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Penguin International Limited (SG:BTM)
:BTM
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Penguin International Limited (BTM) AI Stock Analysis

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SG:BTM

Penguin International Limited

(Frankfurt:BTM)

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Outperform 70 (OpenAI - 4o)
Rating:70Outperform
Price Target:
S$1.50
▲(19.05% Upside)
Penguin International Limited's strong financial performance and attractive valuation are key strengths, but technical indicators suggest weak momentum. The company's cash flow management needs improvement to support long-term growth.

Penguin International Limited (BTM) vs. iShares MSCI Singapore ETF (EWS)

Penguin International Limited Business Overview & Revenue Model

Company DescriptionPenguin 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 MoneyPenguin International Limited generates revenue through multiple streams, primarily from the construction and repair of marine vessels. The company earns income by undertaking contracts for building customized vessels tailored to specific client requirements, which typically involve significant upfront payments and progress billings during the construction phase. Additionally, the company profits from offering repair and maintenance services, which provide a steady flow of recurring revenue. Strategic partnerships with suppliers and technology providers enhance operational efficiency and reduce costs, contributing to profitability. The company may also engage in leasing and chartering vessels, generating further revenue through long-term contracts. Overall, a combination of project-based revenue from vessel construction, ongoing service contracts, and strategic collaborations forms the backbone of Penguin International Limited's financial success.

Penguin International Limited Financial Statement Overview

Summary
Penguin International Limited demonstrates strong revenue growth and profitability with a solid balance sheet. However, challenges in generating positive free cash flow due to high capital expenditures are notable.
Income Statement
85
Very Positive
Penguin International Limited has demonstrated strong revenue growth over recent years, with a notable increase of 29.3% from 2023 to 2024. The gross profit margin improved to 35.8%, reflecting efficient cost management. Net profit margin stood at a healthy 15.1%, indicating robust profitability. Additionally, the EBIT margin rose to 19.1%, showing strong operational performance. The EBITDA margin of 27.2% further supports the company's profitability potential.
Balance Sheet
78
Positive
The company's balance sheet reflects a solid financial position with an equity ratio of 59.6%, suggesting financial stability. The debt-to-equity ratio is moderate at 0.25, indicating a conservative leverage approach. Return on equity (ROE) is impressive at 14.6%, demonstrating efficient equity use. However, some potential concerns include increasing total debt over the years, which may pose future risks if not managed carefully.
Cash Flow
65
Positive
Free cash flow improved significantly in 2024 compared to 2023, though it remains negative at $-3.02 million. The operating cash flow to net income ratio has improved, indicating better cash generation from operations relative to profit. However, the free cash flow to net income ratio highlights ongoing challenges in converting earnings into free cash flow due to high capital expenditures.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue200.07M235.84M182.41M135.23M132.65M119.42M
Gross Profit71.87M84.51M52.28M35.92M37.18M33.50M
EBITDA31.05M64.27M38.52M27.39M25.85M25.97M
Net Income24.38M35.53M16.74M10.55M12.67M13.21M
Balance Sheet
Total Assets395.69M407.21M373.26M318.45M256.82M237.25M
Cash, Cash Equivalents and Short-Term Investments25.29M33.98M26.76M14.98M21.04M39.98M
Total Debt51.81M59.77M53.26M31.58M23.43M13.59M
Total Liabilities184.76M164.52M161.85M120.35M64.93M62.62M
Stockholders Equity210.94M242.70M211.41M198.11M191.89M174.64M
Cash Flow
Free Cash Flow-24.86M-3.02M-28.50M-22.64M-41.50M-41.45M
Operating Cash Flow-28.82M16.86M-8.92M25.42M-17.64M-5.36M
Investing Cash Flow35.52M-7.14M6.57M-33.72M-10.60M-14.33M
Financing Cash Flow-10.92M-3.52M9.81M2.05M11.54M-2.83M

Penguin International Limited Technical Analysis

Technical Analysis Sentiment
Negative
Last Price1.26
Price Trends
50DMA
1.27
Negative
100DMA
1.22
Positive
200DMA
1.07
Positive
Market Momentum
MACD
<0.01
Positive
RSI
39.95
Neutral
STOCH
37.04
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:BTM, the sentiment is Negative. The current price of 1.26 is below the 20-day moving average (MA) of 1.30, below the 50-day MA of 1.27, and above the 200-day MA of 1.07, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 39.95 is Neutral, neither overbought nor oversold. The STOCH value of 37.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:BTM.

Penguin International Limited Peers Comparison

Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
78
Outperform
S$311.30M14.5611.57%1.20%-13.64%-28.75%
70
Outperform
S$277.41M6.9918.36%3.84%94.33%130.43%
63
Neutral
$10.79B15.437.44%2.01%2.89%-14.66%
55
Neutral
S$216.10M38.894.42%-9.28%-86.86%
51
Neutral
S$537.42M46.151.18%6.34%160.00%
* Industrials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SG:BTM
Penguin International Limited
1.26
0.44
53.28%
SG:5LY
Marco Polo Marine Ltd.
0.08
0.03
60.00%
SG:5CF
OKP Holdings Limited
1.01
0.69
215.63%
SG:A04
ASL Marine Holdings Ltd.
0.21
0.15
250.00%
SG:BEZ
Beng Kuang Marine Ltd.
0.33
0.09
37.50%
SG:F83
COSCO Shipping International Singapore Co Ltd
0.12
-0.03
-20.00%

Penguin International Limited Corporate Events

Penguin International Limited Announces Change in Company Secretaries
Jun 30, 2025

Penguin International Limited has announced a change in its company secretaries, appointing Ms Lim Guek Hong and Ms See Kai Li to replace Ms Heng Michelle Fiona and Ms Tan Ching Chek, effective immediately. The Board expressed gratitude to the outgoing secretaries for their contributions, indicating a smooth transition in the company’s administrative operations.

Penguin International Reports Strong FY2024 Performance with Major Shipbuilding Projects
May 20, 2025

During the 2025 Annual General Meeting, Penguin International Limited reported significant achievements in its FY2024 business performance. The company successfully executed larger and more complex newbuild projects, including the construction of its largest vessels to date. These projects involved two diesel-powered 56-metre passenger-cum-vehicle ferries for a Middle Eastern owner and two hybrid windfarm CTVs for a European owner. Additionally, Penguin expanded its crewboats operations in the Middle East and Africa, benefiting from higher charter rates and improved margins.

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.Date of analysis: Oct 18, 2025