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:56Neutral
Price Target:
S$0.10
▼(-18.33% Downside)
Action:Reiterated
Date:06/10/26
The score is held back primarily by weak technicals (below major moving averages and negative MACD), despite a fundamentally improved financial profile with sustained profitability and moderate leverage. Valuation is modest (P/E 11.34) with a small dividend yield, providing some support, but recent revenue decline and margin compression limit the upside in the overall rating.
Positive Factors
Sustained Profitability
Mermaid shifted from losses (2021–2022) to positive net income across 2023–2026 TTM. This durable recovery supports creditworthiness, underwriting of longer-term contracts, and reinvestment capacity; sustained profitability underpins operational continuity and strategic execution over 2–6 months and beyond.
Negative Factors
Declining Revenue
Top-line contraction (notably ~-19% recent growth and negative revenue in 2025–2026 TTM) weakens scale economies and pricing leverage. Persistent revenue decline can erode competitive position, reduce fixed-cost absorption, and make sustaining profitable operations and investment plans harder over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Profitability
Mermaid shifted from losses (2021–2022) to positive net income across 2023–2026 TTM. This durable recovery supports creditworthiness, underwriting of longer-term contracts, and reinvestment capacity; sustained profitability underpins operational continuity and strategic execution over 2–6 months and beyond.
Read all positive factors
Mermaid Maritime Public Co., Ltd. (DU4) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$192.86M
Dividend YieldN/A
Average Volume (3M)1.12M
Price to Earnings (P/E)12.5
Beta (1Y)0.91
Revenue Growth-19.38%
EPS Growth24.53%
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, with its subsidiaries, delivers specialized subsea and offshore services across Thailand, Qatar, the United Arab Emirates, the United Kingdom, and Saudi Arabia. The company's core subsea activities include ...
How the Company Makes Money
null...
Mermaid Maritime Public Co., Ltd. Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
70
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 454.87M | 496.50M | 513.34M | 275.40M | 223.94M | 111.59M |
| Gross Profit | 34.72M | 31.00M | 36.08M | 30.67M | 15.99M | -2.24M |
| EBITDA | 35.92M | 33.38M | 55.70M | 41.88M | 23.97M | 1.50M |
| Net Income | 12.31M | 6.57M | 13.78M | 9.59M | -195.00K | -15.72M |
Balance Sheet | ||||||
| Total Assets | 448.41M | 451.02M | 415.71M | 356.58M | 291.49M | 258.63M |
| Cash, Cash Equivalents and Short-Term Investments | 69.68M | 65.96M | 22.94M | 30.32M | 7.80M | 10.86M |
| Total Debt | 98.27M | 104.39M | 115.03M | 102.82M | 71.30M | 51.90M |
| Total Liabilities | 216.01M | 215.21M | 230.91M | 185.98M | 130.55M | 97.96M |
| Stockholders Equity | 231.84M | 235.00M | 184.09M | 170.29M | 160.69M | 160.96M |
Cash Flow | ||||||
| Free Cash Flow | 39.65M | 21.12M | -14.24M | -1.16M | 13.46M | -27.49M |
| Operating Cash Flow | 54.62M | 42.83M | 15.64M | 9.96M | 28.39M | -2.86M |
| Investing Cash Flow | -16.63M | -24.09M | -29.19M | -12.89M | -9.99M | -19.20M |
| Financing Cash Flow | 15.67M | 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
Positive
3.89
Positive
53.60
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 0.11, above the 50-day MA of 0.12, and below the 200-day MA of 0.12, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 3.89 is Positive, neither overbought nor oversold. The STOCH value of 53.60 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.
0.10
-0.01
-8.77%
SG:5GI
Interra Resources Ltd.
0.04
0.00
0.00%
SG:5NF
Mencast Holdings Ltd.
0.10
0.07
292.00%
SG:C9Q
Sinostar PEC Holdings Limited
0.10
-0.06
-35.00%
Mermaid Maritime Public Co., Ltd. Corporate Events
Mermaid Maritime Forms Offshore Vessel Joint Venture in Singapore
Jun 5, 2026
Mermaid Maritime’s subsidiary Mermaid Subsea Services (Thailand) has formed a 50:50 joint venture with DS Global Offshore Engineering Singapore to reactivate and commercially deploy the offshore support vessel formerly known as “MERMAI...
Mermaid Maritime Shareholders Approve 2025 Results, Dividend and Governance Resolutions
May 12, 2026
Mermaid Maritime reported on the proceedings of its Annual General Meeting of Shareholders No. 01/2026, held in Bangkok with a quorum representing 74.81% of issued shares and overseen by independent legal and financial scrutineers. Shareholders un...
Mermaid Maritime Forms Brunei Offshore Services Joint Venture
Apr 27, 2026
Mermaid Maritime Public Company Limited has formed a 50/50 joint venture in Brunei with Serikandi Oilfield Services Sdn Bhd, creating Serikandi Mermaid Sdn Bhd with issued and paid-up capital of US$400,000. The new entity will focus on offshore tr...
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.