Nam Cheong Limited (SG:1MZ)
SGX:1MZ
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Nam Cheong Limited
(SGX:1MZ)
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Rating:75Outperform
Price Target:
S$2.00
▲(38.89% Upside)
Action:ReiteratedDate:03/01/26
The score is driven primarily by improved financial strength (restored positive equity and continued profitability) tempered by earnings and cash-flow volatility. Technical signals are notably positive with price above key moving averages and supportive momentum indicators. Valuation is also favorable given the low P/E, though no dividend yield data is available to add support.
Positive Factors
Balance-sheet turnaround
A large restoration of equity materially improves solvency and financial flexibility. Positive equity (~817m) reduces bankruptcy risk, supports borrowing capacity and capital allocation, and creates a durable buffer to absorb cyclical shocks and fund investment over the next several quarters.
Negative Factors
Top-line contraction
A decline in revenue in 2025 signals demand weakness or lost share that can be structural if persistent. Pressure on the top line limits operating leverage, makes margin maintenance harder, and reduces the runway for reinvestment; continued declines would erode the recent equity recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet turnaround
A large restoration of equity materially improves solvency and financial flexibility. Positive equity (~817m) reduces bankruptcy risk, supports borrowing capacity and capital allocation, and creates a durable buffer to absorb cyclical shocks and fund investment over the next several quarters.
Read all positive factors
Nam Cheong Limited (1MZ) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$565.45M
Dividend YieldN/A
Average Volume (3M)2.22M
Price to Earnings (P/E)4.5
Beta (1Y)1.45
Revenue GrowthN/A
EPS GrowthN/A
CountrySG
EmployeesN/A
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.03
Shares Outstanding399,349,000
10 Day Avg. Volume1,875,510
30 Day Avg. Volume2,215,710
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)1.44
Price to Sales (P/S)1.97
P/FCF Ratio21.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$1.92Price Target Upside33.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.46
Revenue Forecast (FY)S$655.70M
Nam Cheong Limited Business Overview & Revenue Model
Company Description
Nam Cheong Limited, an investment holding company, provides shipbuilding and vessel chartering. It builds various vessels, including anchor handling tug supply (AHTS) vessels, platform supply vessels (PSVs), maintenance work vessels (MWV), accommo...
How the Company Makes Money
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Nam Cheong Limited Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
74
Positive
Cash Flow
64
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 596.57M | 684.71M | 475.27M | 365.72M | 286.16M |
| Gross Profit | 288.11M | 363.29M | 168.60M | 100.69M | 63.71M |
| EBITDA | 227.47M | 901.92M | 257.85M | 138.58M | 152.81M |
| Net Income | 259.13M | 785.24M | 174.98M | 59.32M | 86.76M |
Balance Sheet | |||||
| Total Assets | 1.42B | 1.28B | 919.54M | 697.08M | 606.27M |
| Cash, Cash Equivalents and Short-Term Investments | 202.54M | 121.86M | 53.38M | 62.87M | 26.70M |
| Total Debt | 100.01M | 458.37M | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 582.59M | 704.31M | 1.40B | 1.32B | 1.27B |
| Stockholders Equity | 816.83M | 560.78M | -488.81M | -625.31M | -661.26M |
Cash Flow | |||||
| Free Cash Flow | 54.76M | 92.83M | -53.47M | -29.30M | 36.00M |
| Operating Cash Flow | 135.45M | 191.06M | 24.79M | 64.24M | 59.17M |
| Investing Cash Flow | -22.14K | -103.93M | -19.76M | -15.12M | -118.18M |
| Financing Cash Flow | -73.86M | -20.84M | -8.47M | -17.71M | -6.19M |
Nam Cheong Limited Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | S$565.45M | 4.53 | 39.11% | ― | ― | ― | |
71 Outperform | S$119.34M | ― | 43.88% | 0.49% | ― | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | S$61.25M | 6.43 | 23.71% | 348.53% | -86.29% | 20.88% | |
63 Neutral | S$88.43M | 6.30 | 26.43% | 2.11% | -4.17% | -54.26% | |
58 Neutral | S$34.50M | -5,950.00 | 3.21% | 4.67% | -7.22% | -38.95% | |
53 Neutral | S$308.71M | ― | 12.68% | 0.78% | ― | ― |
* Industrials Sector Average
SG:1MZ
Nam Cheong Limited
1.44
0.99
223.60%
SG:5UL
Atlantic Navigation Holdings (Singapore) Ltd.
0.12
0.08
244.12%
SG:A04
ASL Marine Holdings Ltd.
0.30
0.25
445.45%
SG:BEZ
Beng Kuang Marine Ltd.
0.39
0.23
143.75%
SG:BQN
BH Global Corporation Limited
0.12
0.01
9.52%
SG:RXS
Pacific Radiance Ltd.
0.08
0.04
105.00%
Nam Cheong Limited Corporate Events
Nam Cheong Wins US$64.5 Million OSV Contracts in First Newbuild Deal in a Decade
Feb 24, 2026
Nam Cheong Limited has secured US$64.5 million in shipbuilding contracts from an established UAE-based global energy maritime logistics company, marking its first newbuild contract win in more than a decade. The deal covers two 60-metre Dive Suppo...
Nam Cheong Converts Subsidiary Holdings into Treasury Shares to Streamline Administration
Feb 2, 2026
Nam Cheong Limited has transferred 1,143,564 shares previously held by one of its subsidiaries to the company’s treasury share account, as part of an initiative to enhance efficiency and streamline future administration. Following the transf...
Nam Cheong Sells 3,000 DWT Platform Support Vessel for US$19.8 Million in Fleet Reprofiling Move
Jan 26, 2026
Nam Cheong has agreed to sell an 11-year-old, 3,000 DWT platform support vessel to an Indonesian customer for US$19.8 million, with delivery expected in the first quarter of 2026. The sale is part of the Group’s fleet reprofiling strategy an...
Nam Cheong Sells 4,000DWT Platform Supply Vessel for US$20.5 Million to Fund Fleet Reprofiling
Dec 24, 2025
Nam Cheong has agreed to sell a 4,000 deadweight tonne platform supply vessel to a Vietnam-based offshore and marine group for US$20.5 million, with delivery slated for December 2025 and the transaction expected to boost earnings for the 2025 fina...
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.