ASL Marine Holdings Ltd. (A04) AI Stock Analysis

• Market Cap: S$188.69M
• Dividend Yield: N/A
• Average Volume (3M): 6.26M
• Price to Earnings (P/E): 35.4
• Beta (1Y): 0.42
• Revenue Growth: -9.28%
• EPS Growth: -86.86%
• Country: SG
• Employees: N/A
• Sector: Industrials
• Sector Strength: 72
• Industry: Aerospace & Defense
• EPS (TTM): 0.01
• Shares Outstanding: 990,440,550
• 10 Day Avg. Volume: 9,244,700
• 30 Day Avg. Volume: 6,261,803
• 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: 1

• Rating: 53 Neutral
• Price Target: S$0.00 ▼(-100.00% Downside)

ASL Marine Holdings Ltd. has shown positive financial performance with improvements in profitability and cash flow efficiency. However, technical analysis indicates an overbought condition, suggesting potential short-term risks. The high P/E ratio without a dividend yield makes the stock appear overvalued. Overall, while the financial trajectory is positive, caution is advised due to technical and valuation concerns.

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 primarily through its four main business segments: shipbuilding, shiprepair and conversion, shipchartering, and engineering services. In the shipbuilding segment, the company earns money by constructing a wide variety of vessels tailored to its clients' specifications. For shiprepair and conversion, ASL Marine offers maintenance, repair, and conversion services for existing vessels, which is an essential service for maintaining vessel operability and compliance with regulations. The shipchartering segment provides vessels on a charter basis, generating income from short-term and long-term contracts, primarily supporting marine transportation and offshore operations. Additionally, the company's engineering services offer specialized products and services, such as components for dredging and offshore equipment. Key factors contributing to ASL Marine's earnings include its strategic location near major shipping routes, longstanding relationships with clients in the maritime industry, and its ability to offer integrated solutions across the marine value chain.

ASL Marine Holdings Ltd. Financial Statement Overview

Summary

ASL Marine Holdings Ltd. has demonstrated a positive trajectory in profitability and revenue growth, with improvements in gross and net profit margins. However, the balance sheet reflects high leverage, posing a risk despite improvements. Strong cash flow performance indicates effective cash management.

Income Statement

ASL Marine Holdings Ltd. has shown a steady improvement in its income statement metrics over the years. The Gross Profit Margin increased from negative values in 2021 to 17.32% in 2025, indicating improved cost management. The Net Profit Margin also improved significantly, reaching 4.16% in 2025 from a negative margin in previous years. Revenue growth has been positive, albeit modest, at 2.14% in 2025. However, the EBIT and EBITDA margins have shown stability, with the EBITDA margin at a healthy 22.92% in 2025. Overall, the company has demonstrated a positive trajectory in profitability and revenue growth.

Balance Sheet

The balance sheet of ASL Marine Holdings Ltd. reflects a high level of leverage, with a Debt-to-Equity Ratio of 1.71 in 2025, which is an improvement from previous years but still indicates significant reliance on debt. The Return on Equity (ROE) improved to 13.07% in 2025, showing better profitability relative to shareholders' equity. However, the Equity Ratio remains low, indicating a smaller proportion of assets financed by equity. The company has made progress in reducing leverage, but the high debt levels remain a potential risk.

Cash Flow

ASL Marine Holdings Ltd. has shown strong cash flow performance, with Free Cash Flow growth of 9.82% in 2025. The Operating Cash Flow to Net Income Ratio is 0.19, and the Free Cash Flow to Net Income Ratio is 0.48, indicating efficient cash generation relative to net income. The company has improved its cash flow metrics over the years, demonstrating effective cash management and operational efficiency.

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	88.67M	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: 0.19
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Negative
• 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 0.19 is above the 20-day moving average (MA) of 0.17, above the 50-day MA of 0.11, and above the 200-day MA of 0.07, indicating a bullish trend. The MACD of 0.03 indicates Positive momentum. The RSI at 72.23 is Negative, neither overbought nor oversold. The STOCH value of 54.69 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
5UL	79 Outperform	S$42.93M	0.90	160.24%	―	-86.29%	20.88%
A04	53 Neutral	S$188.69M	35.37	4.42%	―	-9.28%	-86.86%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

ASL Marine Holdings Ltd. Corporate Events

Tragic Fire Incident at ASL Marine’s Indonesian Shipyard

ASL Marine Holdings Ltd. reported a tragic incident at its subsidiary’s shipyard in Batam, Indonesia, where a fire broke out on a Floating Storage and Offloading Vessel undergoing repair. The incident resulted in the deaths of four subcontractor employees and injuries to five others. The company is working with authorities and stakeholders to assist the affected families and has suspended work on the vessel pending investigation.