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$1.50
▼(-7.98% Downside)
Action:Reiterated
Date: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 major restoration of shareholders' equity to ~817m materially improves solvency and financial resilience. This gives management more flexibility to fund working capital, bid on contracts, and withstand downturns without immediate recapitalization, supporting medium-term stability.
Negative Factors
Revenue volatility
Recent revenue contraction and prior swings highlight demand sensitivity in offshore and shipbuilding markets. Revenue variability can erode margins, complicate backlog conversion and make multi-quarter forecasting and capacity planning difficult for capital-intensive operations.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet turnaround
A major restoration of shareholders' equity to ~817m materially improves solvency and financial resilience. This gives management more flexibility to fund working capital, bid on contracts, and withstand downturns without immediate recapitalization, supporting medium-term stability.
Read all positive factors
Nam Cheong Limited (1MZ) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$447.08M
Dividend YieldN/A
Average Volume (3M)2.22M
Price to Earnings (P/E)4.6
Beta (1Y)1.57
Revenue Growth-6.04%
EPS Growth33.67%
CountrySG
EmployeesN/A
SectorIndustrials
Sector Strength72
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.79
Shares Outstanding402,322,050
10 Day Avg. Volume1,875,510
30 Day Avg. Volume2,215,710
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)1.42
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$1.91Price Target Upside17.18% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.49
Revenue Forecast (FY)S$732.13M
Nam Cheong Limited Business Overview & Revenue Model
Company Description
Established in 1968 and headquartered in Singapore, Nam Cheong Limited operates as an investment holding company primarily focused on marine vessel construction and leasing. Its shipbuilding division manufactures a diverse array of specialized cra...
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 | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 619.11M | 596.57M | 684.71M | 475.27M | 365.72M | 286.16M |
| Gross Profit | 292.68M | 288.11M | 363.29M | 168.60M | 100.69M | 63.71M |
| EBITDA | 415.36M | 319.86M | 901.92M | 257.85M | 138.58M | 152.81M |
| Net Income | 316.00M | 259.13M | 785.24M | 174.98M | 59.32M | 86.76M |
Balance Sheet | ||||||
| Total Assets | 1.50B | 1.45B | 1.28B | 919.54M | 697.08M | 606.27M |
| Cash, Cash Equivalents and Short-Term Investments | 249.70M | 202.54M | 121.86M | 53.38M | 62.87M | 26.70M |
| Total Debt | 405.11M | 426.93M | 458.37M | 299.58M | 301.64M | 321.05M |
| Total Liabilities | 574.86M | 607.03M | 704.31M | 1.40B | 1.32B | 1.27B |
| Stockholders Equity | 905.98M | 825.74M | 560.78M | -488.81M | -625.31M | -661.26M |
Cash Flow | ||||||
| Free Cash Flow | 15.11M | 54.76M | 92.83M | -53.47M | -29.30M | 36.00M |
| Operating Cash Flow | 91.38M | 135.45M | 191.06M | 24.79M | 64.24M | 59.17M |
| Investing Cash Flow | 101.61M | -22.14K | -103.93M | -19.76M | -15.12M | -118.18M |
| Financing Cash Flow | -75.20M | -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$447.08M | 4.56 | 41.48% | ― | -6.04% | 33.67% | |
71 Outperform | S$116.76M | 3.00 | 43.88% | 0.49% | ― | ― | |
65 Neutral | S$308.71M | 20.00 | 12.68% | 0.78% | ― | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | S$59.68M | 7.20 | 23.71% | 348.53% | -66.03% | -88.61% | |
63 Neutral | S$145.45M | 21.49 | 19.38% | 2.11% | -12.27% | -54.40% | |
58 Neutral | S$24.60M | 28.28 | 3.21% | 4.67% | -20.00% | -60.00% |
* Industrials Sector Average
SG:1MZ
Nam Cheong Limited
1.13
0.67
148.35%
SG:5UL
Atlantic Navigation Holdings (Singapore) Ltd.
0.11
0.08
192.31%
SG:A04
ASL Marine Holdings Ltd.
0.29
0.23
391.53%
SG:BEZ
Beng Kuang Marine Ltd.
0.48
0.30
177.78%
SG:BQN
BH Global Corporation Limited
0.08
-0.03
-26.79%
SG:RXS
Pacific Radiance Ltd.
0.07
0.04
94.74%
Nam Cheong Limited Corporate Events
Nam Cheong clinches US$36.7m OSV sales as newbuild demand revives
Apr 21, 2026
Nam Cheong Limited has sold two offshore support vessels for a total of US$36.7 million to an Indonesian vessel operator and a government-linked operator in Egypt, including its first newbuild multi-purpose support vessel sale in more than a decad...
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.