ASL Marine Holdings Ltd. (A04) AI Stock Analysis

• Market Cap: S$252.11M
• Dividend Yield: 0.82%
• Average Volume (3M): 6.53M
• Price to Earnings (P/E): 16.6
• Beta (1Y): 0.52
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 61 Neutral
• Price Target: S$0.50 ▲(108.33% 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

Revenue Growth

Consistent revenue growth indicates strong demand for ASL Marine's services and products, enhancing its market position and long-term viability.

Profitability Improvement

Improved profit margins reflect better cost management and pricing power, contributing to sustainable financial health and competitive advantage.

Leverage Reduction

Reduced leverage enhances financial stability and flexibility, allowing ASL Marine to invest in growth opportunities and withstand economic fluctuations.

Negative Factors

Free Cash Flow Decline

Decreasing free cash flow growth may limit ASL Marine's ability to fund new projects and manage debt, potentially impacting future expansion and financial resilience.

Operational Efficiency Volatility

Fluctuating operational efficiency can lead to unpredictable earnings, affecting investor confidence and the company's ability to maintain consistent profitability.

Equity Ratio Concerns

A low equity ratio indicates potential vulnerability to financial stress, as heavy reliance on debt can strain resources and limit strategic options.

ASL Marine Holdings Ltd. Business Overview & Revenue Model

Company Description

ASL Marine Holdings Ltd. is a Singapore-based company that operates in the maritime industry, primarily focusing on shipbuilding, ship repair, and the provision of marine services. The company serves a diverse range of sectors, including offshore oil and gas, marine transportation, and environmental services, offering products such as specialized vessels and comprehensive marine solutions.

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: Neutral
• Last Price: 0.24
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:A04, the sentiment is Neutral. The current price of 0.24 is below the 20-day moving average (MA) of 0.26, below the 50-day MA of 0.24, and above the 200-day MA of 0.12, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 45.41 is Neutral, neither overbought nor oversold. The STOCH value of 3.33 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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	76 Outperform	S$54.45M	1.14	5.32%	341.83%	-86.29%	20.88%
RXS	72 Outperform	S$142.61M	3.87	―	0.51%	―	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
BEZ	63 Neutral	S$56.43M	9.15	28.37%	2.22%	-4.17%	-54.26%
A04	61 Neutral	S$252.11M	16.55	―	0.82%	―	―

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.

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.

ASL Marine Secures S$82 Million in Ship Chartering Contracts and S$55 Million in Vessel Sales

ASL Marine Holdings Ltd. has secured new ship chartering contracts valued at S$82 million, which will support marine infrastructure projects in Singapore over the next two years. Additionally, the company has signed vessel sale contracts worth S$55 million as part of its strategy to optimize its fleet and accelerate deleveraging, potentially impacting its revenue performance positively.

Tragic Fire Incident at ASL Marine’s Indonesian Shipyard

ASL Marine Holdings Ltd. reported a tragic fire incident at its subsidiary’s shipyard in Batam, Indonesia, resulting in thirteen fatalities and eighteen injuries. The incident occurred on a tanker undergoing repairs, prompting the company to suspend work and collaborate with authorities on an investigation. ASL Marine emphasizes its commitment to safety and is reviewing its safety management procedures to prevent future incidents.