olivLaw · US equity research
JE Cleantech Holdings Ltd JCSE
Miscellaneous Manufacturing Industries · SIC 3990 · Vertical: Miscellaneous Manufacturing Industries (SIC 3990)
JE Cleantech Holdings Ltd, based in Singapore, designs, manufactures and sells industrial cleaning systems and provides centralized dishwashing services for the food sector. Revenue in fiscal 2025 reached about SGD20.3 million, and the group reported a net profit of roughly SGD3.9 million, largely helped by a gain on the sale of a leasehold property, which makes the result worth examining carefully. The company depends on a few large customers, a concentration that matters particularly now.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, JE Cleantech Holdings Ltd (JCSE) stock was 1.53 USD (+0.99% on the day), with market capitalisation 8.1 m USD, P/E 3.2 on diluted EPS of 0.48 USD over the last 12 months, dividend yield 5.82%, beta 0.28, 52-week range 0.79–2.48 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.4
- neutral
- Bollinger (20, 2)
- 1.39 – 1.72
- in the lower half of the band · %B 0.42 · band width 21.1%
- SMA 50 / 200
- 1.49 / 1.33
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.02 / 0.03
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.5% | −5.9% | +14.5 pp | — |
| 3 months | +6.6% | −4.6% | +11.3 pp | — |
| 6 months | +39.9% | +0.2% | +39.7 pp | — |
| Year to date | +45.2% | +7.4% | +37.8 pp | — |
| 1 year | +26.0% | +8.2% | +17.8 pp | −45.6% |
| 3 years | +59.0% | +68.4% | −9.4 pp | −3.3% |
| 5 years | unavailable | +56.5% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 2.2, median 9.4, max 36.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 10.9 m | 13.9 m | 13.7 m | 14.1 m | 15.8 m |
| Revenue YoY | unavailable | +27.3% | −1.7% | +3.2% | +11.8% |
| Net income | 1.0 k | 889.0 k | 393.0 k | 25.0 k | 2.5 m |
| Net income YoY | unavailable | +88,800.0% | −55.8% | −93.6% | +9,968.0% |
| Diluted EPS | 0.00 | 0.06 | 0.08 | 0.00 | 0.48 |
| Diluted EPS YoY | unavailable | unavailable | +33.3% | −100.0% | unavailable |
| net % | 0.0% | 6.4% | 2.9% | 0.2% | 15.9% |
| Free cash flow | 1.9 m | -4.5 m | 884.0 k | 586.0 k | 1.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 7.7 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 15.4 m USD
- Total assets
- 25.7 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.72x
- ROE
- 18.3%
- ROA
- 9.8%
- FCF margin
- 9.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 10.9 m | 13.9 m | 13.7 m | 14.1 m | 15.8 m | SEC (XBRL)· 08 May 2026verified |
| Cost of revenue | 9.2 m | 10.1 m | 10.4 m | 10.3 m | 11.3 m | SEC (XBRL)· 08 May 2026verified |
| Gross profit | 1.7 m | 3.8 m | 3.3 m | 3.8 m | 4.5 m | SEC (XBRL)· 08 May 2026verified |
| Operating income | 44.0 k | 1.3 m | 765.0 k | -21.0 k | 476.0 k | SEC (XBRL)· 08 May 2026verified |
| Depreciation & amortisation | 454.0 k | 501.0 k | 532.0 k | — | — | SEC (XBRL)· 30 Apr 2024verified |
| EBITDA | 498.0 k ≈ | 1.8 m ≈ | 1.3 m ≈ | — | — | SEC (XBRL)· 30 Apr 2024derived |
| Pre-tax income | 1.0 k | 1.1 m | 477.0 k | 208.0 k | 2.6 m | SEC (XBRL)· 08 May 2026verified |
| Income tax | — | 175.0 k | 84.0 k | 183.0 k | 122.0 k | SEC (XBRL)· 08 May 2026verified |
| Net income | 1.0 k | 889.0 k | 393.0 k | 25.0 k | 2.5 m | SEC (XBRL)· 08 May 2026verified |
| Diluted EPS | 0.00 | 0.06 | 0.08 | 0.00 | 0.48 | SEC (XBRL)· 08 May 2026verified |
| Weighted average diluted shares | 4.0 bn | 4.7 m | 5.0 m | 5.3 m | 5.3 m | SEC (XBRL)· 08 May 2026verified |
| Dividend per share | 0.18 | — | — | 0.09 | — | SEC (XBRL)· 15 May 2025derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 820.0 k | 4.9 m | 3.9 m | 4.2 m | 7.7 m | SEC (XBRL)· 08 May 2026verified |
| Receivables | 2.4 m | 4.2 m | 3.6 m | 3.3 m | 5.8 m | SEC (XBRL)· 08 May 2026verified |
| Inventories | 1.9 m | 8.9 m | 10.7 m | 9.3 m | 7.2 m | SEC (XBRL)· 08 May 2026verified |
| Current assets | 5.7 m | 19.6 m | 20.2 m | 18.8 m | 21.3 m | SEC (XBRL)· 08 May 2026verified |
| Property, plant & equipment, net | 6.6 m | 6.6 m | 6.5 m | 3.0 m | 2.9 m | SEC (XBRL)· 08 May 2026verified |
| Total assets | 13.6 m | 26.5 m | 26.9 m | 25.7 m | 25.7 m | SEC (XBRL)· 08 May 2026verified |
| Current liabilities | 7.0 m | 10.3 m | 10.4 m | 7.4 m | 7.8 m | SEC (XBRL)· 08 May 2026verified |
| Total liabilities | 11.4 m | 14.3 m | 14.2 m | 13.6 m | 10.3 m | SEC (XBRL)· 08 May 2026verified |
| Equity | 2.2 m † | 12.1 m † | 12.7 m † | 12.1 m † | 15.4 m † | SEC (XBRL)· 08 May 2026verified |
| Shares outstanding at year end | 12.0 m | 15.0 m | 5.0 m | 5.3 m | — | SEC (XBRL)· 15 May 2025verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | 2.5 m | -3.9 m | 1.0 m | 1.5 m | 2.1 m | SEC (XBRL)· 08 May 2026verified |
| Capex | 583.0 k | 610.0 k | 160.0 k | 917.0 k | 645.0 k | SEC (XBRL)· 08 May 2026verified |
| Free cash flow | 1.9 m ≈ | -4.5 m ≈ | 884.0 k ≈ | 586.0 k ≈ | 1.4 m ≈ | SEC (XBRL)· 08 May 2026derived |
| Investing cash flow | -530.0 k | -595.0 k | -160.0 k | -1.1 m | 4.9 m | SEC (XBRL)· 08 May 2026verified |
| Financing cash flow | -1.5 m | 8.6 m | -1.9 m | 89.0 k | -3.8 m | SEC (XBRL)· 08 May 2026verified |
| Dividends paid | 2.1 m | — | — | 471.0 k | — | SEC (XBRL)· 15 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 8.1 m USD
Key indicators
Coverage and freshness
Score by group
63% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)outside the aggregate1.17 – 1.57 (Mid 1.34)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 15.9% | 100 (vs peers) | 10% |
| FCF conversion · Quality | 57.4% | 39 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 4.3% | 36 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | 100.0% | 100 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 3.2x | 100 (on a fixed band) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 17.9% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 5.8% | 83 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 32.6% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth68/100 · 2/2 factors with a value
- Quality70/100 · 2/3 factors with a value
- Returns90/100 · 2/2 factors with a value
- Valuation100/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
JE CLEANTECH HOLDINGS LIMITED (JCSE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 15.8 m USD in 2025; YoY growth 11.8%; net margin 15.9%; ROE 18.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 15.9%
- EPS CAGR 3Y: 100.0%
- Current ratio: 2.7x
- P/E (TTM): 3.2x
- FCF yield: 17.9%
- Shareholder yield (distributions): 5.8%
- Payout ratio (FCF): 32.6%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Miscellaneous Manufacturing Industries (SIC 3990) · same industry (4-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMCRAmcor PLC | 21.2 bn | 19.6 | 9.3% | 4.5% | +56.6% | +8% / −3% |
| DAKTDaktronics, Inc. | 925.3 m | 19.6 | 16.2% | 5.7% | +10.9% | +2% / +84% |
| HCAIHuachen AI Parking Management Technology Holding Co., Ltd | 85.8 m | — | -402.1% | -642.6% | −83.9% | −75% / unavailable |
| MWGMulti Ways Holdings Limited | 44.3 m | — | -2.0% | -1.0% | +44.1% | −51% / −53% |
| VTSIVirTra, Inc. | 30.6 m | — | -6.1% | — | unavailable | −46% / −63% |
| DOGZDogness (International) Corporation | 8.7 m | — | -32.0% | -173.9% | −23.3% | −95% / −81% |
| JCSEJe Cleantech Holdings Limited | 8.1 m | 3.2 | 18.3% | 15.9% | +11.8% | +26% / +59% |
| WFFWF Holding Ltd | 5.7 m | — | -127.3% | -64.4% | +61.9% | −63% / unavailable |
| ODCOil-Dri Corporation of America | — | — | 20.5% | 11.5% | +1.7% | +26% / +142% |
| BRCBrady Corp | — | — | 16.1% | 12.4% | +9.8% | +2% / +42% |
1- and 3-year price returns: for JCSE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.89 Total return -37% · Per year -37% | 1.57 Total return 9% · Per year 9% | 2.37 Total return 63% · Per year 63% |
| 3 years | 0.86 Total return -30% · Per year -11% | 1.71 Total return 31% · Per year 9% | 2.83 Total return 109% · Per year 28% |
| 5 years | 0.83 Total return -24% · Per year -5% | 1.86 Total return 55% · Per year 9% | 3.38 Total return 165% · Per year 22% |
- Exit P/E± 0.43
- Net margin± 0.30
- Annual revenue growth± 0.25
- Annual dilution± 0.03
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 08 May 2026; since then the company filed 6-K (20 Oct 2026), 6-K (16 Oct 2026), 6-K (27 May 2026).
In brief
JE Cleantech Holdings Ltd, based in Singapore, designs, manufactures and sells industrial cleaning systems and provides centralized dishwashing services for the food sector. Revenue in fiscal 2025 reached about SGD20.3 million, and the group reported a net profit of roughly SGD3.9 million, largely helped by a gain on the sale of a leasehold property, which makes the result worth examining carefully. The company depends on a few large customers, a concentration that matters particularly now.
SWOT
Strengths
- The company has more than two decades of experience designing and manufacturing cleaning systems and holds in-house engineering capability.
- Management regards its centralized dishwashing operations as among the most important in Singapore, giving it a local advantage.
- Contracted and outstanding orders have grown, providing a revenue base for the coming period.
Weaknesses
- The company relies heavily on a few customers, and its largest one accounts for a substantial share of revenue.
- System sales are made order by order without long-term contracts, which makes revenue difficult to forecast.
- Last year's net profit was driven largely by a gain on the sale of a property rather than by core operations.
Opportunities
- If the new orders received in 2026 are delivered on schedule, revenue could become more predictable.
- Widening the customer base beyond current groups could reduce dependence on the largest one.
- Consolidation into one facility could lower operating costs if the savings are sustained in the coming years.
Threats
- A pullback in investment by electronics industries could reduce orders from the main customers.
- Rising steel and component costs could squeeze margins, since contract prices are fixed.
- Geopolitical tensions and sanctions could disrupt energy and financial markets, with indirect effects on customers.
Risks
- Dependence on large customershigh
A small number of customer groups generate most of the revenue. A drop in orders from them would have a significant effect on results.
- Order-by-order nature of saleshigh
Orders are placed one at a time with no long-term commitment. Customers can stop buying without penalty, and revenue can fluctuate sharply from year to year.
- Single-facility operating riskmedium
All production and washing takes place at one site. An interruption or incident could halt activity and affect contracts.
- Reliance on key peoplemedium
The business depends on the executive leadership and a few key employees. Losing them could affect customer relationships and product quality.
- Payment fraud incidentmedium
In 2026 the company was the victim of a transfer fraud that caused a significant loss. The incident highlights weaknesses in payment processes and internal controls.
Investment thesis
What would need to be true (bull case)
- If the large new orders are delivered as planned, revenue in the following year could rise meaningfully from the fiscal 2025 level.
- The company holds a established position in centralized dishwashing in Singapore, and existing contracts provide a stable base.
- Moving operations into one facility could reduce costs and improve margins over the longer term.
What would break the thesis
- The 2025 net profit was helped by a property sale gain, which could make future reported results weaker.
- Dependence on large customers and the lack of long-term contracts could produce sharp swings in revenue.
- Rising raw material costs, combined with fixed contract prices, could pressure margins in the periods ahead.
What to watch
- Delivery of the new precision system ordersnext 12 months
- Changes in revenue concentration across customersnext 10-K
- Margins after consolidation into one facility2026
- Internal control measures after the fraud incidentnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 08 May 2026; since then the company filed 6-K (20 Oct 2026), 6-K (16 Oct 2026), 6-K (27 May 2026).
The business
The group operates mainly in Singapore and is engaged in selling cleaning systems and other equipment, as well as providing centralized dishwashing and ancillary services. The cleaning systems business began in 2006 and its products are sold mainly to customers in Singapore and Malaysia. Centralized dishwashing has run since 2013 and serves food and beverage establishments.
The parent company is incorporated in the Cayman Islands, with Singapore subsidiaries including JCS-Echigo Pte. Ltd., which manufactures the cleaning systems, and Hygieia Warewashing Pte. Ltd., which provides the washing services. Since November 2025 all operations have been consolidated in one facility, a step taken to reduce costs.
The company has been listed on Nasdaq since 2022 following an initial public offering. The shareholder structure includes two classes of ordinary shares, and Class B shares carry multiple votes, giving the executive leadership control over major company decisions.
Segments
Cleaning systems and other equipment
This segment accounted for about 61.6% of revenue in fiscal 2025. Precision cleaning systems, used mainly in the HDD and semiconductor industries, form the largest part of sales, and revenue from this product type grew in 2025.
Centralized dishwashing services
Dishwashing services contributed about 38.4% of revenue in fiscal 2025. They are provided to restaurants, canteens and similar establishments in Singapore using in-house semi-automated lines, and typical contracts run for one to two years with no obligation to renew.
Market context
The company's market is tied to the HDD, semiconductor and electronic equipment industries in Singapore and Malaysia, as well as the food sector in Singapore. Demand for cleaning systems depends on the investment cycles of these industries, while demand for centralized dishwashing is linked to restaurant and catering activity. The documents do not give an estimate of market size.
Trends
- Investment cycles in electronicsheadwind
Demand for precision systems depends on the investment plans of customers in the HDD and semiconductor industries. If these industries reduce their capital budgets, new orders could decline.
- Large new orderstailwind
New orders received in 2025 significantly increased the backlog of contracts, which could support revenue in later years if deliveries proceed as planned.
- Raw material costsheadwind
Steel and electronic components make up about 40% of cost of revenues. Because contract prices are fixed once an order is confirmed, cost increases cannot easily be passed on to customers.
- Consolidation of operationsmixed
Moving all activities into one facility lowered costs, and the sale of the leasehold property produced a one-off gain. The long-term effect depends on whether the savings are sustained.
Competitive position
The documents reviewed do not explicitly name the company's competitors. It operates in a competitive environment because customers award orders on a tender or quotation basis, where price and quality are decisive in winning contracts.
In centralized dishwashing, the company's position in Singapore is described as among the most important, but the sources give no detail on other providers. A stated advantage is its in-house design and manufacture of the washing lines.
- Local centralized dishwashing providers
The sources do not name competitors, but the company operates in the Singapore centralized dishwashing market where other operators exist.
- Industrial cleaning equipment manufacturers
Competition comes from producers offering precision cleaning systems to electronics customers.
- Regional equipment suppliers
Activity in Malaysia involves competition with local or regional manufacturers, not named in the documents reviewed.
- International precision system builders
International customers may compare the offer with suppliers from other regions, especially for high-value orders.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)20 Oct 2026
- Current report (foreign issuer)16 Oct 2026
- Current report (foreign issuer)27 May 2026
- Annual report (foreign issuer)08 May 2026
- Current report (foreign issuer)30 Mar 2026
- Current report (foreign issuer)09 Feb 2026
- Current report (foreign issuer)05 Jan 2026
- Current report (foreign issuer)19 Nov 2025
- Current report (foreign issuer)18 Nov 2025
- Current report (foreign issuer)30 Oct 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / JE Cleantech Holdings Ltd · 08 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.