Penguin International Limited (BTM) AI Stock Analysis

• Market Cap: S$391.90M
• Dividend Yield: 3.78%
• Average Volume (3M): 6.82K
• Price to Earnings (P/E): 11.0
• Beta (1Y): -0.60
• Revenue Growth: 94.33%
• EPS Growth: 130.43%
• Country: SG
• Employees: 14,500
• Sector: Industrials
• Sector Strength: 72
• Industry: Aerospace & Defense
• EPS (TTM): 0.13
• Shares Outstanding: 220,169,770
• 10 Day Avg. Volume: 1,650
• 30 Day Avg. Volume: 6,823
• PEG Ratio: 0.00
• Price to Book (P/B): 0.97
• Price to Sales (P/S): 1.05
• P/FCF Ratio: -14.34
• 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: 67 Neutral
• Price Target: S$2.00 ▲(57.48% Upside)
• Action: Downgraded Date: 03/02/26
• Date: Action: Downgraded 03/02/26

The score is primarily held back by weak cash generation (persistently negative free cash flow and inconsistent operating cash flow) despite solid profitability and a conservative balance sheet. Valuation is supportive with a modest P/E and a moderate dividend yield. Technically, the trend is positive but near-term risk is elevated due to overbought momentum signals.

Positive Factors

Improving margins and profitability

Material margin expansion and stronger operating profitability indicate improved cost structure and pricing power. Higher gross and EBIT margins provide lasting operating leverage, supporting sustained earnings capacity and resilience to cyclical revenue swings over the medium term.

Conservative balance sheet and rising equity

Low leverage and a growing equity base strengthen financial flexibility, enabling the company to fund shipyard capex, absorb project timing gaps, and pursue opportunities without excessive refinancing risk. This supports durability through industry cycles.

Diversified, partially recurring revenue model

A two-pronged model—project-based shipbuilding plus recurring charter revenues—balances lumpier contract receipts with steady utilization income. That structural diversification supports more predictable revenue mix and utilization-driven cash flows over several months to years.

Negative Factors

Persistently negative free cash flow

Consistent FCF deficits erode liquidity and hinder the firm's ability to self-fund yard investments, maintenance dry-docks, or sustain distributions. Over multiple quarters this forces reliance on external financing or equity, reducing financial optionality and increasing execution risk.

Weak, inconsistent operating cash conversion

Low and volatile cash conversion versus accounting earnings signals working-capital pressure and timing differences on contract receipts. This weakens the reliability of reported profits to generate spendable cash, complicating capital planning and risk management across projects.

Revenue volatility and 2025 decline

A recent meaningful revenue drop after prior growth highlights demand and orderbook sensitivity. In a cyclical offshore/marine market this volatility can pressure utilization, backlog replenishment and margin sustainability, making near-term earnings levels less certain.

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, structurally improved profitability and a conservatively levered balance sheet support a solid financial profile, but persistently negative free cash flow and weak/volatile cash conversion (despite positive earnings) meaningfully reduce quality and reliability. Revenue also declined in 2025, adding uncertainty.

Income Statement

Profitability is solid and has structurally improved since 2022: gross margin rose from ~26.6% (2022) to ~33.5% (2025), while operating profitability remains strong with ~20.0% EBIT margin and ~27.8% EBITDA margin in 2025. Net margin stayed healthy (~13.3% in 2025) after peaking in 2024 (~15.1%). The key weakness is growth volatility—revenue expanded strongly through 2023–2024, but 2025 revenue declined ~10.4%, creating uncertainty around the sustainability of recent earnings levels.

Balance Sheet

Leverage looks conservative with debt-to-equity consistently low (~0.16–0.25) and equity building over time (stockholders’ equity increased from ~192M in 2021 to ~289M in 2025). Returns on equity have improved versus earlier years (from ~5–8% in 2021–2023 to ~12–15% in 2024–2025), indicating better profitability on a growing capital base. The main watch item is that debt has risen in absolute terms (to ~70.5M in 2025), though still modest relative to equity and assets.

Cash Flow

Cash generation is the weak link: free cash flow is negative in every year shown, including 2025 (-19.5M) and 2024 (-3.0M), despite positive net income. Operating cash flow has been inconsistent (negative in 2020, 2021, and 2023; positive in 2022, 2024, and 2025), and recent operating cash flow remains low relative to earnings (coverage ~0.24 in 2025 and ~0.15 in 2024). The positive is an improvement from the particularly weak 2023 operating cash flow and a less severe free-cash-flow deficit versus earlier years, but the business has not yet demonstrated reliable cash conversion.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	297.99M	266.97M	235.84M	182.41M	135.23M	132.65M
Gross Profit	97.23M	89.47M	84.51M	52.28M	35.92M	37.18M
EBITDA	64.86M	74.19M	64.27M	38.52M	27.39M	25.85M
Net Income	39.66M	35.47M	35.53M	16.74M	10.55M	12.67M
Balance Sheet
Total Assets	405.95M	465.02M	407.21M	373.26M	318.45M	256.82M
Cash, Cash Equivalents and Short-Term Investments	31.88M	38.28M	33.98M	26.76M	14.98M	21.04M
Total Debt	53.21M	70.46M	59.77M	53.26M	31.58M	23.43M
Total Liabilities	173.67M	175.87M	164.52M	161.85M	120.35M	64.93M
Stockholders Equity	232.30M	289.16M	242.70M	211.41M	198.11M	191.89M
Cash Flow
Free Cash Flow	-5.36M	-19.50M	-3.02M	-28.50M	-22.64M	-41.50M
Operating Cash Flow	28.30M	29.78M	16.86M	-8.92M	25.42M	-17.64M
Investing Cash Flow	-8.60M	-15.89M	-7.14M	6.57M	-33.72M	-10.60M
Financing Cash Flow	-12.66M	-8.77M	-3.52M	9.81M	2.05M	11.54M

Penguin International Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.27
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• 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 1.49, below the 50-day MA of 1.39, and above the 200-day MA of 1.26, indicating a bullish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 81.52 is Negative, neither overbought nor oversold. The STOCH value of 97.76 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
5LY	77 Outperform	S$604.98M	9.94	27.61%	0.60%	-0.58%	23.33%
BTM	67 Neutral	S$391.90M	11.05	18.36%	3.78%	94.33%	130.43%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
BEZ	63 Neutral	S$78.37M	13.41	28.37%	2.11%	-4.17%	-54.26%
A04	61 Neutral	S$319.00M	10.70	―	0.78%	―	―
F83	60 Neutral	S$532.94M	49.58	1.18%	―	6.34%	160.00%

Penguin International Limited Corporate Events

Penguin International says Middle East fleet safe as diversified routes limit disruption

Penguin International has confirmed that all masters, crew and shore-based staff in Saudi Arabia and the UAE are safe, and that all 11 of its crewboats deployed in the Middle East remain operational despite the ongoing conflict. The company emphasised that personnel safety is its top priority as it monitors geopolitical developments in the region.

Management highlighted that revenue from the Middle East accounted for only 12.3% of the group’s FY2025 turnover, with the bulk of sales coming from Europe, Africa, Singapore and the rest of Southeast Asia, underscoring its structural resilience and limited dependence on any single region. The group added that vessel deliveries to Africa and Europe remain on track, with routes planned via the Cape of Good Hope and away from the Red Sea and Suez Canal, leaving current mobilisations largely insulated from regional disruptions.

The most recent analyst rating on (SG:BTM) stock is a Hold with a S$1.50 price target. To see the full list of analyst forecasts on Penguin International Limited stock, see the SG:BTM Stock Forecast page.

Penguin International Wins In-Principle Nod for 2026 Share Plan on SGX

Penguin International Limited has proposed a new equity incentive scheme called the Penguin Share Plan 2026 and has applied to list any new ordinary shares issued under this plan on the Mainboard of the Singapore Exchange. The initiative is designed to govern future share-based awards to eligible participants, with full details, including rationale and financial effects, to be provided to shareholders in a forthcoming circular.

The company has received approval in-principle from SGX-ST on 27 February 2026 for the listing and quotation of new shares to be issued under the Penguin Share Plan 2026, subject to independent shareholders’ approval and compliance with all listing requirements. Penguin will convene an extraordinary general meeting to seek this approval, signalling a move to formalise share-based incentives that may affect its capital structure and align stakeholder interests over the longer term.

The most recent analyst rating on (SG:BTM) stock is a Hold with a S$1.50 price target. To see the full list of analyst forecasts on Penguin International Limited stock, see the SG:BTM Stock Forecast page.