ASL Marine Holdings Ltd. (A04) AI Stock Analysis

• Market Cap: S$319.00M
• Dividend Yield: 0.78%
• Average Volume (3M): 6.53M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.68
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SG
• Employees: N/A
• Sector: Industrials
• Sector Strength: 72
• Industry: Aerospace & Defense
• EPS (TTM): 0.02
• Shares Outstanding: 1,031,544,600
• 10 Day Avg. Volume: 7,614,240
• 30 Day Avg. Volume: 6,527,933
• PEG Ratio: 0.03
• Price to Book (P/B): 0.53
• Price to Sales (P/S): 0.17
• P/FCF Ratio: 2.70
• 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: S$0.44
• Price Target Upside: 51.72% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.03
• Revenue Forecast (FY): S$378.90M

• Rating: 61 Neutral
• Price Target: S$0.33 ▲(12.76% Upside)
• Action: Reiterated Date: 11/13/25
• Date: Action: Reiterated 11/13/25

ASL Marine Holdings Ltd. is on a positive financial trajectory with improving profitability and reduced leverage. The stock's technical indicators show strong momentum, though overbought conditions suggest caution. Valuation is reasonable, but the lack of a dividend yield may deter some investors. Continued focus on managing debt and cash flow will be crucial for sustaining financial stability.

Positive Factors

Reduced leverage

A materially lower debt-to-equity ratio and stronger equity position reduce financial stress and interest burden, increasing resilience to cyclical downturns and expanding capacity to fund capex or strategic moves without immediate external financing pressure.

Improving profitability margins

Sustained gross and net margin improvement points to better pricing, cost control or mix shift. Higher margins enhance cash generation per revenue dollar and provide a buffer for reinvestment, supporting durable earnings improvement if maintained.

Stronger cash conversion metrics

Improved OCF-to-net-income and a stable FCF-to-net-income ratio indicate better earnings quality and cash conversion. Reliable cash generation supports debt servicing, working capital needs and targeted investments over the medium term.

Negative Factors

Low equity ratio

Despite leverage reduction, a low equity base leaves the company sensitive to earnings shocks or higher rates. Continued reliance on debt constrains strategic flexibility, raises refinancing risk and can amplify downturn impacts on solvency over time.

Declining free cash flow growth

Negative FCF growth undermines ability to deleverage, fund capex or return capital. If the decline persists, it limits strategic options and could force trade-offs between maintenance investment, debt reduction and shareholder returns in coming quarters.

Margin volatility

Fluctuating operating margins signal episodic cost or revenue pressures and reduce earnings predictability. Such volatility complicates long-term planning, heightens forecast risk and may reflect exposure to cyclical contract pricing or uneven capacity utilization.

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; and Shipchartering segments. It constructs vessels, such as offshore support vessels, dredgers, tugs, barges, and tankers; and provides ship repair and conversion services, including retrofitting and conversion, steel renewal, blasting and painting, electrical and electronic works, and mechanical works for the repair and life extension of various types of vessels. The company also owns, operates, and charters a fleet of vessels consisting of tugs, cargo barges, crane barges, split hopper barges, workboats, grab dredgers, landing crafts, tankers, anchor handling tugs, and anchor handling towing/supply vessels for marine contractors in the marine infrastructure and construction, cargoes and equipment transportation, and land reclamation industries; and provides transportation services. In addition, it offers cutting systems, pumping systems, dragheads, dredge line components, and other components, as well as dredge automation products; and market research and public opinion polling services. Further, the company engages in the provision of agency, handling, and consultancy services; and leasing of intellectual property. ASL Marine Holdings Ltd. owns and operates shipyards in Singapore and Indonesia. As of June 30, 2022, it had a fleet of 229 vessels. ASL Marine Holdings Ltd. was founded in 1974 and is based in Singapore.

How the Company Makes Money

null

ASL Marine Holdings Ltd. Financial Statement Overview

Summary

ASL Marine Holdings Ltd. is showing signs of recovery with improving revenue and profit margins. The balance sheet reflects reduced leverage and better equity returns, though it still carries some risk due to past high leverage. Cash flow management is stable, but recent declines in free cash flow growth are a concern.

Income Statement

ASL Marine Holdings Ltd. has shown a positive trend in revenue growth over the past few years, with a notable increase in gross profit margin from 8.77% in 2023 to 17.32% in 2025. The net profit margin has also improved significantly from a negative position in 2022 to 4.16% in 2025. However, the EBIT and EBITDA margins have shown some fluctuations, indicating potential volatility in operational efficiency. Overall, the company is on a positive trajectory with improving profitability metrics.

Balance Sheet

The company's debt-to-equity ratio has improved from 4.58 in 2022 to 1.71 in 2025, indicating a reduction in leverage and a stronger equity position. Return on equity has also improved from negative figures to 13.07% in 2025, reflecting better profitability. However, the equity ratio remains relatively low, suggesting that the company still relies heavily on debt financing. The balance sheet shows signs of strengthening but still carries some risk due to past high leverage.

Cash Flow

ASL Marine Holdings Ltd. has experienced fluctuations in free cash flow growth, with a decline of 4.01% in 2025. The operating cash flow to net income ratio has improved, indicating better cash generation relative to net income. The free cash flow to net income ratio remains stable, suggesting consistent cash flow management. While there are improvements, the negative growth in free cash flow is a concern that needs to be addressed.

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

• Technical Analysis Sentiment: Positive
• Last Price: 0.29
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 0.30, and above the 200-day MA of 0.19, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 49.96 is Neutral, neither overbought nor oversold. The STOCH value of 22.22 is Neutral, 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RXS	71 Outperform	S$117.88M	―	―	0.49%	―	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
5UL	63 Neutral	S$58.63M	6.43	5.32%	348.53%	-86.29%	20.88%
BEZ	63 Neutral	S$88.73M	6.30	28.37%	2.11%	-4.17%	-54.26%
A04	61 Neutral	S$319.00M	―	12.80%	0.78%	―	―

ASL Marine Holdings Ltd. Corporate Events

ASL Marine Reports Fatal Tugboat Capsize in Indonesia

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 is working closely with the vessel’s operator to provide assistance to the victims and their families, while authorities continue investigating the cause of the incident, highlighting operational and safety risks inherent in its marine activities.

The most recent analyst rating on (SG:A04) stock is a Hold with a S$0.34 price target. To see the full list of analyst forecasts on ASL Marine Holdings Ltd. stock, see the SG:A04 Stock Forecast page.