Zicom Group Limited Overview
Zicom Group is a Singapore-managed, ASX-listed industrial engineering micro-cap with three businesses. The first is a project-driven energy and marine equipment arm. It runs engineering, procurement and construction (EPC) of gas processing plants and compressor stations, which have been delivered mainly in Bangladesh, and also supplies marine deck machinery and LNG propulsion systems. The second is a construction equipment manufacturer making transit concrete mixers and foundation/piling equipment, with production in Australia, Thailand and China and a foundation-equipment rental book. The third is a precision engineering and automation business serving semiconductor, medical-device and industrial customers from Singapore, Malaysia and Indonesia (Batam). The group returned to profit in FY2024–FY2026 after losses in FY2021–FY2023. It now holds net cash and is prioritising debt reduction over dividends. Revenue is lumpy and depends on large EPC awards. FY2026 revenue fell 30% to S$95.1m once the gas processing contracts were finished. Founder G L Sim controls just over half the shares.
Company's own description (paraphrased from [AR-25], Principal Activities). The group's activities are:
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EPC of gas processing plants and compressor stations;
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design and supply of deck machinery and LNG propulsion systems;
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manufacture of foundation equipment and concrete mixers;
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rental of foundation equipment;
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contract manufacturing of medical devices and full turnkey equipment;
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factory automation solutions;
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related parts and services.
[4E-26] restates this through three reportable segments: Green Energy, Gas & Marine Equipment; Construction Equipment; and Precision Engineering & Technologies.
Independent characterisation. Zicom is best understood as a small conglomerate of engineering job-shops under one holding structure, with three very different economic profiles:
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Project EPC (gas processing). These are large, fixed-price contracts recognised over time using cost-input measurement [AR-25, revenue policy]. Revenue from projects recognised over time rose from S$30.71m (FY2023) to S$63.85m (FY2024) and S$72.85m (FY2025), then fell to S$16.03m in FY2026 as the six gas processing turnkey projects finished [4E-24], [4E-25], [4E-26]. Working-capital needs are heavy: the chairman disclosed that a major shareholder had to fund the execution of these projects with an unsecured bridging loan, which peaked at S$13.75m, because bank facilities were insufficient [4E-26].
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Equipment manufacturing (concrete mixers, foundation equipment, deck machinery). These are made-to-order capital goods sold at a point in time. Sale-of-goods revenue has been the group's most stable line: S$55.51m (FY2023), S$52.04m (FY2024), S$52.87m (FY2025), S$57.50m (FY2026) [4E-24], [4E-25], [4E-26]. Margins are exposed to steel, freight and truck-chassis availability. In Australia, mixer deliveries depend on customers' truck supply, which was disrupted in FY2025 by the transition to Euro VI emission standards [AR-25].
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Precision engineering and automation (Sys-Mac group). This covers contract manufacturing and turnkey automation projects. It contributed 35% of segment revenue and 54% of segment profit in FY2026 [4E-26, Note 2] and is now the largest component of the order book (S$48.71m of S$76.49m) [4E-26].
Revenue model (FY2026, S$m, [4E-26] Note 3).
There is no subscription or licensing revenue. The mix is roughly 60% products, 30% projects (FY2026; about 55% projects in FY2025), with services and rental making up the rest.
Value-chain position. Zicom is a mid-tier original equipment manufacturer and EPC integrator. It designs and fabricates equipment, buys major components (engines, compressors, hydraulics, truck chassis supplied by customers) and delivers turnkey packages. Its supply chain runs across its own companies in China, Thailand and Australia, each used for its cost or capability advantage [4E-24].
Customer types and end-markets.
Strategy
Stated strategic themes (paraphrased from [AR-25] Chairman's Message and [4E-26] Review of Operations).
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Financial resilience first. Pay down interest-bearing debt, lift property mortgages and retire the shareholder loan (targeted by 2028) ahead of dividends. Any future funding to be raised from all shareholders pro rata [4E-26].
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New directions in technology, healthcare and green energy, with operational restructuring and "leadership renewal" [AR-25].
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Cross-country talent pool. Use lower-cost Malaysian and Indonesian labour and integrate skills across territories [AR-25], [4D-26].
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Move up the value chain in automation. Focus on end-to-end automation and higher-value integrated projects, with tighter risk management in project selection [AR-25], [4D-26].
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Positioning for geopolitical realignment. Capture MNC relocation to Singapore as a neutral location (semiconductor supply chain) and Asian infrastructure spending [4E-26].
Initiatives in the last 24 months.
Medium-term financial targets: none quantified. Management states it expects "sustainable growth" and that all segments will stay profitable, provided the geopolitical situation does not deteriorate further [4E-26], [PG-26]. There is no formal revenue, margin or return target, and no investor-day presentation.
ESG commitments: none formally stated.
Products & Services
Product-level specifications, model names, launch years and pricing are generally not publicly disclosed in the ASX filings reviewed. The catalogue below lists every product line named in filings, with what each filing states.
Green Energy, Gas & Marine Equipment
| Product / service | Description and capabilities (per filings) | Target customer | Launch / status | Pricing model |
|---|---|---|---|---|
| Gas processing plants (EPC/turnkey) | Engineering, procurement and construction of gas processing plants. Six turnkey projects were secured about 3 years before FY2025 (S$102.50m announced around Q3 2022), with the balance completed by Q4 calendar 2025 [AR-25], [4D-26]. Revenue recognised over time [AR-25]. | Gas producers / state energy entities; projects mainly in Bangladesh [4E-24] | Active since at least FY2022; all contracts completed in FY2026 [PG-26] | Fixed-price contracts with milestone billing [AR-25] |
| Compressor stations | Design and supply/EPC of gas compressor stations [AR-25] | Upstream gas operators | Ongoing line | — |
| Gas metering stations (fluid regulating and metering) | Design and supply of gas metering/regulating stations [4E-26] | Gas transmission/distribution operators | Ongoing line | — |
| Marine deck machinery | Design and supply of deck machinery for offshore supply vessels, anchor-handling vessels and coastal vessels [4E-26], [AR-22]. Advance payments of S$2.68m (FY2025) and S$2.26m (H1 FY2026) received for new deck machinery projects [4E-25], [4D-26]. | Shipyards, offshore vessel owners | Recovering after an "almost 9 year" offshore slump [AR-25] | Project/order-based |
| LNG propulsion systems | LNG gas propulsion systems for vessels. The first 6 systems were completed, then demand slowed [4E-26]. The CEO led development toward "carbon-free gas propulsion systems" to meet IMO mandates [AR-22]. | Vessel owners meeting IMO emissions rules | First 6 systems delivered; demand softened in FY2025–26 [4E-26] | — |
| Parts and services | Related parts, after-sales and marine services; Zicom Marine Services Co., Ltd. formed in China (Jul 2025) to provide marine services [4E-26] | Installed base | Expanded FY2026 | — |
Construction Equipment
| Product / service | Description and capabilities | Target customer | Launch / status | Pricing model |
|---|---|---|---|---|
| Transit concrete mixers (Cesco brand, Australia) | Truck-mounted concrete mixers built in Brisbane (Murarrie) and supplied with Deqing (China) and Thailand capacity [AR-22], [4E-24]. Delivery depends on customers' truck chassis availability, including the Euro VI-compliant trucks required from 1 Nov 2025 [AR-25], [4D-26]. | Ready-mix concrete producers and fleet operators in Australia | Established; demand described as strong [4E-26] | Unit sale |
| Concrete mixers (Asia) | Made by Zicom Cesco Engineering (Thailand) and Deqing Cesco Machinery (China) [AR-22] | Asian ready-mix operators | Established | Unit sale |
| Foundation / geotechnical equipment | Vibratory piling and impact piling hammers, boring machines and vibroflots (per third-party company profile consistent with segment description); sold through Foundation Associates Engineering (Singapore), FA Geotech (Malaysia), Faequip (Philippines) and FAE Thai [AR-22] | Piling and foundation contractors in Singapore, Malaysia, Thailand, Philippines | Established | Unit sale |
| Foundation equipment rental | Rental fleet of foundation equipment; rental income S$1.52m (FY2021) rising to S$3.86m (FY2026) [AR-22], [4E-26] | Contractors | Growing | Time-based rental |
| Hydraulic drive systems | Hydraulic drives and systems (former Industrial & Mobile Hydraulics segment) [AR-22] | OEMs, mixer/foundation applications | Merged into CE in FY2022 | — |
| Parts and services | Spare parts and repairs | Installed base | Ongoing | — |
Precision Engineering & Technologies
| Product / service | Description and capabilities | Target customer | Launch / status | Pricing model |
|---|---|---|---|---|
| Factory automation / integrated automation projects | Customised automation solutions, with a strategic shift toward "end-to-end automation" and higher-value integrated projects [AR-25], [4D-26] | Manufacturers facing labour shortages; semiconductor, electronics | Core line; order book S$48.71m at FY2026 [4E-26] | Project-based (over time or at a point in time) |
| Contract manufacturing of medical devices | Contract manufacturing for medtech customers [4E-26] | Medical device OEMs | Emphasised from FY2025 | — |
| Full turnkey equipment | Design and build of complete equipment systems [4E-26] | Industrial OEMs | Ongoing | Project-based |
| Components/modules for chip production and testing | Pre-qualified during FY2026 by major MNCs in high-end chip production and testing as selected suppliers of components and modules [4E-26] | Semiconductor MNCs relocating to Singapore | New in FY2026 | — |
| Precision machining | Singapore production supported by a machine centre in Batam (Indonesia) and two new workshops in northern and southern Peninsular Malaysia [4D-26] | Industrial customers | Malaysia workshops started in H1 FY2026 | — |
| Medtech equipment and medical consumables (supply) | Listed in the FY2025 segment description [4E-25] | Healthcare customers | Status in FY2026 not separately described | — |
| Flip chip bonders / semiconductor equipment (divested) | Formerly through Orion Systems Integration; sold Jun 2024 [4E-24] | Semiconductor packaging | Exited | — |
Financial Narrative
The company does not report gross profit, operating income or EBITDA. Definitions used here (computed):
Gross profit (proxy): revenue from customers and rental, less cost of materials. It excludes labour, so it overstates a conventional gross margin.
EBIT: profit before tax + finance costs − interest income.
EBITDA: EBIT + depreciation and amortisation (including right-of-use depreciation).
Total debt: other interest-bearing liabilities (bank loans, bills, overdrafts, related-party loans) + lease liabilities.
Cash: cash and bank balances including pledged fixed deposits. This matches the company's non-IFRS measure.
Sources: FY2022 from [AR-22]; FY2023 from [4E-24]; FY2024 from [AR-25]/[4E-25] (restated where different); FY2025 from [AR-25]; FY2026 from [4E-26] (unaudited).
Income statement
FY2024 employee costs are S$29.33m in [4E-24] and S$28.36m in [AR-25]; other operating expenses are S$15.53m in [4E-24] and S$16.50m in [AR-25]. The later figures are used. The FY2024 gain on disposal of Orion (S$8.28m) is shown in other revenue. The "excluding Orion gain" rows assume no tax on the gain, which is consistent with the tax note showing no specific charge.
Margins and growth
Revenue CAGR (computed): FY2022–FY2026 = +0.4% a year (S$93.76m to S$95.11m). FY2023–FY2026 = 0.0% a year. On a 4-year view the group did not grow. The FY2024–FY2025 peak was a cyclical EPC bulge, not a step-change.
Commentary: income statement.
FY2022–FY2023 losses: These came from freight inflation, Covid-era supply-chain disruption and a loss-making GEGM segment (FY2023 segment loss S$6.70m). [AR-22] attributes the FY2022 loss mainly to a manifold rise in ocean freight plus global inflation, and says most of the loss was non-cash.
FY2024 turnaround: It was flattered by the S$8.28m Orion gain. Underlying attributable NPAT was about −S$1.66m, so FY2025 (NPAT S$7.75m, no material one-offs) is the first clean profit year in the series.
FY2025: Strong EPC revenue, but thin CE margins. Sea freight (S$5.15m) and sales commission (S$3.89m) were heavy cost items [4E-25, Note 5].
FY2026: Revenue fell 30%, yet EBIT margin rose to 7.7%. Three drivers:
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richer mix (PET and CE recovery);
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other operating expenses roughly halved, partly through a S$1.77m write-back of previously accrued sales commission and a collapse in sea freight to S$0.36m [4E-26, Note 5];
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finance costs halved to S$1.06m. The commission write-back is non-recurring. Excluding it, FY2026 PBT would have been about S$4.75m (computed) rather than S$6.52m.
Gross-margin jump in FY2026 (55.4%): This is a mix artefact. Project revenue, which is materials-heavy, fell sharply, while labour costs (not in this proxy) rose to S$29.96m. It should not be read as a structural margin gain.
Balance sheet
Goodwill is not separately disclosed in the extracts reviewed; S$0.66m of goodwill was impaired in FY2022 [AR-22]. The FY2026 interest-bearing breakdown is: overdraft S$0.54m, revolving term loan S$2.50m (2.57% p.a.), related-party loan S$8.72m. All are classified as current [4E-26, Note 15].
Commentary: balance sheet. The defining trend is deleveraging. Interest-bearing borrowings (excluding leases) fell from S$32.76m (FY2024) to S$11.76m (FY2026). Peak term loans of S$17.1m (2022) have been cut to S$2.5m, and the shareholder loan has fallen from its S$13.75m peak to S$8.72m, with a further S$2m repayment planned for end-August 2026 [4E-26]. The board says shareholder-loan reduction takes priority over dividends and targets full retirement by 2028 [4E-26].
Asset quality is supported by land and buildings carried at revalued amounts in Singapore and Thailand. Revaluation surpluses of S$2.06m (FY2024), S$1.54m (FY2025) and S$0.38m (FY2026) went through other comprehensive income. That partly explains why NTA per share rose faster than retained earnings.
The S$6.35m Darcet stake is a level-3-type fair-value asset in an unlisted Chinese semiconductor-equipment company. Its value has not changed since it was received in June 2024, and it is illiquid.
Cash flow
FY2024 operating cash flow is S$5.89m in [4E-24] and S$5.94m in [AR-25]; FY2024 capex is S$1.84m in [4E-24] and S$1.62m in [AR-25]. Later figures are used.
Commentary: cash flow. Cash generation turned decisively in FY2025–FY2026, with more than S$15m of free cash flow in each year. In FY2026 this came largely from collecting EPC receivables and contract assets (a S$19.47m working-capital release) as the projects ran off [4E-26]. FY2026 cash flow therefore includes a one-off unwind of project working capital. If new EPC awards come through, they will absorb cash before they generate it; the H1 FY2025 operating outflow of S$16.44m shows how large that draw can be [4D-26]. Capex is minimal at about 1% of revenue. Management guides to "major capital expenditure" of about S$2m in FY2027 to build capability and capacity [4E-26].
Ratios (computed)
Net debt to EBITDA is not meaningful for FY2022–FY2023 because EBITDA was negative. FY2024 ROE and ROIC include the Orion gain; excluding it, FY2024 ROE was about −3%. The ROIC tax rate of 17% (Singapore statutory) is an assumption. Working-capital days are approximations: payables include non-trade accruals, and inventory days are computed against cost of materials only.
Commentary: ratios. Returns are modest even in good years: ROE peaked at about 13% and was about 8% in FY2026. Leverage is now low, and the group has a net cash position for the first time in the series. The cash conversion cycle is long (around 100 days or more) and inventory-heavy, as expected for made-to-order capital equipment. The FY2025 low of 60 days reflected customer advances and accrued supplier balances on the gas projects.
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Segment Overview
| Segment | What it contains | Key subsidiaries (per corporate chart [AR-22], updated for later changes) |
|---|---|---|
Green Energy, Gas & Marine Equipment (GEGM) | Deck machinery, gas metering stations, compressor stations, gas processing plants, LNG propulsion systems, related equipment, parts and services | Zicom Private Limited (Singapore; green energy & marine equipment); Zicom Equipment Private Limited (Singapore; gas processing EPC); Zicom Energy Solutions Private Limited (Singapore; green energy solutions); Zicom Marine Services Co., Ltd. (China; incorporated Jul 2025) |
Construction Equipment (CE) | Concrete mixers, foundation equipment, hydraulic drive systems, foundation equipment rental, parts and services | Cesco Australia Limited and Cesco Equipment Pty Ltd (Australia; concrete mixers/engineered products); Zicom Cesco Engineering Co., Ltd. (Thailand; concrete mixers, hydraulics); Deqing Cesco Machinery Co., Ltd. (China; concrete mixers); Foundation Associates Engineering Pte Ltd (Singapore); FA Geotech Equipment Sdn Bhd (Malaysia); Faequip Corporation (Philippines); FAE Thai Co., Ltd. (Thailand) |
Precision Engineering & Technologies (PET) | Contract manufacturing of medical devices and full turnkey equipment, factory automation, related parts and services | Sys-Mac Automation Engineering Pte Ltd (Singapore); MTA-Sysmac Automation Pte Ltd (Singapore); Link Vue Systems Pte Ltd (Singapore); PT Sys-Mac Indonesia (Batam); Sysmac Integration Technologies Sdn Bhd (Malaysia; new in FY2026). Orion Systems Integration (semiconductor equipment) was sold in Jun 2024. |
Segment revenue (SGD Mn)
| Segment revenue (SGD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
Green Energy Gas and Marine Equipment | 38.24 | 33.97 | 32.00 | 63.32 | 72.28 | 22.01 |
Construction Equipment | 30.29 | 33.51 | 35.86 | 39.77 | 33.86 | 39.43 |
Precision Engineering and Technologies | 22.88 | 25.70 | 27.01 | 28.25 | 29.34 | 33.39 |
Industrial and Mobile Hydraulics (merged into CE from FY2022) | 1.92 | 0 | 0 | 0 | 0 | 0 |
Revenue by Segment
| Segment result (SGD Mn) | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
Green Energy Gas and Marine Equipment | -6.70 | 4.26 | 9.10 | 2.39 |
Construction Equipment | 1.51 | 2.16 | 0.55 | 2.15 |
Precision Engineering and Technologies (FY2024 includes 8.28 Orion gain) | -0.36 | 5.31 | 2.79 | 5.38 |
Total segment results | -5.55 | 11.74 | 12.44 | 9.93 |
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View Subscription PlansSegment margin (%)
| Segment margin (%) | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
Green Energy Gas and Marine Equipment | -20.9 | 6.7 | 12.6 | 10.9 |
Construction Equipment | 4.2 | 5.4 | 1.6 | 5.5 |
Precision Engineering and Technologies (reported) | -1.3 | 18.8 | 9.5 | 16.1 |
Precision Engineering and Technologies (excluding Orion gain) | -1.3 | -14.8 | 9.5 | 16.1 |
Segment Margins & Growth (%) and Revenue by Segment (%)
| Metric (%) | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
GEGM revenue growth | -5.8 | 97.9 | 14.2 | -69.6 |
CE revenue growth | 7.0 | 10.9 | -14.9 | 16.5 |
PET revenue growth | 5.1 | 4.6 | 3.9 | 13.8 |
GEGM share of segment revenue | 33.7 | 48.2 | 53.4 | 23.2 |
CE share of segment revenue | 37.8 | 30.3 | 25.0 | 41.6 |
PET share of segment revenue | 28.5 | 21.5 | 21.7 | 35.2 |
Revenue by Segment (H1FY2025–H1FY2026)
| Half-year segment metric (SGD Mn) | H1FY2025 | H1FY2026 |
|---|---|---|
GEGM revenue | 39.76 | 11.43 |
CE revenue | 17.23 | 18.60 |
PET revenue | 14.53 | 14.43 |
GEGM result | 3.20 | 1.70 |
CE result | 0.32 | 0.91 |
PET result | 1.45 | 1.69 |
Income statement (SGD Mn)
| Income statement (SGD Mn) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Total consolidated revenue | 93.76 | 95.23 | 131.56 | 135.77 | 95.11 |
Revenue from customers and rental | 92.33 | 94.10 | 122.44 | 134.94 | 94.49 |
Other revenue | 1.43 | 1.13 | 9.12 | 0.83 | 0.62 |
Cost of materials | 52.35 | 56.05 | 71.09 | 74.92 | 42.13 |
Gross profit proxy | 39.97 | 38.04 | 51.36 | 60.03 | 52.36 |
Employee and contract labour costs | 28.52 | 29.67 | 28.36 | 25.96 | 29.96 |
Other operating expenses (FY2022 incl 0.66 goodwill impairment) | 14.52 | 10.72 | 16.50 | 18.95 | 9.39 |
Depreciation and amortisation | 5.79 | 5.33 | 5.43 | 5.44 | 5.47 |
EBITDA | -2.35 | -2.01 | 14.78 | 15.39 | 12.82 |
EBITDA excluding Orion gain | -2.35 | -2.01 | 6.50 | 15.39 | 12.82 |
EBIT | -8.14 | -7.34 | 9.35 | 9.96 | 7.35 |
Finance costs | 0.93 | 1.68 | 2.20 | 2.09 | 1.06 |
Share of associate result | -0.48 | -0.39 | -0.39 | -0.03 | -0.13 |
Profit before tax | -9.05 | -8.87 | 7.35 | 8.10 | 6.52 |
Income tax expense (negative = benefit) | -0.49 | -0.14 | 0.83 | 0.44 | 1.21 |
Profit after tax | -8.56 | -8.74 | 6.52 | 7.66 | 5.31 |
NPAT attributable to members | -8.50 | -8.54 | 6.62 | 7.75 | 5.33 |
NPAT attributable excluding Orion gain | -8.50 | -8.54 | -1.66 | 7.75 | 5.33 |
Basic EPS (S cents) | -3.94 | -3.98 | 3.08 | 3.61 | 2.47 |
Diluted EPS (S cents) | -3.94 | -3.98 | 3.08 | 3.61 | 2.47 |
Dividends per share (S cents) | 0 | 0 | 0 | 0 | 0 |
Margin and growth (%)
| Margin and growth (%) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Gross margin proxy | 43.3 | 40.4 | 41.9 | 44.5 | 55.4 |
EBITDA margin | -2.5 | -2.1 | 11.2 | 11.3 | 13.5 |
EBIT margin | -8.7 | -7.7 | 7.1 | 7.3 | 7.7 |
Pre-tax margin | -9.7 | -9.3 | 5.6 | 6.0 | 6.9 |
Net margin (attributable) | -9.1 | -9.0 | 5.0 | 5.7 | 5.6 |
Total revenue growth | 0.4 | 1.6 | 38.2 | 3.2 | -30.0 |
Effective tax rate | 5.4 | 1.5 | 11.3 | 5.5 | 18.5 |
Balance Sheet and Per-Share Data
| Balance sheet (SGD Mn, 30 June) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Total assets | 132.22 | 120.11 | 138.91 | 141.14 | 121.93 |
Cash and cash equivalents (balance sheet) | 14.09 | 6.21 | 12.04 | 15.48 | 20.14 |
Fixed deposits (pledged for facilities) | 6.29 | 6.46 | 7.32 | 5.54 | 4.58 |
Cash and bank balances (company measure) | 20.38 | 12.67 | 19.36 | 21.02 | 24.72 |
Interest-bearing liabilities current | 24.03 | 25.26 | 31.67 | 21.22 | 11.76 |
Interest-bearing liabilities non-current | 5.12 | 3.14 | 1.09 | 0.27 | 0 |
of which loans from related party (major shareholder) | — | 6.31 | 13.06 | 13.75 | 8.72 |
Lease liabilities | 8.15 | 8.38 | 7.87 | 6.20 | 5.55 |
Total debt including leases | 37.30 | 36.77 | 40.64 | 27.69 | 17.32 |
Net debt (negative = net cash) | 16.92 | 24.10 | 21.28 | 6.67 | -7.40 |
Total equity | 57.75 | 47.71 | 56.17 | 63.93 | 70.73 |
Equity attributable to parent | 57.66 | 47.81 | 56.36 | 64.21 | 71.02 |
Intangible assets (incl goodwill) | 5.88 | 5.45 | 4.91 | 4.73 | 4.78 |
Property plant and equipment | 34.50 | 32.38 | 33.04 | 33.65 | 32.10 |
Inventories | 28.50 | 26.65 | 25.77 | 22.93 | 23.40 |
Trade and other receivables | 15.20 | 21.41 | 27.34 | 30.31 | 18.63 |
Contract assets | 11.35 | 4.84 | 15.06 | 10.58 | 2.77 |
Net working capital | 19.74 | 10.58 | 17.82 | 17.86 | 26.79 |
NTA per share (S cents) | 20.60 | 16.02 | 20.88 | 25.25 | 28.44 |
Company gearing ratio (%) | 29.34 | 50.41 | 37.75 | 10.39 | -10.42 |
Cash flow (SGD Mn)
| Cash flow (SGD Mn) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Operating cash flow | -5.53 | -4.08 | 5.94 | 16.24 | 16.34 |
Capital expenditure (PPE and software) | 0.92 | 1.00 | 1.62 | 1.05 | 1.05 |
Free cash flow | -6.45 | -5.08 | 4.32 | 15.19 | 15.29 |
Dividends paid | 0 | 0 | 0 | 0 | 0 |
Share buy-backs | 0.26 | 0 | 0 | 0 | 0 |
Net related-party loan drawdown (repayment) | 0 | 4.48 | 6.76 | 0.73 | -4.94 |
Bank borrowing repayments | 2.39 | 2.77 | 2.59 | 5.65 | 3.59 |
Interest paid | 0.75 | 1.52 | 1.54 | 2.34 | 1.07 |
Lease principal repaid | 2.72 | 1.92 | 2.00 | 2.12 | 1.96 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
ROE (%; attributable NPAT ÷ average attributable equity) | -13.8 | -16.2 | 12.7 | 12.9 | 7.9 |
ROA (%; PAT ÷ average total assets) | -6.6 | -6.9 | 5.0 | 5.5 | 4.0 |
ROIC (%; EBIT × (1 − 17%) ÷ (equity + net debt)) | -9.0 | -8.5 | 10.0 | 11.7 | 9.6 |
Current ratio (x) | 1.34 | 1.18 | 1.25 | 1.26 | 1.62 |
Debt to equity (x; total debt incl leases ÷ total equity) | 0.65 | 0.77 | 0.72 | 0.43 | 0.24 |
Net debt to EBITDA (x) | — | — | 1.44 | 0.43 | -0.58 |
Interest coverage (x; EBIT ÷ finance costs) | -8.8 | -4.4 | 4.2 | 4.8 | 6.9 |
Asset turnover (x; revenue ÷ average total assets) | 0.73 | 0.75 | 1.02 | 0.97 | 0.72 |
Days sales outstanding (receivables + contract assets) | 105 | 102 | 126 | 111 | 83 |
Days inventory (on cost of materials) | 199 | 174 | 132 | 112 | 203 |
Days payables (on cost of materials; includes accruals) | 200 | 153 | 153 | 162 | 187 |
Cash conversion cycle (days, approximate) | 104 | 122 | 105 | 60 | 99 |
Segment Overview (Annual)
| Segment | Principal revenue geographies (as described) | FY2026 direction | Source |
|---|---|---|---|
GEGM: gas processing | Bangladesh (projects "mainly from Bangladesh") | Sharp decline: contracts completed and new tenders deferred by a change of government | [4E-24], [PG-26], [4E-26] |
GEGM: deck machinery / LNG propulsion | Asian shipyards and offshore vessel owners (countries not specified) | Deck machinery demand strengthening; LNG propulsion slowing | [4E-26] |
CE: concrete mixers | Australia (strongest market); Asia | Australia up after Euro VI truck availability improved; Queensland Olympic infrastructure cited as a driver | [4D-26], [4E-26] |
CE: foundation equipment | Singapore, Malaysia, Thailand, Philippines | Singapore and Malaysia expected to accelerate; Thailand improving after its election | [4D-26] |
PET | Singapore (principal), with Malaysia and Indonesia (Batam) production; customers include MNCs relocating to Singapore | Growth (+13.8%) | [4D-26], [4E-26] |
Share data
| Share data | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
Closing share price at 30 June (A cents) | 6.3 | 5.3 | 4.5 | 6.6 | 8.8 | — |
EPS (A cents, company translation) | -0.52 | -4.00 | -4.35 | 3.48 | 4.23 | — |
NTA per share (A cents, company translation) | 23.69 | 21.52 | 17.84 | 23.19 | 30.33 | — |
Year-end P/E (x, computed) | — | — | — | 1.9 | 2.1 | — |
Year-end price to NTA (x, computed) | 0.27 | 0.25 | 0.25 | 0.28 | 0.29 | — |
Dividends per share (A cents) | 0 | 0 | 0 | 0 | 0 | 0 |
Valuation Snapshot
| Multiple | Value | Basis |
|---|---|---|
Market capitalisation | About A$32.3m / S$27.5m | 215.58m shares |
Enterprise value | About S$20.1m | Market cap + total debt incl leases S$17.32m − cash and bank S$24.72m (FY2026) |
P/E (FY2026) | About 5.2x | EPS 2.47 S cents |
EV/EBITDA (FY2026) | About 1.6x | EBITDA S$12.82m |
EV/Sales (FY2026) | About 0.21x | Revenue S$95.11m |
Price/Book | About 0.39x | Attributable equity S$71.02m |
Price/NTA | About 0.45x | NTA 28.44 S cents |
FCF yield | About 55% | FCF S$15.29m ÷ market cap; inflated by the one-off working-capital release |
Analyst Conclusions
Management guidance and outlook. No numerical FY2027 guidance has been issued. Inputs management has disclosed:
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confirmed orders of S$76.49m, of which S$64.23m are scheduled for FY2027 delivery;
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growth "has gained traction" and management expects sustainable growth, barring unforeseen circumstances;
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all segments expected to stay profitable, subject to geopolitical conditions;
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about S$2m of FY2027 capex;
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shareholder-loan reduction prioritised over dividends.
Sources: [4E-26], [PG-26].
Consensus: none (no broker coverage).
Bull case
-
EPC restart on a de-risked balance sheet. New gas tenders were released from July 2026 [PG-26]. Zicom enters this bidding round with net cash of S$7.4m (computed) rather than 50% gearing, so it can fund mobilisation with less reliance on the shareholder loan.
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PET mix shift. PET's order book (S$48.71m) is its largest ever. The 16% segment margin and semiconductor MNC pre-qualification [4E-26] could make PET a structurally higher-quality earnings base that is less tied to EPC timing.
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Deep value. EV/EBITDA of about 1.6x, P/NTA of about 0.45x and about S$15m of FCF in each of two years leave large re-rating potential if dividends resume after the shareholder loan is retired.
Bear case
-
FY2026 earnings were flattered. A S$1.77m commission write-back and a sharp drop in sea freight costs helped profit [4E-26]. Underlying PBT may be about S$4.7m, and FY2026 cash flow included a one-off EPC working-capital release that will reverse if new projects are won.
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Concentration and political risk persist. Bangladesh-linked tenders are subject to repackaging and new-government priorities. The FY2023 loss shows that fixed-price EPC can wipe out a year's profit.
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Governance and liquidity discount may never close. A 50.81% controlling family, a non-independent chair, a long-tenured "independent" director, no internal audit, minimal disclosure, no broker coverage and thin trading volumes suggest the valuation discount is structural.
Key catalysts and monitorables (next 12 months).
Analyst verdict.
Zicom Group exits FY2026 in better financial shape than at any point in the five-year review period, yet it remains small, opaque and cyclical. The core facts are favourable:
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profitability in three consecutive years;
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free cash flow of about S$15m in each of the last two years;
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interest-bearing debt cut by about two-thirds since FY2024, leaving a net cash position;
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an order book that held steady at S$76.49m even after the gas processing cycle ended.
On the numbers, the stock trades at about 5x FY2026 earnings, under 2x EV/EBITDA and below half of net tangible assets.
The quality of those numbers needs scrutiny. FY2026 profit was helped by a S$1.77m accrued-commission write-back and abnormally low freight. Operating cash flow included the one-off collection of EPC receivables and contract assets. Normalised, FY2026 pre-tax earnings are probably nearer S$4.5–5m, and normalised free cash flow is much lower. Returns on equity have not exceeded about 13% even at the cycle peak, and revenue has not grown over four years. The group's biggest earnings swing factor is still the award of government-tendered gas processing contracts in a single, politically volatile host country.
The structural discount is also hard to dismiss. Control by the founder's family, a non-independent chair, related-party funding of the core project business, no internal audit function, very limited disclosure (no headcount, R&D or customer data in ASX releases) and no broker coverage explain why the shares have traded well below asset backing for years.
The emerging positive is the PET segment. It is now the largest part of the order book, earns a 16% margin and has been pre-qualified by semiconductor MNCs, which could lower the group's dependence on EPC over time. On balance, Zicom is best seen as a deep-value, high-uncertainty micro-cap whose re-rating depends on three things: a new EPC award executed without losses, continued PET growth, and the resumption of capital returns once the shareholder loan is retired.
All figures from ASX filings as cited; computed metrics are analytical estimates using the definitions stated. FY2026 data are unaudited.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Appointed | Age | Education / credentials | Prior and other roles |
|---|---|---|---|---|---|
Giok Lak (G L) Sim | Executive Chairman; Executive Chairman of all subsidiaries; member, Nomination & Remuneration Committee | Board 5 Apr 1995; Chairman 23 Nov 2006 | 79 | FCPA | Group MD to 31 Dec 2018; founder and MD of ZHPL; former board member of SPRING Singapore (4 years to 2018); A*Star Diagnostics Development Hub advisory panel (to 2019); former Board of Governors, UOB-SMU Asian Enterprise Institute; EY Entrepreneur of the Year 2008 |
Kok Yew (K Y) Sim | Executive Director and Group CEO; CEO of Sys-Mac; MD of Zicom Pte Ltd | Director 25 Sep 2014; Group CEO 1 Jan 2019 | 45 | BSc Electrical & Electronics Engineering, University of Michigan (summa cum laude) | Long-time CEO of Sys-Mac; led entry into LNG propulsion; second son of G L Sim; director of SNS Holdings |
Jenny Lim Bee Chun | Executive Director; Group Financial Controller (CFO equivalent); Joint Company Secretary | Board 13 Nov 2019; FC since 2005; Co Sec since 6 Jun 2008 | 52 | FCCA | More than 10 years in audit and tax at an international accounting firm |
Yian Poh (Y P) Lim | Non-Executive Independent Director; Chair, Nomination & Remuneration; member, Audit | 24 Jul 2006 | 79 | BSc (Nanyang University), MSc (University of Hull); Stanford-NUS Executive Program | MD of Yian Poh Associates; former independent director of ECON Healthcare (to 31 Jul 2025), Casa Holdings, TTJ Holdings |
Stewart James Douglas | Non-Executive Independent Director; Chair, Audit Committee | 13 Nov 2019 | 54 | BBus (QUT); CA ANZ; GAICD | Audit Partner/Director, Bentleys Queensland; Chairman, Bentleys National Management Board |
Dean Tai Chi-Shang | Non-Executive Independent Director (reclassified as independent after G L Sim left the HistoIndex chair on 6 Dec 2022) | 30 Nov 2020 | 47 | BTech (First Class Hons) and PhD Biomedical Engineering, University of Auckland | Founder, CSO and director of HistoIndex Pte Ltd |
Jonathan Lim Sing En | Non-Executive Independent Director | 19 Nov 2025 | — | — | Not publicly disclosed; initial director's interest notice: nil shares |
Kok Hwee (K H) Sim | Alternate Director to G L Sim | Director 21 Nov 2007; alternate since 30 Nov 2020 | 47 | BSc Industrial Engineering & Operations Research, Michigan (magna cum laude); MSc Financial Engineering, Columbia | Leads the demerged medtech businesses; eldest son of G L Sim; director of SNS Holdings; former director of Curiox Biosystems (to 1 Apr 2025) |
Gary Alfred Webster | Joint Company Secretary (interim); MD of Cesco Australia Limited and Cesco Equipment Pty Ltd | Joined Cesco 2000; MD 2012 | 62 | Diploma in Management | Operations management |
Renny Yeo Ah Kiang | Former Independent Director (retired 19 Nov 2025) | 13 Nov 2019 | 75 | HND Electrical & Electronic Engineering; MBA (AIM); PBM, BBM | Shipbuilding and cable industries; independent director of Tai Sin Electric |
“—” = not publicly disclosed.
Directors' Remuneration
| Name | Year | Cash salary/fees | Cash bonus | Superannuation/CPF | Bonus paid in shares | Other | Total | Performance-related % |
|---|---|---|---|---|---|---|---|---|
G L Sim | FY2025 | 120,000 | 75,000 | 6,390 | 75,000 | 0 | 276,390 | 54.3 |
K Y Sim | FY2025 | 236,206 | 390,000 | 14,484 | 0 | 0 | 640,690 | 60.9 |
Jenny Lim | FY2025 | 207,593 | 200,000 | 14,484 | 0 | 1,020 | 423,097 | 47.3 |
Y P Lim | FY2025 | 38,448 | 0 | 0 | 0 | 0 | 38,448 | 0 |
Renny Yeo | FY2025 | 34,176 | 0 | 0 | 0 | 0 | 34,176 | 0 |
S J Douglas | FY2025 | 34,176 | 0 | 3,930 | 0 | 0 | 38,106 | 0 |
Dean Tai | FY2025 | 25,632 | 0 | 0 | 0 | 0 | 25,632 | 0 |
K H Sim (fees from ZHPL) | FY2025 | 25,632 | 0 | 0 | 0 | 0 | 25,632 | 0 |
Total KMP | FY2025 | 721,863 | 665,000 | 39,288 | 75,000 | 1,020 | 1,502,171 | — |
Total KMP | FY2024 | 723,581 | 441,812 | 48,396 | 0 | 1,020 | 1,214,809 | — |
Major Shareholders
| Holder (Top 20 as at 29 Sep 2025 unless noted) | Shares | % of issued capital |
|---|---|---|
SNS Holdings Pte Ltd (G L Sim family company) | 94,028,360 | 43.82 |
Citicorp Nominees Pty Limited (custodian) | 17,039,074 | 7.94 |
Giok Lak Sim (direct, before Nov 2025 issue) | 14,479,303 | 6.75 |
Finclear Services Pty Ltd (nominee) | 9,429,573 | 4.39 |
Mr Makram Hanna & Mrs Rita Hanna | 9,306,248 | 4.34 |
Juat Lim Sim | 6,487,767 | 3.02 |
Eegek Goh | 2,791,017 | 1.30 |
Kailva Pty Ltd | 2,500,000 | 1.17 |
Ms Shimin Sherlyn Ng | 2,423,165 | 1.13 |
Juat Khiang Sim | 2,069,525 | 0.96 |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
1 Jan 2025 | K Y Sim's 5-year service agreement renewed | Continuity; he also remains CEO of Sys-Mac because a successor has not been found [AR-25] |
19 Nov 2025 | Renny Yeo retires; Jonathan Lim Sing En appointed | Described as board renewal [AR-25], [4D-26] |
29 May 2026 | Auditor change (PKF Brisbane Audit becomes Horizon Nexus Partners) | Successor firm after restructuring; same engagement partner [4E-26] |
30 Jun 2026 | G L Sim's 5-year service agreement (effective 1 Jul 2021) reaches its 5-year term | Renewal status not disclosed in documents reviewed |
Competitive Landscape
Competitors by Segment
| Segment | Competitor | Overlap | Relative positioning vs Zicom |
|---|---|---|---|
GEGM: deck machinery | MacGregor (Cargotec group) | Offshore and merchant deck machinery | Global leader with far greater scale and service network; Zicom competes in regional offshore supply-vessel niches |
GEGM: deck machinery / offshore | Kongsberg Maritime | Deck machinery, offshore vessel systems | Large-cap technology leader; Zicom is a low-cost regional alternative |
GEGM: marine machinery | Wuhan Marine Machinery Plant Co. (China) | Deck machinery | Chinese state-linked supplier with scale and cost advantages in Chinese yards |
GEGM: LNG fuel/propulsion | Wärtsilä (LNG fuel gas systems) | LNG fuel and propulsion systems | Global OEM; Zicom has only 6 LNG systems delivered |
GEGM: LNG fuel systems | TGE Marine | LNG fuel gas supply systems | Specialist with a larger installed base |
GEGM: gas compression/processing | Enerflex Ltd | Compressor stations, gas processing | Global gas-compression leader; Zicom competes on niche EPC in Bangladesh |
CE: concrete mixers | Liebherr (truck mixers) | Transit concrete mixers | Global premium brand; Cesco is a local Australian manufacturer |
CE: concrete mixers | McNeilus (Oshkosh) | Truck mixers | Large US manufacturer |
CE: concrete equipment | CIFA (Zoomlion) | Truck mixers | Italian/Chinese-owned scale player |
CE: foundation equipment | BAUER Maschinen | Piling and drilling rigs | Global leader in foundation rigs |
CE: foundation equipment | Soilmec (Trevi Group) | Drilling and piling rigs | Global specialist |
CE: vibratory hammers | ICE / Dieseko Group; PVE | Vibratory hammers | Specialist competitors in Zicom's hammer niche |
PET: precision engineering | Frencken Group (SGX) | Semiconductor and medtech precision manufacturing | Much larger Singapore peer |
PET: semiconductor components | UMS Integration (SGX) | Semiconductor equipment components | Larger, semiconductor-focused peer |
PET: test and automation | AEM Holdings (SGX) | Semiconductor test and handling | Larger, test-focused |
PET: contract manufacturing | Venture Corporation (SGX) | Medtech and instrumentation contract manufacturing | Large-cap Singapore electronics manufacturer |
PET: precision components | Micro-Mechanics (SGX) | Semiconductor tools and parts | Niche consumables leader |
Competitor Detail
| Metric | Zicom FY2026 |
|---|---|
Revenue | S$95.1m |
Revenue growth | -30.0% |
EBITDA margin | 13.5% (computed) |
Net margin | 5.6% |
