Mencast Holdings Ltd. (5NF) AI Stock Analysis

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Mencast Holdings Ltd.

(SGX:5NF)

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Rating:41Neutral

Price Target:SGD 0.07▼(-4.35% Downside)

Action:reiterated

Date:10/03/26

The overall score is very low, driven primarily by a distressed financial profile marked by declining revenue, net losses, and collapsing margins. While the company still generates positive free cash flow, this cushion is eroding. Valuation is unsupportive due to negative earnings, and technicals are neutral, offering no strong counterbalance to the fundamental weaknesses.

Positive Factors

Positive cash generationPositive TTM operating and free cash flow, including about 9.1m of FCF, shows the repair, engineering, and equipment business can convert activity into cash despite accounting losses. This supports funding for operations, although the reported decline requires monitoring.

Negative Factors

Revenue contractionDeclining TTM revenue signals weaker demand or reduced project activity across the company’s marine and offshore businesses. Persistent top-line contraction can reduce operating leverage, make fixed costs harder to absorb, and limit the company’s ability to rebuild sustainable profitability.

Mencast Holdings Ltd. (5NF) vs. iShares MSCI Singapore ETF (EWS)

Market Cap: SGD 32.59M
Dividend Yield: ―
Average Volume (3M): 436.33K
Price to Earnings (P/E): -16.3
Beta (1Y): 0.33
Revenue Growth: -19.46%
EPS Growth: -174.14%
Country: Singapore
Employees: 302
Sector: Energy
Sector Strength: 65
Industry: Oil & Gas Equipment & Services

Mencast Holdings Ltd. Business Overview & Revenue Model

Company Description

Mencast Holdings Ltd., a Singapore-based investment holding company established in 1981, delivers comprehensive engineering and maintenance, repair, and overhaul (MRO) solutions across Singapore, Asia, and internationally. Its operations are structur...

How the Company Makes Money

Mencast Holdings Ltd. makes money primarily by providing services and products to customers in the marine, offshore, and related industrial sectors. Key revenue streams typically include: (1) service income from marine repair, maintenance, and overha...

Mencast Holdings Ltd. Financial Statement Overview

Summary

Financial performance is severely distressed. Revenue is in steady decline, profitability has swung to a net loss, and margins have collapsed, indicating significant operational deleveraging. The only support comes from positive but declining free cash flow, which provides a critical lifeline.

Income Statement

18Very Negative

Balance Sheet

22Negative

Cash Flow

35Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	42.72M	46.34M	53.49M	48.42M	42.34M	45.91M
Gross Profit	9.96M	10.34M	15.82M	14.15M	9.89M	13.49M
EBITDA	6.00M	5.62M	17.11M	18.47M	14.53M	18.92M
Net Income	-2.03M	-3.45M	2.42M	1.46M	-414.00K	6.51M
Balance Sheet
Total Assets	160.53M	160.33M	175.76M	180.99M	201.06M	217.58M
Cash, Cash Equivalents and Short-Term Investments	10.98M	7.86M	10.16M	10.47M	9.03M	14.31M
Total Debt	50.23M	50.22M	59.23M	69.77M	91.43M	105.11M
Total Liabilities	127.71M	128.92M	140.85M	148.63M	170.19M	186.05M
Stockholders Equity	31.52M	30.00M	33.35M	30.77M	29.16M	29.89M
Cash Flow
Free Cash Flow	9.09M	10.66M	15.54M	15.51M	11.09M	14.95M
Operating Cash Flow	11.46M	13.90M	17.79M	19.00M	13.51M	18.82M
Investing Cash Flow	-1.57M	-1.84M	168.00K	12.97M	59.00K	-3.33M
Financing Cash Flow	-8.22M	-14.38M	-18.27M	-30.53M	-18.57M	-16.76M

Mencast Holdings Ltd. Technical Analysis

Technical Analysis SentimentNegative

Last Price0.07

Price Trends

50DMA0.08Negative

100DMA0.09Negative

200DMA0.09Negative

Market Momentum

MACD-0.00Positive

RSI18.77Positive

STOCH19.58Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:5NF, the sentiment is Negative. The current price of 0.07 is below the 20-day moving average (MA) of 0.08, below the 50-day MA of 0.08, and below the 200-day MA of 0.09, indicating a bearish trend. The MACD of -0.00 indicates Positive momentum. The RSI at 18.77 is Positive, neither overbought nor oversold. The STOCH value of 19.58 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:5NF.

Mencast Holdings Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (65)

Financial Indicators

SG:5NF against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
SG:DU4	64Neutral	SGD 134.24M	6.49	6.94%	1.75%	-21.24%	―
SG:1MZ	63Neutral	SGD 312.56M	2.76	38.75%	―	17.61%	66.87%
SG:BEZ	59Neutral	SGD 106.64M	13.65	31.63%	1.69%	0.32%	-11.53%
SG:5NF	41Neutral	SGD 32.59M	-16.27	-6.60%	―	-19.46%	-174.14%

* Energy Sector Average

Performance Comparison

SG:5NF and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SG:5NF	Mencast Holdings Ltd.	0.07	0.02	46.81%
SG:BEZ	Beng Kuang Marine Ltd.	0.35	0.06	19.93%
SG:C13	CH Offshore Ltd.	0.01	-0.00	-28.57%
SG:DU4	Mermaid Maritime Public Co., Ltd.	0.07	-0.06	-43.65%
SG:M05	MTQ Corporation Limited	0.19	-0.07	-26.15%
SG:1MZ	Nam Cheong Limited	0.79	0.00	0.00%

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.

Date of analysis: Oct 02, 2026

Mencast Holdings Ltd. AI Stock Analysis