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

11 Followers
SG:DU4

Mermaid Maritime Public Co., Ltd.

(SGX:DU4)

Select Model
Rating:64Neutral
Price Target:SGD 0.08â–²(6.85% 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 turnaroundThe sharp improvement in net income and net margin shows that the company has moved beyond earlier loss-making periods and is converting operations into sustained profits. If maintained, this turnaround can strengthen internal funding capacity and support more resilient performance over the next several quarters.
Negative Factors
Revenue contractionFalling revenue signals weaker demand, project timing, or reduced activity across the company’s offshore services base, even as profitability has improved. Continued top-line contraction would limit operating leverage, make earnings less durable, and constrain the ability to grow cash generation over time.

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

-50%-40%-30%-20%-10%0%10%20%30%SG:DU4-42.97%EWS+12.47%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
SGD 136.13M
Dividend Yield
1.70%
Average Volume (3M)
237.24K
Price to Earnings (P/E)
6.5
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

Financials show a clear turnaround with materially higher TTM net income (~15.99M vs ~6.57M in 2025) and strong cash generation (TTM FCF ~54.5M; OCF ~63.6M). Balance sheet leverage is moderate and improving (debt-to-equity ~0.41) with better ROE (~6.9%). The main drag is shrinking revenue (TTM down ~11.1%) and still-thin margins (gross ~9.0%, operating ~3.5%), plus historically volatile FCF in 2023–2024.

Income Statement

66Positive

Balance Sheet

72Positive

Cash Flow

79Positive
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue404.35M496.50M513.34M275.40M223.94M111.59M
Gross Profit35.04M31.00M36.08M30.67M15.99M-2.24M
EBITDA35.54M33.38M55.70M41.88M23.97M1.50M
Net Income15.99M6.57M13.78M9.59M-195.00K-15.72M
Balance Sheet
Total Assets433.82M451.02M415.71M356.58M291.49M258.63M
Cash, Cash Equivalents and Short-Term Investments66.48M65.96M22.94M30.32M7.80M10.86M
Total Debt92.72M104.39M115.03M102.82M71.30M51.90M
Total Liabilities207.33M215.21M230.91M185.98M130.55M97.96M
Stockholders Equity226.07M235.00M184.09M170.29M160.69M160.96M
Cash Flow
Free Cash Flow54.51M21.12M-14.24M-1.16M13.46M-27.49M
Operating Cash Flow62.53M42.83M15.64M9.96M28.39M-2.86M
Investing Cash Flow-9.25M-24.09M-29.19M-12.89M-9.99M-19.20M
Financing Cash Flow2.31M31.88M6.85M25.34M-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
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
SG:C9QSG:C9Q77OutperformSGD 92.16M3.627.93%―-12.55%8.33%
SG:5E2SG:5E272OutperformSGD 6.30B11.437.75%1.61%10.77%108.44%
SG:1MZSG:1MZ71OutperformSGD 312.56M2.8941.27%―10.82%60.12%
Sector *65Neutral$15.17B7.614.09%5.20%3.87%-62.32%
SG:DU4SG:DU464NeutralSGD 138.02M6.506.94%1.70%-21.24%―
SG:BEZSG:BEZ59NeutralSGD 105.14M13.8531.63%1.67%0.32%-11.53%

* Energy Sector Average

Performance Comparison

0%50%100%SG:DU4SG:5E2SG:BEZSG:C13SG:C9QSG:1MZDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
SG:DU4 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
SG:DU4Mermaid Maritime Public Co., Ltd.0.07-0.05-41.13%
SG:5E2Seatrium Limited1.86-0.29-13.57%
SG:BEZBeng Kuang Marine Ltd.0.360.0621.62%
SG:C13CH Offshore Ltd.0.01-0.00-33.33%
SG:C9QSinostar PEC Holdings Limited0.09-0.03-21.67%
SG:1MZNam Cheong Limited0.81-0.02-1.81%

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...

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 majo...

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-head...

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