Mermaid Maritime Public Co., Ltd. (DU4) AI Stock Analysis

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Mermaid Maritime Public Co., Ltd.

(SGX:DU4)

Select Model

Rating:62Neutral

Price Target:SGD 0.08▲(6.94% Upside)

Action:reiterated

Date:08/18/26

The overall score of 62 reflects a company with strong financial fundamentals, particularly in cash flow generation and balance sheet health, which are significantly offset by a weak technical trend and declining revenue. The primary strength is the robust free cash flow, providing financial flexibility. The main risk is the persistent top-line contraction and bearish market momentum, which keeps the stock under pressure despite its low valuation.

Positive Factors

Profitability TurnaroundThe move from prior losses to sustained profitability, together with materially higher TTM earnings, indicates a meaningful operating turnaround. If maintained, improved profitability can strengthen internal funding capacity and provide a more durable earnings base over the next several quarters.

Negative Factors

Revenue ContractionShrinking revenue signals weaker activity across the company’s offshore services base and creates a direct challenge to maintaining the recent profit recovery. Continued top-line pressure could reduce vessel and equipment utilization, limit operating leverage, and make earnings more sensitive to individual project timing.

Mermaid Maritime Public Co., Ltd. (DU4) vs. iShares MSCI Singapore ETF (EWS)

Market Cap: SGD 136.13M
Dividend Yield: 1.72%
Average Volume (3M): 238.80K
Price to Earnings (P/E): 6.6
Beta (1Y): 1.16
Revenue Growth: -21.24%
EPS Growth: ―
Country: Singapore
Employees: 376
Sector: Energy
Sector Strength: 65
Industry: Oil & Gas Equipment & Services

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 ins...

Mermaid Maritime Public Co., Ltd. Financial Statement Overview

Summary

Financial performance is mixed but improving. Cash flow is a standout strength (Score 78), with TTM free cash flow surging 37.5% and high earnings quality. The balance sheet is healthy (Score 72), showing declining leverage. However, the income statement (Score 58) reveals a concerning 11.1% TTM revenue contraction, despite expanding margins. The overall financial picture is one of efficient operations and strong cash generation offsetting top-line weakness.

Income Statement

58Neutral

Balance Sheet

72Positive

Cash Flow

78Positive

Financial statement breakdown
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	35.04M	31.00M	36.08M	30.67M	15.99M	-2.24M
EBITDA	35.54M	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	62.53M	42.83M	15.64M	9.96M	28.39M	-2.86M
Investing Cash Flow	-9.25M	-24.09M	-29.19M	-12.89M	-9.99M	-19.20M
Financing Cash Flow	2.31M	31.88M	6.85M	25.34M	-17.93M	-7.57M

Mermaid Maritime Public Co., Ltd. Technical Analysis

Technical Analysis SentimentNegative

Last Price0.07

Price Trends

50DMA0.08Negative

100DMA0.09Negative

200DMA0.10Negative

Market Momentum

MACD-0.00Positive

RSI28.71Positive

STOCH11.50Positive

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 0.07 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 0.10, indicating a bearish trend. The MACD of -0.00 indicates Positive momentum. The RSI at 28.71 is Positive, neither overbought nor oversold. The STOCH value of 11.50 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

Overall Rating

UnderperformOutperform

Sector (65)

Financial Indicators

SG:DU4 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SG:C9Q	77Outperform	SGD 90.24M	3.60	7.93%	―	-12.55%	8.33%
SG:5E2	72Outperform	SGD 6.30B	11.31	7.75%	1.64%	10.77%	108.44%
SG:1MZ	71Outperform	SGD 322.45M	2.84	41.27%	―	17.61%	66.87%
Sector *	65Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
SG:DU4	62Neutral	SGD 138.02M	6.58	6.94%	1.72%	-21.24%	―
SG:BEZ	59Neutral	SGD 108.14M	13.65	31.63%	1.69%	0.32%	-11.53%

* Energy Sector Average

Performance Comparison

SG:DU4 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SG:DU4	Mermaid Maritime Public Co., Ltd.	0.07	-0.06	-43.75%
SG:5E2	Seatrium Limited	1.83	-0.30	-14.17%
SG:BEZ	Beng Kuang Marine Ltd.	0.35	0.06	21.99%
SG:C13	CH Offshore Ltd.	0.01	-0.00	-33.33%
SG:C9Q	Sinostar PEC Holdings Limited	0.09	-0.03	-21.67%
SG:1MZ	Nam Cheong Limited	0.79	-0.04	-4.82%

Mermaid Maritime Public Co., Ltd. Corporate Events

Mermaid Maritime Forms Nigerian JV to Expand Subsea Services Reach

Sep 28, 2026

Mermaid Maritime has established a new joint venture in Nigeria, Mermaid Subsea Services Limited, with a registered capital of 100 million naira and a 49/51 ownership split between its subsidiary Mermaid Subsea Oil and Gas Services DMCEST and local p...

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 18, 2026

Mermaid Maritime Public Co., Ltd. AI Stock Analysis