ASL Marine Holdings Ltd. (SG:A04)
SGX:A04
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ASL Marine Holdings Ltd.
(SGX:A04)
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Rating:53Neutral
Price Target:
S$0.30
▲(3.10% Upside)
Action:ReiteratedDate:03/24/26
The score is primarily driven by improving financial performance and consistently positive cash flow, tempered by still-elevated leverage and uneven revenue growth. Technicals are neutral-to-mixed with near-term weakness versus short-term averages, and valuation support is limited due to an unusable P/E input and only a modest dividend yield.
Positive Factors
Improving profitability and margins
The company moved from multi-year losses to a materially improved margin profile, with gross margin around 17% and net margin in low single-digits in 2025. Sustained margin recovery increases earnings durability, funds reinvestment into yards and services, and strengthens ability to absorb cyclical revenue swings.
Negative Factors
Elevated leverage remains
Leverage materially above parity constrains financial flexibility: interest and refinancing risk rise, capacity to fund large yard investments or absorb project delays is limited, and management must prioritize debt reduction over aggressive growth until capital structure normalizes.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving profitability and margins
The company moved from multi-year losses to a materially improved margin profile, with gross margin around 17% and net margin in low single-digits in 2025. Sustained margin recovery increases earnings durability, funds reinvestment into yards and services, and strengthens ability to absorb cyclical revenue swings.
Read all positive factors
ASL Marine Holdings Ltd. (A04) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$324.15M
Dividend Yield0.78%
Average Volume (3M)6.53M
Price to Earnings (P/E)―
Beta (1Y)0.69
Revenue GrowthN/A
EPS GrowthN/A
CountrySG
Employees622
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.02
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$0.44Price Target Upside51.72% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.03
Revenue Forecast (FY)S$378.90M
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...
How the Company Makes Money
ASL Marine typically makes money by earning fees from providing marine transportation and support services using its vessel fleet. Key revenue streams generally include (i) freight/charter hire income from chartering vessels to customers (time cha...
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
0.31
Negative
0.29
Positive
0.21
Positive
Market Momentum
>-0.01
Positive
45.88
Neutral
66.67
Neutral
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 0.31, below the 50-day MA of 0.31, and above the 200-day MA of 0.21, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 45.88 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | S$122.25M | ― | 43.88% | 0.49% | ― | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | S$62.30M | 6.43 | 23.71% | 348.53% | -86.29% | 20.88% | |
63 Neutral | S$89.60M | 6.30 | 19.38% | 2.11% | -4.17% | -54.26% | |
53 Neutral | S$324.15M | ― | 12.68% | 0.78% | ― | ― |
* Industrials Sector Average
SG:A04
ASL Marine Holdings Ltd.
0.32
0.26
472.73%
SG:5UL
Atlantic Navigation Holdings (Singapore) Ltd.
0.12
0.08
250.00%
SG:BEZ
Beng Kuang Marine Ltd.
0.40
0.24
146.88%
SG:BIP
Vibrant Group Ltd
0.14
0.06
74.68%
SG:RXS
Pacific Radiance Ltd.
0.08
0.04
110.00%
SG:WPC
Vallianz Holdings Limited
0.06
0.02
65.71%
ASL Marine Holdings Ltd. Corporate Events
ASL Marine Reports Fatal Tugboat Capsize in Indonesia
Mar 7, 2026
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 i...
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.