Singapore · Live experience · 2024
Chingay Blossom
A 230-metre floor projection demonstrates public-scale execution; contract value and margin are undisclosed.
01 · Evidence · Research score
22.6 out of 100: creativity cannot fund the gap
Vividthree sits in the Fragile band. Growth optionality contributes almost half the score; Financial Strength contributes just 1.8 points out of 40.
Figure 01.1
Beyond Our Gallery rubric · 8 Oct 2026How far is Vividthree from the field?
Vividthree Holdings
22.6
Kingsmen Creatives
59.3
Lum Chang Creations
66.0
Winking Studios
67.4
Strong threshold
70.0
The 37-point gap to Kingsmen is balance-sheet and operating evidence, not a judgement on the quality of Vividthree's creative output.
Figure 01.2
Points earned / category weightWhat lifts and holds back the score?
PR, immersive media and venue options create possibility. Negative equity, cash burn and two audit disclaimers overwhelm it.
Sensitivity range: 18-27.
The next audit opinion matters more than the next MOU. Positive working capital and an unmodified audit can move the score; another funding failure can erase what remains.
Financial Strength1.8 / 40
| Component | Weight | Rating /5 | Points | Assessment |
|---|---|---|---|---|
| Five-year revenue CAGR | 6 | 0 | 0.0 | Revenue fell at a 10.1% CAGR. |
| Net profit margin | 7 | 0 | 0.0 | Five straight losses; FY2026 net margin was negative 502%. |
| ROIC / ROE | 9 | 0 | 0.0 | Negative returns and negative equity. |
| Cash-flow stability | 9 | 1 | 1.8 | Operating cash flow was positive in two of five years. |
| Balance-sheet strength | 9 | 0 | 0.0 | S$0.09m cash, S$1.94m borrowings and negative equity. |
Market Position4.8 / 20
| Component | Weight | Rating /5 | Points | Assessment |
|---|---|---|---|---|
| Brand recognition | 2 | 2 | 0.8 | Award-winning VFX and immersive projects. |
| Competitive advantage | 7 | 0 | 0.0 | No evidence of durable pricing power or returns. |
| Market share | 4 | 1 | 0.8 | A micro player across content and PR. |
| Customer relationships | 5 | 2 | 2.0 | Recognisable clients, but no recurring order book. |
| Geographic reach | 2 | 3 | 1.2 | Malaysia, Singapore, Japan and other markets. |
Growth Opportunities11.0 / 25
| Component | Weight | Rating /5 | Points | Assessment |
|---|---|---|---|---|
| Industry growth | 6 | 2 | 2.4 | Media and location-based entertainment are growing. |
| Technology adoption | 4 | 2 | 1.6 | VFX, projection, VR and anamorphic displays. |
| New-market expansion | 6 | 2 | 2.4 | *SCAPE venues add a new model with unproven economics. |
| Revenue diversification | 5 | 3 | 3.0 | Digital content, PR and out-of-home entertainment. |
| Strategic partnerships | 4 | 2 | 1.6 | Partnerships exist, but mm2 Asia adds counterparty risk. |
Risk Resilience5.0 / 15
| Component | Weight | Rating /5 | Points | Assessment |
|---|---|---|---|---|
| Economic resilience | 3 | 0 | 0.0 | Loss-making before and after demand shocks. |
| Customer diversification | 4 | 2 | 1.6 | Projects span clients, but no recurring base is disclosed. |
| Technology resilience | 3 | 2 | 1.2 | Technical capability exists; the economics remain weak. |
| Regulatory resilience | 2 | 4 | 1.6 | Diversified jurisdictions, with Catalist compliance pressure. |
| Operational resilience | 3 | 1 | 0.6 | Funding, partner and key-person risks are material. |
02 · Evidence · The group
A three-business group without one self-funding engine
The original VFX studio, a 30%-owned PR firm and a new venue strategy create breadth. None yet produces enough group-level gross profit to carry fixed costs.
S$1.87mFY2026 revenue · down 53%
-S$9.37mFY2026 net loss
-S$3.96mShareholders' equity
S$0.09mCash vs S$1.94m borrowings
Figure 02.1
FY2026 audited figures · BOG analysisWhere does the value chain break?
DemandOpportunity
Campaigns, immersive content, PR retainers and music audiences.
→
S$1.87mRecognition
Project revenue, with no disclosed order book or recurring revenue base.
→
-S$1.22mValue gap
S$0.98m gross profit minus S$2.20m of overhead before finance costs.
Gross profit failed to cover overheads in every one of the last five years.
03 · Exhibit · Portfolio and segments
The work is vivid. The revenue base is fading.
Each exhibit is labelled for economic relevance: what the project proves, and what the financial statements still do not.
Singapore · Immersive media · 2023
VibranSea
RWS aquarium work connects VFX capability to destination media, but not to recurring ownership economics.
Malaysia · Digital media · 2021
Disney+ Hotstar launch
A marquee campaign validates regional client access and anamorphic-content capability.
Malaysia · Out-of-home media · 2021
Pavilion Golden Bull
High-visibility work generated project leads; it did not create a disclosed recurring base.
S$1.12m
Public relations
Elliot Communications, in which Vividthree owns 30%, supplied about 60% of FY2026 revenue.
FY2024 S$2.68mFY2026 S$1.12mDown 58%
S$0.75m
Digital media & live experience
The original studio generated only about one-third of group overheads.
Down 83% since FY2024
04 · Evidence · Financials
Revenue peaked in FY2024; losses peaked a year later
The five-year picture is not one bad year. Vividthree lost S$31.8m in aggregate and ended FY2026 with negative equity.
Figure 04.1
S$ million · FY March · audited where availableDid cost cuts repair the economics?
Cost cuts narrowed the loss before write-downs from S$2.53m to S$0.96m. That is progress, but not break-even.
Figure 04.2
FY2026 · S$ millionWhat turned a S$0.96m operating loss into S$9.37m?
S$0.96mLoss before write-downs
After S$1.31m of overhead reductions.
+
S$8.42mWrite-downs
Films S$7.23m, goodwill S$0.64m and credit S$0.55m.
=
S$9.37mNet loss
About five times FY2026 revenue.
05 · Evidence · Funding and dilution
Each raise has been cheaper than the last
Vividthree entered the market at S$0.25. The latest placements and convertible bonds were priced near S$0.016, while the share price stood at S$0.010.
Figure 05.1
Shares outstanding · millionsHow much ownership has the funding gap consumed?
Both 2026 bonds convert at S$0.0165. If the shares do not recover, S$2.0m may instead fall due in mid-2028.
IPO · 51.8m sharesPrice S$0.25S$12.95m
Placement · 37.5m sharesPrice S$0.0583S$2.19m
Placement · 92.6m sharesPrice S$0.027S$2.50m
Placement · 137.4m sharesPrice S$0.01615S$2.22m
Two convertible bonds2% · S$0.0165 conversionS$2.00m
S$1.09mBorrowings due within 12 months
S$3.27mNet current liabilities
S$0.08mBond cash left at 31 Aug 2026
06 · Evidence · Market and peers
Margin is not the problem. Scale is.
A high percentage on a tiny revenue base does not fund a public company. Vividthree's S$0.98m gross profit cannot cover S$2.20m of overhead.
Figure 06.1
Illustrative peer map · latest reported yearWho combines scale with profitability?
Net profitability risesRevenue scale rises →
Vividthree · -502%
UnUsUaL · -20.9%
Winking · 0.7%
LCC · 21.9%
Kingsmen · 3.7%
At S$0.010, market value is about S$6m and enterprise value about S$7.9m, or 4.2 times FY2026 revenue. The multiple is not cheap when revenue is shrinking and equity is negative.
S$0.010Share price · 8 Oct 2026
S$6mMarket value
4.2xEnterprise value / revenue
-96%Since S$0.25 IPO
07 · Evidence · Demand economics
Three demand engines, none yet carrying the studio
PR work is short-cycle, digital experience projects are lumpy and venues require upfront fit-out. The clocks differ; the monthly payroll does not.
PR retainers
Elliot supplied about 60% of FY2026 revenue across Singapore and Malaysia.
Digital campaigns
VFX, launches and immersive displays convert through project awards.
Venue ramp
*SCAPE Music Studio is open; Livehouse was due in Q4 2026.
Fixed cost
S$2.20m of annual overhead remains even after a 37% cut.
Figure 07.1
Arithmetic on FY2026 figuresWhat revenue would cover today's cost base?
S$2.33mOverhead + finance
The annual cash-cost hurdle before growth investment.
÷
52.7%Gross margin
FY2026's strongest percentage in five years.
=
~S$4.4mBreak-even revenue
About 2.4 times FY2026 revenue.
At a 50% margin, each extra S$1m of revenue cuts the loss by about S$0.5m.
08 · Decision · Strategic frameworks
A creative reputation without financial protection
Twenty years of credits, Elliot's client base and three-year *SCAPE operator rights are useful assets. None yet protects group cash flow.
Competitive rivalryHigh
Content, VFX and PR compete with larger agencies and specialist studios.
Buyer powerHigh
Project clients can tender work and impose payment terms.
Supplier powerModerate-high
Creative talent and venue staff must be retained before revenue arrives.
New entrantsHigh
Production tools are increasingly accessible and portfolios travel globally.
SubstitutesHigh
Clients can choose traditional media, in-house teams or lower-cost digital formats.
Defensible: credits, regional clients and temporary venue rights.
Exposed: every opportunity that requires cash before delivery, especially venue fit-out, staffing and the 2028 bond maturities.
09 · Decision · Risk matrix
Seven risks, led by survival capital
Select a risk to inspect its trigger and mitigation. The matrix uses written labels as well as position so meaning does not depend on colour.
Likelihood → · Impact rises upward
10 · Decision · Strategy & outlook
Four gates, in the order a distressed company must take them
Funding comes first. A venue launch without liquidity or cost discipline would add activity without solving the business.
Fund 18 months
Raise S$3-4m of equity and clear overdue bills.
Exit proof: positive working capital and no going-concern disclaimer
Prove one venue
Open Livehouse and report monthly use and contribution.
Exit proof: two quarters of positive venue contribution
Fit costs to gross profit
Drop subscale lines and size overheads to what the portfolio earns.
Exit proof: EBITDA at or above zero
Report like a going concern
File on time and disclose segment cash flow and Elliot economics.
Exit proof: an unmodified audit opinion
Interactive FY2027 scenario
How much funding does each path consume?
Selected caseBase
Revenue recovers 18% with a 45% margin; venue contribution is neutral and the group remains loss-making.
FY2027 revenueS$2.20m
Illustrative model
Pre-write-down loss-S$1.18m
Funding need ~S$2.3m
Score sensitivity22.6
Current score
Final view: the company needs proof of solvency before proof of concept.
The *SCAPE plan may be strategically sensible. It cannot carry an S$8m asset write-down history, negative equity and a near-empty cash balance without fresh capital and much tighter disclosure.