INTERNATIONAL CEMENT GROUPLTD. (KUO) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of INTERNATIONAL CEMENT GROUPLTD. S$0.04, price S$0.06, upside -20.2%, quality 68 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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International Cement Group Ltd., together with its subsidiaries, engages in the production, sale, and distribution of cement, gypsum plasterboards, and related products in Singapore, Malaysia, Afghanistan, Tajikistan, Kazakhstan, and internationally. The company operates through Aluminum, Cement, and Others segments.
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International Cement Group Ltd., together with its subsidiaries, engages in the production, sale, and distribution of cement, gypsum plasterboards, and related products in Singapore, Malaysia, Afghanistan, Tajikistan, Kazakhstan, and internationally. The company operates through Aluminum, Cement, and Others segments. It is also involved in the manufacture and marketing of aluminium curtain walling, windows, doors, and grilles. In addition, the company undertakes aluminium architectural contracts and engineering works; building construction subcontracting projects; and manufactures aluminium extrusions and supply related products. Further, it invests in land and buildings. The company was incorporated in 2015 and is headquartered in Singapore. International Cement Group Ltd. is a subsidiary of Victory Gate Ventures Limited.
Stock analysis
INTERNATIONAL CEMENT GROUPLTD. (KUO) currently trades at 0.0560 SGD, while our model-based Fair Value estimate is 0.0447 SGD, 20.2% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 0.3300 SGD per share, and 23 of the 24 models we run sit above the 0.0560 SGD price.
Bear case: the Asset-Based group reads lowest at 0.0400 SGD, and 1 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.0309 SGD (bear) to 0.0516 SGD (bull), the price of 0.0560 SGD sits above 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 68/100 (solid quality), in the Basic Materials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
INTERNATIONAL CEMENT GROUPLTD. reported revenue of 379M SGD in FY2025 versus 181M SGD in FY2021, a compound +20.2%/yr. Reported net income was 60.0M SGD in FY2025, compounding +22.8%/yr from FY2021.
Key figures
Market cap 321M SGD (≈ $251M) · P/E ratio 5.6 · P/S ratio 0.89 · EPS (TTM) 0.0100 SGD · Net margin 15.8% · Return on equity 27.8% · Return on assets (EBIT) 9.4% · Operating margin 25.7%.
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 56% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −46% fair-value upside, at −20%, KUO screens cheaper than that median.
Fair Value models
Bear 0.0309 SGDFair Value 0.0447 SGDBull 0.0516 SGD
Price 0.0560 SGD · Upside -20.2%
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.0076 SGD per share) are deliberately not added.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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+47.2%
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.
+18.9%
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.
+21.7%
Start year 2020 (pandemic). Over 10 years: +26.9% a year
Revenue growth 10 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.
+26.9%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+14.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+14.9%
Dividend (yield on the price)0.0%
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.21% → 22%
2025 sits 339% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+3.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about +1.2% a year for the price.
Compare INTERNATIONAL CEMENT GROUPLTD. with another stock
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.Building Materials · 250 stocks
Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside−20.2% · Below median
Profitability
Return on equity (TTM)27.8% · Top 25%
Return on assets12.0% · Top 25%
Net margin (TTM)16.5% · Top 25%
Operating margin (TTM)25.7% · Top 25%
Growth and dividend
Revenue growth34.0% · Top 25%
Balance sheet
Debt / equity0.10× · Below median
Valuation Multiplesvs Building Materials median · lower = cheaper
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Is INTERNATIONAL CEMENT GROUPLTD. (KUO) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of 0.0447 SGD versus a price of 0.0560 SGD, about −20% upside (overvalued).
What is the fair value of KUO?
Our model-based fair value for INTERNATIONAL CEMENT GROUPLTD. is 0.0447 SGD (as of Oct 2, 2026), built from audited fundamentals. The current price: 0.0560 SGD.
What is the quality score of KUO?
INTERNATIONAL CEMENT GROUPLTD. has a Quality Score of 68/100. 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 INTERNATIONAL CEMENT GROUPLTD. (KUO)?
Our model-based price target is the fair value of 0.0447 SGD (as of Oct 2, 2026) from 24 valuation models. Cautious scenario 0.0309 SGD, optimistic scenario 0.0516 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the INTERNATIONAL CEMENT GROUPLTD. stock forecast for 2026?
Our models put fair value at 0.0447 SGD, about −20% upside versus a price of 0.0560 SGD (overvalued). Cautious scenario 0.0309 SGD, optimistic scenario 0.0516 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of INTERNATIONAL CEMENT GROUPLTD. (KUO)?
INTERNATIONAL CEMENT GROUPLTD. reported trailing-twelve-month revenue of about 434M SGD (latest available figure, as of Oct 2, 2026).
What growth is priced into INTERNATIONAL CEMENT GROUPLTD. (KUO)?
For today's price to be fair in a discounted-cash-flow model, INTERNATIONAL CEMENT GROUPLTD. would have to grow free cash flow by +3.2 % per year for five years (discount rate 13.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +21.8 % per year. As of Oct 2, 2026.
What discount rate (WACC) does the fair value of KUO use?
Our models discount INTERNATIONAL CEMENT GROUPLTD. at 13.6 %: a base by market capitalisation (micro), damped by beta 1.36, country premium for Singapore. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For INTERNATIONAL CEMENT GROUPLTD. that is +3.2 % per year a year over ten years, using the same discount rate (13.6 %) and the same formula as our fair value.
How much growth has INTERNATIONAL CEMENT GROUPLTD. (KUO) delivered so far?
Over the past 5 years revenue at INTERNATIONAL CEMENT GROUPLTD. grew +21.8 % a year. The price currently implies +3.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of INTERNATIONAL CEMENT GROUPLTD. (KUO) growing?
The median revenue growth in the sector is +8.8 % a year. That is the yardstick for the growth priced into INTERNATIONAL CEMENT GROUPLTD. (+3.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of INTERNATIONAL CEMENT GROUPLTD. (KUO)?
The free-cash-flow yield on the price is 11.62 %: that much free cash flow INTERNATIONAL CEMENT GROUPLTD. produces per unit of market value. When it exceeds the discount rate of our models (13.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of INTERNATIONAL CEMENT GROUPLTD. (KUO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For INTERNATIONAL CEMENT GROUPLTD. it is 0.0447 SGD per share (as of Oct 2, 2026), against a price of 0.0560 SGD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is INTERNATIONAL CEMENT GROUPLTD. stock overvalued or undervalued in 2026?
As of Oct 2, 2026, KUO trades above its calculated fair value: price 0.0560 SGD, fair value 0.0447 SGD, a gap of about −20% (overvalued). 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 KUO?
No. The price is what the market pays today (0.0560 SGD); the fair value is what the company's own numbers justify (0.0447 SGD). For INTERNATIONAL CEMENT GROUPLTD. the two are 0.0113 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is INTERNATIONAL CEMENT GROUPLTD. worth?
The market values INTERNATIONAL CEMENT GROUPLTD. at about 321M SGD (market capitalisation, as of Oct 2, 2026). Per share that is 0.0560 SGD; our models calculate a fair value of 0.0447 SGD per share.
What do the bullish and bearish scenarios say about KUO?
Our models span a range for INTERNATIONAL CEMENT GROUPLTD.: cautious scenario 0.0309 SGD, base 0.0447 SGD, optimistic 0.0516 SGD per share (as of Oct 2, 2026, price 0.0560 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KUO?
INTERNATIONAL CEMENT GROUPLTD. trades at a price-to-earnings ratio of 5.6 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.0447 SGD is built from several models across several years. Other multiples: P/B 1.1, P/S 0.7, EV/EBITDA 2.3.
How solid is the balance sheet of INTERNATIONAL CEMENT GROUPLTD. (KUO)?
Balance-sheet figures for INTERNATIONAL CEMENT GROUPLTD. (as of Oct 2, 2026): return on equity 27.8%, debt of 0.10 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is KUO from its 52-week high?
INTERNATIONAL CEMENT GROUPLTD. trades at 0.0560 SGD, about 37% below its 52-week high of 0.0890 SGD and 56% above the low of 0.0360 SGD (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 0.0447 SGD is for.
Which stocks are comparable to INTERNATIONAL CEMENT GROUPLTD.?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Martin Marietta Materials, Inc, UltraTech Cement Limited, 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 INTERNATIONAL CEMENT GROUPLTD. stock attractive at the current price?
The data as of Oct 2, 2026: price 0.0560 SGD, calculated fair value 0.0447 SGD (−20%), Quality Score 68/100, from 24 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 KUO calculated?
We run INTERNATIONAL CEMENT GROUPLTD. through 24 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 0.0447 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 14.9 % above its aggregate fair value. INTERNATIONAL CEMENT GROUPLTD. 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 INTERNATIONAL CEMENT GROUPLTD. (KUO)?
The closing price on Oct 2, 2026 was 0.0560 SGD. Our model-based fair value is 0.0447 SGD, about −20% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with INTERNATIONAL CEMENT GROUPLTD. right now?
The price sits above even our optimistic bull case (0.0516 SGD). The favourable scenario is already priced in. Solid but not exceptional quality (68/100) and above fair value, neither a clear bargain nor a standout compounder. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of INTERNATIONAL CEMENT GROUPLTD.
How large is the market capitalisation of INTERNATIONAL CEMENT GROUPLTD. (KUO)?
The market capitalisation of INTERNATIONAL CEMENT GROUPLTD. is 321M SGD (≈ $251M). 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 INTERNATIONAL CEMENT GROUPLTD. (KUO)?
The price-to-sales ratio of INTERNATIONAL CEMENT GROUPLTD. is 0.89 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of INTERNATIONAL CEMENT GROUPLTD. (KUO)?
Earnings per share at INTERNATIONAL CEMENT GROUPLTD. are 0.0100 SGD (price ÷ EPS = P/E 5.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of INTERNATIONAL CEMENT GROUPLTD. (KUO)?
The net margin of INTERNATIONAL CEMENT GROUPLTD. is 15.8% (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 INTERNATIONAL CEMENT GROUPLTD. (KUO)?
The return on equity (ROE) of INTERNATIONAL CEMENT GROUPLTD. is 27.8% (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 INTERNATIONAL CEMENT GROUPLTD. (KUO)?
On an EBIT basis the return on assets of INTERNATIONAL CEMENT GROUPLTD. is 9.4% (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 INTERNATIONAL CEMENT GROUPLTD. (KUO)?
The operating margin of INTERNATIONAL CEMENT GROUPLTD. is 25.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at INTERNATIONAL CEMENT GROUPLTD. (KUO)?
Revenue at INTERNATIONAL CEMENT GROUPLTD. is growing +34.0% versus a year earlier (3y avg +18.9%). 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 INTERNATIONAL CEMENT GROUPLTD. (KUO)?
Earnings per share at INTERNATIONAL CEMENT GROUPLTD. are growing +91.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does INTERNATIONAL CEMENT GROUPLTD. (KUO) carry?
The net debt of INTERNATIONAL CEMENT GROUPLTD. is 19.1M SGD (fiscal year 2025, ≈ 0.5 yrs of FCF). 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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