Mermaid Maritime Public Co., Ltd. (SG:DU4)
SGX:DU4
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Mermaid Maritime Public Co., Ltd.
(SGX:DU4)
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Rating:55Neutral
Price Target:
S$0.12
▲(2.50% Upside)
Action:ReiteratedDate:03/03/26
The score is driven mainly by improving profitability and stronger 2025 cash generation, but weighed down by the sharp 2025 revenue contraction, margin compression, and volatile free cash flow. Technicals are mildly supportive with price above key moving averages, while valuation is the biggest drag due to the very high P/E and no dividend yield provided.
Positive Factors
Profitability Turnaround
Sustained positive net income across 2022–2025 signals a structural operational recovery from prior losses. This consistent profitability provides a foundation for reinvestment, supports credit metrics and covenant headroom, and improves the company’s ability to fund operations and pursue contracts over the medium term.
Negative Factors
Severe Revenue Contraction
A ~73% revenue decline in a single year reflects loss of scale or major contract exits, undermining fixed-cost absorption and pricing leverage. Persistent or recurring top-line volatility makes revenue recovery and sustainable growth uncertain, increasing execution risk for maintaining margins and investment plans over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability Turnaround
Sustained positive net income across 2022–2025 signals a structural operational recovery from prior losses. This consistent profitability provides a foundation for reinvestment, supports credit metrics and covenant headroom, and improves the company’s ability to fund operations and pursue contracts over the medium term.
Read all positive factors
Mermaid Maritime Public Co., Ltd. (DU4) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$230.67M
Dividend YieldN/A
Average Volume (3M)1.12M
Price to Earnings (P/E)25.2
Beta (1Y)0.88
Revenue Growth-6.91%
EPS Growth-92.31%
CountrySG
Employees376
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)<0.01
Shares Outstanding1,890,743,200
10 Day Avg. Volume1,380,450
30 Day Avg. Volume1,117,783
Financial Highlights & Ratios
PEG Ratio-0.43
Price to Book (P/B)0.70
Price to Sales (P/S)0.33
P/FCF Ratio7.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)<0.01
Revenue Forecast (FY)S$311.80M
Mermaid Maritime Public Co., Ltd. Business Overview & Revenue Model
Company Description
Mermaid Maritime Public Company Limited, together with its subsidiaries, operates as a subsea and offshore services company in Thailand, Qatar, the United Arab Emirates, the United Kingdom, and Saudi Arabia. The company offers various subsea servi...
How the Company Makes Money
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Mermaid Maritime Public Co., Ltd. Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
63
Positive
Cash Flow
57
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 496.50M | 513.34M | 275.40M | 223.94M | 111.59M |
| Gross Profit | 31.00M | 36.08M | 30.67M | 15.99M | -2.24M |
| EBITDA | 33.38M | 55.70M | 41.88M | 23.97M | 1.50M |
| Net Income | 6.57M | 13.78M | 9.59M | -195.00K | -15.72M |
Balance Sheet | |||||
| Total Assets | 451.02M | 415.71M | 356.58M | 291.49M | 258.63M |
| Cash, Cash Equivalents and Short-Term Investments | 65.96M | 22.94M | 30.32M | 7.80M | 10.86M |
| Total Debt | 104.39M | 115.03M | 102.82M | 71.30M | 51.90M |
| Total Liabilities | 215.21M | 230.91M | 185.98M | 130.55M | 97.96M |
| Stockholders Equity | 235.00M | 184.09M | 170.29M | 160.69M | 160.96M |
Cash Flow | |||||
| Free Cash Flow | 21.12M | -14.24M | -1.16M | 13.46M | -27.49M |
| Operating Cash Flow | 42.83M | 15.64M | 9.96M | 28.39M | -2.86M |
| Investing Cash Flow | -24.09M | -29.19M | -12.89M | -9.99M | -19.20M |
| Financing Cash Flow | 31.88M | 6.85M | 25.34M | -17.93M | -7.57M |
Mermaid Maritime Public Co., Ltd. Technical Analysis
Negative
0.12
Price Trends
0.12
Negative
0.12
Negative
0.12
Negative
Market Momentum
>-0.01
Negative
48.22
Neutral
45.96
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:DU4, the sentiment is Negative. The current price of 0.12 is above the 20-day moving average (MA) of 0.12, below the 50-day MA of 0.12, and below the 200-day MA of 0.12, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 48.22 is Neutral, neither overbought nor oversold. The STOCH value of 45.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:DU4.
Mermaid Maritime Public Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (65)
SG:DU4
Mermaid Maritime Public Co., Ltd.
0.12
0.02
16.19%
SG:5GI
Interra Resources Ltd.
0.04
0.00
0.00%
SG:5NF
Mencast Holdings Ltd.
0.11
0.08
324.00%
SG:C9Q
Sinostar PEC Holdings Limited
0.11
-0.03
-22.14%
Mermaid Maritime Public Co., Ltd. Corporate Events
Mermaid Maritime Sets 2026 Singapore Shareholders’ Forum to Deepen Investor Engagement
Mar 2, 2026
Mermaid Maritime Public Company Limited has announced its annual Singapore Shareholders’ Forum 2026, an informal event designed to deepen engagement with its investor base. The forum will allow shareholders, especially those in Singapore, to...
Mermaid Maritime Prepares Controlled Release of FY 2025 Results
Feb 26, 2026
Mermaid Maritime Public Co., Ltd. has released materials labeled as FY 2025 results dated February 26, 2026, indicating a scheduled communication of its financial performance for that fiscal year. The document is presented with usage restrictions ...
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.