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ASL Marine Holdings Ltd.
(SGX:A04)
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Rating:66Neutral
Price Target:
S$0.27
▼(-8.62% Downside)
Action:Reiterated
Date:08/29/26
The score is driven primarily by improved financial performance (strong margin expansion, revenue growth, and reduced leverage), partially offset by weaker cash conversion (negative free cash flow in 2026) and clear bearish technical momentum. Valuation supports the overall score with a low P/E and high dividend yield.
Positive Factors
Profitability turnaround
The move from losses in 2021–2022 to a 9.2% net margin in 2026 indicates a substantial operating recovery. Stronger gross and EBIT margins can improve resilience, support reinvestment, and create a more durable earnings base if project economics remain controlled.
Negative Factors
Negative free cash flow
The shift to negative free cash flow means reported earnings did not translate into cash available after investment or working-capital needs. If this persists, it could reduce financial flexibility, constrain debt reduction or shareholder returns, and weaken the quality of the recent profit recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability turnaround
The move from losses in 2021–2022 to a 9.2% net margin in 2026 indicates a substantial operating recovery. Stronger gross and EBIT margins can improve resilience, support reinvestment, and create a more durable earnings base if project economics remain controlled.
Read all positive factors
ASL Marine Holdings Ltd. (A04) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$252.11M
Dividend Yield0.53%
Average Volume (3M)203.73K
Price to Earnings (P/E)7.6
Beta (1Y)0.79
Revenue Growth3.03%
EPS Growth118.92%
CountrySG
Employees533
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.03
Shares Outstanding1,031,544,600
10 Day Avg. Volume214,680
30 Day Avg. Volume203,726
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)2.01
Price to Sales (P/S)0.83
P/FCF Ratio-13.97
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$0.44Price Target Upside51.72% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.03
Revenue Forecast (FY)S$395.50M
ASL Marine Holdings Ltd. Business Overview & Revenue Model
Company Description
Established in Singapore in 1974, ASL Marine Holdings Ltd. operates as an investment holding company, providing a diverse range of marine services across Singapore, Indonesia, the broader Asian region, Europe, Australia, and other international ma...
How the Company Makes Money
ASL Marine Holdings Ltd. makes money primarily by delivering contracted marine projects and services to customers. Key revenue streams include: (1) Shipbuilding: earning revenue from constructing new vessels under customer contracts, typically rec...
ASL Marine Holdings Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
64
Positive
Cash Flow
55
Neutral
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 360.71M | 350.10M | 349.33M | 335.81M | 235.56M |
| Gross Profit | 77.02M | 60.65M | 45.66M | 29.45M | -125.00K |
| EBITDA | 81.95M | 80.24M | 89.69M | 84.07M | 39.65M |
| Net Income | 33.29M | 14.58M | 3.92M | 3.54M | -32.27M |
Balance Sheet | |||||
| Total Assets | 434.70M | 498.17M | 543.46M | 559.78M | 583.96M |
| Cash, Cash Equivalents and Short-Term Investments | 37.03M | 22.84M | 17.22M | 12.89M | 7.44M |
| Total Debt | 136.84M | 190.68M | 239.24M | 272.55M | 314.21M |
| Total Liabilities | 286.98M | 387.13M | 450.61M | 486.91M | 516.21M |
| Stockholders Equity | 148.38M | 111.55M | 93.66M | 73.55M | 68.58M |
Cash Flow | |||||
| Free Cash Flow | -21.37M | 21.92M | 16.42M | 67.27M | 37.17M |
| Operating Cash Flow | 41.91M | 45.76M | 40.39M | 83.37M | 55.40M |
| Investing Cash Flow | 22.49M | 31.30M | 15.86M | -2.56M | -12.13M |
| Financing Cash Flow | -58.46M | -70.92M | -51.74M | -75.11M | -50.32M |
ASL Marine Holdings Ltd. Technical Analysis
Negative
0.29
Price Trends
0.27
Negative
0.29
Negative
0.31
Negative
Market Momentum
-0.01
Negative
37.45
Neutral
55.56
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:A04, the sentiment is Negative. The current price of 0.29 is above the 20-day moving average (MA) of 0.25, above the 50-day MA of 0.27, and below the 200-day MA of 0.31, indicating a bearish trend. The MACD of -0.01 indicates Negative momentum. The RSI at 37.45 is Neutral, neither overbought nor oversold. The STOCH value of 55.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:A04.
ASL Marine Holdings Ltd. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | S$17.98B | 9.67 | 29.45% | 4.40% | 25.85% | 27.26% | |
71 Outperform | S$426.18M | 6.75 | 23.60% | 1.38% | 25.71% | 175.44% | |
69 Neutral | S$318.49M | 2.90 | 41.27% | ― | 10.82% | 60.12% | |
66 Neutral | S$252.11M | 7.57 | 23.66% | 0.53% | 3.03% | 118.92% | |
66 Neutral | S$71.51M | 3.49 | 17.75% | 3.57% | ― | ― | |
65 Neutral | S$6.20B | 11.31 | 7.75% | 1.64% | 10.77% | 108.44% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
SG:A04
ASL Marine Holdings Ltd.
0.25
-0.01
-4.67%
SG:5E2
Seatrium Limited
1.83
-0.34
-15.71%
SG:BS6
Yangzijiang Shipbuilding (Holdings)
4.55
1.19
35.54%
SG:5LY
Marco Polo Marine Ltd.
0.11
<0.01
6.86%
SG:1MZ
Nam Cheong Limited
0.81
0.09
12.59%
SG:RXS
Pacific Radiance Ltd.
0.05
-0.05
-48.42%
ASL Marine Holdings Ltd. Corporate Events
ASL Marine Doubles FY2026 Profit and Sharpens Balance Sheet as Service Model Gains Traction
Sep 3, 2026
ASL Marine Holdings reported revenue of S$360.7 million for FY2026, up 3% year on year, driven mainly by ship chartering while ship repairs remained its largest contributor and shipbuilding stayed stable. Net profit more than doubled to S$33.3 mil...
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.