 5 (SG, MY, ID, VN, TH) | [S10] |
| 2025–2026 | Lawyering-as-a-service rollout | Live in MY and TH; phased rollout to SG, ID and VN | [S10] |
| Jan 2026 | ZAM leadership | New CEO with sovereign-fund and investment-banking background | [S35] |
| Mar 2026 | Five-pillar strategy | See 10.1 | [S4] |
| Apr 2026 | Vietnam entry | ZICO Insource HCMC office | [S6] |
| Apr–May 2026 | Capital return | 0.1 cent interim dividend (≈S$0.41M) | [S5] |
| 2,026 | ESG baseline reset | Recalibrate 2025 baseline after disposal | [S3] |
Cost programmes: No formal cost-reduction programme with quantified targets has been announced. Management cites "cost control" and "streamlining" (lower finance costs and retainer fees in 1H2026) [S6].
Management guidance and medium-term targets
AGM, 24 Apr 2026: FY2026 like-for-like Group revenue expected to be higher than FY2025. Lower gearing expected from bank loan repayment and convertible note redemption. Share-based fees from IPO mandates expected to strengthen the balance sheet [S4].
1H2026 release, 13 Aug 2026: Financial performance expected to improve from FY2027 onwards [S6]. This is a later horizon than the AGM tone. 1H2026 revenue was down 2% YoY, so the FY2026 like-for-like growth expectation now requires a stronger 2H2026.
- No quantitative medium-term targets (revenue, margin, ROE, AUM) have been published.
Products & Services
Pricing is not publicly disclosed for any ZICO service line. "Launch year" is the earliest year verifiable from public sources.
ATS — Corporate Finance & Capital Markets
| Offering | Description / capabilities | Target customer | Launch / status | Flagship / named |
|---|---|---|---|---|
| ZICO Capital Pte. Ltd. (Singapore) | MAS CMS licence; SGX-ST accredited issue manager and full Catalist sponsor; IPOs, continuing sponsorship, secondary fundraisings, M&A advisory, IFA opinions | SMEs and mid-caps seeking Catalist listings; listed issuers | CMS licence Jul 2016; sponsor status Aug 2016 | IPOs: shopper360 (2017), LYC Medicare (sponsor/IM, 2023 filing), MetaOptics (Sep 2025), Leong Guan Holdings (Dec 2025). Three further IPO mandates "secured to date" per Apr 2026 AGM [S4][S31][S32] |
| Placement / distribution | Placement-agent role on IPOs (MetaOptics, Leong Guan). Management said in 2025 that it held a distribution licence it had not yet fully used | Issuers and investors | Active since 2025 | MetaOptics, Leong Guan [S10][S31] |
| ZICO Evolve Capital Sdn. Bhd. (Malaysia) | SC Malaysia-licensed corporate finance; Bursa Malaysia LEAP Market approved adviser; partnership with Evolve Capital; strategic review under way to upgrade licence | Malaysian growth companies; dual-listing candidates | Partnership Nov 2024; first LEAP listing completed by Sep 2025 (name not disclosed) | Nasdaq mandates mentioned by management (not named) [S4][S10] |
| ZICO Advisory | Strategic advice, foreign direct investment facilitation across ASEAN, M&A, projects and PPPs | Public and private sector clients | Long-standing | Not named [S3] |
ATS — Trust & Fiduciary
| Offering | Description | Target customer | Status | KPIs |
|---|---|---|---|---|
| ZICO Trust (S) Ltd | MAS-licensed trust company: private, family and corporate trusts (onshore and offshore); custodian, fund administration and escrow; employee share trusts; trustee for capital market transactions | Business owners, family offices, UHNWIs; corporates | Active | AUM of nearly S$12.0bn (31 Dec 2025) and nearly S$14bn (30 Jun 2026). Company says AUM is up about 30x since 2014; a secondary summary describes 30x growth from S$400M over a one-year period. Discrepancy noted. Clients in SG, MY, Indonesia, Taiwan and Thailand [S4][S6][S35] |
| ZICO Trust (M) Bhd (40% associate) | Malaysian trust company; contributes via share of associates' results | Malaysian HNW and corporate clients | Associate since 2022 | Share of associate profits S$0.73M in 1H2026 (vs S$0.30M in 1H2025), mainly ZTMB; new chairman (Tan Sri Mazlan Lazim, 14 Aug 2026) and INED (Datuk Dr Mazlan Ahmad, 23 Sep 2026) [S5][S30] |
| ZICO Trust Limited (Labuan) | Labuan trust and trustee services | — | Divested to Ascentium, Jul/Aug 2025 | [S1][S12] |
ATS — Asset & Wealth Management
| Offering | Description | Target customer | Status |
|---|---|---|---|
| ZICO Asset Management Pte. Ltd. (ZAM) | External asset management, fund management, family office support; portfolio management, retirement investing and tax structuring. Strategy since 2026: hard real estate, digital infrastructure (data centres, fibre), logistics, private credit; conventional and Shariah-aligned mandates; planned MAS-regulated VCC structure with open- and closed-end vehicles | Accredited and institutional investors; family offices (including JS-SEZ opportunity) | CEO Pengiran Aziz bin Pg Hj Ali Hassan appointed 5 Jan 2026. Target fund size S$50–100M each (per Group CEO, 2025). AUM not publicly disclosed [S4][S10][S35] |
ATS — Shariah, Consulting, Legal & Other Professional Services
| Offering | Description | Target customer | Status |
|---|---|---|---|
| ZICO Shariah (ZISHA) | SC Malaysia-licensed Shariah adviser, approved by Bank Negara Malaysia per AR; Islamic finance advice, sukuk, Islamic capital market products, Shariah audit, waqf and foundation structures. Product roadmap includes Shariah-aligned funds and private credit | Islamic financial institutions, issuers, family offices | Active; a strategic pillar from 2026 [S3][S4] |
| ZICO Insource | Legal insourcing (lawyers seconded on demand), sustainability/ESG framework advisory, sustainability reporting, data governance consulting | Corporates needing flexible legal capacity; ESG reporters | Established 2015 in Malaysia; Thailand; Ho Chi Minh City office opened Apr 2026; rollout to Singapore, Indonesia and Vietnam planned [S4][S6][S10] |
| ZICO IP | Regional IP practice network: prosecution and registration, enforcement, portfolio management, commercialisation | Rights holders across SE Asia | Active [S3] |
| ZICO B.A.C.S. Share Registrar | Register of members, corporate actions, shareholder communications, general meetings | Singapore-listed and private companies | Acquired 2015 [S3][S27] |
| ZICO Law (Laos); ZICOlaw Thailand | Banking and finance, corporate, projects and infrastructure, employment, real estate legal services (Laos); legal services (Thailand) | Corporates investing in Laos and Thailand | Active; ZICOlaw Thailand acquired 2018 [S3][S33] |
| Immigration services | Listed in the "About ZICO" boilerplate (2026) | Expatriates and corporates | — |
Divested / ceased
| Offering | Exit | Source |
|---|---|---|
| Corporate secretarial and incorporation services (SG, MY incl. Labuan, Philippines) | Sold to Ascentium Global Services Holdings Pte. Ltd., S$10.7M, Jul/Aug 2025 | [S1][S3][S12] |
| Support services and royalties to ZICOlaw network firms (MSSL) | Ceased Dec 2022 | [S1] |
| Immigration JV Fragomen ZICO Inc (50%) | Sold Nov 2022 | [S24] |
| Finova Singapore / ZICO BPO | Sold 2019 | [S26] |
| Myanmar business | "Substantial termination" cited in FY2023 profit warning | [S18] |
Financial Narrative
Five-year summary (SGD, as presented in AR2025)
FY2024 and FY2025 are re-presented for continuing operations. FY2021–FY2023 include the since-divested corporate secretarial business. The "Profit/(loss) after tax" row for FY2024–FY2025 is continuing operations only [S3].
Notes: (i) The AR's FY2025 ROA and ROE (2.2% and 3.5%) appear to be computed on total profit of S$0.93M including the disposal gain, while the PAT row shows continuing loss of S$6.1M. The two are not internally consistent. (ii) The Edge reported the FY2023 loss as S$7.3M vs S$7.2M in AR2025 [S36]. (iii) Revenue CAGR FY2021–FY2025 on the reported basis is -10.6% p.a., overstated by the disposal re-presentation. Like-for-like CAGR is not publicly disclosed.
Longer MYR history (as originally reported)
Sources: FY2020 news release [S15]; FY2021 news release [S14]; FY2022 news release [S13]. FY2022 PBT was a loss of RM0.95M vs PBT of RM5.58M in FY2021. FY2021 benefited from RM6.52M of "other gains"; FY2022 included a RM1.56M non-cash loss on disposal of a JV investment [S13]. FY2022 net loss attributable to owners was RM0.865M (EPS -0.25 sen, fully diluted) [S16]. Earlier reference points: FY2016 revenue RM52.8M with earnings RM6.6M; FY2017 revenue RM66.7M with earnings RM4.3M [S33].
Detailed income statement — FY2024 vs FY2025
Sources: FY2025 unaudited results [S1], adjusted for audited reclassifications [S2]. The audit moved S$6.814M of disposal gain from "other gains — continuing" to "discontinued operations". Discontinued profit = S$0.168M operating profit + S$6.814M gain. Profit for the year and attributable profit are unchanged by the reclassification. The AGM deck reports audited attributable profit of S$1.0M [S4].
Derived metrics (computed from disclosed figures):
Gross profit and gross margin are not reported. ZICO presents expenses by nature, not cost of sales. EBITDA for FY2021–FY2023 is not publicly disclosed in the documents reviewed. Dividends per share: nil FY2021–FY2025 [S1][S32]. The first dividend (0.1 S$ cent) was declared for Q1 2026.
Commentary. The structural problem is visible in the cost line. Employee benefits alone (S$13.2M) consume over 92% of continuing revenue. The business cannot be profitable at roughly S$14M of revenue without higher fee yields or a smaller cost base. FY2024 and FY2025 losses were deepened by credit losses on balances from associates and ZICOlaw network firms (S$1.4M and S$2.2M allowances) and by unrealised FX losses (S$0.58M and S$0.98M). These were partly offset in FY2025 by S$1.0M of bad-debt recoveries after the ZICO Corporate Services, Inc. disposal. Finance costs were flat at about S$0.66M. The FY2025 "return to profit" headline depends entirely on the one-off S$6.8M gain. The audited continuing loss (S$6.05M) is actually slightly worse than FY2024 (S$5.86M) [S1][S2].
Half-year income statement — 1H2025 vs 1H2026: notes and sources
Source: 1H2026 results [S5]. Attributable loss widened because non-controlling interests had a profit of S$0.34M in 1H2026. Q1 2026 revenue was S$3.080M vs S$3.116M (-1.2%) [S29].
Balance sheet
Sources: [S1][S2][S5]. FY2025 cash is the audited figure: the S$4.99M of short-term fixed deposits was reclassified from "other current assets" to cash [S2]. FY2024 goodwill is derived as cost of S$7.710M less accumulated impairment of S$0.193M [S1]. Negative net debt means net cash. Borrowings at 30 Jun 2026 were a revolving credit of S$3.798M and an overdraft of S$1.511M, secured by corporate guarantees. The term loan (S$2.044M at FY2025) was fully repaid in 1H2026 [S5].
Commentary. The balance sheet improved materially. The Group moved from S$6.1M net debt to net cash, and the convertible loan (S$2M) was fully redeemed by 29 May 2026. Two asset-quality issues stand out. Non-current receivables of S$10.5M (39% of equity at 1H2026) are largely owed by ZICOlaw network firms under repayment plans. Goodwill of S$7.0M (26% of equity) is supported by value-in-use tests on CGUs in Singapore, Malaysia, Thailand, Myanmar and Laos [S1][S5]. Recovery of the receivables and maintenance of goodwill both depend on businesses that have been loss-making.
Cash flow
Sources: [S1][S2][S5]. FY2025 investing inflows include S$8.761M of disposal proceeds. 1H2026 inflows include S$2.692M from the sale of FVOCI shares (share-based IPO fees).
Commentary. Operating cash flow has been negative in three of the last four reported periods. The core business does not self-fund. Liquidity since mid-2025 has come from asset sales (the Ascentium disposal and monetising IPO-fee shares), a convertible loan, and the 2024 placement. In 1H2026 the cash burn was about S$2.3M from operations plus S$3.8M of financing outflows, including debt and convertible loan repayment and the dividend. At this rate, cash of S$6.1M (1H2026) gives limited runway unless the IPO pipeline converts.
Ratios
Additional ratios:
ROE / ROA: see the AR five-year table (6.1).
ROIC: not publicly disclosed. It is negative on a continuing basis.
Net debt/EBITDA: not meaningful (negative EBITDA in FY2024; net cash in FY2025).
Interest coverage: not meaningful. Continuing EBIT was -S$4.6M (FY2025) and -S$4.8M (FY2024).
Cash conversion cycle: not publicly disclosed.
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View Subscription PlansFinancial Detail
Segment Overview
| Segment | What it contains | Status |
|---|---|---|
Advisory and Transactional Services (ATS) | Corporate finance and capital markets (ZICO Capital SG; ZICO Evolve Capital Sdn. Bhd. MY), trust advisory and trustee services (ZICO Trust (S) Ltd), asset and wealth management (ZICO Asset Management Pte. Ltd.), consulting and insourcing (ZICO Insource, ZICO Consultancy, ZICO Advisory Services, Asean Advisory Pte Ltd), Shariah advisory (ZICO Shariah Advisory Services Sdn. Bhd.), investor services and share registry (B.A.C.S.), IP services (ZICO IP), legal services (ZICO Law Laos; ZICOlaw Thailand Limited). Until July 2025 it also contained corporate secretarial services (now discontinued). | Sole source of external revenue since Dec 2022 |
Management, Support Services and Licensing Services (MSSL) | Regional management services, business support and licensing of ZICO trademarks within the Group; formerly support services and royalty fees from ZICOlaw network firms | No third-party revenue since Dec 2022; inter-segment only |
Revenue by Segment and Revenue by Segment (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Total external revenue incl. discontinued (SGD Mn) | 17.2 | 17.2 | 16.3 |
MSSL external revenue (SGD Mn) | 0 | 0 | 0 |
ATS share of external revenue (%) | 100 | 100 | 100 |
Revenue by Segment
| Metric | FY2024 | FY2025 |
|---|---|---|
ATS continuing operations revenue (SGD Mn) | 14.023 | 14.312 |
ATS discontinued operations revenue (SGD Mn) | 3.226 | 1.964 |
ATS total revenue (SGD Mn) | 17.249 | 16.276 |
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View Subscription PlansResults by Segment
| Metric | FY2024 | FY2025 |
|---|---|---|
ATS external revenue (SGD Mn) | 14.023 | 14.312 |
ATS inter-segment revenue (SGD Mn) | 0.991 | 1.282 |
MSSL inter-segment revenue (SGD Mn) | 1.994 | 1.788 |
ATS segment result before interest (SGD Mn) | -0.822 | -1.045 |
MSSL segment result before interest (SGD Mn) | -2.910 | -2.861 |
ATS segment result after interest and finance costs (SGD Mn) | -0.984 | -1.218 |
MSSL segment result after interest and finance costs (SGD Mn) | -2.564 | -2.601 |
Revenue by Segment (1H2025–1H2026)
| Metric | 1H2025 | 2H2025 | 1H2026 |
|---|---|---|---|
ATS continuing revenue (SGD Mn) | 7.165 | 7.147 | 7.023 |
Group Entities
| Entity | Country | Role | Ownership |
|---|---|---|---|
ZICO Malaysia Sdn. Bhd. | Malaysia | Intermediate holding | 100% (direct) [S25] |
ZICO Capital Pte. Ltd. (ZICAP SG) | Singapore | MAS CMS licensee; SGX full sponsor and accredited issue manager | — |
ZICO Evolve Capital Sdn. Bhd. | Malaysia | SC Malaysia-licensed; Bursa Malaysia-approved (LEAP Market) | — |
ZICO Asset Management Pte. Ltd. (ZAM) | Singapore | MAS-licensed fund/asset manager | 100% (since 2024) [S37] |
ZICO Trust (S) Ltd (ZTS) | Singapore | MAS-licensed trust company | Subsidiary [S3] |
ZICO Trust (M) Bhd (ZTMB) | Malaysia | Trust company (registered with Companies Commission of Malaysia) | 40% associate [S3][S28] |
ZICO Shariah Advisory Services Sdn. Bhd. (ZISHA) | Malaysia | SC Malaysia-registered Shariah adviser | Subsidiary [S3] |
ZICO Insource Sdn. Bhd.; ZICO Insource (Thailand) Co., Ltd | Malaysia; Thailand | Insourcing, legal, ESG consulting | Subsidiaries [S1][S3] |
ZICO Consultancy Sdn. Bhd.; ZICO Advisory Services Sdn. Bhd.; ZICO AA Sdn. Bhd. | Malaysia | Advisory and consulting | Subsidiaries [S1][S5] |
Asean Advisory Pte Ltd | Singapore | Advisory | Subsidiary [S5] |
B.A.C.S. Private Limited | Singapore | Share registrar | Subsidiary [S3][S27] |
ZICO RMC Pte Ltd | Singapore | Not specified in sources reviewed | Subsidiary [S5] |
ZICO Trademark Pte Ltd | Singapore | Trademark holding/licensing | Subsidiary [S5] |
ZICOlaw Thailand Limited | Thailand | Legal services | Subsidiary [S1] |
PT ZICO Konsultan Indonesia | Indonesia | Consulting | Subsidiary [S5][S16] |
Zico Corporate Advisory Pte Ltd | Singapore | Struck off 24 Jan 2026 | Former subsidiary [S5] |
Balance Sheet and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (SGD Mn) | 22.4 | 20.3 | 17.2 | 14.0 | 14.3 |
Profit after tax as presented (SGD Mn) | 0.6 | 0.2 | -7.2 | -5.9 | -6.1 |
Total assets (SGD Mn) | 57.3 | 59.6 | 45.9 | 42.1 | 42.2 |
Total equity (SGD Mn) | 34.4 | 35.2 | 28.0 | 24.5 | 28.5 |
Current ratio (x) | 1.1 | 1.4 | 1.1 | 0.8 | 1.3 |
Return on assets (%) | 1.1 | 0.3 | -15.6 | -13.3 | 2.2 |
Return on equity (%) | 1.9 | 0.5 | -25.0 | -22.6 | 3.5 |
Debt to equity (x) | 0.5 | 0.4 | 0.4 | 0.5 | 0.3 |
PAT margin as presented (%) | 2.9 | 0.9 | -41.9 | -41.8 | -42.3 |
Income Statement
| Metric | FY2019 | FY2020 | FY2021 | FY2022 |
|---|---|---|---|---|
Revenue (MYR Mn) | 77.83 | 64.22 | 69.03 | 64.95 |
Profit/(loss) after tax (MYR Mn) | -7.85 | -5.86 | 1.99 | 0.55 |
Cash and cash equivalents, year-end (MYR Mn) | 19.4 | 13.13 | 18.17 | 16.89 |
Income Statement and Per-Share Data
| Metric | FY2024 | FY2025 |
|---|---|---|
Revenue, continuing (SGD Mn) | 14.023 | 14.312 |
Interest income (SGD Mn) | 0.507 | 0.458 |
Other income (SGD Mn) | 1.599 | 1.460 |
Other gains/(losses) — others, audited basis (SGD Mn) | -0.382 | -1.333 |
Loss allowance on receivables and contract assets (SGD Mn) | -1.435 | -2.195 |
Amortisation and depreciation (SGD Mn) | -1.324 | -1.277 |
Employee benefits expense (SGD Mn) | -12.991 | -13.227 |
Retainer and consultancy fees (SGD Mn) | -1.673 | -1.137 |
Bad debts (written off)/written back (SGD Mn) | -0.799 | 1.019 |
Other expenses (SGD Mn) | -2.858 | -2.788 |
Finance costs (SGD Mn) | -0.662 | -0.656 |
Share of associates' results (SGD Mn) | 0.501 | 0.140 |
Loss before tax, continuing, audited (SGD Mn) | -5.494 | -5.238 |
Income tax (SGD Mn) | -0.363 | -0.813 |
Loss after tax, continuing, audited (SGD Mn) | -5.857 | -6.051 |
Profit from discontinued operations incl. disposal gain (SGD Mn) | 0.247 | 6.982 |
Profit/(loss) for the year (SGD Mn) | -5.610 | 0.931 |
Attributable to owners (SGD Mn) | -5.572 | 1.027 |
Basic EPS, total (S$ cents) | -1.41 | 0.25 |
Income Statement and Margin Analysis (%)
| Metric | FY2024 | FY2025 |
|---|---|---|
Operating result before associates, continuing, audited (SGD Mn) | -5.995 | -5.378 |
EBITDA, continuing (PBT + finance costs + D&A − interest income) (SGD Mn) | -4.015 | -3.763 |
Operating margin, continuing (%) | -42.8 | -37.6 |
EBITDA margin, continuing (%) | -28.6 | -26.3 |
Net margin, total profit (%) | -40.0 | 6.5 |
Employee costs as % of continuing revenue (%) | 92.6 | 92.4 |
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View Subscription PlansIncome Statement and Per-Share Data (1H2025–1H2026)
| Metric | 1H2025 | 1H2026 |
|---|---|---|
Revenue, continuing (SGD Mn) | 7.165 | 7.023 |
Other income (SGD Mn) | 0.813 | 0.409 |
Employee benefits expense (SGD Mn) | -6.373 | -6.486 |
Finance costs (SGD Mn) | -0.374 | -0.182 |
Share of associates (SGD Mn) | 0.295 | 0.730 |
Loss before tax, continuing (SGD Mn) | -1.427 | -1.273 |
Loss after tax, continuing (SGD Mn) | -1.583 | -1.479 |
Profit from discontinued operations (SGD Mn) | 0.644 | 0 |
Loss for the period (SGD Mn) | -0.939 | -1.479 |
Loss attributable to owners (SGD Mn) | -1.038 | -1.821 |
Basic LPS (S$ cents) | -0.25 | -0.44 |
Balance Sheet and Per-Share Data
| Metric | FY2024 | FY2025 | 1H2026 |
|---|---|---|---|
Total assets (SGD Mn) | 42.098 | 42.196 | 37.982 |
Cash and bank balances (SGD Mn) | 3.439 | 8.836 | 6.110 |
Short-term interest-bearing liabilities (SGD Mn) | 9.187 | 7.163 | 4.609 |
Long-term interest-bearing liabilities (SGD Mn) | 0.348 | 0.300 | 0.700 |
Total interest-bearing liabilities (SGD Mn) | 9.535 | 7.463 | 5.309 |
Lease liabilities (SGD Mn) | 1.974 | 1.473 | 1.579 |
Net debt excl. leases (SGD Mn) | 6.096 | -1.373 | -0.801 |
Equity attributable to owners (SGD Mn) | 24.601 | 29.088 | 27.132 |
Total equity (SGD Mn) | 24.526 | 28.536 | 26.797 |
Goodwill (SGD Mn) | 7.517 | 7.018 | 7.018 |
Total intangible assets incl. goodwill (SGD Mn) | 8.719 | 8.030 | 7.930 |
Non-current trade and other receivables (SGD Mn) | 14.497 | 10.250 | 10.464 |
Current assets (SGD Mn) | 13.198 | 16.704 | 14.189 |
Current liabilities (SGD Mn) | 15.949 | 12.635 | 9.334 |
Working capital (SGD Mn) | -2.751 | 4.069 | 4.855 |
NAV per share (S$ cents) | 6.00 | 7.08 | 6.60 |
Cash Flow
| Metric | FY2024 | FY2025 | 1H2025 | 1H2026 |
|---|---|---|---|---|
Operating cash flow (SGD Mn) | -2.449 | -0.472 | 0.289 | -2.267 |
Capex: plant and equipment plus intangibles (SGD Mn) | 0.040 | 0.032 | 0.021 | 0.021 |
Free cash flow (SGD Mn) | -2.489 | -0.504 | 0.268 | -2.288 |
Investing cash flow, audited (SGD Mn) | 1.374 | 9.743 | 0.173 | 2.844 |
Financing cash flow (SGD Mn) | -1.000 | -2.379 | -0.484 | -3.763 |
Dividends paid to owners (SGD Mn) | 0 | 0 | 0 | 0.411 |
Dividends paid to non-controlling interests (SGD Mn) | 0.196 | 0.196 | 0.196 | 0.196 |
Share buybacks (SGD Mn) | 0 | 0 | 0 | 0 |
Equity issued (SGD Mn) | 2.037 | 0 | 0 | 0 |
Financial Ratios (x)
| Metric | FY2024 | FY2025 |
|---|---|---|
Current ratio (x) | 0.83 | 1.32 |
Debt to equity, borrowings / total equity (x) | 0.39 | 0.26 |
Asset turnover, continuing revenue / average assets (x) | 0.32 | 0.34 |
Revenue by Region (%)
| Region | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Singapore (%) | 49 | 53 | 56 | 63 | 53 |
Malaysia (%) | 23 | 11 | 19 | 11 | 21 |
Others (%) | 28 | 36 | 25 | 26 | 26 |
Revenue by Region
| Country | FY2024 | FY2025 |
|---|---|---|
Singapore (SGD Mn) | 10.142 | 8.320 |
Malaysia (SGD Mn) | 3.058 | 3.905 |
Indonesia (SGD Mn) | 1.564 | 1.912 |
Hong Kong (SGD Mn) | 0.440 | 0.341 |
China (SGD Mn) | 0.350 | 0.327 |
United States (SGD Mn) | 0.236 | 0.200 |
Thailand (SGD Mn) | 0.129 | 0.080 |
Others (SGD Mn) | 1.330 | 1.191 |
Total (SGD Mn) | 17.249 | 16.276 |
Revenue by Region (1H2025–1H2026)
| Country | 1H2025 | 1H2026 |
|---|---|---|
Singapore (SGD Mn) | 4.965 | 2.992 |
Malaysia (SGD Mn) | 0.268 | 1.329 |
Indonesia (SGD Mn) | 0.822 | 1.372 |
China (SGD Mn) | 0.198 | 0.152 |
Hong Kong (SGD Mn) | 0.126 | 0.097 |
United States (SGD Mn) | 0.036 | 0.260 |
Thailand (SGD Mn) | 0.221 | 0.052 |
Others (SGD Mn) | 0.529 | 0.769 |
Total (SGD Mn) | 7.165 | 7.023 |
Share Price & Returns
| Reference | Price |
|---|---|
Dec 2017 VWAP (20 Dec 2017) | 0.2485 |
Close, 16 Feb 2018 | 0.285 |
Close, 11 May 2018 | 0.21 |
14 Apr 2023 VWAP | 0.067 |
Placement price, Apr 2023 | 0.090 |
Close, 19 Jun 2025 | 0.05 |
Average, Mar–Aug 2025 | 0.038 |
Close, 31 Dec 2025 | 0.055 |
Average, Sep 2025–Feb 2026 | 0.056 |
Close, 18 Feb 2026 | 0.072 |
Implied transaction price, 27 Jul 2026 | ~0.053 |
Valuation Snapshot
| Metric | Value | Basis |
|---|---|---|
Market cap | ~S$21.7M | 411.32M shares |
Enterprise value | ~S$22.5M |
|
P/E (FY2025, total EPS 0.25 cents) | ~21x | Inflated by the S$6.8M one-off gain; continuing basis not meaningful |
EV/Sales (LTM continuing revenue ~S$14.17M) | ~1.6x | FY2025 S$14.312M − 1H2025 S$7.165M + 1H2026 S$7.023M |
P/B (NAV 6.60 cents) | ~0.80x | 30 Jun 2026 |
Dividend yield (0.1 cent) | ~1.9% | Single payment; no stated policy |
Capital Markets
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividend per share (S$ cents) | 0 | 0 | 0 | 0 | 0 |
Analyst Conclusions
Management guidance
Apr 2026: FY2026 like-for-like revenue expected above FY2025 (S$14.3M); lower gearing; stronger balance sheet from share-based IPO fees [S4].
Aug 2026: Performance improvement expected from FY2027 onwards, against the backdrop of capital inflows to Singapore [S6].
Consensus: None available.
Bull case
-
Trust AUM momentum. ZTS AUM rose ~17% in six months to nearly S$14bn. With fee-earning recurring revenue and a growing associate contribution from ZICO Trust (M) (1H2026 share of profit +147.5%), trust could become a stable profit base [S5][S6].
-
IPO pipeline conversion. Three mandates (higher fundraising quantum than FY2025, per management), MAS equity-market support and share-based fees could lift ZICAP revenue sharply. These are high-margin fees on a fixed cost base [S4].
-
Cheap relative to book with a clean balance sheet. The stock trades at ~0.8x NAV with net cash, no convertible overhang and a first dividend paid. Any return to break-even could re-rate the stock from a low base [S5].
Bear case
-
No evidence of core profitability. Audited continuing losses were S$6.05M in FY2025 and S$1.48M in 1H2026. Employee costs alone exceed 90% of revenue. The guidance horizon has already shifted to FY2027 [S1][S2][S6].
-
Balance-sheet quality risk. S$10.5M of network receivables and S$7.0M of goodwill together equal about 66% of equity. Further write-downs (S$2.2M in FY2025) could erode NAV, and operating cash burn (-S$2.3M in 1H2026) eats into the S$6.1M cash pile [S1][S5].
-
Litigation and conduct overhang. The S$6.79M ASA claim against ZICAP, the ZAM unauthorised-trading episode, and post-results audit reclassifications point to elevated legal, operational and reporting risk for a licensed financial-services group [S2][S3][S7].
Catalysts and monitorables (next 12 months)
| Item | Expected timing | What to watch |
|---|---|---|
| FY2026 results | By ~1 Mar 2027 | Whether like-for-like revenue exceeds S$14.3M; continuing loss trend; any further audit variances |
| IPO launches from the 3 mandates | Through FY2026–FY2027 | Lodgements and listing dates; size of share-based fees |
| ZAM first fund / AUM disclosure | Unspecified | VCC launch; seed capital commitment; AUM numbers |
| ASA litigation | Ongoing | Progress of HC/OC 642/2026; recovery of S$643,534.82; any provisions |
| ZTS AUM and associate profit | Semi-annual | Sustained growth beyond S$14bn |
| Capital management | Board review | Buyback mandate; further dividends; placement risk if cash falls |
| Receivable recoveries | Semi-annual | Movement in non-current receivables and allowances |
| Sponsor-industry regulation | Ongoing | SGX and MAS changes to Catalist sponsor regime and listing reforms |
Concluding analyst verdict
ZICO Holdings is in the middle of a genuine restructuring. Over 2022–2026, management exited the low-margin activities that defined the original multidisciplinary-practice concept: ZICOlaw network support, immigration, and corporate secretarial services. It converted the latter into S$10.7M of cash, repaid debt and retired the convertible. The balance sheet is now net cash, governance has been refreshed with an independent capital-markets chairman, and the Group returned its first dividend in twelve years of listing. These are tangible steps.
Strategic intent and financial reality remain far apart. On an audited basis, the continuing business lost more in FY2025 (S$6.05M) than in FY2024. Revenue is flat at about S$14M, and 1H2026 revenue declined even as management guided to growth. Payroll alone consumes over 90% of revenue, so profitability depends on a step-change in high-margin fees: IPO sponsorship, asset management and trust fees. The trust franchise is the clearest positive. AUM of nearly S$14bn and a rising associate contribution suggest a real, scalable asset, although ZICO does not disclose trust revenue or margin separately. The asset management business is pre-revenue in strategic terms, with no AUM disclosed nine months after its new CEO started.
The risk profile is skewed by items that are hard for outsiders to assess. These are S$10.5M of network receivables, S$7.0M of goodwill partly tied to frontier markets, a S$6.79M professional-liability claim against the sponsor subsidiary, and a recent conduct incident at ZAM. At ~0.8x book, the market already discounts some of these.
Verdict: ZICO is a high-risk, event-driven micro-cap turnaround. The investment case rests on IPO-mandate conversion and trust-fee growth showing up in FY2026–FY2027 results. Until continuing operations reach at least cash break-even, the dossier assesses the equity as speculative, with NAV erosion as the principal downside.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Appointed | Prior roles / background | Education | Age |
|---|---|---|---|---|---|
Mohamed Nasser Bin Ismail | Independent Non-Executive Chairman; Chairman, NC and RC; member, ARC | Director 8 Apr 2024; Chairman from 28 Apr 2024 | 18 years at SGX (Head of Enforcement from 2005; Global Head of Equity Capital Markets Oct 2014–Oct 2023); former State Counsel, Attorney-General's Chambers; Lead ID of Sim Leisure Group; Senior Advisor at WongPartnership | LLB, National University of Singapore | — |
Datuk Ng Hock Heng (Kelvin Ng) | Group CEO and Executive Director | Director 9 Dec 2010; Group CEO 12 May 2023 | KPMG (Australia) tax consultant; Deloitte (Australia and HK) senior tax consultant (1993); Zaid Ibrahim & Co. from 1995, partner 1999; NED of Posco-Malaysia; former INED of Ecofirst Consolidated (to 4 Dec 2025) | B.Econ (1990), LLB (1992), LLM (1995), Monash | 58 (MarketScreener) |
Chew Seng Kok | Executive Director (founder; Managing Director Nov 2014–12 May 2023) | 9 Dec 2010 | Chapman Tripp (Wellington); Baker & McKenzie (Singapore); Zaid Ibrahim & Co. from 1991, managing partner 2004; founded ZICOlaw network 2003 | LLB (Hons) 1984; LLM (First Class) 1990, Victoria University of Wellington | 65 (MarketScreener) |
Dr. Veerinderjeet Singh A/L Tejwant Singh | Independent Non-Executive Director; Chairman, ARC | 8 Apr 2024 | Senior Adviser, Tax Policy, KPMG Malaysia; former Chairman, Tricor Services (Malaysia) (2020–Feb 2024); former Senior ID, UMW Holdings; INED, AmBank (M); former Executive Chairman/CEO of Catalist-listed Axcelasia | B.Acc (First Class), University of Malaya; doctorate, Universiti Putra Malaysia | — |
Rafat Kapadia | Independent Non-Executive Director; member, ARC, NC and RC | 28 Jul 2025 | Senior executive at GFTN (Elevandi, established by MAS); previously Standard Chartered PLC, OakNorth; investment banking at Lehman Brothers, Citigroup and Goldman Sachs | MBA, Stanford GSB; BA, Middlebury College | — |
“—” = not publicly disclosed.
Executive Leadership Team
| Name | Role | Since | Background |
|---|---|---|---|
Adeline Cheah Li Meng | Chief Financial Officer | 1 Jan 2014 | KPMG Peat Marwick auditor (1992); Pengkalen Holdings; Asteria Group; SEG International; financial controller then CFO of Zaid Ibrahim & Co. (2008–2013); CPA Australia; CA (MIA) |
Pengiran Aziz bin Pg Hj Ali Hassan | CEO, ZICO Asset Management Pte. Ltd. | 5 Jan 2026 | Brunei Investment Agency; Goldman Sachs; Standard Chartered; Wachovia Capital Markets; Wells Fargo Securities |
Jeevan M. Sundaram | Managing Director, ZICO Trust (M) Bhd (associate) | — | — |
Goh Mei Xian | Registered professional / sponsor contact, ZICO Capital Pte. Ltd. | — | — |
Paul Subramaniam | Former Chief Risk Officer (retired early 2024; retained as consultant) | — | — |
“—” = not publicly disclosed.
Major Shareholders
| Holder | Shares | % | Date / basis |
|---|---|---|---|
Datuk Seri Dr. Nik Norzrul Thani bin N. Hassan Thani | 36,168,000 | 8.79 | After selling 3,011,200 shares on 27 Jul 2026 (was 39,179,200 / 9.52%) |
Chew Seng Kok (founder, ED) | — | — | Listed as "founder and major shareholder"; substantial-shareholder filings exist |
Datuk Ng Hock Heng (Group CEO) | — | — | Several director-interest change filings (2023–2024) |
Dynac (entity named in substantial shareholder filings) | — | — | Change-of-interest filing listed |
Free float | — | ~41.7 | MarketScreener estimate |
Competitive Landscape
Competitors by Segment
| Business line | Named competitors | ZICO's relative position |
|---|---|---|
Catalist sponsorship / issue management (SG) | PrimePartners Corporate Finance; Novus Corporate Finance; SAC Capital; RHT Capital; Evolve Capital Advisory (also a ZICO partner); Asian Corporate Advisors; W Capital Markets; UOB Kay Hian; CGS International. Stamford Corporate Services exited sponsorship in 2024 | Mid-tier sponsor with about 20 continuing-sponsorship clients (management, 2025) and 2 IPOs in FY2025. |
Corporate finance / LEAP (MY) | Malaysian approved advisers such as M&A Securities, Mercury Securities, UOB Kay Hian Malaysia, Kenanga IB | Sub-scale; licence upgrade under review [S4] |
Trust and fiduciary (SG/MY) | Tricor, Vistra, TMF Group, Trident Trust, Ascentium (which now owns ZICO's former Labuan trust business), bank-affiliated trustees; in Malaysia Amanah Raya, Rockwills, Pacific Trustees | Management describes ZICO Trust as one of the region's largest independent trust providers (~S$12–14bn AUM). Independent verification not available [S6][S10] |
Asset and wealth management (SG) | Hundreds of MAS-licensed fund managers and EAMs; family-office platforms | Early stage; AUM not disclosed [S4] |
Shariah advisory (MY) | Amanie Advisors; Shariah committees of Islamic banks; BIMB-linked advisers | Niche, licensed; size not disclosed |
Legal insourcing / ESG consulting | Big Four ESG practices; Axiom; Lawyers on Demand; local law firms | Small, low share (<10% of revenue) [S10] |
Share registrar (SG) | Boardroom; Tricor Barbinder; In.Corp/Ascentium; KCK CorpServe | Small [S3] |
Competitor Detail
| Metric | ZICO FY2025 |
|---|---|
Revenue, continuing | S$14.3M |
Revenue growth | +2.1% |
Continuing operating margin | -37.6% |
