SAC Capital, 8 April 2026
Excerpt from SAC Capital report.
Report Summary – Info-Tech Systems Ltd (ITSL SP)
- Action: Initiation (Non-Rated)
- Target Price: Not specified
- Key Highlight: Info-Tech Systems Ltd (ITSL SP) is a leading provider of cloud-based Human Resource Management System (HRMS) and accounting software for SMEs in Singapore, Malaysia, Hong Kong, and India.
- FY2025 Financials: Record revenue of S\$56.5m (+29% YoY), net profit S\$15.0m (+21.7% YoY), gross margin 85.2%. Subscription revenue forms 69% of total, with rapid growth in AI-focused training (Services segment increased 183% YoY).
- Dividend: Proposed FY2025 dividend of 3.50 Singapore cents/share (yield 3.4%), supported by net cash of S\$67.3m and zero debt.
- Business Strength: Strong recurring revenue, high customer retention, expansion into India offers long-term growth prospects.
- Risks: Heavy reliance on SME segment and government grants (PSG), with renewal and pricing risk if grant eligibility changes or is reduced.
- Valuation: Trading at 17.2x P/E and 3.1x P/B, relative to Mainboard average of 21.5x P/E and 2.2x P/B.
above is an excerpt from a report by SAC Capital. Clients of SAC Capital can be the first to access the full report from the SAC Capital website : https://www.saccapital.com.sg
