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Nam Cheong Limited
(SGX:1MZ)
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Rating:69Neutral
Price Target:
S$1.00
▲(0.00% Upside)
Action:Reiterated
Date:08/17/26
The score is driven mainly by strong reported profitability and improved balance-sheet health, supported by an inexpensive P/E valuation. These positives are tempered by weak cash-flow conversion/volatility in historical cash generation and a weaker technical setup (below key moving averages with negative MACD), which reduces near-term confidence.
Positive Factors
Reaccelerating revenue and strong profitability
Revenue has reaccelerated after a 2025 decline, while strong gross, operating and net margins support earnings capacity. This combination indicates renewed demand and operating strength, although the cyclical business still requires monitoring for durability.
Negative Factors
Weak cash conversion
Weak conversion of reported earnings into cash may reflect working-capital timing, vessel-related cash needs or lower earnings quality. If persistent, it could constrain reinvestment, debt reduction and the company’s ability to fund operations internally.
Read all positive and negative factors
Positive Factors
Negative Factors
Reaccelerating revenue and strong profitability
Revenue has reaccelerated after a 2025 decline, while strong gross, operating and net margins support earnings capacity. This combination indicates renewed demand and operating strength, although the cyclical business still requires monitoring for durability.
Read all positive factors
Nam Cheong Limited (1MZ) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$419.38M
Dividend YieldN/A
Average Volume (3M)1.00M
Price to Earnings (P/E)4.0
Beta (1Y)1.35
Revenue Growth10.82%
EPS Growth60.12%
CountrySG
Employees45
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.88
Shares Outstanding402,322,050
10 Day Avg. Volume883,650
30 Day Avg. Volume1,000,380
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)1.42
Price to Sales (P/S)1.97
P/FCF Ratio21.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$1.90Price Target Upside90.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.5
Revenue Forecast (FY)S$816.00M
Nam Cheong Limited Business Overview & Revenue Model
Company Description
Established in 1968 and headquartered in Singapore, Nam Cheong Limited operates as an investment holding company primarily focused on marine vessel construction and leasing. Its shipbuilding division manufactures a diverse array of specialized cra...
How the Company Makes Money
Nam Cheong Limited makes money primarily by earning charter and service income from its offshore support vessel fleet. Under this model, customers (typically offshore energy operators, contractors, or marine service providers) pay to use vessels f...
Nam Cheong Limited Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
72
Positive
Cash Flow
56
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 689.98M | 596.57M | 684.71M | 475.27M | 365.72M | 286.16M |
| Gross Profit | 295.42M | 288.11M | 363.29M | 168.60M | 100.69M | 63.71M |
| EBITDA | 403.73M | 319.86M | 901.92M | 257.85M | 138.58M | 152.81M |
| Net Income | 351.03M | 259.13M | 785.24M | 174.98M | 59.32M | 86.76M |
Balance Sheet | ||||||
| Total Assets | 1.53B | 1.45B | 1.28B | 919.54M | 697.08M | 606.27M |
| Cash, Cash Equivalents and Short-Term Investments | 234.99M | 202.54M | 121.86M | 53.38M | 62.87M | 26.70M |
| Total Debt | 341.44M | 426.93M | 458.37M | 299.58M | 301.64M | 321.05M |
| Total Liabilities | 516.05M | 607.03M | 704.31M | 1.40B | 1.32B | 1.27B |
| Stockholders Equity | 993.23M | 825.74M | 560.78M | -488.81M | -625.31M | -661.26M |
Cash Flow | ||||||
| Free Cash Flow | 17.94M | 54.76M | 92.83M | -53.47M | -29.30M | 36.00M |
| Operating Cash Flow | 80.46M | 135.45M | 191.06M | 24.79M | 64.24M | 59.17M |
| Investing Cash Flow | 178.44M | -22.14K | -103.93M | -19.76M | -15.12M | -118.18M |
| Financing Cash Flow | -105.18M | -73.86M | -20.84M | -8.47M | -17.71M | -6.19M |
Nam Cheong Limited Technical Analysis
Neutral
1.00
Price Trends
1.09
Positive
1.22
Negative
1.20
Negative
Market Momentum
-0.02
Negative
56.65
Neutral
88.28
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:1MZ, the sentiment is Neutral. The current price of 1 is below the 20-day moving average (MA) of 1.06, below the 50-day MA of 1.09, and below the 200-day MA of 1.20, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 56.65 is Neutral, neither overbought nor oversold. The STOCH value of 88.28 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:1MZ.
Nam Cheong Limited Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | S$523.93M | 12.43 | 16.98% | 1.09% | 25.71% | 175.44% | |
69 Neutral | S$419.38M | 4.01 | 41.27% | ― | 10.82% | 60.12% | |
68 Neutral | S$77.35M | 3.81 | 17.75% | 3.30% | ― | ― | |
66 Neutral | S$319.00M | 9.57 | 23.66% | 0.98% | 3.03% | 118.92% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | S$164.49M | 8.10 | 6.94% | 1.43% | -21.24% | ― | |
61 Neutral | S$20.66B | 41.68 | 5.07% | 3.03% | 10.65% | -44.54% |
* Industrials Sector Average
SG:1MZ
Nam Cheong Limited
1.10
0.37
50.68%
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Nam Cheong Limited Corporate Events
Nam Cheong establishes UAE unit to bolster Middle East offshore services
Jun 29, 2026
Nam Cheong Limited has expanded its presence in the Middle East by incorporating SK Marine Ships Management and Operation – L.L.C – S.P.C, a wholly owned subsidiary in the United Arab Emirates. The new entity, set up with paid-up capit...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.