ZICO HOLDINGS INC. (40W) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of ZICO HOLDINGS INC. S$0.04, price S$0.05, upside -9.0%, quality 45 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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ZICO Holdings Inc., an investment holding company, provides multidisciplinary professional services in Singapore, Malaysia, Thailand, Indonesia, China, Hong Kong, the United States, and internationally. It operates in two segments, Advisory and Transactional Services; and Management, Support Services and Licensing Services.
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ZICO Holdings Inc., an investment holding company, provides multidisciplinary professional services in Singapore, Malaysia, Thailand, Indonesia, China, Hong Kong, the United States, and internationally. It operates in two segments, Advisory and Transactional Services; and Management, Support Services and Licensing Services. The company offers legal, Shariah advisory, trust, incorporation and corporate secretarial, investor, intellectual property, wealth management, fund management, external asset management, corporate finance advisory, insourcing and consultancy, legacy management, and immigration services. It also provides strategic advisory, market intelligence, and risk management services; and information technology, human resource, training, and corporate communications services, as well as accounting and finance. In addition, the company licenses the ZICO trademarks, as well as offers corporate and related consulting, legal advisory, resourcing and advisory, share registration, business support, asset and wealth management, and marketing services. Further, it provides trustee, fiduciary, and custody; tax administration, payroll, and accounting support; insourcing and outsourcing; business and management consultancy; and capital markets services, as well as leases non-financial intangible assets. The company serves governments and government-linked companies, law firms, private and public companies, small and medium enterprises, multinational corporations, multi-ASEAN, family offices, and high-net-worth individuals. The company was formerly known as ZICOlaw Holdings Inc. and changed its name to ZICO Holdings Inc. in April 2014. ZICO Holdings Inc. was incorporated in 2010 and is based in Singapore.
Stock analysis
ZICO HOLDINGS INC. (40W) currently trades at 0.0490 SGD, while our model-based Fair Value estimate is 0.0446 SGD, so the stock looks roughly fairly valued today (gap 9.9%).
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Valuation
Bull case: the DCF Models group reads highest at a median of 0.1100 SGD per share, and 4 of the 10 models we run sit above the 0.0490 SGD price.
Bear case: the Earnings-Based group reads lowest at 0.0200 SGD, and 6 of the 10 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.0397 SGD (bear) to 0.0495 SGD (bull), the price of 0.0490 SGD sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 45/100 (below-average quality), in the Industrials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
ZICO HOLDINGS INC. reported revenue of 14.3M SGD in FY2025 versus 69.0M SGD in FY2021, a compound −32.5%/yr. Reported net income was 1.0M SGD in FY2025, compounding +3.9%/yr from FY2021.
Key figures
Market cap 20.1M SGD (≈ $15.7M) · P/S ratio 1.44 · EPS (TTM) −0.0200 SGD · Dividend yield 2.0% · Net margin 7.2% · Return on equity 2.1% · Return on assets (EBIT) −6.8% · Operating margin −31.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 37% below its 52-week high and 29% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 1% fair-value upside, at −9%, 40W screens richer than that median.
Fair Value models
Bear 0.0397 SGDFair Value 0.0446 SGDBull 0.0495 SGD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.20/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+2.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−39.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−25.9%
Start year 2020 (pandemic). Over 10 years: −12.2% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+0.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−1.5%
Dividend (yield on the price)2.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−9% → −44%
⚠ Revenue per share shrinking 29.1%/yr over ~6Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Business Services · 230 stocks
Beats the industry median on 2/11 measures
Overall it trails its industry peers.
Valuation
Quality Score45 · Bottom 25%
Fair Value upside−9.0% · Below median
Profitability
Return on equity (TTM)2.1% · Below median
Return on assets−6.6% · Bottom 25%
Net margin (TTM)2.1% · Below median
Operating margin (TTM)−31.9% · Bottom 25%
Growth and dividend
Revenue growth−1.2% · Below median
Dividend yield (TTM)2.0% · Below median
Balance sheet
Debt / equity0.01× · Below median
Valuation Multiplesvs Specialty Business Services median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "ZICO HOLDINGS INC. Fair Value". https://www.fairvalue-calculator.com/stock/40W
Frequently asked questions
Is ZICO HOLDINGS INC. (40W) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 0.0446 SGD versus the last price from Sep 24, 2026 of 0.0490 SGD, about −9% upside (fairly valued).
What is the fair value of 40W?
Our model-based fair value for ZICO HOLDINGS INC. is 0.0446 SGD (as of Sep 27, 2026), built from audited fundamentals. Last price (from Sep 24, 2026): 0.0490 SGD.
What is the quality score of 40W?
ZICO HOLDINGS INC. has a Quality Score of 45/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for ZICO HOLDINGS INC. (40W)?
Our model-based price target is the fair value of 0.0446 SGD (as of Sep 27, 2026) from 10 valuation models. Cautious scenario 0.0397 SGD, optimistic scenario 0.0495 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the ZICO HOLDINGS INC. stock forecast for 2026?
Our models put fair value at 0.0446 SGD, about −9% upside versus the last price from Sep 24, 2026 of 0.0490 SGD (fairly valued). Cautious scenario 0.0397 SGD, optimistic scenario 0.0495 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of ZICO HOLDINGS INC. (40W)?
ZICO HOLDINGS INC. reported trailing-twelve-month revenue of about 14.3M SGD (latest available figure, as of Sep 27, 2026).
Does ZICO HOLDINGS INC. pay a dividend?
ZICO HOLDINGS INC. currently shows a dividend yield of about 2.04% relative to its recent price (as of Sep 27, 2026).
What is the intrinsic value of ZICO HOLDINGS INC. (40W)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ZICO HOLDINGS INC. it is 0.0446 SGD per share (as of Sep 27, 2026), against a price of 0.0490 SGD. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is ZICO HOLDINGS INC. stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 40W trades above its calculated fair value: price 0.0490 SGD, fair value 0.0446 SGD, a gap of about −9% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 40W?
No. The price is what the market pays today (0.0490 SGD); the fair value is what the company's own numbers justify (0.0446 SGD). For ZICO HOLDINGS INC. the two are 0.0044 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is ZICO HOLDINGS INC. worth?
The market values ZICO HOLDINGS INC. at about 20.1M SGD (market capitalisation, as of Sep 27, 2026). Per share that is 0.0490 SGD; our models calculate a fair value of 0.0446 SGD per share.
What do the bullish and bearish scenarios say about 40W?
Our models span a range for ZICO HOLDINGS INC.: cautious scenario 0.0397 SGD, base 0.0446 SGD, optimistic 0.0495 SGD per share (as of Sep 27, 2026, price 0.0490 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of ZICO HOLDINGS INC. (40W)?
Balance-sheet figures for ZICO HOLDINGS INC. (as of Sep 27, 2026): return on equity 2.1%, debt of 0.01 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is 40W from its 52-week high?
ZICO HOLDINGS INC. trades at 0.0490 SGD, about 37% below its 52-week high of 0.0780 SGD and 29% above the low of 0.0380 SGD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 0.0446 SGD is for.
Which stocks are comparable to ZICO HOLDINGS INC.?
From the same area (Industrials) we also value Cintas Corporation, Thomson Reuters Corporation, Copart, Inc, Global Payments Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is ZICO HOLDINGS INC. stock attractive at the current price?
The data as of Sep 27, 2026: price 0.0490 SGD, calculated fair value 0.0446 SGD (−9%), Quality Score 45/100, from 10 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 40W calculated?
We run ZICO HOLDINGS INC. through 10 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 0.0446 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. ZICO HOLDINGS INC. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of ZICO HOLDINGS INC. (40W)?
The latest price we hold is from Sep 24, 2026 and stands at 0.0490 SGD. Our model-based fair value is 0.0446 SGD, about −9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ZICO HOLDINGS INC. right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of ZICO HOLDINGS INC.
How large is the market capitalisation of ZICO HOLDINGS INC. (40W)?
The market capitalisation of ZICO HOLDINGS INC. is 20.1M SGD (≈ $15.7M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of ZICO HOLDINGS INC. (40W)?
The price-to-sales ratio of ZICO HOLDINGS INC. is 1.44 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of ZICO HOLDINGS INC. (40W)?
Earnings per share at ZICO HOLDINGS INC. are −0.0200 SGD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of ZICO HOLDINGS INC. (40W)?
The dividend yield of ZICO HOLDINGS INC. is 2.0%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of ZICO HOLDINGS INC. (40W)?
The net margin of ZICO HOLDINGS INC. is 7.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of ZICO HOLDINGS INC. (40W)?
The return on equity (ROE) of ZICO HOLDINGS INC. is 2.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of ZICO HOLDINGS INC. (40W)?
On an EBIT basis the return on assets of ZICO HOLDINGS INC. is −6.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of ZICO HOLDINGS INC. (40W)?
The operating margin of ZICO HOLDINGS INC. is −31.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ZICO HOLDINGS INC. (40W)?
Revenue at ZICO HOLDINGS INC. is growing −1.2% versus a year earlier (3y avg −39.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at ZICO HOLDINGS INC. (40W)?
Earnings per share at ZICO HOLDINGS INC. are growing −91.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does ZICO HOLDINGS INC. (40W) generate?
The free cash flow of ZICO HOLDINGS INC. is −504K SGD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does ZICO HOLDINGS INC. (40W) carry?
The net debt of ZICO HOLDINGS INC. is 3.6M SGD (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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