Jasper Investments (FQ7) AI Stock Analysis

• Market Cap: S$48.59M
• Dividend Yield: N/A
• Average Volume (3M): N/A
• Price to Earnings (P/E): ―
• Beta (1Y): -1.83
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SG
• Employees: 181
• Sector: Industrials
• Sector Strength: 72
• Industry: Oil & Gas Midstream
• EPS (TTM): N/A
• Shares Outstanding: 24,296,766,000
• 10 Day Avg. Volume: N/A
• 30 Day Avg. Volume: N/A
• PEG Ratio: -0.03
• Price to Book (P/B): 1.60
• Price to Sales (P/S): 14.60
• P/FCF Ratio: -4.49
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 39 Underperform
• Price Target: <S$0.01 ▼(-85.00% Downside)
• Action: N/A Date: 01/04/26
• Date: Action: N/A 01/04/26

The score is primarily constrained by weak financial performance: large losses and significant negative operating/free cash flow despite a FY2025 revenue step-up. The balance sheet’s low leverage is a positive, but limited technical and valuation data prevents additional support for a higher score.

Jasper Investments Business Overview & Revenue Model

Company Description

Salt Investments Limited, an investment holding company, engages in marine and shipping activities. It provides engineering and repair services for shipstankers and other oceangoing vessels. The company offers marine related services to the infrastructure industry. The company was formerly known as Jasper Investments Limited and changed its name to Salt Investments Limited in November 2024. Salt Investments Limited was incorporated in 1987 and is based in Singapore.

How the Company Makes Money

Jasper Investments Financial Statement Overview

Summary

FY2025 shows a clear revenue inflection ($2.13M after multiple years of essentially no revenue), but profitability and cash generation remain very weak (net loss of -$6.03M, operating cash flow -$3.43M, free cash flow -$6.93M). The balance sheet is currently lightly levered (debt ~$62K vs equity ~$19.46M), which reduces near-term risk, but negative returns and ongoing cash burn materially limit the financial score.

Income Statement

Revenue emerged in FY2025 ($2.13M) after multiple years of essentially no revenue, showing a sharp step-up in activity. However, profitability remains very weak: gross margin is only ~6.7% and the company posted a large net loss (-$6.03M) with deeply negative operating profitability, indicating the cost base is far too high versus the current revenue level. Overall, the trajectory on revenue is improving, but earnings quality and scalability are not yet demonstrated.

Balance Sheet

Leverage is currently very low in FY2025 (total debt ~$62K versus equity ~$19.46M), which is a meaningful balance-sheet positive and reduces near-term financial risk. That said, returns are poor (negative return on equity in FY2025) driven by large losses, and prior years show negative equity, highlighting historical balance-sheet strain and dilution/recapitalization risk. Net-net: capital structure looks cleaner today, but profitability is not supporting equity value creation.

Cash Flow

Cash generation remains weak: FY2025 operating cash flow is negative (-$3.43M) and free cash flow is also deeply negative (-$6.93M), implying ongoing cash burn and likely reliance on external funding. While free cash flow is larger than the accounting loss (free cash flow to net income > 1), it is still materially negative in absolute terms, and year-to-year cash flow has been volatile. The company needs a clear path to positive operating cash flow to reduce financing pressure.

Breakdown	TTM	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Jun 2020
Income Statement
Total Revenue	7.40M	2.13M	0.00	0.00	0.00	0.00
Gross Profit	691.00K	143.00K	0.00	-2.75K	-24.27K	-34.16K
EBITDA	-3.39M	-5.98M	-752.30K	-1.02M	-673.64K	-355.68K
Net Income	-3.57M	-6.03M	-839.00K	-1.05M	―	-394.75K
Balance Sheet
Total Assets	37.85M	23.33M	345.00K	9.00K	412.57K	51.11K
Cash, Cash Equivalents and Short-Term Investments	5.29M	5.59M	344.00K	1.00K	136.62K	17.49K
Total Debt	5.00K	62.00K	229.00K	1.53M	1.44M	204.46K
Total Liabilities	11.90M	3.01M	1.67M	2.49M	1.85M	738.48K
Stockholders Equity	24.32M	19.46M	-1.32M	-2.48M	-1.44M	-687.36K
Cash Flow
Free Cash Flow	-4.53M	-6.93M	-501.00K	-331.37K	-848.14K	-94.31K
Operating Cash Flow	-4.52M	-3.43M	-501.00K	-328.71K	-841.37K	-94.31K
Investing Cash Flow	-12.96M	-9.63M	0.00	-2.66K	-6.76K	0.00
Financing Cash Flow	22.35M	18.31M	844.00K	206.12K	976.64K	64.67K

Jasper Investments Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
DU4	55 Neutral	S$240.12M	127.00	5.18%	―	2.00%	-28.40%
FQ7	39 Underperform	S$48.59M	―	-28.19%	―	―	―

Jasper Investments Corporate Events

Salt Investments Drops Quarterly Reports, Moves to Half-Yearly Financial Disclosure

Salt Investments Limited, a Singapore-incorporated company listed on the SGX Mainboard, operates through a group structure but the announcement does not specify its industry, products or services.

The company’s board has decided to cease quarterly financial reporting and shift to half-yearly announcements, following SGX’s risk-based regime and confirmation that it does not meet any risk conditions requiring quarterly reports. Supported by the auditors’ recent unqualified opinion with no going-concern uncertainty, the move is aimed at optimising management resources and compliance efforts; Salt Investments will skip reporting unaudited results for the quarter ending 31 December 2025 and next report for the full financial year ending 31 March 2026, while committing to continue timely disclosure of any material developments for shareholders.

Jasper Investments Highlights Progress and Revenue Growth at AGM

Jasper Investments held its Annual General Meeting on September 29, 2025, where Chairman Jasper Goh Yang Jun and CEO Dennis Goh Hao Kwang addressed shareholders. The meeting focused on the company’s progress, highlighting efforts to resolve legacy issues and achieve revenue growth. The resolutions were voted on by poll, with CACS Corporate Advisory Pte. Ltd. overseeing the process.