Penguin International Limited (BTM) AI Stock Analysis

• Market Cap: S$292.83M
• Dividend Yield: 3.78%
• Average Volume (3M): 6.82K
• Price to Earnings (P/E): 7.4
• Beta (1Y): -0.55
• Revenue Growth: 94.33%
• EPS Growth: 130.43%
• Country: SG
• Employees: 14,500
• Sector: Industrials
• Sector Strength: 72
• Industry: Aerospace & Defense
• EPS (TTM): 0.03
• Shares Outstanding: 220,169,770
• 10 Day Avg. Volume: 1,650
• 30 Day Avg. Volume: 6,823
• PEG Ratio: 0.05
• Price to Book (P/B): 0.81
• Price to Sales (P/S): 0.83
• P/FCF Ratio: -64.80
• 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: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 78 Outperform
• Price Target: S$1.50 ▲(18.11% Upside)

The score is driven primarily by strong profitability and a low-leverage balance sheet, supported by attractive valuation (low P/E and solid dividend yield). The key constraint is cash flow quality—negative free cash flow and weaker cash conversion—while technicals are moderately positive with price above major moving averages but neutral momentum indicators.

Positive Factors

Strong margins and revenue growth

Consistent double-digit TTM revenue growth alongside healthy gross, EBIT and net margins indicates durable pricing power and operational efficiency. This supports sustainable earnings, reinvestment capacity and resilience to sector cycles over the next 2-6 months.

Low leverage with high ROE

A conservative capital structure and strong ROE reflect prudent leverage and effective capital deployment. Low D/E and a sizable equity ratio reduce refinancing and solvency risk, preserving financial flexibility for capex or contracts during medium-term industry cycles.

Diversified revenue streams and long-term partners

Multiple revenue streams—chartering, construction, maintenance—and strategic oil & gas partnerships create contract visibility and reduce concentration risk. This business mix supports steadier cash inflows and mitigates single-market shocks over a multi-month horizon.

Negative Factors

Negative free cash flow and weak cash conversion

Negative free cash flow despite positive operating cash flow signals capital intensity or timing gaps that can erode liquidity and force external financing. Over 2-6 months this can constrain capex, dividends or fleet investments and raise funding risk if persistent.

Slight decline in gross profit margin

A falling gross-margin trend, even if modest, suggests pressure on pricing or rising input costs. If persistent, margin erosion could reduce operating leverage and net income, undermining long-term profitability and cash generation in coming quarters.

Rising debt levels warrant monitoring

Although leverage is low today, an uptick in debt levels raises the risk profile if the company funds growth or covers cash shortfalls with borrowing. Continued increases would reduce flexibility and elevate refinancing and interest-rate exposure over the medium term.

Penguin International Limited Business Overview & Revenue Model

Company Description

Penguin International Limited owns, operates, designs, and builds high-speed aluminum crafts. The company operates in two segments, Chartering; and Shipbuilding, Ship Repairs and Maintenance. It specializes in the design, construction, repair, and operation of high-speed aluminum commercial vessels, including offshore crew boats, security boats, patrol boats, fire fighting search-and-rescue vessels, passenger ferries, and windfarm crew transfer vessels. The company also owns and operates a fleet of crewboats; and passenger ferries. In addition, it owns and operates shipyards in Singapore and Batam, Indonesia; and manages and operates landing craft, flex crewboats, and fast supply intervention vessels. Penguin International Limited was founded in 1972 and is based in Singapore.

How the Company Makes Money

Penguin International Limited generates revenue through multiple streams, primarily from the chartering of its fleet of specialized vessels that are utilized in offshore oil and gas operations. The company also earns income from the construction and sale of new vessels, along with providing maintenance and repair services for existing fleets. Additionally, Penguin International Limited has established strategic partnerships with key players in the oil and gas sector, which contribute to long-term contracts and stable revenue. The company's ability to adapt to industry demands and invest in technological advancements further supports its earnings potential.

Penguin International Limited Financial Statement Overview

Summary

Strong income statement performance (revenue up 11.64% TTM; solid margins with 13.31% net and 16.12% EBIT) and a stable balance sheet (low 0.23 debt-to-equity; 16.70% ROE). The main offset is weaker cash conversion and negative free cash flow despite positive operating cash flow, which raises funding/efficiency risk.

Income Statement

Penguin International Limited has demonstrated strong revenue growth with a TTM increase of 11.64%. The company maintains healthy profit margins, with a gross profit margin of 32.63% and a net profit margin of 13.31% in the TTM. The EBIT and EBITDA margins are also robust at 16.12% and 21.76% respectively, indicating efficient operational management. However, there is a slight decline in gross profit margin compared to the previous year, which could be a point of concern if it continues.

Balance Sheet

The company has a solid balance sheet with a low debt-to-equity ratio of 0.23, indicating prudent financial leverage. The return on equity is strong at 16.70%, reflecting effective use of shareholder funds to generate profits. The equity ratio stands at 57.23%, showcasing a stable financial structure. However, the slight increase in debt levels over the past year should be monitored to ensure it does not impact financial stability.

Cash Flow

Penguin International Limited's cash flow statement shows a mixed picture. While operating cash flow is positive at $28.3 million, the free cash flow is negative, which could indicate challenges in covering capital expenditures. The free cash flow growth rate is positive, but the negative free cash flow to net income ratio suggests potential liquidity issues. The operating cash flow to net income ratio is relatively low, indicating room for improvement in cash generation efficiency.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	297.99M	235.84M	182.41M	135.23M	132.65M	119.42M
Gross Profit	97.23M	84.51M	52.28M	35.92M	37.18M	33.50M
EBITDA	64.86M	64.27M	38.52M	27.39M	25.85M	25.97M
Net Income	39.66M	35.53M	16.74M	10.55M	12.67M	13.21M
Balance Sheet
Total Assets	405.95M	407.21M	373.26M	318.45M	256.82M	237.25M
Cash, Cash Equivalents and Short-Term Investments	31.88M	33.98M	26.76M	14.98M	21.04M	39.98M
Total Debt	53.21M	59.77M	53.26M	31.58M	23.43M	13.59M
Total Liabilities	173.67M	164.52M	161.85M	120.35M	64.93M	62.62M
Stockholders Equity	232.30M	242.70M	211.41M	198.11M	191.89M	174.64M
Cash Flow
Free Cash Flow	-5.36M	-3.02M	-28.50M	-22.64M	-41.50M	-41.45M
Operating Cash Flow	28.30M	16.86M	-8.92M	25.42M	-17.64M	-5.36M
Investing Cash Flow	-8.60M	-7.14M	6.57M	-33.72M	-10.60M	-14.33M
Financing Cash Flow	-12.66M	-3.52M	9.81M	2.05M	11.54M	-2.83M

Penguin International Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.27
• 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:BTM, the sentiment is Positive. The current price of 1.27 is below the 20-day moving average (MA) of 1.36, below the 50-day MA of 1.31, and above the 200-day MA of 1.21, indicating a bullish trend. The MACD of 0.04 indicates Negative momentum. The RSI at 63.47 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:BTM.

Penguin International Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BTM	78 Outperform	S$292.83M	7.38	18.36%	3.78%	94.33%	130.43%
5LY	77 Outperform	S$563.54M	9.62	27.61%	0.60%	-0.58%	23.33%
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%	―	―
F83	53 Neutral	S$523.98M	45.00	1.18%	―	6.34%	160.00%