Penguin International Limited (BTM) AI Stock Analysis

5 Followers

Penguin International Limited

(SGX:BTM)

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Rating:70Outperform

Price Target:SGD 2.00▲(21.21% Upside)

Action:reiterated

Date:08/27/26

The score is primarily supported by solid fundamentals and a conservatively levered balance sheet, along with reasonable valuation (low P/E and a moderate dividend yield). Offsetting these positives are weak cash-flow quality (persistently negative free cash flow) and technically stretched momentum signals (very high RSI/Stoch), which increase near-term risk.

Positive Factors

Conservative Balance SheetLow leverage gives Penguin International meaningful financial resilience and reduces the burden of interest and refinancing risk. With equity having grown and assets expanded, the company appears able to support vessel-related growth without relying excessively on debt funding.

Negative Factors

Persistently Negative Free Cash FlowPersistent negative free cash flow limits financial flexibility even though operating cash flow has improved. It suggests that reinvestment, working-capital requirements, or project timing are absorbing substantial cash, increasing the need for disciplined execution and potentially external funding.

Penguin International Limited (BTM) vs. iShares MSCI Singapore ETF (EWS)

Market Cap: SGD 379.09M
Dividend Yield: 3.03%
Average Volume (3M): 8,989
Price to Earnings (P/E): 9.7
Beta (1Y): -0.02
Revenue Growth: -5.26%
EPS Growth: -5.33%
Country: Singapore
Employees: 14,500
Sector: Industrials
Sector Strength: 63
Industry: Aerospace & Defense

Penguin International Limited Business Overview & Revenue Model

Company Description

Penguin International Limited is a prominent maritime enterprise that focuses on the entire lifecycle of high-speed aluminum vessels, encompassing their design, construction, ownership, and operational management. The company's business activities ar...

How the Company Makes Money

Penguin International Limited makes money primarily by (1) selling newly built vessels to customers and (2) providing marine engineering services such as vessel repair, maintenance, and modification work. For newbuild projects, revenue is typically e...

Penguin International Limited Financial Statement Overview

Summary

Strong revenue scaling and healthy profitability with a low-leverage balance sheet (debt-to-equity ~0.22) support resilience. However, cash generation is a major drag: free cash flow is persistently negative (TTM about -34.9m) and cash conversion is low (OCF coverage ~0.24), which raises execution and funding-flexibility risk.

Income Statement

78Positive

Balance Sheet

82Very Positive

Cash Flow

48Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	282.30M	266.97M	235.84M	182.41M	135.23M	132.65M
Gross Profit	97.00M	89.47M	84.51M	52.28M	35.92M	37.18M
EBITDA	60.93M	74.19M	64.27M	38.52M	27.56M	27.35M
Net Income	37.59M	35.47M	35.53M	16.74M	10.55M	12.67M
Balance Sheet
Total Assets	495.51M	465.02M	407.21M	373.26M	318.45M	256.82M
Cash, Cash Equivalents and Short-Term Investments	21.36M	38.28M	33.98M	26.76M	14.98M	21.04M
Total Debt	55.86M	63.63M	59.77M	53.26M	31.58M	23.43M
Total Liabilities	212.13M	175.87M	164.52M	161.85M	120.35M	64.93M
Stockholders Equity	283.39M	289.16M	242.70M	211.41M	198.11M	191.89M
Cash Flow
Free Cash Flow	-34.90M	-19.50M	-3.02M	-28.50M	-22.64M	-41.50M
Operating Cash Flow	28.77M	29.78M	16.86M	-8.92M	25.42M	-17.64M
Investing Cash Flow	-30.73M	-15.89M	-7.14M	6.57M	-33.72M	-10.60M
Financing Cash Flow	-8.61M	-8.77M	-3.52M	9.81M	2.05M	11.54M

Penguin International Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price1.65

Price Trends

50DMA1.84Negative

100DMA1.70Negative

200DMA1.62Positive

Market Momentum

MACD-0.03Positive

RSI29.10Positive

STOCH45.24Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:BTM, the sentiment is Negative. The current price of 1.65 is below the 20-day moving average (MA) of 1.79, below the 50-day MA of 1.84, and above the 200-day MA of 1.62, indicating a neutral trend. The MACD of -0.03 indicates Positive momentum. The RSI at 29.10 is Positive, neither overbought nor oversold. The STOCH value of 45.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:BTM.

Penguin International Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (63)

Financial Indicators

SG:BTM against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SG:5E2	72Outperform	SGD 6.30B	11.43	7.75%	1.61%	10.77%	108.44%
SG:1MZ	71Outperform	SGD 312.56M	2.89	41.27%	―	10.82%	60.12%
SG:5LY	71Outperform	SGD 422.27M	7.12	23.60%	1.27%	25.71%	175.44%
SG:BTM	70Outperform	SGD 379.09M	9.67	13.13%	3.03%	-5.26%	-5.33%
SG:A04	66Neutral	SGD 252.11M	7.88	23.66%	0.51%	3.03%	118.92%
SG:RXS	66Neutral	SGD 68.59M	3.33	17.75%	3.72%	―	―
Sector *	63Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

* Industrials Sector Average

Performance Comparison

SG:BTM and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SG:BTM	Penguin International Limited	1.65	0.39	31.16%
SG:5E2	Seatrium Limited	1.86	-0.29	-13.57%
SG:5LY	Marco Polo Marine Ltd.	0.12	0.02	15.69%
SG:A04	ASL Marine Holdings Ltd.	0.26	-0.01	-4.14%
SG:1MZ	Nam Cheong Limited	0.81	-0.02	-1.81%
SG:RXS	Pacific Radiance Ltd.	0.05	-0.05	-51.55%

Penguin International Limited Corporate Events

Penguin International Wins Landmark Naval Landing Craft Contract from Singapore MINDEF

Aug 25, 2026

Penguin International has secured a turnkey contract from Singapore’s Ministry of Defence to design, engineer and construct two landing craft for the Republic of Singapore Navy. While key commercial and technical details are confidential, the program...

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: Aug 27, 2026

Penguin International Limited AI Stock Analysis