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

• Market Cap: S$230.67M
• Dividend Yield: N/A
• Average Volume (3M): 1.12M
• Price to Earnings (P/E): 21.0
• Beta (1Y): 0.95
• 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: 0.23
• Price to Book (P/B): 0.74
• Price to Sales (P/S): 0.27
• P/FCF Ratio: -9.56
• 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$713.59M

• Rating: 53 Neutral
• Price Target: S$0.12 ▲(1.67% Upside)

Mermaid Maritime's overall stock score is primarily influenced by its strong revenue growth and stable balance sheet. However, significant challenges such as declining profit margins, negative free cash flow, and a negative P/E ratio weigh heavily on the score. Technical indicators suggest neutral market sentiment, adding to the cautious outlook.

Positive Factors

Revenue Growth

The significant revenue growth indicates a robust demand for Mermaid Maritime's services, enhancing its market position and supporting long-term business expansion.

Market Position

Strategic partnerships with major oil and gas companies strengthen Mermaid Maritime's competitive edge, ensuring stable revenue streams and long-term growth opportunities.

Return on Equity Improvement

Improved return on equity reflects enhanced profitability and efficient use of shareholder funds, indicating a positive trend in financial health and management effectiveness.

Negative Factors

Profitability Challenges

Declining profit margins suggest pressure on profitability, which may impact long-term financial performance and require strategic adjustments to maintain competitiveness.

Cash Flow Issues

Negative free cash flow highlights liquidity concerns, limiting the company's ability to invest in growth opportunities and manage financial obligations effectively.

Leverage Concerns

Increased leverage may strain financial flexibility and elevate risk, potentially impacting the company's ability to weather economic downturns or industry challenges.

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

Mermaid Maritime shows strong revenue growth and improved return on equity, indicating a positive trajectory. However, declining profit margins and negative free cash flow present challenges. The balance sheet remains stable with manageable leverage, but cash flow issues need addressing to ensure long-term financial health.

Income Statement

Mermaid Maritime has shown a strong revenue growth rate of 66.55% in the latest year, indicating a significant recovery and expansion. However, the gross profit margin and net profit margin have decreased compared to the previous year, suggesting increased costs or pricing pressures. The EBIT and EBITDA margins have also declined, reflecting potential operational inefficiencies or increased expenses.

Balance Sheet

The company's debt-to-equity ratio has increased slightly but remains at a manageable level, indicating a balanced approach to leveraging. Return on equity has improved to 7.48%, showing better profitability for shareholders. The equity ratio remains stable, suggesting a solid capital structure.

Cash Flow

Operating cash flow has improved, but free cash flow remains negative, indicating challenges in generating cash after capital expenditures. The free cash flow to net income ratio is negative, highlighting potential issues in cash generation relative to reported profits. Despite this, the operating cash flow to net income ratio is stable, suggesting some consistency in cash operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	500.14M	513.34M	275.40M	223.94M	111.59M	87.53M
Gross Profit	31.18M	36.08M	30.67M	15.99M	-2.24M	-2.31M
EBITDA	49.91M	55.70M	41.88M	23.97M	1.50M	-23.59M
Net Income	10.56M	13.78M	9.59M	-195.00K	-15.72M	-114.55M
Balance Sheet
Total Assets	450.87M	415.71M	356.58M	291.49M	258.63M	260.86M
Cash, Cash Equivalents and Short-Term Investments	35.29M	22.94M	30.32M	7.80M	10.86M	47.53M
Total Debt	110.27M	115.03M	102.82M	71.30M	51.90M	57.92M
Total Liabilities	221.69M	230.91M	185.98M	130.55M	97.96M	83.32M
Stockholders Equity	228.27M	184.09M	170.29M	160.69M	160.96M	178.01M
Cash Flow
Free Cash Flow	-19.47M	-14.24M	-1.16M	13.46M	-27.49M	-16.82M
Operating Cash Flow	7.26M	15.64M	9.96M	28.39M	-2.86M	-6.14M
Investing Cash Flow	-27.82M	-29.19M	-12.89M	-9.99M	-19.20M	22.35M
Financing Cash Flow	28.95M	6.85M	25.34M	-17.93M	-7.57M	-1.06M

Mermaid Maritime Public Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.12
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• 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 Negative. 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 above the 200-day MA of 0.12, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 42.77 is Neutral, neither overbought nor oversold. The STOCH value of <0.01 is Positive, 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

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	62 Neutral	S$24.88M	9.14	8.43%	―	5.71%	―
DU4	53 Neutral	S$230.67M	21.03	5.18%	―	2.00%	-28.40%
C9Q	53 Neutral	S$127.68M	5.54	2.82%	―	-17.82%	-75.83%

Mermaid Maritime Public Co., Ltd. Corporate Events

Mermaid Maritime Forms Joint Venture in Taiwan with ATE Energy

Mermaid Maritime Public Company Limited has announced the establishment of a joint venture in Taiwan named MERMATE Co., Ltd., with Mermaid Subsea Services holding a 49% stake and ATE Energy International Co., Ltd. holding 51%. This venture is aimed at enhancing their capabilities in energy technical services and offshore construction projects, leveraging ATE’s expertise in the energy engineering sector. The investment is funded internally and is not expected to significantly impact the company’s financials this year.

Mermaid Maritime Reports Q2 2025 Results

Mermaid Maritime Public Co., Ltd. announced their second quarter results for 2025, highlighting the company’s performance in the maritime industry. The results provide insights into the company’s operational efficiency and market positioning, although specific financial details are not disclosed in the release.

Mermaid Maritime Secures Major Subsea Service Contracts in the Middle East

Mermaid Maritime Public Company Limited has announced that its subsidiaries in the Middle East have secured multiple project awards valued between USD 430 to 500 million. These contracts, which include a range of subsea services, represent a significant growth opportunity for the company and reinforce its strategic position within the energy sector’s value chain. The projects are expected to positively impact Mermaid Group’s operations from 2025 onwards, contributing to sustained long-term growth and stability for stakeholders.

Mermaid Maritime Allocates Rights Issue Proceeds to Strengthen Operations

Mermaid Maritime Public Company Limited announced the use of proceeds from its recent Rights Issue, which raised approximately S$56.091 million after expenses. The company has allocated these funds towards general corporate and working capital requirements, including employee benefits, supplier repayments, and loan repayments to its parent company. This strategic allocation is expected to strengthen the company’s financial position and operational capabilities, potentially enhancing its competitiveness in the maritime services industry.