C 
Combine Will International Holdings N0Z.SI · SGD
Consumer Discretionary · SGX · 🇸🇬 Singapore
1.08
—
Close of 5 Nov 2026, in SGD
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At a glance
Figures in HKD, from our data supplier.
Revenue
HK$1.81bn
FY2016FY2025
Net income
HK$37.1m
FY2016FY2025
Free cash flow
−HK$185.4m
FY2016FY2025
Shareholders' equity
HK$789.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | HK$1.81bn | HK$1.47bn | HK$1.11bn | HK$1.34bn | HK$1.14bn | HK$957.1m | HK$1.77bn | HK$1.42bn | HK$1.36bn | HK$1.19bn |
| Gross profit | HK$188.8m | HK$153.8m | HK$128.5m | HK$142.9m | HK$95.0m | HK$79.3m | HK$149.0m | HK$100.3m | HK$106.2m | HK$65.6m |
| Operating income | HK$57.1m | HK$48.4m | HK$51.6m | HK$65.2m | HK$22.7m | HK$52.8m | HK$85.5m | HK$71.3m | HK$28.5m | −HK$21.5m |
| Net income | HK$37.1m | HK$45.7m | HK$42.5m | HK$42.8m | HK$40.8m | HK$30.9m | HK$54.4m | HK$52.7m | HK$10.5m | −HK$35.5m |
| Diluted earnings per share | 1.15 | 1.41 | 1.32 | 1.32 | 1.26 | 0.96 | 1.68 | 0.29 | 0.06 | -0.20 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | HK$1.92bn | HK$1.61bn | HK$1.43bn | HK$1.54bn | HK$1.66bn | HK$1.60bn | HK$1.55bn | HK$1.36bn | HK$1.25bn | HK$1.16bn |
| Cash and short-term investments | — | — | — | — | — | HK$177.4m | HK$220.8m | HK$167.9m | HK$73.1m | HK$43.4m |
| Total liabilities | HK$1.13bn | HK$861.7m | HK$684.9m | HK$822.4m | HK$911.5m | HK$900.6m | HK$881.0m | HK$733.4m | HK$660.5m | HK$609.4m |
| Debt | — | — | HK$9.0m | HK$15.0m | HK$5.0m | HK$447.6m | HK$480.6m | HK$329.5m | HK$215.3m | HK$347.6m |
| Shareholders' equity | HK$789.4m | HK$746.4m | HK$742.7m | HK$720.1m | HK$744.2m | HK$696.0m | HK$670.3m | HK$629.2m | HK$588.0m | HK$551.8m |
| Shares outstanding | 32m | 32m | 32m | 32m | 32m | 32m | 32m | 184m | 187m | 178m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −HK$32.4m | HK$43.6m | HK$135.9m | HK$240.5m | HK$242.6m | HK$152.4m | HK$116.2m | −HK$117.3m | HK$216.0m | HK$35.5m |
| Capital spending | −HK$153.0m | −HK$191.7m | −HK$93.0m | −HK$97.1m | −HK$146.9m | −HK$160.1m | −HK$150.5m | −HK$77.9m | −HK$56.4m | −HK$71.6m |
| Free cash flow | −HK$185.4m | −HK$148.2m | HK$42.9m | HK$143.4m | HK$95.7m | −HK$7.7m | −HK$34.3m | −HK$195.2m | HK$159.7m | −HK$36.1m |
| Dividends paid | −HK$2.5m | −HK$9.4m | −HK$9.5m | −HK$23.6m | −HK$2.4m | −HK$2.4m | −HK$9.3m | −HK$9.3m | −HK$9.3m | −HK$8.3m |
Latest quarters
By quarter end
| Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Dec 2020 | Jun 2020 | Dec 2019 | Sept 2019 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | HK$875.6m | HK$806.8m | HK$664.5m | HK$602.1m | HK$465.2m | HK$491.9m | HK$351.3m | HK$435.1m |
| Gross profit | HK$88.4m | HK$78.8m | HK$75.0m | HK$72.8m | HK$49.5m | HK$29.8m | HK$37.7m | HK$35.8m |
| Operating income | HK$32.7m | HK$51.6m | HK$39.7m | HK$39.7m | HK$33.7m | HK$19.1m | HK$24.7m | HK$23.2m |
| Net income | HK$16.1m | HK$24.4m | HK$21.4m | HK$22.0m | HK$23.3m | HK$7.6m | HK$14.1m | HK$15.7m |
| Diluted earnings per share | 0.50 | 0.75 | 0.66 | 0.68 | 0.72 | 0.24 | 0.43 | 0.48 |
| Cash from operations | — | — | — | — | HK$55.0m | HK$21.0m | HK$4.0m | HK$75.0m |
| Capital spending | — | — | — | — | −HK$45.0m | −HK$34.0m | −HK$150.0m | −HK$101.0m |
| Free cash flow | — | — | — | — | HK$10.0m | −HK$13.0m | −HK$146.0m | −HK$26.0m |
| Total assets | HK$1.76bn | HK$1.61bn | HK$1.48bn | HK$1.43bn | HK$1.60bn | HK$1.52bn | HK$1.55bn | HK$1.47bn |
| Cash and short-term investments | — | — | — | — | HK$177.4m | HK$186.5m | HK$220.8m | HK$165.8m |
| Debt | — | — | HK$3.0m | HK$9.0m | HK$447.6m | HK$481.5m | HK$480.6m | HK$380.3m |
| Shareholders' equity | HK$764.1m | HK$746.4m | HK$740.5m | HK$742.7m | HK$696.0m | HK$673.8m | HK$670.3m | HK$660.4m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 10.5% | 13.6% | -0.8% |
| Operating income | -4.3% | 1.6% | 3.1% |
| Net income | -4.6% | 3.7% | 7.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 10.4% | 10.7% | 10.1% | 8.9% |
| Operating margin | 3.2% | 3.9% | 3.8% | 3.2% |
| Net margin | 2.5% | 2.9% | 3.1% | 2.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 6.7 | 3.9 | 4.1 | 3.7 | 4.0 | 5.6 | 3.9 | 21.6 | 104.7 | -18.1 |
| Price to sales | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 | 0.2 | 0.1 | 0.8 | 0.8 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 7 years. Last went ex-dividend on 14 Oct 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.306 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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