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Mermaid Maritime Public Co., Ltd.
(SGX:DU4)
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Rating:64Neutral
Price Target:
S$0.11
▲(20.00% Upside)
Action:Reiterated
Date:08/18/26
The score is primarily supported by improved profitability and strong TTM free cash flow alongside manageable leverage. Offsetting this, technical signals are weak (below key moving averages with negative MACD and sub-50 RSI), and financial performance remains exposed to a recent revenue decline and historically volatile cash flow. Valuation (low P/E and a modest dividend yield) provides a secondary tailwind.
Positive Factors
Profitability turnaround
The shift from earlier losses to sustained profitability indicates improved operating resilience. Higher earnings and margins provide a stronger base for reinvestment and debt service, although profitability remains moderate and sensitive to revenue changes.
Negative Factors
Shrinking revenue base
Revenue contraction signals weaker utilization, pricing or project activity across the offshore services business. A smaller top line can reduce operating leverage and make it harder to sustain the recent earnings recovery if vessel demand remains uneven.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability turnaround
The shift from earlier losses to sustained profitability indicates improved operating resilience. Higher earnings and margins provide a stronger base for reinvestment and debt service, although profitability remains moderate and sensitive to revenue changes.
Read all positive factors
Mermaid Maritime Public Co., Ltd. (DU4) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$172.06M
Dividend Yield1.32%
Average Volume (3M)1.12M
Price to Earnings (P/E)8.7
Beta (1Y)1.10
Revenue Growth-21.24%
EPS GrowthN/A
CountrySG
Employees376
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)<0.01
Shares Outstanding1,890,743,200
10 Day Avg. Volume1,380,450
30 Day Avg. Volume1,117,783
Financial Highlights & Ratios
PEG Ratio-0.43
Price to Book (P/B)0.70
Price to Sales (P/S)0.33
P/FCF Ratio7.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)<0.01
Revenue Forecast (FY)S$311.80M
Mermaid Maritime Public Co., Ltd. Business Overview & Revenue Model
Company Description
Mermaid Maritime Public Company Limited, with its subsidiaries, delivers specialized subsea and offshore services across Thailand, Qatar, the United Arab Emirates, the United Kingdom, and Saudi Arabia. The company's core subsea activities include ...
How the Company Makes Money
Mermaid Maritime Public Co., Ltd. primarily earns revenue by providing offshore marine services to customers (typically energy and offshore project operators/contractors) under service contracts or vessel charter arrangements. Key revenue streams ...
Mermaid Maritime Public Co., Ltd. Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
72
Positive
Cash Flow
79
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 404.35M | 496.50M | 513.34M | 275.40M | 223.94M | 111.59M |
| Gross Profit | 36.24M | 31.00M | 36.08M | 30.67M | 15.99M | -2.24M |
| EBITDA | 34.59M | 33.38M | 55.70M | 41.88M | 23.97M | 1.50M |
| Net Income | 15.99M | 6.57M | 13.78M | 9.59M | -195.00K | -15.72M |
Balance Sheet | ||||||
| Total Assets | 433.82M | 451.02M | 415.71M | 356.58M | 291.49M | 258.63M |
| Cash, Cash Equivalents and Short-Term Investments | 66.48M | 65.96M | 22.94M | 30.32M | 7.80M | 10.86M |
| Total Debt | 92.72M | 104.39M | 115.03M | 102.82M | 71.30M | 51.90M |
| Total Liabilities | 207.33M | 215.21M | 230.91M | 185.98M | 130.55M | 97.96M |
| Stockholders Equity | 226.07M | 235.00M | 184.09M | 170.29M | 160.69M | 160.96M |
Cash Flow | ||||||
| Free Cash Flow | 54.51M | 21.12M | -14.24M | -1.16M | 13.46M | -27.49M |
| Operating Cash Flow | 63.56M | 42.83M | 15.64M | 9.96M | 28.39M | -2.86M |
| Investing Cash Flow | -10.11M | -24.09M | -29.19M | -12.89M | -9.99M | -19.20M |
| Financing Cash Flow | 4.07M | 31.88M | 6.85M | 25.34M | -17.93M | -7.57M |
Mermaid Maritime Public Co., Ltd. Technical Analysis
Negative
0.09
Price Trends
0.10
Negative
0.11
Negative
0.11
Negative
Market Momentum
>-0.01
Positive
25.39
Positive
1.79
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:DU4, the sentiment is Negative. The current price of 0.09 is below the 20-day moving average (MA) of 0.10, below the 50-day MA of 0.10, and below the 200-day MA of 0.11, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 25.39 is Positive, neither overbought nor oversold. The STOCH value of 1.79 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:DU4.
Mermaid Maritime Public Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | S$97.92M | 3.95 | 3.06% | ― | -12.55% | 8.33% | |
69 Neutral | S$403.56M | 3.58 | 41.27% | ― | 10.82% | 60.12% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | S$7.45B | 13.60 | 7.75% | 1.29% | 10.77% | 108.44% | |
64 Neutral | S$172.06M | 8.67 | 5.70% | 1.10% | -21.24% | ― | |
49 Neutral | S$126.00M | 15.96 | 31.63% | 1.14% | 0.32% | -11.53% |
* Energy Sector Average
SG:DU4
Mermaid Maritime Public Co., Ltd.
0.09
-0.02
-18.97%
SG:5E2
Seatrium Limited
2.20
-0.11
-4.76%
SG:BEZ
Beng Kuang Marine Ltd.
0.42
0.12
40.20%
SG:C13
CH Offshore Ltd.
0.01
>-0.01
-20.00%
SG:C9Q
Sinostar PEC Holdings Limited
0.10
-0.05
-32.67%
SG:1MZ
Nam Cheong Limited
1.00
0.29
40.14%
Mermaid Maritime Public Co., Ltd. Corporate Events
Mermaid Maritime Navigates Weaker Quarter on Project Completions but Leans on $750m Order Book
Aug 11, 2026
Mermaid Maritime reported second-quarter 2026 revenue of USD 61.8 million, down sharply year-on-year and quarter-on-quarter, with EBITDA slipping into a small loss and a net loss of USD 4.3 million. Results were weighed down by the completion of m...
Mermaid Maritime Names New Company Secretary Effective August 2026
Aug 11, 2026
Mermaid Maritime Public Company Limited has appointed Ms. Chayanan Sakornsakolpat as its new Company Secretary, effective 11 August 2026. The decision was approved by the Board of Directors and formalizes a key governance role within the Bangkok-h...
Mermaid Maritime Moves into U.S. Offshore Energy Market
Aug 5, 2026
Mermaid Maritime Public Company Limited is establishing a wholly owned corporate presence in Delaware as a platform for contracting and operations in the United States offshore energy market. The move aligns with the company’s strategy to le...
Mermaid Maritime Forms Offshore Vessel Joint Venture in Singapore
Jun 5, 2026
Mermaid Maritime’s subsidiary Mermaid Subsea Services (Thailand) has formed a 50:50 joint venture with DS Global Offshore Engineering Singapore to reactivate and commercially deploy the offshore support vessel formerly known as “MERMAI...
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.