Private Wealth Management and Asset Management., FPA Financial

FPA Financial

Private Wealth Management and Asset Management.

FPA Financial is an independent and boutique financial firm specializing in private wealth management and asset management.

Equity Bottom-Up

<ul>
<li>VICOM Ltd (“VICOM”) is Singapore’s leading provider of inspection and technical testing services.</li>
<li>A pioneer in vehicle inspection, the company has expanded to offer a comprehensive range of services across mechanical, biochemical, civil engineering, and non-destructive testing fields, both in Singapore and the region.</li>
<li>For FY2025 ended 31 December 2025, VICOM’s revenue rose by 40.1% to S$167.4 million in FY2025 from S$119.5 million in FY2024.</li>
</ul>


VICOM Ltd (“VICOM”) is Singapore’s leading provider of inspection and technical testing services.
A pioneer in vehicle inspection, the company has expanded to offer a comprehensive range of services across mechanical, biochemical, civil engineering, and non-destructive testing fields, both in Singapore and the region.
For FY2025 ended 31 December 2025, VICOM’s revenue rose by 40.1% to S$167.4 million in FY2025 from S$119.5 million in FY2024.


VICOM Ltd: Company Update (27 March 2026)

Director and Founding Member, Corporate Monitor Limited

Tan Yee Peng

Director and Founding Member

Strengthening Corporate Performance

Corporate Monitor Limited

Corporate Monitor was established to encourage better performance of companies, particularly companies listed on the SGX, and hold their management and boards to account, for the benefit of their shareholders and stakeholders.

<ul><li>VICOM (the “Company”) delivered strong set of results for 2025.</li><li>However, this was driven by the on-board unit (“OBU”) business mandated by the government.</li><li>The key question is whether this was a one-off event, as OBU installation has hit 93% as of 6 February 2026. </li></ul>

VICOM (the “Company”) delivered strong set of results for 2025.However, this was driven by the on-board unit (“OBU”) business mandated by the government.The key question is whether this was a one-off event, as OBU installation has hit 93% as of 6 February 2026. 

Vicom Ltd: One-Off Boost Hides Strategy & Governance Issues

Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

<ul>
<li>FY2025 was a peak activity year that resets expectations, but it also makes “normalized” earnings harder to judge.</li>
<li>Revenue rose to S$167.4m in FY2025 from S$119.5m in FY2024, and operating profit rose to S$53.9m from S$34.6m.</li>
<li>The key question is whether cash generation stays strong when programme-linked work fades and capex remains elevated.</li>
</ul>


FY2025 was a peak activity year that resets expectations, but it also makes “normalized” earnings harder to judge.
Revenue rose to S$167.4m in FY2025 from S$119.5m in FY2024, and operating profit rose to S$53.9m from S$34.6m.
The key question is whether cash generation stays strong when programme-linked work fades and capex remains elevated.


Vriddhi Consulting

Punit Khanna

Independent Insight Provider

<ul>
<li>2nd half results: Revenues were up 54%, with Revenues increasing from S$63 Mn to S$ 98 Mn.. </li>
<li>PBT Margin improved to 37% for the full year &amp; full year profits were up 44% .</li>
<li>The company earned .13 cents in EPS &amp; stock trades at 13 X. </li>
</ul>
    <div class="content-highlight">
    <h2>Raising Money for Persons with Disabilities in Singapore</h2>
    <p><strong><em>For your kind consideration</em></strong></p>
    <p><em>This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.</em></p>
    <p><em>All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.</em></p>
    <p data-start="635" data-end="669">To contribute, <a href="https://www.giving.sg/donate/campaign/raising-money-for-person-with-disabilities-empowering-visions-shaping-future" target="_blank" rel="noopener">please visit this URL.</a> </p>
    </div>
    


2nd half results: Revenues were up 54%, with Revenues increasing from S$63 Mn to S$ 98 Mn.. 
PBT Margin improved to 37% for the full year &amp; full year profits were up 44% .
The company earned .13 cents in EPS &amp; stock trades at 13 X. 

    
    Raising Money for Persons with Disabilities in Singapore
    For your kind consideration
    This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.
    All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.
    To contribute, please visit this URL. 
    
    

Vicom : Good Set of Results but Weak Outlook

Thematic (Sector/Industry)

<ul><li>From a supply perspective, the anticipated increase in Certificate of Entitlement (“COE”) availability, driven by policy flexibility and a growing pool of vehicle deregistrations, should help accommodate demand without materially expanding the vehicle population.</li><li>However, COE prices have remained elevated, underscoring sustained demand for vehicles, particularly from Electric Vehicle (“EV”) adoption and ongoing purchases by private-hire car (“PHC”) fleets.</li><li>As a result, COE dynamics are likely to remain a key determinant of industry activity in the near to medium term.</li></ul>

From a supply perspective, the anticipated increase in Certificate of Entitlement (“COE”) availability, driven by policy flexibility and a growing pool of vehicle deregistrations, should help accommodate demand without materially expanding the vehicle population.However, COE prices have remained elevated, underscoring sustained demand for vehicles, particularly from Electric Vehicle (“EV”) adoption and ongoing purchases by private-hire car (“PHC”) fleets.As a result, COE dynamics are likely to remain a key determinant of industry activity in the near to medium term.

Singapore

Provides automotive testing and inspection services

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Vicom Ltd (VCM SP)

VICOM Ltd: Company Update (27 March 2026)

VICOM Ltd (“VICOM”) is Singapore’s leading provider of inspection and technical testing services. A pioneer in vehicle inspection, the company has...

FPA Financial

Vicom Ltd: One-Off Boost Hides Strategy & Governance Issues

VICOM (the “Company”) delivered strong set of results for 2025. However, this was driven by the on-board unit (“OBU”) business mandated by the...

Corporate Monitor Limited

VICOM Limited Initiating Coverage

FY2025 was a peak activity year that resets expectations, but it also makes “normalized” earnings harder to judge. Revenue rose to S$167.4m in...

ICAM

Vicom : Good Set of Results but Weak Outlook

The company's 2nd half results show a 54% increase in revenues and a 44% rise in profits for the full year, with an improved PBT margin of 37%....

Punit Khanna

Singapore Automotive Market View

From a supply perspective, the anticipated increase in Certificate of Entitlement (“COE”) availability, driven by policy flexibility and a growing...

FPA Financial

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

VICOM Ltd: Company Update (27 March 2026)

VICOM Ltd (“VICOM”) is Singapore’s leading provider of inspection and technical testing services. A pioneer in vehicle inspection, the company has...

FPA Financial

Vicom Ltd: One-Off Boost Hides Strategy & Governance Issues

VICOM (the “Company”) delivered strong set of results for 2025. However, this was driven by the on-board unit (“OBU”) business mandated by the...

Corporate Monitor Limited

VICOM Limited Initiating Coverage

FY2025 was a peak activity year that resets expectations, but it also makes “normalized” earnings harder to judge. Revenue rose to S$167.4m in...

ICAM

Vicom : Good Set of Results but Weak Outlook

​The company's 2nd half results show a 54% increase in revenues and a 44% rise in profits for the full year, with an improved PBT margin of 37%....

Punit Khanna

Singapore Automotive Market View

From a supply perspective, the anticipated increase in Certificate of Entitlement (“COE”) availability, driven by policy flexibility and a growing...

FPA Financial

The company's 2nd half results show a 54% increase in revenues and a 44% rise in profits for the full year, with an improved PBT margin of 37%....