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olivLaw · US equity research

VCI Global Ltd VCIG

Services-Facilities Support Management Services · SIC 8744 · Vertical: Engineering, research and management services (SIC 874x)

5.37USD−5.62% · 1 dayClose 04 Nov 2026

VCI Global Ltd is a multi-disciplinary consulting group with advisory practices in business strategy and technology, operating mainly in Malaysia. In fiscal 2025 revenue declined slightly while the net loss widened sharply, drawing attention to the business model and the quality of receivables recovery.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, VCI Global Ltd (VCIG) stock was 5.37 USD (−5.62% on the day), with market capitalisation 141.3 m USD, P/E 0.1 on diluted EPS of 54.74 USD over the last 12 months, dividend yield 0.05%, beta -2.96, 52-week range 0.17–1,593.00 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
141.3 m USD
shares as of 31 Dec 2025
P/E (TTM)
0.1
Diluted EPS TTM 54.74 · TTM to 31 Dec 2024
E/P (TTM)
1,019.37%
TTM to 31 Dec 2024
Dividend yield
0.05%
DPS 12m 0.00
Beta (2y)
-2.96
Volatility (1y) 456%
52-week range
0.171,593.00

Price history

Loading chart…

Technical reading

RSI (14)
67.2
strong (55–70)
Bollinger (20, 2)
-3.26 – 5.69
in the upper half of the band · %B 0.96 · band width 735.5%
SMA 50 / 200
1.52 / 75.33
mixed trend
MACD (12, 26, 9)
0.70 / -0.08
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

CompanyS&P 500vs S&P 500Vertical median
1 month+489.5%−1.1%+490.6 pp—
3 months+17.8%−0.5%+18.2 pp—
6 months−60.9%+4.4%−65.3 pp—
Year to date−98.9%+12.3%−111.2 pp—
1 year−99.5%+13.5%−113.0 pp−12.1%
3 years−100.0%+76.4%−176.4 pp−29.7%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−100.0%
10 Nov 2025 → 30 Oct 2026
Max drawdown (5y)
−100.0%
02 May 2023 → 30 Oct 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

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 0 percentile of its own 2-quarter history (min 17,362.1, median 142,388,681.0, max 284,760,000.0; quarters with earnings only).

Fiscal years

Fiscal year20202021202220232024
Revenueunavailableunavailable8.1 m19.8 m27.8 m
Revenue YoYunavailableunavailableunavailable+144.9%+40.6%
Net incomeunavailableunavailable4.9 m7.8 m7.9 m
Net income YoYunavailableunavailableunavailable+58.5%+1.3%
Diluted EPSunavailableunavailable0.130.2154.74
Diluted EPS YoYunavailableunavailableunavailable+61.5%+25,966.7%
net %unavailableunavailable60.7%39.3%28.3%
Free cash flowunavailableunavailable-684.2 k717.3 k22.0 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2024 · 31 Dec 2024

Cash
8.1 m USD
Financial debt
182.4 k USD
Net debt
-7.9 m USD
Equity
86.3 m USD
Total assets
91.6 m USD
Debt / equity
0.00x
Current ratio
9.36x
ROE
14.8%
ROA
13.4%
FCF margin
78.9%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2022
8.1 m
2023
19.8 m
2024
27.8 m

SEC (XBRL)· 13 May 2025verified

Cost of revenue
2022
1.7 m
2023
3.4 m
2024
4.9 m

SEC (XBRL)· 13 May 2025verified

Gross profit
2022
6.3 m ≈
2023
16.4 m ≈
2024
22.9 m ≈

SEC (XBRL)· 13 May 2025derived

Interest expense
2022
11.6 k
2023
20.2 k
2024
131.9 k

SEC (XBRL)· 13 May 2025verified

Pre-tax income
2022
3.1 m
2023
7.1 m
2024
7.7 m

SEC (XBRL)· 13 May 2025verified

Income tax
2022
-1.5 m
2023
-135.0 k
2024
108.4 k

SEC (XBRL)· 13 May 2025verified

Net income
2022
4.9 m
2023
7.8 m
2024
7.9 m

SEC (XBRL)· 13 May 2025verified

Diluted EPS
2022
0.13
2023
0.21
2024
54.74

SEC (XBRL)· 13 May 2025verified

Weighted average diluted shares
2022
35.1 k
2023
38.8 k
2024
143.9 k

SEC (XBRL)· 13 May 2025verified

Dividend per share
2022
—
2023
0.00
2024
—

SEC (XBRL)· 30 Apr 2024derived

Balance sheet · USD

Cash
2022
870.7 k
2023
1.0 m
2024
8.1 m

SEC (XBRL)· 13 May 2025verified

Receivables
2022
3.6 m
2023
6.3 m
2024
30.0 m

SEC (XBRL)· 13 May 2025verified

Current assets
2022
4.5 m
2023
10.7 m
2024
48.5 m

SEC (XBRL)· 13 May 2025verified

Property, plant & equipment, net
2022
352.4 k
2023
696.9 k
2024
573.1 k

SEC (XBRL)· 13 May 2025verified

Intangibles (excl. goodwill)
2022
—
2023
1.0 m
2024
7.3 m

SEC (XBRL)· 13 May 2025verified

Total assets
2022
9.5 m
2023
25.7 m
2024
91.6 m

SEC (XBRL)· 13 May 2025verified

Accounts payable
2022
2.4 m
2023
4.2 m
2024
4.4 m

SEC (XBRL)· 13 May 2025verified

Short-term debt
2022
178.0 k
2023
147.6 k
2024
160.5 k

SEC (XBRL)· 13 May 2025verified

Long-term debt
2022
70.3 k
2023
53.5 k
2024
21.9 k

SEC (XBRL)· 13 May 2025verified

Current liabilities
2022
3.0 m
2023
5.0 m
2024
5.2 m

SEC (XBRL)· 13 May 2025verified

Total liabilities
2022
4.0 m
2023
5.5 m
2024
5.2 m

SEC (XBRL)· 13 May 2025verified

Equity
2022
5.5 m
2023
20.3 m
2024
86.3 m

SEC (XBRL)· 13 May 2025verified

Shares outstanding at year end
2022
36.8 m
2023
38.0 m
2024
15.0 m

SEC (XBRL)· 13 May 2025verified

Cash flow · USD

Operating cash flow
2022
-305.1 k
2023
1.2 m
2024
22.3 m

SEC (XBRL)· 13 May 2025verified

Capex
2022
379.1 k
2023
433.9 k
2024
327.1 k

SEC (XBRL)· 13 May 2025verified

Free cash flow
2022
-684.2 k ≈
2023
717.3 k ≈
2024
22.0 m ≈

SEC (XBRL)· 13 May 2025derived

Investing cash flow
2022
256.1 k
2023
-4.0 m
2024
-48.6 m

SEC (XBRL)· 13 May 2025verified

Financing cash flow
2022
247.3 k
2023
3.0 m
2024
34.5 m

SEC (XBRL)· 13 May 2025verified

Dividends paid
2022
—
2023
103.8 k
2024
—

SEC (XBRL)· 30 Apr 2024verified

Computed indicators

Growth

Revenue growth (YoY)
40.6%
computed by olivLawFY 2024
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
1.3%
computed by olivLawFY 2024
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
25,966.7%
computed by olivLawFY 2024
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
2,960.4%
computed by olivLawFY 2024

Profitability

Gross margin
82.2%
computed by olivLawFY 2024
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
28.3%
computed by olivLawFY 2024
FCF margin
78.9%
computed by olivLawFY 2024

Returns

ROE
14.7%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROA
13.4%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
0.0%
computed by olivLawFY 2024
Payout ratio (FCF)
0.5%
computed by olivLawFY 2024

Balance sheet

Net debt
-7.9 m USD
computed by olivLawbalance sheet at 31 Dec 2024
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.0x
computed by olivLawbalance sheet at 31 Dec 2024
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
9.4x
computed by olivLawbalance sheet at 31 Dec 2024
Quick ratio
unavailable
input data missing
Cash ratio
1.6x
computed by olivLawbalance sheet at 31 Dec 2024

Cash

Operating cash flow
22.3 m USD
computed by olivLawFY 2024
Capital expenditure
327.1 k USD
computed by olivLawFY 2024
Free cash flow
22.0 m USD
computed by olivLawFY 2024
FCF conversion
278.8%
computed by olivLawFY 2024
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
238 days
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
319 days
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
141.3 m USD
computed by olivLawbalance sheet at 31 Dec 2024
Enterprise value
133.4 m USD
computed by olivLawbalance sheet at 31 Dec 2024
Market cap / net income TTM
17.9x
computed by olivLawFY 2024
P/E (TTM)
0.1x
computed by olivLawFY 2024
Earnings yield
1,019.4%
computed by olivLawFY 2024
P/B
1.6x
computed by olivLawbalance sheet at 31 Dec 2024
P/S
5.1x
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
4.8x
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
P/FCF
6.4x
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
FCF yield
15.5%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Dividend yield
0.1%
computed by olivLawFY 2024
Shareholder yield (distributions)
0.1%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 45.8% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

5.37 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 141.3 m USD

Key indicators

Market capitalisation
141.3 m USD
computed by olivLawbalance sheet at 31 Dec 2024
P/E (TTM)
0.1x
computed by olivLawFY 2024
P/B
1.6x
computed by olivLawbalance sheet at 31 Dec 2024
EV/EBITDA
unavailable
input data missing
ROE
14.7%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Net margin
28.3%
computed by olivLawFY 2024
Revenue growth (YoY)
40.6%
computed by olivLawFY 2024
Dividend yield
0.1%
computed by olivLawFY 2024

Coverage and freshness

29/37 reporting lines present
Latest full fiscal year: 2024
Latest reported period: 31 Dec 2024
Latest balance sheet date: 31 Dec 2024
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 15 Jul 2026
verified 88derived 1

The data is older than the freshness threshold.

Score by group

46% · Insufficient data

Estimated value range

Low
384.48
USD per share
Mid
542.76
USD per share
High
687.28
USD per share
Price: 5.37 USD
The price is below the range
Potential to the central value: 10,007.2% (value / price − 1)
Margin of safety: 99.0% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 14.13 – 1,353.16 USD.

Methods computed but outside the aggregate range: Dividend discount (DDM) (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).

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)14.13 – 21.39 (Mid 16.97)
    WACC 9.3% · starting FCFF 22.1 m USD · terminal value share of EV 74%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: no growth between −30% and +40% justifies the price
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E754.82 – 1,353.16 (Mid 1,068.54)
    14 companies used · median multiple 19.5x · quartiles 13.8x – 24.7x
    AERT, BAH, EXPO, FCN, G, HCKT, HURN, ICFI, III, IT, RMR, TSSI, VVX, ZTG
  • Dividend discount (DDM)outside the aggregate0.04 – 0.05 (Mid 0.04)
    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
Multiple comparisons use the SIC vertical: Engineering, research and management services (SIC 874x)

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: score weight coverage: 45.8% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality28.3%97 (vs peers)14%
FCF conversion · Quality278.8%100 (on a fixed band)14%
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet9.4x100 (on a fixed band)9%
P/E (TTM) · Valuation0.1x100 (vs peers)23%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation15.5%100 (on a fixed band)18%
Shareholder yield (distributions) · Returns0.1%1 (on a fixed band)14%
Payout ratio (FCF) · Returns0.5%100 (on a fixed band)9%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality99/100 · 2/3 factors with a value
  • Returns41/100 · 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

VCI Global Limited (VCIG). Latest full fiscal year: 2024; data up to 2024-12-31.

Figures computed from the financial statements: revenue 27.8 m USD in 2024; YoY growth 40.6%; net margin 28.3%; ROE 14.7%.

The estimated value range is 384.48–687.28 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 542.76 USD, the price of 5.37 USD leaves a potential of 10,007.2% (value / price − 1) and a margin of safety of 99.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net margin: 28.3%
  • FCF conversion: 278.8%
  • Current ratio: 9.4x
  • P/E (TTM): 0.1x
  • FCF yield: 15.5%
  • Payout ratio (FCF): 0.5%
  • The price is below the estimated value range

What contradicts it

  • Shareholder yield (distributions): 0.1%
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.

Versus the vertical median

Engineering, research and management services (SIC 874x) · same industry group (3-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
0.1x
vertical median 24.9x
below median (−99.6%)
EV/EBITDA
—
vertical median 15.2x
P/S
5.1x
vertical median 1.7x
above median (+203.7%)
P/B
1.6x
vertical median 3.1x
below median (−46.4%)
ROE
14.7%
vertical median 5.1%
above median (+188.3%)
Net margin
28.3%
vertical median 1.4%
above median (+1,923.9%)
EBIT margin
—
vertical median 2.0%
Revenue YoY
40.6%
vertical median 3.2%
above median (+1,188.2%)
Net debt/EBITDA
—
vertical median 1.9x
Dividend yield
0.1%
vertical median 1.8%
below median (−97.1%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
RTORentokil Initial PLC61.1 bn130.48.7%6.8%+4.4%−13% / −12%
ITGartner, Inc.13.1 bn14.8365.8%14.8%+3.7%−11% / −52%
BAHBooz Allen Hamilton Holding Corporation10.5 bn13.770.0%7.1%−6.4%+6% / −29%
GGenpact Limited6.9 bn12.122.4%11.1%+6.6%−7% / +20%
FCNFti Consulting, Inc5.4 bn24.715.2%5.9%+2.4%+22% / −10%
EXPOExponent, Inc.4.2 bn39.231.2%17.7%+4.2%+21% / +14%
HURNHuron Consulting Group Inc.2.7 bn25.825.5%6.1%+11.7%+5% / +66%
VVXV2X, Inc.2.4 bn24.78.8%2.0%+3.7%+41% / +83%
ASTHAstrana Health, Inc.2.2 bn48.35.1%1.1%+56.4%+72% / +19%
ICFIICF International, Inc.1.7 bn20.18.6%4.9%−7.3%+24% / −31%
BWMNBowman Consulting Group Ltd.744.2 m105.32.9%1.4%+14.9%+19% / +39%
ONTOnterris, Inc.566.4 m—-2.5%-1.4%+19.3%−37% / −48%
EVHEvolent Health, Inc.542.7 m—-79.0%-24.1%−26.6%+14% / −83%
PPHCPublic Policy Holding Company, Inc.381.3 m—-39.5%-18.9%+24.7%unavailable / unavailable
HCKTHackett Group, Inc.329.4 m19.020.7%6.3%−2.6%−28% / −40%
IIIInformation Services Group Inc.289.5 m25.212.7%4.7%−1.2%+13% / +46%
AERTAeries Technology, Inc.282.0 m20.9—3.6%−0.3%+35% / −68%
RMRRmr Group Inc.250.5 m12.68.7%3.1%−22.0%+10% / −30%
SUPXSuperx Ai Technology Limited209.8 m—-101.8%-527.7%+1,878.6%−84% / unavailable
FCFranklin Covey Co.195.7 m106.34.0%0.8%−7.0%+10% / −55%
TSSITss, Inc.193.3 m14.132.0%7.4%+65.9%−29% / +1,976%
VCIGVCI Global Limited141.3 m0.114.7%28.3%+40.6%−99% / −100%
GRNQGreenpro Capital Corp.122.4 m—-26.8%-169.6%−40.7%−57% / −19%
AUCAtif Holdings Limited109.4 m—-90.5%-723.7%−74.7%−12% / −70%
ROMARoma Green Finance Limited101.0 m—-44.2%-287.8%−22.2%+138% / unavailable

1- and 3-year price returns: for VCIG 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.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
0.02
Total return -100% · Per year -100%
0.03
Total return -99% · Per year -99%
0.05
Total return -99% · Per year -99%
3 years
0.02
Total return -100% · Per year -84%
0.04
Total return -99% · Per year -80%
0.07
Total return -99% · Per year -76%
5 years
0.03
Total return -99% · Per year -65%
0.06
Total return -99% · Per year -59%
0.11
Total return -98% · Per year -54%
What moves the 3-year price the most
  • Exit P/E± 0.01
  • Net margin± 0.01
  • Annual revenue growth± 0.01
  • Annual dilution± 0.00

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 15 Jul 2026; since then the company filed 6-K (29 Oct 2026), 6-K (16 Oct 2026), 6-K (30 Sept 2026), 6-K (20 Aug 2026), 6-K (03 Aug 2026).

In brief

VCI Global Ltd is a multi-disciplinary consulting group with advisory practices in business strategy and technology, operating mainly in Malaysia. In fiscal 2025 revenue declined slightly while the net loss widened sharply, drawing attention to the business model and the quality of receivables recovery.

SWOT

Strengths

  • The group has a diversified client base, from small and medium enterprises to listed conglomerates, and experience in listings and investment advisory.
  • The technology segment grew in fiscal 2025, showing the ability to complete and commercialise sizeable IT projects.
  • Interest income rose, adding a source of revenue steadier than project fees.

Weaknesses

  • The fiscal 2025 net loss and operating costs far above revenue point to a cost structure that is hard to sustain in the short term.
  • Reliance on performance-based fees makes quarterly results difficult to forecast.
  • The absence of non-competition agreements with senior management exposes the company to loss of key staff.

Opportunities

  • If artificial intelligence projects and digital platforms are monetised, new revenue sources could emerge.
  • Growth in the loan portfolio could support interest income in coming periods.
  • Developing cybersecurity and compliance services could attract new corporate clients.

Threats

  • Competition from large consultancies with greater resources could limit growth.
  • Credit risk on trade receivables could increase if clients face financial difficulties.
  • Currency fluctuations and socio-political instability in Malaysia could affect results reported in dollars.

Risks

  • Late filing of the annual reporthigh

    The company did not file its annual report for 2025 on time, and Nasdaq requested a remediation plan. If the plan is not accepted, the listing could be affected.

  • Dilution from share consolidationshigh

    Repeated reverse stock splits and the issuance of securities under a settlement agreement could reduce value for existing shareholders.

  • Trade receivables riskmedium

    Impairment of trade receivables rose sharply in fiscal 2025, which could weigh on profitability if recoveries do not improve.

  • Dependence on key personnelmedium

    The lack of non-competition agreements and competition for qualified consultants could disrupt project continuity.

  • Currency risklow

    Revenue is generated in Malaysian ringgit while reporting is in US dollars without hedging, which could influence reported results.

Investment thesis

What would need to be true (bull case)

  • If investments in artificial intelligence and digital platforms turn into recurring revenue, the group could return to profitability.
  • Higher interest income and recovery of some receivables could stabilise the revenue base.
  • Experience in listings and cross-border transactions could attract new clients if capital markets recover.

What would break the thesis

  • A large net loss and rising costs could keep eroding capital if revenue does not grow.
  • Filing delays and the change of auditor could weaken investor confidence.
  • Repeated share consolidations and issuances could significantly dilute existing shareholders.

What to watch

  • Nasdaq acceptance of the remediation plan and filing of the annual report2026
  • Trend in business strategy and technology segment revenueQ1 2027
  • Level of trade receivable impairments and later recoveriesnext 10-K
  • Results of artificial intelligence investments and their contribution to revenue2027

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 15 Jul 2026; since then the company filed 6-K (29 Oct 2026), 6-K (16 Oct 2026), 6-K (30 Sept 2026), 6-K (20 Aug 2026), 6-K (03 Aug 2026).

The business

VCI Global Ltd is a holding company incorporated in the British Virgin Islands that operates solely through its subsidiaries. The group is a multi-disciplinary consulting group with practices in business and technology, serving small and medium enterprises, government-linked agencies and listed conglomerates, with clients predominantly from Malaysia. In fiscal 2025 revenue was US$26.1 million 1, a slight decline from the prior year.

The company carried out several reverse stock splits in 2025 and 2026 and changed its auditor in May 2026, which are elements of the financial context investors can review in the official filings.

Segments

Business strategy consultancy

This segment covers listing consultancy, investor relations and boardroom strategy. In fiscal 2025 revenue from this segment was US$10.5 million 1, a decrease of approximately 29.3% 1 from the prior year, as major project milestones from the previous year were completed.

Technology consultancy and solutions

This segment includes cybersecurity, artificial intelligence, fintech and digital transformation. Revenue rose to US$12.9 million 1 in fiscal 2025, supported by completion of major IT projects, while IT expenses rose to US$5.7 million 1 amid investment in artificial intelligence.

Market context

The business and technology consulting market is described in the filing as highly competitive, with many participants and relatively low barriers to entry. The company operates mainly in Malaysia, and client demand depends on the level of economic activity in the industries it serves.

Consulting revenue is partly tied to projects and performance-based fees, which makes quarterly results hard to predict. If the share of such contracts grows, earnings volatility could increase.

Trends

  • Investment in artificial intelligencemixed

    Rising IT costs and amortisation show the group is investing in AI solutions and digital platforms, which could open new revenue sources if the projects are monetised.

  • Weaker demand for listing consultancyheadwind

    The decline in business strategy consultancy revenue suggests lower demand for listing and IPO services in the period under review.

  • Growth in interest incometailwind

    Expansion of the loan portfolio raised interest income, a more predictable source of revenue than project fees.

  • Pressure from personnel costsheadwind

    Workforce expansion and higher compensation significantly raised operating costs, which could compress margins if revenue does not grow in parallel.

Competitive position

The filing describes competition from financial and general management consultancies, the consulting practices of major accounting firms, and technology advisory firms, some of which are global and have greater resources and name recognition.

Competition for talent is intense, and competitors can offer higher compensation. The absence of non-competition agreements with senior management could lead to departures to rivals.

  • Financial and management consultancies

    Competitors named generically in the filing, without identification of any individual listed company.

  • Consulting practices of major accounting firms

    Competitors offering business and technology consulting with global resources.

  • Regional and specialty consultancies

    Local or niche competitors that may have closer relationships with regional clients.

  • Technology consultancy and development firms

    Competitors in digital solutions and artificial intelligence, a growing area for the group.

News & filings

In the press

The latest news item in our archive is from 26 Aug 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / VCI Global Ltd · 15 Jul 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.