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ASL Marine Holdings Ltd.
(SGX:A04)
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Rating:65Neutral
Price Target:
S$0.31
▲(7.59% Upside)
Action:Reiterated
Date: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
Profitability turnaround
Gross margin recovered to ~17% in 2025 and net margin moved from deeply negative to low single-digits, reflecting structural improvement in operations and pricing. This sustained margin expansion supports durable earnings power, internal reinvestment capacity, and resilience through industry cycles.
Negative Factors
Elevated leverage
A debt-to-equity ratio near 1.7x keeps financial risk materially above industry-average. Persistently elevated leverage increases interest burden and refinancing exposure, constraining spending on growth initiatives and making results sensitive to cyclical downturns in shipbuilding and offshore services.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability turnaround
Gross margin recovered to ~17% in 2025 and net margin moved from deeply negative to low single-digits, reflecting structural improvement in operations and pricing. This sustained margin expansion supports durable earnings power, internal reinvestment capacity, and resilience through industry cycles.
Read all positive factors
ASL Marine Holdings Ltd. (A04) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$298.42M
Dividend Yield0.78%
Average Volume (3M)6.53M
Price to Earnings (P/E)20.0
Beta (1Y)0.70
Revenue GrowthN/A
EPS GrowthN/A
CountrySG
Employees622
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.01
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$0.47Price Target Upside62.07% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.04
Revenue Forecast (FY)S$395.50M
ASL Marine Holdings Ltd. Business Overview & Revenue Model
Company Description
Established in Singapore in 1974, ASL Marine Holdings Ltd. operates as an investment holding company, providing a diverse range of marine services across Singapore, Indonesia, the broader Asian region, Europe, Australia, and other international ma...
How the Company Makes Money
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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
Negative
0.29
Price Trends
0.34
Negative
0.33
Negative
0.29
Positive
Market Momentum
-0.01
Negative
35.85
Neutral
14.81
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:A04, the sentiment is Negative. The current price of 0.29 is below the 20-day moving average (MA) of 0.30, below the 50-day MA of 0.34, and above the 200-day MA of 0.29, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 35.85 is Neutral, neither overbought nor oversold. The STOCH value of 14.81 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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$431.25M | 4.36 | 41.48% | ― | -6.04% | 33.67% | |
74 Outperform | S$13.51B | 8.15 | 28.61% | 3.46% | 5.09% | 27.85% | |
72 Outperform | S$523.93M | 47.86 | 4.77% | 0.60% | 25.71% | 175.44% | |
65 Neutral | S$298.42M | 20.00 | 12.68% | 0.78% | ― | ― | |
65 Neutral | S$102.16M | 2.85 | 43.88% | 0.49% | ― | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | S$6.67B | 32.62 | 3.11% | 0.70% | 24.28% | 107.38% |
* Industrials Sector Average
SG:A04
ASL Marine Holdings Ltd.
0.29
0.23
400.00%
SG:5E2
Seatrium Limited
1.97
-0.03
-1.70%
SG:BS6
Yangzijiang Shipbuilding (Holdings)
3.42
1.28
59.44%
SG:5LY
Marco Polo Marine Ltd.
0.13
0.09
197.78%
SG:1MZ
Nam Cheong Limited
1.09
0.62
129.47%
SG:RXS
Pacific Radiance Ltd.
0.07
0.03
79.49%
ASL Marine Holdings Ltd. Corporate Events
ASL Marine Profit Surges on Strong Chartering Margins and Lower Finance Costs
May 21, 2026
ASL Marine reported resilient revenue of S$271.1 million for the nine months ended 31 March 2026, with stronger contributions from ship repair, conversion and engineering services and ship chartering, partially offset by weaker shipbuilding revenu...
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.