olivLaw · US equity research
Concorde International Group Ltd. CIGL
Services-Detective, Guard & Armored Car Services · SIC 7381 · Vertical: Services-Detective, Guard & Armored Car Services (SIC 7381)
Concorde International Group is a Singapore-based security services provider focused on its technology-driven I-Guarding solutions, with 24/7 monitoring at its core. In fiscal 2025 the company grew revenue by 18.9% to 12.48 million USD, but it still reported a net loss, largely tied to listing costs and share-based compensation.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Concorde International Group Ltd. (CIGL) stock was 0.21 USD (+5.05% on the day), with 52-week range 0.19–0.63 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)
- 31.5
- weak (30–45)
- Bollinger (20, 2)
- 0.15 – 0.32
- in the lower half of the band · %B 0.36 · band width 74.5%
- SMA 50 / 200
- 0.34 / unavailable
- MACD (12, 26, 9)
- -0.05 / -0.05
- MACD above 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 | −43.2% | −1.1% | −42.1 pp | — |
| 3 months | −64.4% | −0.5% | −63.9 pp | — |
| 6 months | unavailable | +4.4% | unavailable | — |
| Year to date | unavailable | +12.3% | unavailable | — |
| 1 year | unavailable | +13.5% | unavailable | +5.0% |
| 3 years | unavailable | +76.4% | unavailable | +68.0% |
| 5 years | unavailable | +63.7% | 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.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 5.0 m | 10.7 m | 10.5 m |
| Revenue YoY | unavailable | +112.8% | −1.6% |
| Net income | -783.0 k | 960.7 k | -83.6 m |
| Net income YoY | unavailable | unavailable | −8,806.0% |
| Diluted EPS | -7.83 | 9.61 | -5.08 |
| Diluted EPS YoY | unavailable | unavailable | −152.9% |
| net % | -15.6% | 9.0% | -797.3% |
| Free cash flow | unavailable | 383.7 k | -1.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 1.0 m USD
- Financial debt
- 6.0 m USD
- Net debt
- 5.0 m USD
- Equity
- 2.3 m USD
- Total assets
- 10.3 m USD
- Debt / equity
- 2.67x
- Current ratio
- 1.17x
- ROE
- -3,370.6%
- ROA
- -888.6%
- FCF margin
- -15.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 5.0 m | 10.7 m | 10.5 m | SEC (XBRL)· 15 May 2025verified |
| Cost of revenue | 3.6 m | 7.7 m | 6.9 m | SEC (XBRL)· 15 May 2025verified |
| Gross profit | 1.4 m | 3.0 m | 3.6 m | SEC (XBRL)· 15 May 2025verified |
| Depreciation & amortisation | 389.4 k | 329.8 k | 279.5 k | SEC (XBRL)· 15 May 2025verified |
| Interest expense | 75.0 k | 149.6 k | 218.6 k | SEC (XBRL)· 15 May 2025verified |
| Pre-tax income | -804.0 k | 1.1 m | -83.5 m | SEC (XBRL)· 15 May 2025verified |
| Income tax | — | 131.2 k | 114.9 k | SEC (XBRL)· 15 May 2025verified |
| Net income | -783.0 k | 960.7 k | -83.6 m | SEC (XBRL)· 15 May 2025verified |
| Diluted EPS | -7.83 | 9.61 | -5.08 | SEC (XBRL)· 15 May 2025verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 441.3 k | 957.0 k | 1.0 m | SEC (XBRL)· 15 May 2025verified |
| Receivables | — | 3.5 m | 3.8 m | SEC (XBRL)· 15 May 2025verified |
| Current assets | — | 5.3 m | 5.4 m | SEC (XBRL)· 15 May 2025verified |
| Property, plant & equipment, net | 2.9 m | 2.9 m | 3.7 m | SEC (XBRL)· 15 May 2025verified |
| Total assets | — | 8.6 m | 10.3 m | SEC (XBRL)· 15 May 2025verified |
| Accounts payable | — | 1.2 m | 1.1 m | SEC (XBRL)· 15 May 2025verified |
| Short-term debt | — | 1.9 m | 3.1 m | SEC (XBRL)· 15 May 2025verified |
| Long-term debt | — | 2.1 m | 2.9 m | SEC (XBRL)· 15 May 2025verified |
| Current liabilities | — | 3.5 m | 4.6 m | SEC (XBRL)· 15 May 2025verified |
| Total liabilities | — | 5.8 m | 8.0 m | SEC (XBRL)· 15 May 2025verified |
| Equity | 1.6 m | 2.7 m | 2.3 m | SEC (XBRL)· 15 May 2025verified |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -931.0 k | 790.9 k | -564.2 k | SEC (XBRL)· 15 May 2025verified |
| Capex | — | 407.2 k | 1.1 m | SEC (XBRL)· 15 May 2025verified |
| Free cash flow | — | 383.7 k ≈ | -1.6 m ≈ | SEC (XBRL)· 15 May 2025derived |
| Investing cash flow | -912.1 k | -309.6 k | -953.0 k | SEC (XBRL)· 15 May 2025verified |
| Financing cash flow | 602.9 k | 947 | 1.6 m | 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
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
10% · 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 · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -797.3% | 0 (vs peers) | 60% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 31 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial31/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
CONCORDE INTERNATIONAL GROUP LTD (CIGL). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 10.5 m USD in 2024; YoY growth -1.6%; net margin -797.3%; ROE -3,579.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; 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
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.
What contradicts it
- Net margin: -797.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Detective, Guard & Armored Car Services (SIC 7381) · same industry (4-digit SIC) · compared with 5 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 | |
|---|---|---|---|---|---|---|
| ALLEAllegion plc | 16.2 bn | 24.0 | 33.6% | 15.7% | +7.8% | +16% / +82% |
| ADTADT Inc. | 7.5 bn | 12.2 | 16.9% | 11.9% | +4.7% | +20% / +69% |
| ARLOArlo Technologies, Inc. | 1.6 bn | 56.3 | 22.1% | 5.2% | +3.6% | +5% / +67% |
| GFAIGuardforce Ai Co., Limited | 4.6 m | — | -20.5% | -16.1% | +0.2% | −79% / −95% |
| SUGPSU Group Holdings Ltd | 2.5 m | — | -20.1% | -9.6% | +5.5% | −99% / unavailable |
| CIGLConcorde International Group Ltd | — | — | -3,579.0% | -797.3% | −1.6% | unavailable / unavailable |
1- and 3-year price returns: for CIGL 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
Scenarios are not available. input data missing
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 12 May 2026; since then the company filed 6-K (28 Sept 2026), 6-K (22 Sept 2026), 6-K (03 Sept 2026), 6-K (21 Jul 2026), 6-K (20 Jul 2026), 6-K (08 Jul 2026).
In brief
Concorde International Group is a Singapore-based security services provider focused on its technology-driven I-Guarding solutions, with 24/7 monitoring at its core. In fiscal 2025 the company grew revenue by 18.9% to 12.48 million USD, but it still reported a net loss, largely tied to listing costs and share-based compensation. 1
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Customer concentrationhigh
A small number of large customers generates a significant share of revenue, so losing one of them would directly affect results. 1
- Labor costshigh
Progressive minimum wages and benefit pressure could reduce margins if they are not passed on to customers. 1
- IFRS reporting and internal controlsmedium
Differences from US GAAP and weaknesses in internal controls could affect investor confidence and comparability. 1
- Dependence on systems and monitoringmedium
Failures of IT systems or monitoring stations could prevent timely emergency response and harm the company's reputation. 1
- Liability and reliance on outside vendorsmedium
Employee or system failures can expose the company to greater liability than in other industries, and subcontracting adds operational risk. 1
Investment thesis
What would need to be true (bull case)
- If I-Guarding solutions keep winning clients, recurring revenue could support growth in a market with structural demand. 1
- Demand from digitalization and cybersecurity requirements could open new contracts for technology services. 1
- If the net loss narrows once listing costs fade, profitability could move onto a steadier path. 1
What would break the thesis
- Reliance on a few large customers makes results sensitive to the loss or reduction of a single contract. 1
- Mandated wage increases and price pressure could compress gross margins in the coming years. 1
- The net loss and higher listing and compliance costs could persist if revenue grows more slowly than expenses. 1
What to watch
- Trend in gross margin and subcontracting costsQ1 2027
- Share of the five largest customers in revenue2027
- Trajectory of the net loss after listing costs2027
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 12 May 2026; since then the company filed 6-K (28 Sept 2026), 6-K (22 Sept 2026), 6-K (03 Sept 2026), 6-K (21 Jul 2026), 6-K (20 Jul 2026), 6-K (08 Jul 2026).
The business
The company provides security services by monitoring properties, assets and building systems under 24/7 surveillance. Its main revenue source is the I-Guarding Services line, a suite of smart security solutions whose first product is the patented IFS mobile vehicular platform. Revenue comes largely from recurring contracts with monthly fees paid by customers. 1
Operations are concentrated in Singapore, where demand is supported by security risks, urban density and regulatory requirements. The company depends on a small number of large customers, five of which generate a substantial part of revenue. Beyond technology services it also offers Man Guarding, consultancy and training services. 1
The cost base is labor-heavy, and the company increasingly subcontracts traditional manpower to third parties, including a related party, to focus on technology-integrated services. Labor and subcontracting costs therefore directly influence gross margin. 1
Segments
I-Guarding Services
This segment accounted for almost all revenue in fiscal 2025, at 97.1% of the total, and grew 18.3% from the prior year. Growth was linked to demand for integrated security and digital surveillance across commercial and public sectors. 1
Man Guarding Services
Revenue from traditional guarding rose to 175,345 USD in 2025 but remains a very small share of the total. The company says customer preferences are shifting toward its integrated I-Guarding solutions. 1
Other activities
This category includes revenue from the training subsidiary Berjaya Academy Pte. Ltd., which delivers government-approved security courses. Revenue rose significantly from the prior year, although the segment stays small overall. 1
Market context
The company describes the Singapore security services market as mature and highly competitive, with a large number of licensed agencies. Demand is boosted by regulation, the growth of data centers and cybersecurity requirements, which extend services beyond manpower-based guarding. 1
Government policies such as the Security Industry Transformation Map 2025 and the Progressive Wage Model change both demand and cost structures. The company warns that the shift from a manpower-intensive model to a technology-based one could put pressure on prices and margins. 1
Trends
- Digitalization and integrated securitytailwind
Growth in data centers and operational resilience requirements widens demand for technology solutions, which could support I-Guarding growth. 1
- Rising labor costsheadwind
The Progressive Wage Model imposes minimum wages and gradual increases, and if these costs cannot be passed on to clients, margins could be squeezed. 1
- Price pressureheadwind
A large number of agencies and cost-sensitive buyers could push prices down, especially in traditional guarding contracts. 1
- Regulation and higher standardsmixed
Licensing requirements, outcome-based contracting and higher entry barriers can benefit established providers but also add costs. 1
Competitive position
The company operates in a Singapore security industry with many established providers competing on price, service quality and technological capability. The analyzed source does not name any US-listed competitors. 1
The company's stated advantage comes from its patented I-Guarding solutions and technology integration in monitoring services. Competitive pressure remains high, and losing customers to lower-priced providers is an explicitly named risk. 1
- Other established Singapore security service providers
The company refers to numerous established providers competing on price and technology without naming them in the analyzed source. 1
- Licensed security agencies
The large number of licensed agencies in Singapore puts pressure on prices, according to the company. 1
- Traditional guarding providers
Competition with manpower-based guarding services is cited as a force attracting cost-sensitive customers. 1
- Technology security solution providers
Competitors that quickly develop new products are considered a risk to the company's innovation advantage. 1
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.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)28 Sept 2026
- Current report (foreign issuer)22 Sept 2026
- Current report (foreign issuer)03 Sept 2026
- Current report (foreign issuer)21 Jul 2026
- Current report (foreign issuer)20 Jul 2026
- Current report (foreign issuer)08 Jul 2026
- Current report (foreign issuer)30 Jun 2026
- Current report (foreign issuer)29 Jun 2026
- Current report (foreign issuer)29 Jun 2026
- Annual report (foreign issuer)12 May 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Concorde International Group Ltd. · 12 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.