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): 20.9
• Beta (1Y): 0.59
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SG
• Employees: N/A
• Sector: Industrials
• Sector Strength: 72
• Industry: Aerospace & Defense
• EPS (TTM): N/A
• 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$0.35
• Price Target Upside: 20.69% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 61 Neutral
• Price Target: S$0.33 ▲(12.76% Upside)

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 / stronger balance sheet

A meaningful fall in debt-to-equity from 4.58 to 1.71 implies improved financial flexibility and lower interest burden. This durable shift supports capacity to fund capex, bid competitively on contracts and improve credit resilience across business cycles over the next months.

Marked improvement in gross and net margins

Doubling of gross margin and restoration of net profit margin to 4.16% reflect stronger pricing, cost control, or higher-value project mix. Sustained margin improvement enhances cash generation and return on capital, underpinning longer-term profitability if operational gains persist.

Diversified, contract-driven revenue streams

Multiple revenue lines—newbuilds, repairs and logistics—plus long-term offshore contracts reduce single-market exposure. This structural diversification smooths revenue volatility, supports repeat business, and preserves cash flows through varying demand cycles over months to years.

Negative Factors

Decline in free cash flow growth

A negative 4.01% free cash flow growth undermines the company’s ability to accelerate deleveraging, fund capex organically or return capital. Even with better operating cash to net income, falling FCF can constrain strategic flexibility and raise refinancing risk over coming quarters.

Operational margin volatility

Fluctuating EBIT/EBITDA margins indicate inconsistent operational efficiency and exposure to project mix or cost swings. This variability complicates forecasting, weakens earnings predictability and may pressure margins when market conditions or input costs shift over the medium term.

Remaining reliance on debt / low equity ratio

Despite leverage improvements, a low equity ratio signals ongoing dependence on debt financing. That structural funding mix leaves the company more sensitive to interest-rate moves and credit conditions, limiting investment optionality and raising balance-sheet risk over the next several quarters.

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

ASL Marine Holdings Ltd. generates revenue through several key streams including shipbuilding contracts for new vessels, ship repair and maintenance services, and the provision of marine logistics and support services. The company engages in building specialized vessels, such as tugboats and barges, which are sold to clients in the maritime and offshore sectors. Additionally, ASL Marine earns income from repairing and maintaining a variety of vessels, which includes routine servicing and emergency repairs. The company’s revenue is further bolstered by long-term contracts and partnerships with major players in the offshore oil and gas industry, allowing for steady income through repeat business and service agreements. Other income sources may include the sale of marine-related products and equipment.

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	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	350.10M	350.10M	349.33M	335.81M	235.56M	192.96M
Gross Profit	60.65M	60.65M	45.66M	29.45M	-125.00K	-1.21M
EBITDA	76.88M	80.24M	89.69M	84.07M	39.65M	44.66M
Net Income	14.58M	14.58M	3.92M	3.54M	-32.27M	-35.02M
Balance Sheet
Total Assets	498.17M	498.17M	543.46M	559.78M	583.96M	608.48M
Cash, Cash Equivalents and Short-Term Investments	22.84M	22.84M	17.22M	12.89M	7.44M	26.53M
Total Debt	190.68M	190.68M	239.24M	272.55M	314.21M	336.08M
Total Liabilities	387.13M	387.13M	450.61M	486.91M	516.21M	511.11M
Stockholders Equity	111.55M	111.55M	93.66M	73.55M	68.58M	98.17M
Cash Flow
Free Cash Flow	17.73M	21.92M	16.42M	67.27M	37.17M	26.93M
Operating Cash Flow	45.76M	45.76M	40.39M	83.37M	55.40M	45.83M
Investing Cash Flow	31.30M	31.30M	15.86M	-2.56M	-12.13M	-1.44M
Financing Cash Flow	-70.92M	-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: Negative
• RSI: Neutral
• STOCH: 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 0.29, above the 50-day MA of 0.27, and above the 200-day MA of 0.16, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 60.69 is Neutral, neither overbought nor oversold. The STOCH value of 80.95 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
5UL	74 Outperform	S$70.67M	1.49	5.32%	348.53%	-86.29%	20.88%
RXS	71 Outperform	S$152.81M	4.15	―	0.49%	―	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
BEZ	63 Neutral	S$59.56M	9.66	28.37%	2.11%	-4.17%	-54.26%
A04	61 Neutral	S$319.00M	20.95	―	0.78%	―	―

ASL Marine Holdings Ltd. Corporate Events

ASL Marine Holdings Ltd. AGM Highlights and Incident Update

During the Twenty-Fifth Annual General Meeting, ASL Marine Holdings Ltd. addressed a recent incident at its subsidiary’s shipyard in Batam, emphasizing its commitment to assisting affected individuals and conducting a thorough investigation. The company also presented its business strategies, future plans, and key financial highlights, indicating a proactive approach to maintaining transparency and stakeholder engagement.

The most recent analyst rating on (SG:A04) stock is a Hold with a S$0.50 price target. To see the full list of analyst forecasts on ASL Marine Holdings Ltd. stock, see the SG:A04 Stock Forecast page.

ASL Marine Reports Strong Q1 FY2026 Results with New Contracts

ASL Marine Holdings Ltd. reported a 12.1% increase in revenue for the first quarter of FY2026, driven by growth in shipbuilding and repair services. The company also achieved a significant rise in net profit and reduced finance costs due to deleveraging efforts. Recent ship chartering contracts worth S$82 million are expected to bolster revenue over the next two to three years, supporting marine infrastructure projects in Singapore.

The most recent analyst rating on (SG:A04) stock is a Hold with a S$0.50 price target. To see the full list of analyst forecasts on ASL Marine Holdings Ltd. stock, see the SG:A04 Stock Forecast page.