olivLaw · US equity research
Rantizo SKK
Water, Sewer, Pipeline, Comm & Power Line Construction · SIC 1623 · Vertical: Water, Sewer, Pipeline, Comm & Power Line Construction (SIC 1623)
Rantizo is a civil engineering service provider working almost exclusively on subsurface public utility projects in Singapore, such as cable and pipe laying and sewer rehabilitation. The company reported revenue rising to about 12.9 million USD in fiscal 2025, but it posted a net loss that year, so its future trajectory depends on winning new public contracts and controlling costs.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 26 Oct 2026, Rantizo (SKK) stock was 4.13 USD (−3.28% on the day), with market capitalisation 77.4 m USD, beta -0.32, 52-week range 1.66–12.19 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)
- 41.6
- weak (30–45)
- Bollinger (20, 2)
- 3.83 – 5.55
- in the lower half of the band · %B 0.17 · band width 36.6%
- SMA 50 / 200
- 4.58 / 3.89
- mixed trend
- MACD (12, 26, 9)
- -0.04 / 0.04
- 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 | −7.0% | −1.1% | −5.9 pp | — |
| 3 months | −12.9% | −0.5% | −12.4 pp | — |
| 6 months | +142.9% | +4.4% | +138.5 pp | — |
| Year to date | +49.1% | +12.3% | +36.8 pp | — |
| 1 year | +12.2% | +13.5% | −1.3 pp | −12.0% |
| 3 years | unavailable | +76.4% | unavailable | +118.8% |
| 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 | 2025 |
|---|---|---|---|---|
| Revenue | 9.6 m | 9.7 m | 11.1 m | 12.9 m |
| Revenue YoY | unavailable | +0.4% | +15.0% | +16.6% |
| Net income | 1.4 m | 198.0 k | 382.0 k | -2.9 m |
| Net income YoY | unavailable | −86.3% | +92.9% | −864.4% |
| Diluted EPS | 0.10 | 0.01 | 0.02 | -0.16 |
| Diluted EPS YoY | unavailable | −90.0% | +100.0% | −900.0% |
| net % | 15.1% | 2.0% | 3.4% | -22.6% |
| Free cash flow | 1.4 m | -2.8 m | -4.5 m | -5.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 732.0 k USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 7.2 m USD
- Total assets
- 31.6 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.74x
- ROE
- -40.2%
- ROA
- -10.1%
- FCF margin
- -43.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 9.6 m | 9.7 m | 11.1 m | 12.9 m | SEC (XBRL)· 10 Apr 2026verified |
| Cost of revenue | 5.0 m | 6.9 m | 7.1 m | 9.7 m | SEC (XBRL)· 10 Apr 2026verified |
| Gross profit | 4.7 m ≈ | 2.7 m | 4.0 m | 3.3 m | SEC (XBRL)· 10 Apr 2026verified |
| Operating income | 1.6 m | 325.0 k | 512.0 k | -2.5 m | SEC (XBRL)· 10 Apr 2026verified |
| Interest expense | 154.0 k | 221.0 k | 334.0 k | 481.0 k | SEC (XBRL)· 10 Apr 2026verified |
| Pre-tax income | 1.9 m | 326.0 k | 543.0 k | -2.8 m | SEC (XBRL)· 10 Apr 2026verified |
| Income tax | 417.0 k | 128.0 k | 161.0 k | 104.0 k | SEC (XBRL)· 10 Apr 2026verified |
| Net income | 1.4 m | 198.0 k | 382.0 k | -2.9 m | SEC (XBRL)· 10 Apr 2026verified |
| Diluted EPS | 0.10 | 0.01 | 0.02 | -0.16 | SEC (XBRL)· 10 Apr 2026verified |
| Weighted average diluted shares | 13.9 m | 13.9 m | 15.6 m | 18.8 m | SEC (XBRL)· 10 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | — | 350.0 k | 2.9 m | 732.0 k | SEC (XBRL)· 10 Apr 2026verified |
| Receivables | — | 2.3 m | 1.9 m | 2.5 m | SEC (XBRL)· 10 Apr 2026verified |
| Inventories | — | 46.0 k | 43.0 k | 45.0 k | SEC (XBRL)· 10 Apr 2026verified |
| Current assets | — | 7.4 m | 10.8 m | 11.3 m | SEC (XBRL)· 10 Apr 2026verified |
| Property, plant & equipment, net | — | 7.2 m | 14.6 m | 19.8 m | SEC (XBRL)· 10 Apr 2026verified |
| Intangibles (excl. goodwill) | — | 13.0 k | 1.0 k | — | SEC (XBRL)· 15 May 2025verified |
| Total assets | — | 15.3 m | 26.0 m | 31.6 m | SEC (XBRL)· 10 Apr 2026verified |
| Accounts payable | — | 1.7 m | 604.0 k | 1.6 m | SEC (XBRL)· 10 Apr 2026verified |
| Current liabilities | — | 11.2 m | 13.6 m | 15.2 m | SEC (XBRL)· 10 Apr 2026verified |
| Total liabilities | — | 13.3 m | 18.7 m | 24.4 m | SEC (XBRL)· 10 Apr 2026verified |
| Equity | 1.8 m † | 2.1 m † | 7.3 m † | 7.2 m † | SEC (XBRL)· 10 Apr 2026verified |
| Shares outstanding at year end | — | — | 18.8 m | 18.8 m | SEC (XBRL)· 10 Apr 2026verified |
† 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 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 2.6 m | 194.0 k | 3.3 m | -512.0 k | SEC (XBRL)· 10 Apr 2026verified |
| Capex | 1.2 m | 3.0 m | 7.8 m | 5.1 m | SEC (XBRL)· 10 Apr 2026verified |
| Free cash flow | 1.4 m ≈ | -2.8 m ≈ | -4.5 m ≈ | -5.6 m ≈ | SEC (XBRL)· 10 Apr 2026derived |
| Investing cash flow | -867.0 k | -2.3 m | -7.6 m | -4.5 m | SEC (XBRL)· 10 Apr 2026verified |
| Financing cash flow | -2.5 m | 1.0 m | 7.2 m | 2.3 m | SEC (XBRL)· 10 Apr 2026verified |
≈ 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
Risk
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
26 Oct 2026Source: olivLaw, closing series
Market cap: 77.4 m USD
Key indicators
Coverage and freshness
Score by group
33% · 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- 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: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -22.6% | 0 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 10.4% | 87 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -5.3x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -7.3% | 0 (on a fixed band) | 25% |
| 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 sheet0/100 · 2/3 factors with a value
- Growth· partial87/100 · 1/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 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
Rantizo (SKK). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 12.9 m USD in 2025; YoY growth 16.6%; net margin -22.6%; ROE -40.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% 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
- Revenue CAGR 3Y: 10.4%
What contradicts it
- Net margin: -22.6%
- Interest coverage: -5.3x
- Current ratio: 0.7x
- FCF yield: -7.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Water, Sewer, Pipeline, Comm & Power Line Construction (SIC 1623) · same industry (4-digit SIC) · compared with 6 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 | |
|---|---|---|---|---|---|---|
| MTZMasTec, Inc. | 13.5 bn | 27.4 | 13.5% | 2.8% | +16.2% | −22% / +176% |
| DYDycom Industries, Inc. | 6.4 bn | 19.3 | 19.2% | 4.8% | +17.9% | −41% / +104% |
| MYRGMyr Group Inc. | 4.1 bn | 21.4 | 26.9% | 4.5% | +8.8% | +18% / +112% |
| PRIMPrimoris Services Corporation | 3.6 bn | 38.7 | 6.0% | 1.4% | +19.0% | −46% / +125% |
| PLPCPreformed Line Products Company | 1.4 bn | 24.0 | 12.0% | 7.6% | +12.7% | +39% / +129% |
| ESOAEnergy Services of America CORP | 162.9 m | 436.5 | — | — | +16.8% | −2% / +94% |
| SKKRantizo | 77.4 m | — | -40.2% | -22.6% | +16.6% | +12% / unavailable |
1- and 3-year price returns: for SKK 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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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 10 Apr 2026; since then the company filed 6-K (29 Oct 2026), 6-K (22 Oct 2026), 6-K (13 Oct 2026), 6-K (25 Sept 2026), 6-K (19 Aug 2026), 6-K (18 Aug 2026).
In brief
Rantizo is a civil engineering service provider working almost exclusively on subsurface public utility projects in Singapore, such as cable and pipe laying and sewer rehabilitation. The company reported revenue rising to about 12.9 million USD in fiscal 2025, but it posted a net loss that year, so its future trajectory depends on winning new public contracts and controlling costs.
SWOT
Strengths
- The founders' experience, spanning more than two decades in the field, and an in-house fleet of HDD equipment are recognised strengths in the local sector.
- ISO certifications and a record without severe or fatal accidents help the company stand out in public tenders.
- The company is one of a small group of firms in Singapore with solid experience in horizontal directional drilling on complex projects.
Weaknesses
- Dependence on a small number of public clients makes revenue sensitive to their decisions.
- The company reported a net loss in fiscal 2025, influenced by large share-based professional fee costs.
- The lack of long-term contracts and price adjustment clauses exposes the company to rising costs.
Opportunities
- If it obtains higher grades from the Building and Construction Authority, the company could bid for larger public projects.
- Renewal of water and sewer infrastructure could create new demand for rehabilitation services.
- Diversifying the customer base, including into the private sector, could reduce reliance on the largest clients.
Threats
- Restrictions on foreign labour could limit the company's ability to deliver projects on time.
- Competitive pressure in tenders could reduce margins and profitability.
- A decline in Singapore's construction sector could seriously reduce the volume of work available.
Risks
- Dependence on key customershigh
A small number of clients generate almost all revenue, and losing one important contract could quickly affect turnover and liquidity.
- Dependence on foreign labourhigh
Restrictions on or rising costs for foreign workers could affect the company's ability to execute contracts.
- Cost overrun riskmedium
Inaccurate estimates of time and cost, without price adjustment clauses, could lead to budget overruns or losses on individual projects.
- Maintaining Building and Construction Authority registrationsmedium
Failure to meet registration requirements could reduce the number of public projects the company can bid for.
- Geographic concentrationlow
All assets and operations are in Singapore, so any change in local policy could have direct effects on the company.
Investment thesis
What would need to be true (bull case)
- If public utility investment continues, demand for the company's specialised work could remain solid, and revenue rose in fiscal 2025 1.
- Specialisation in horizontal directional drilling and uninterrupted repair work may offer a technical edge over more generalist competitors.
- If the 2025 loss, partly driven by share-based compensation, does not recur, profitability could gradually recover.
What would break the thesis
- Extreme customer concentration means that a change of strategy by a few clients could deeply affect revenue.
- Dependence on foreign workers and cost pressure could compress margins, especially if prices cannot be passed on to clients.
- Operating in a single market at a relatively small scale limits the company's ability to absorb shocks from any one contract.
What to watch
- Revenue trend and customer diversificationnext 10-K
- Status of Building and Construction Authority grades and access to larger public projects2027
- Return to profitability after the 2025 net lossnext 10-K
- Policy on foreign labour and wage 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 10 Apr 2026; since then the company filed 6-K (29 Oct 2026), 6-K (22 Oct 2026), 6-K (13 Oct 2026), 6-K (25 Sept 2026), 6-K (19 Aug 2026), 6-K (18 Aug 2026).
The business
Rantizo, through its subsidiaries SKK Works and SKK M&E, carries out underground construction work in Singapore, mainly on public projects, including laying power and telecommunication cables, water pipeline works and sewer rehabilitation. The company usually acts as main contractor and wins projects mostly through open tenders on the government GeBIZ portal, as well as through requests for quotation. For larger jobs, especially those involving horizontal directional drilling, it uses a fleet of 15 HDD rigs, 22 excavators and 35 vehicles, with a staff of over 177 as at December 31, 2025 1.
The business model depends on winning new project-based contracts rather than long-term agreements, and most payments are made in progress instalments linked to work done. Customers could retain part of the value through performance bonds, and defect liability periods typically run for 12 to 18 months, followed by warranty periods of two to three years 1. These features shape how revenue and cash flows can move from one year to the next.
The company has upgraded its qualifications with the Building and Construction Authority and holds ISO 9001 and ISO 45001 certifications, which allow it to bid for public projects of different values. Reaching a higher grade could widen the range of projects it can compete for, something management is actively pursuing 1.
Segments
Cable and pipe laying
This is the largest segment, representing about 73.0% of fiscal 2025 revenue, up from 60.5% in 2024. It covers horizontal directional drilling and conventional trenching for water, sewer, gas and telecommunication lines 1.
Pipeline and sewerage repair and maintenance
This segment accounted for about 24.5% of 2025 revenue, a slight decline from the prior period. It relies on air-water-jetting and live valve insertion, used to keep networks running without interruption 1.
Market context
The subsurface works market in Singapore is strictly regulated and relatively fragmented, with many contractors registered with the Building and Construction Authority across several workheads 1. Demand depends on public infrastructure investment, economic growth and urbanisation, and any downturn in this sector would directly affect the company's activity 1.
Customer concentration is high: the top five key customers generated almost all revenue, so the company needs to diversify its customer base. The market is dominated by public procurement, which keeps tender prices under constant pressure 1.
Trends
- Public infrastructure investmenttailwind
Government-funded projects in utilities and telecommunications could support demand for the company's work over the medium term, particularly if new contracts are awarded on schedule 1.
- Shortage of foreign labourheadwind
Reliance on foreign workers, who make up over 85% of the workforce, exposes the company to tighter hiring rules and higher wage costs 1.
- Inflation in materials and subcontractingheadwind
Rising prices for materials and subcontracted work could compress margins, since many contracts lack price adjustment clauses 1.
- Environmental and safety regulationmixed
Stricter rules on environmental protection and workplace safety could require additional spending, but could also favour suppliers that are already certified 1.
Competitive position
The civil engineering services sector in Singapore is competitive and fragmented, with many contractors registered in the same workheads. Some rivals may have greater resources, longer track records or stronger relationships with public clients, which could reduce the company's chances in tenders 1.
Competitive pressure shows up as tenders with thinner margins, and to remain competitive the company relies on its founders' experience, its technical capability in directional drilling and its quality and safety certifications 1.
- Contractors registered with the Building and Construction Authority
Numerous local contractors bid for the same public tenders, without being individually identified in the source.
- Contractors in the CR07 cable and pipe laying workhead
A group of firms licensed for cable and pipe laying that compete directly for underground works.
- Contractors in the ME11 mechanical engineering workhead
Firms that can take mechanical components of utility projects, competing indirectly with the company.
- Contractors in the SY05 electrical workhead
Firms licensed for electrical materials and components, relevant to power cable projects.
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.
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Rantizo · 10 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.