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    Consumer durables

  3. •

    Recreational products
Combine Will International Holdings Limited

Combine Will International Holdings Limited

SSGX:N0Z
1.08
SGD
-0.17
(-13.60%)
29.11MMarket Cap
Combine Will International Holdings Limited
SGX:N0Z
(Singapore Exchange)

Recent

price

1.08

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
HKD
48.69
54.21
46.54
43.29
63.05
59.99
36.63
42.19
43.81
54.6
29.61
35.28
41.49
34.43
45.51
56.02
- -
Revenue per Share
3.17
1.24
1.13
0.22
0.57
0.53
-1.09
0.32
1.63
1.68
0.96
1.26
1.32
1.32
1.41
1.15
- -
Basic EPS, GAAP
-4.24
0.48
-1.65
-0.28
1.78
-0.33
-1.11
4.94
-6.04
-1.06
-0.24
2.96
4.44
1.33
-4.58
-5.32
- -
Free Cash Flow per Basic Share
0.56
0.64
- -
- -
- -
- -
0.26
- -
- -
0.29
0.07
0.07
0.73
0.29
0.29
0.08
- -
Dividend per Share
16.76
17.87
19.27
19.82
20.23
19.76
17.07
18.19
19.46
20.74
21.53
23.02
22.28
22.97
23.09
24.42
20.84
Book Value per Share
16.69
17.79
19.2
19.75
20.15
19.68
17.01
18.13
19.4
20.68
21.47
22.96
22.22
22.91
23.03
24.36
20.78
Tangible Book Value per Share
33
33
33
33
33
33
33
32
32
32
32
32
32
32
32
32
32
Basic Weighted Avg Shares
1,597
1,778
1,527
1,420
2,068
1,968
1,191
1,364
1,416
1,765
957
1,140
1,341
1,113
1,471
1,811
- -
Sales/Revenue/Turnover
9.51
3.66
2.91
-2.24
-0.03
0.03
-2
0.63
-0.54
3.85
3.21
1.99
4.86
4.57
2.82
2.66
- -
Operating Margin (%)
52
53
54
51
59
56
47
45
47
69
80
89
94
100
107
113
- -
Depreciation Expense
104
41
37
7
19
18
-35
10
53
54
31
41
43
43
46
37
- -
Net Income, GAAP
19.1
27.36
35.1
70.67
17.84
19.81
- -
23.81
6.27
10.31
7.62
12.71
29.61
12.93
24.41
23.15
- -
Effective Tax Rate (%)
6.5
2.28
2.43
0.51
0.9
0.89
-2.98
0.77
3.72
3.08
3.23
3.58
3.19
3.82
3.11
2.05
- -
Profit Margin (%)
366
448
456
450
448
443
343
392
483
364
293
233
224
228
160
134
321
Working Capital
94
141
94
48
18
- -
- -
- -
68
105
63
79
65
44
19
12
85
LT Debt
566
610
650
663
676
660
561
599
640
670
696
744
720
746
750
793
674
Total Equity
11.95
5.28
3.83
0.58
2.21
2.51
- -
2.49
7.52
7.22
4.22
4.85
5.07
6.15
5.96
4.44
- -
Return on Invested Capital (%)
12.17
3.88
4.33
1.38
2.23
2.6
- -
2.15
7.5
7.25
4.18
4.82
5.08
6.17
6
4.48
- -
Return on Capital (%)
20.59
7.14
6.09
1.13
2.84
2.67
-5.91
1.84
8.67
8.37
4.53
5.67
5.84
5.81
6.14
4.84
- -
Return on Common Equity (%)

Capital Structure

HKD

•

in mil. unless spec.
Sep'19
Dec'19
Jun'20
ST Debt
281
400
415
LT Borrowings
99
57
42
LT Finance Leases
- -
49
42
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
32
32
32
Market Capitalization
189
201
162

Working Capital

HKD

•

in mil. unless spec.
Sep'19
Dec'19
Jun'20
Total Current Assets
1,118
1,137
1,076
Cash, Cash Equivalents & STI
166
221
187
Accounts Receivable, Net
219
220
192
Inventories
187
131
68
Total Current Liabilities
706
773
755
Payables & Accruals
- -
- -
- -
ST Debt
281
400
415
Deferred Revenue
- -
- -
- -

Growth Rates

HKD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
2.07%
2.71%
5.73%
Free Cash Flow
-248.3%
-358.42%
16.04%
Net Income, GAAP
-4.4%
5%
-18.77%
Sales/Revenue/Turnover
3.28%
15.01%
23.09%
Total Cash Common Dividend
- -
152.84%
-73.43%

Semi-annual Revenue

HKD

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
1,471
2025
- -
- -
1,811
2026
- -
- -
- -

Semi-annual Earnings Per Share

HKD

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
1.41
2025
- -
- -
1.15
2026
- -
- -
- -

Semi-annual Dividends Per Share

HKD

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
0.29
2025
- -
- -
0.08
2026
- -
- -
- -
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Business
Combine Will International Holdings Limited is an investment holding company operating primarily as an original design manufacturer (ODM) and original equipment manufacturer (OEM) specializing in toys, plush products, corporate premiums, and consumer products. Its core product offerings include plastic toys, die-cast toys, plush products, corporate premium items, electronic parts for toys, paper products, and hardware products. The company provides comprehensive business solutions involving idea integration, product design, and manufacturing, supported by an in-house research and development team focused on innovation and sustainable manufacturing practices. It serves a diverse client base across Asia, Europe, and North America, operating in regions including the People’s Republic of China, Hong Kong, Macau, Taiwan, Germany, and internationally. Founded in 1992 and headquartered in Tai Po, Hong Kong, Combine Will is a subsidiary of DJKS Holdings Limited. Recent major developments include the company's reported 31.8% revenue increase in the first half of 2025 to HK$875.6 million, driven by higher demand for diverse toy products and a strategic focus on sustainable manufacturing with increased use of eco-friendly raw materials. This shift towards sustainability has impacted the gross margin slightly but aligns with customer demands for environmentally responsible products. The company continues to invest in enhancing operational efficiency and expanding its production capabilities, maintaining a strong cash position to support growth opportunities in the evolving toy and premium goods market. There are no recent announcements of acquisitions, name changes, or major reorganizations reported within the last two years. Combine Will operates within the consumer cyclicals industry, specifically targeting leisure products and toys and juvenile products segments. Its vertically integrated business model enables it to offer one-stop solutions from design to production, making it a trusted supplier for multinational companies and diverse international customers. The company’s strategic execution emphasizes disciplined capital management and diversification of customer base and capabilities to navigate macroeconomic uncertainties and sustain long-term value.