Mermaid Maritime Public Co., Ltd. (DU4) AI Stock Analysis

• Market Cap: S$240.12M
• Dividend Yield: N/A
• Average Volume (3M): 1.12M
• Price to Earnings (P/E): 127.0
• Beta (1Y): 0.91
• Revenue Growth: 2.00%
• EPS Growth: -28.40%
• Country: SG
• Employees: N/A
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Equipment & Services
• EPS (TTM): <0.01
• Shares Outstanding: 1,890,743,200
• 10 Day Avg. Volume: 1,380,450
• 30 Day Avg. Volume: 1,117,783
• PEG Ratio: -0.43
• Price to Book (P/B): 0.70
• Price to Sales (P/S): 0.33
• P/FCF Ratio: 7.83
• 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): <0.01
• Revenue Forecast (FY): S$311.80M

• Rating: 55 Neutral
• Price Target: S$0.13 ▲(8.33% Upside)
• Action: Reiterated Date: 01/14/26
• Date: Action: Reiterated 01/14/26

The score is held back primarily by weak cash conversion (negative free cash flow) and pressured profitability despite strong revenue recovery, with only moderate support from a constructive technical trend and a middling valuation (P/E ~21.9) without dividend support.

Positive Factors

Sustained Profitability Turnaround

Mermaid shifted from multi-year losses to sustained positive net income through 2022–2025, indicating structural improvements in operations and contract execution. Persistent profitability over several years supports reinvestment capacity and reduces reliance on restructuring or one-off fixes.

Improved Cash Generation in 2025

Operating cash flow recovery and positive free cash flow in 2025 demonstrate renewed ability to generate internal funds for capex and debt servicing. This strengthens financial flexibility and lowers dependence on external financing, supporting longer-term project execution and shareholder returns potential.

Leverage Reduction and Stronger Capital Structure

Declining debt-to-equity and rising equity indicate a healthier balance sheet and lower financial risk. Improved leverage increases resilience to cyclical oil & gas demand swings, enhances borrowing capacity for contracts, and reduces interest burden, supporting durable operational continuity.

Negative Factors

Sharp Revenue Contraction

A near-73% revenue decline in 2025 signals significant loss of scale or contract volume, undermining the revenue base that supports fixed costs and vessel utilization. Such a structural step-down makes earnings more vulnerable and complicates sustainable margin recovery and growth planning.

Margin Compression

Material gross margin erosion points to weaker pricing power, adverse contract mix, or higher operating costs. Lower margins reduce cash available for reinvestment and debt service, making profitability sensitive to small demand or cost shifts and limiting long-term return potential.

Volatile Free Cash Flow

Inconsistent free cash flow undermines predictability of funding for capex, dividends, or debt repayment. Year-to-year swings increase refinancing and operational risk, complicate long-term planning, and reduce confidence in the sustainability of recent cash generation improvements.

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 services, including inspection, repair and maintenance, infrastructure installation support, remotely operated vehicle support, and cable and flexible pipe laying services. It is also involved in the operation of subsea vessels; diving/remotely operated vehicle; provision of submarine products installation services, such as installation engineering, cable transportation, surveys, cable installation with accessories, shore and platform cable pull ins, as well as inspection, repair, and maintenance of subsea cables; and offshore construction support, offshore survey, surface and subsea positioning, equipment and software, and personnel services. The company serves offshore oil and gas industries. The company was incorporated in 1983 and is headquartered in Bangkok, Thailand. Mermaid Maritime Public Company Limited operates as a subsidiary of Thoresen Thai Agencies Public Company Limited.

How the Company Makes Money

Mermaid Maritime generates revenue through multiple channels, primarily focusing on offshore support services and marine logistics. The company earns money by providing services such as drilling support, subsea engineering, and transportation for oil and gas exploration and production. Key revenue streams include day rates for the rental of marine vessels, contracts for offshore construction and maintenance services, and project management fees. Additionally, the company benefits from strategic partnerships with major oil and gas operators, which secure long-term contracts and provide a steady income stream. Economic factors such as oil prices and demand for offshore services also significantly influence their earnings.

Mermaid Maritime Public Co., Ltd. Financial Statement Overview

Summary

Mixed fundamentals: strong recent revenue rebound and manageable leverage, but profitability has weakened (very low gross margin and slightly negative net margin) and cash flow is a key concern with negative free cash flow and only modest operating cash generation.

Income Statement

Top-line momentum has been strong over the last few years (TTM (Trailing-Twelve-Months) revenue growth of ~65% following a sharp step-up in 2024 and 2022), showing a meaningful recovery from earlier losses. However, profitability has weakened: TTM gross margin is low (~3.7%) and well below 2023–2024 levels, and TTM net margin is slightly negative despite positive operating profit—suggesting higher costs and/or non-operating/one-off pressures. Overall, the business is growing again, but earnings quality and margin stability remain key concerns.

Balance Sheet

Leverage looks manageable with debt-to-equity around ~0.71 in TTM (Trailing-Twelve-Months), and equity has increased versus 2024, providing a better capital cushion. Total assets have also grown over time, indicating balance sheet expansion alongside the revenue rebound. The main weakness is returns: TTM return on equity is negative, reflecting the recent profit softness and reducing confidence in the durability of the turnaround.

Cash Flow

Cash generation has deteriorated versus prior years. While TTM (Trailing-Twelve-Months) operating cash flow is positive, it is modest relative to earnings and the company is burning cash after investment needs (TTM free cash flow is negative and sharply worse year over year). This reversal from the positive free cash flow seen in 2022 raises execution risk and suggests the current growth profile is not yet translating into reliable cash returns.

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

• Technical Analysis Sentiment: Positive
• Last Price: 0.12
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:DU4, the sentiment is Positive. The current price of 0.12 is below 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 bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 60.79 is Neutral, neither overbought nor oversold. The STOCH value of 19.26 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:DU4.

Mermaid Maritime Public Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
5NF	64 Neutral	S$36.14M	13.28	8.43%	―	5.71%	―
DU4	55 Neutral	S$240.12M	127.00	5.18%	―	2.00%	-28.40%
C9Q	55 Neutral	S$99.84M	9.54	2.82%	―	-17.82%	-75.83%

Mermaid Maritime Public Co., Ltd. Corporate Events

Mermaid Maritime Sets 2026 Singapore Shareholders’ Forum to Deepen Investor Engagement

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 meet directors and key executives and receive a business update presentation, which will be made available online ahead of the event.

The session will take place on 2 April 2026 at Voco Orchard Singapore, with shareholders of record as of 3 March 2026 eligible to attend upon prior online registration. While no resolutions will be proposed, the forum underscores Mermaid Maritime’s focus on transparency and direct communication with stakeholders, including those holding shares through custodians who must provide evidence of their beneficial ownership during registration.

The most recent analyst rating on (SG:DU4) stock is a Hold with a S$0.12 price target. To see the full list of analyst forecasts on Mermaid Maritime Public Co., Ltd. stock, see the SG:DU4 Stock Forecast page.

Mermaid Maritime Prepares Controlled Release of FY 2025 Results

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 and a liability disclaimer, signaling it is an internal or controlled presentation of financial results rather than a broadly distributed public filing.

While detailed figures are not disclosed in the text, the timing suggests the company is aligning its reporting cycle with stakeholders’ expectations for transparency on operational and financial performance. This announcement framework underscores Mermaid Group’s intent to formally brief investors and partners on its FY 2025 outcomes, which may influence perceptions of its stability and positioning in the offshore maritime services market.

The most recent analyst rating on (SG:DU4) stock is a Hold with a S$0.12 price target. To see the full list of analyst forecasts on Mermaid Maritime Public Co., Ltd. stock, see the SG:DU4 Stock Forecast page.