ASL Marine Holdings Ltd. (SG:A04)
SGX:A04
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ASL Marine Holdings Ltd.
(SGX:A04)
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Rating:65Neutral
Price Target:
S$0.42
▲(44.48% Upside)
Action:ReiteratedDate:04/23/26
Overall score is driven primarily by improving financial performance (profitability recovery and positive cash generation) tempered by still-elevated leverage, with a supportive technical uptrend adding strength. Valuation is helped by a very high dividend yield, but the provided P/E value is not usable, limiting valuation conviction.
Positive Factors
Consistent positive operating & free cash flow
Sustained operating cash flow and positive free cash flow across years provide durable internal funding for working capital, maintenance capex and dividends. This cash generation reduces reliance on external financing, supports operational continuity and enables gradual deleveraging or reinvestment over the next several quarters.
Negative Factors
Elevated leverage and above-average balance-sheet risk
A debt-to-equity ratio near 1.7x leaves the company exposed to interest cost volatility and refinancing risk, constraining strategic flexibility. Even with improving returns, elevated leverage limits capacity for large capex, acquisitions or rapid dividend increases and heightens vulnerability to demand shocks in the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent positive operating & free cash flow
Sustained operating cash flow and positive free cash flow across years provide durable internal funding for working capital, maintenance capex and dividends. This cash generation reduces reliance on external financing, supports operational continuity and enables gradual deleveraging or reinvestment over the next several quarters.
Read all positive factors
ASL Marine Holdings Ltd. (A04) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$385.89M
Dividend Yield0.78%
Average Volume (3M)6.53M
Price to Earnings (P/E)―
Beta (1Y)0.65
Revenue GrowthN/A
EPS GrowthN/A
CountrySG
Employees622
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.02
Shares Outstanding1,031,544,600
10 Day Avg. Volume7,614,240
30 Day Avg. Volume6,527,933
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)0.53
Price to Sales (P/S)0.17
P/FCF Ratio2.70
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$0.44Price Target Upside51.72% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.03
Revenue Forecast (FY)S$378.90M
ASL Marine Holdings Ltd. Business Overview & Revenue Model
Company Description
ASL Marine Holdings Ltd., an investment holding company, provides marine services in the Singapore, Indonesia, Rest of Asia, Europe, Australia, and internationally. The company operates through Shipbuilding; Shiprepair, Conversion, and Engineering...
How the Company Makes Money
ASL Marine Holdings Ltd. generates revenue primarily through three key business segments: shipbuilding, ship repair and conversion, and ship chartering services. In the shipbuilding segment, the company constructs specialized vessels such as dredg...
ASL Marine Holdings Ltd. Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
45
Neutral
Cash Flow
58
Neutral
| Breakdown | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 350.10M | 349.33M | 335.81M | 235.56M | 192.96M |
| Gross Profit | 60.65M | 45.66M | 29.45M | -125.00K | -1.21M |
| EBITDA | 80.24M | 89.69M | 84.07M | 39.65M | 44.66M |
| Net Income | 14.58M | 3.92M | 3.54M | -32.27M | -35.02M |
Balance Sheet | |||||
| Total Assets | 498.17M | 543.46M | 559.78M | 583.96M | 608.48M |
| Cash, Cash Equivalents and Short-Term Investments | 22.84M | 17.22M | 12.89M | 7.44M | 26.53M |
| Total Debt | 190.68M | 239.24M | 272.55M | 314.21M | 336.08M |
| Total Liabilities | 387.13M | 450.61M | 486.91M | 516.21M | 511.11M |
| Stockholders Equity | 111.55M | 93.66M | 73.55M | 68.58M | 98.17M |
Cash Flow | |||||
| Free Cash Flow | 21.92M | 16.42M | 67.27M | 37.17M | 26.93M |
| Operating Cash Flow | 45.76M | 40.39M | 83.37M | 55.40M | 45.83M |
| Investing Cash Flow | 31.30M | 15.86M | -2.56M | -12.13M | -1.44M |
| Financing Cash Flow | -70.92M | -51.74M | -75.11M | -50.32M | -47.82M |
ASL Marine Holdings Ltd. Technical Analysis
Positive
0.29
Price Trends
0.32
Positive
0.29
Positive
0.22
Positive
Market Momentum
<0.01
Negative
70.53
Negative
89.17
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:A04, the sentiment is Positive. The current price of 0.29 is below the 20-day moving average (MA) of 0.32, below the 50-day MA of 0.32, and above the 200-day MA of 0.22, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 70.53 is Negative, neither overbought nor oversold. The STOCH value of 89.17 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:A04.
ASL Marine Holdings Ltd. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | S$616.64M | 4.87 | 5.09% | 0.60% | -0.58% | 160.00% | |
75 Outperform | S$609.29M | 4.53 | 39.11% | ― | -5.60% | -82.25% | |
74 Outperform | S$17.11B | 8.73 | 28.61% | 3.46% | 5.09% | 27.85% | |
71 Outperform | S$138.26M | ― | 43.88% | 0.49% | ― | ― | |
65 Neutral | S$385.89M | ― | 12.68% | 0.78% | ― | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | S$8.16B | ― | 3.11% | 0.70% | 24.28% | 107.38% |
* Industrials Sector Average
SG:A04
ASL Marine Holdings Ltd.
0.38
0.32
569.64%
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137.50%
ASL Marine Holdings Ltd. Corporate Events
ASL Marine Reports Fatal Tugboat Capsize in Indonesia
Mar 7, 2026
ASL Marine Holdings Ltd. reported that a tugboat owned by one of its associate companies capsized in Indonesian waters during adverse weather, resulting in five fatalities and one injured crew member who is receiving medical treatment. The group i...
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.