AP Oil International Limited (5AU) AI Stock Analysis

• Market Cap: S$21.72M
• Dividend Yield: 3.62%
• Average Volume (3M): 26.85K
• Price to Earnings (P/E): 14.2
• Beta (1Y): 0.85
• Revenue Growth: 2.58%
• EPS Growth: 63.16%
• Country: SG
• Employees: 107
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Refining & Marketing
• EPS (TTM): <0.01
• Shares Outstanding: 164,531,170
• 10 Day Avg. Volume: 20,570
• 30 Day Avg. Volume: 26,850
• PEG Ratio: -0.61
• Price to Book (P/B): 0.39
• Price to Sales (P/S): 0.39
• P/FCF Ratio: 11.21
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 63 Neutral
• Price Target: S$0.14 ▲(0.71% Upside)
• Action: Reiterated Date: 03/24/26
• Date: Action: Reiterated 03/24/26

The score is driven primarily by solid financial stability from a low-debt balance sheet, partially offset by weaker recent profitability and inconsistent cash conversion. Technicals are a notable drag due to a clear downtrend and negative momentum signals, while valuation is supportive but not compelling enough to outweigh the technical weakness.

Positive Factors

Conservative balance sheet with low leverage

A very low debt-to-equity ratio and declining total debt provide durable financial flexibility. This conservatively financed balance sheet reduces insolvency risk through cycles, supports capital allocation choices (capex, dividends, buybacks) and helps absorb volatile refining margins over the medium term.

Improving cash generation and rising free cash flow

Consistent positive operating cash flow since 2022 and sharply higher free cash flow in 2025 indicate the company is generating internal funds. Sustained cash generation enables reinvestment, gradual deleveraging, and supports shareholder distributions without relying on external financing.

Top-line stabilization with early recovery

Revenue has stabilized and shown a modest recovery after a sharp prior decline, suggesting demand and operational resilience. If sustained, this creates scope for steadyifying margins and planning capital deployment, improving predictability of earnings over the coming months.

Negative Factors

Thin and inconsistent profitability

Margins are narrow and operating profits have fluctuated materially, including a negative EBIT year. This limited profitability leaves little buffer against weaker refining spreads or cost shocks, constraining the firm's ability to build durable earnings power and discretionary investment.

Low returns on equity and weak capital efficiency

Very low ROE indicates the company struggles to convert equity into meaningful profits. Even with low leverage, poor capital efficiency limits compounding of shareholder value and may restrict long-term growth unless operational returns materially improve.

Volatile cash conversion history

Cash flow performance has been uneven historically, with prior negative OCF and weak conversion of earnings to cash. This volatility reduces predictability for funding capex, dividends, or debt servicing if profitability weakens, posing a structural operational-finance risk.

AP Oil International Limited Business Overview & Revenue Model

Company Description

AP Oil International Limited, an investment holding company, manufactures and sells lubricating oils and fluids, and specialty chemicals for industrial, automotive, and marine applications. It operates in two segments, Manufacturing and Trading. The company offers automotive lubricants, including gasoline and gas engine oils, diesel engine oils, motorcycle engine oils, and specialty lubricants and fluids; and industrial lubricants, such as chain, compressor, gear, gas engine, heat transfer, paper machine, slideway, textile, transformer, turbine, and white oils, as well as hydraulic fluids and pneumatic tool lubricants. It also provides metal working oils and fluids, such as neat cutting oils, rust preventive fluids, stamping and forming fluids, and water-soluble cutting oils, as well as various greases, SINO industrial lubricants, marine lubricants, greases, and industrial special oils and fluids. In addition, the company purchases and sells raw materials used for lubricants and specialty chemicals manufacturing comprising base oils, chemicals, and finished products, as well as lubricating oils, base oils, additives, and petrochemical related products. It operates in Singapore, Southeast Asia, East Asia, the Middle East, the Indian subcontinent, and internationally. The company was formerly known as Huan Chew Oil Trading Pte Ltd. AP Oil International Limited was incorporated in 1975 and is based in Singapore.

How the Company Makes Money

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AP Oil International Limited Financial Statement Overview

Summary

Balance sheet strength is a key positive (low and improving leverage; sizable equity base), reducing financial risk. However, profitability has weakened in 2025 versus 2024 (thinner gross/operating profitability and net margin compression), and cash generation is improving but remains uneven over time (historical operating cash flow volatility despite stronger recent free cash flow).

Income Statement

Revenue has been volatile (down in 2023, then rebounding in 2024–2025), with 2025 showing strong top-line growth versus 2024. Profitability, however, has weakened recently: gross and operating profitability in 2025 are below 2024 levels, and net profit margin has compressed versus prior years despite remaining positive. The business appears capable of earning through the cycle, but margins look thin and sensitive to operating/market conditions.

Balance Sheet

Leverage is low and improving, with debt-to-equity in the high single-digits in 2024–2025, providing meaningful balance-sheet flexibility for a refining/marketing business. Equity remains sizable relative to assets, and returns on equity are positive but modest, indicating the company is conservatively financed but not generating high returns on the capital base. Overall financial risk from debt looks limited.

Cash Flow

Cash generation is mixed. Operating cash flow is positive in 2022–2025 but was negative in 2021, showing periodic working-capital or earnings-quality volatility. Free cash flow has improved materially (strong growth in 2025 and positive free cash flow in 2023–2025), but cash conversion remains uneven, with operating cash flow relatively low versus the equity base and free cash flow not consistently matching net income across years.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	56.75M	54.72M	46.22M	61.11M	55.61M
Gross Profit	9.45M	9.82M	7.71M	8.76M	9.96M
EBITDA	3.90M	4.30M	2.77M	3.22M	4.95M
Net Income	1.58M	2.06M	523.00K	1.10M	2.74M
Balance Sheet
Total Assets	68.69M	70.44M	69.25M	68.57M	76.06M
Cash, Cash Equivalents and Short-Term Investments	27.00M	26.20M	25.05M	24.70M	32.77M
Total Debt	4.56M	4.84M	5.12M	5.06M	10.81M
Total Liabilities	10.98M	11.41M	12.56M	10.81M	16.93M
Stockholders Equity	57.71M	59.04M	56.69M	57.76M	59.13M
Cash Flow
Free Cash Flow	2.00M	1.15M	370.00K	-131.00K	-1.45M
Operating Cash Flow	2.56M	2.35M	2.84M	2.16M	-136.00K
Investing Cash Flow	233.00K	-312.00K	-1.18M	-2.42M	-885.00K
Financing Cash Flow	-1.26M	-1.26M	-1.26M	-7.56M	-2.29M

AP Oil International Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.14
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:5AU, the sentiment is Negative. The current price of 0.14 is above the 20-day moving average (MA) of 0.14, above the 50-day MA of 0.14, and above the 200-day MA of 0.14, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 40.96 is Neutral, neither overbought nor oversold. The STOCH value of 33.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:5AU.

AP Oil International Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
5AU	63 Neutral	S$21.72M	14.18	3.53%	3.62%	2.58%	63.16%
C9Q	55 Neutral	S$88.32M	16.86	6.68%	―	-17.82%	-75.83%