Major Estimate Revision • Feb 19
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from S$0.03 to S$0.033. Revenue forecast steady at S$378.9m. Net income forecast to grow 12% next year vs 13% growth forecast for Machinery industry in Singapore. Consensus price target up from S$0.35 to S$0.43. Share price rose 4.6% to S$0.34 over the past week. Price Target Changed • Feb 16
Price target increased by 30% to S$0.43 Up from S$0.33, the current price target is provided by 1 analyst. New target price is 28% above last closing price of S$0.34. Stock is up 449% over the past year. The company is forecast to post earnings per share of S$0.033 for next year compared to S$0.015 last year. Reported Earnings • Feb 16
First half 2026 earnings released: EPS: S$0.017 (vs S$0.001 in 1H 2025) First half 2026 results: EPS: S$0.017 (up from S$0.001 in 1H 2025). Revenue: S$181.6m (up 5.5% from 1H 2025). Net income: S$17.1m (up S$15.6m from 1H 2025). Profit margin: 9.4% (up from 0.8% in 1H 2025). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Machinery industry in Singapore. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has increased by 100% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 23
ASL Marine Holdings Ltd. to Report Q2, 2026 Results on Feb 12, 2026 ASL Marine Holdings Ltd. announced that they will report Q2, 2026 results at 5:00 PM, Singapore Standard Time on Feb 12, 2026 Reported Earnings • Oct 15
Full year 2025 earnings released: EPS: S$0.015 (vs S$0.006 in FY 2024) Full year 2025 results: EPS: S$0.015 (up from S$0.006 in FY 2024). Revenue: S$350.1m (flat on FY 2024). Net income: S$14.6m (up 272% from FY 2024). Profit margin: 4.2% (up from 1.1% in FY 2024). Over the last 3 years on average, earnings per share has increased by 93% per year whereas the company’s share price has increased by 90% per year. Announcement • Oct 10
ASL Marine Holdings Ltd. has completed a Follow-on Equity Offering in the amount of SGD 7.000011 million. ASL Marine Holdings Ltd. has completed a Follow-on Equity Offering in the amount of SGD 7.000011 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 41,104,000
Price\Range: SGD 0.1703
Discount Per Security: SGD 0.006812
Transaction Features: Subsequent Direct Listing New Risk • Sep 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Singaporean stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (S$110.6m market cap, or US$86.2m). Buy Or Sell Opportunity • Sep 01
Now 44% overvalued after recent price rise Over the last 90 days, the stock has risen 84% to S$0.11. The fair value is estimated to be S$0.078, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Aug 31
Full year 2025 earnings released: EPS: S$0.015 (vs S$0.006 in FY 2024) Full year 2025 results: EPS: S$0.015 (up from S$0.006 in FY 2024). Revenue: S$350.1m (flat on FY 2024). Net income: S$14.6m (up 272% from FY 2024). Profit margin: 4.2% (up from 1.1% in FY 2024). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Jul 24
ASL Marine Holdings Ltd. to Report Fiscal Year 2025 Results on Aug 29, 2025 ASL Marine Holdings Ltd. announced that they will report fiscal year 2025 results on Aug 29, 2025 Reported Earnings • Feb 15
Second quarter 2025 earnings released: EPS: S$0.001 (vs S$0.003 loss in 2Q 2024) Second quarter 2025 results: EPS: S$0.001 (up from S$0.003 loss in 2Q 2024). Revenue: S$88.2m (down 2.7% from 2Q 2024). Net income: S$1.32m (up S$3.08m from 2Q 2024). Profit margin: 1.5% (up from net loss in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Jan 24
ASL Marine Holdings Ltd. to Report Q2, 2025 Results on Feb 14, 2025 ASL Marine Holdings Ltd. announced that they will report Q2, 2025 results After-Market on Feb 14, 2025 Board Change • Dec 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. Non-Executive & Lead Independent Director David Hwang was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 16
First quarter 2025 earnings released: EPS: S$0 (vs S$0.005 in 1Q 2024) First quarter 2025 results: EPS: S$0 (down from S$0.005 in 1Q 2024). Revenue: S$84.0m (down 4.7% from 1Q 2024). Net income: S$130.0k (down 96% from 1Q 2024). Profit margin: 0.2% (down from 3.7% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Nov 11
ASL Marine Holdings Ltd., Annual General Meeting, Dec 13, 2024 ASL Marine Holdings Ltd., Annual General Meeting, Dec 13, 2024. Announcement • Oct 25
ASL Marine Holdings Ltd. to Report Q1, 2025 Results on Nov 14, 2024 ASL Marine Holdings Ltd. announced that they will report Q1, 2025 results After-Market on Nov 14, 2024 New Risk • Sep 03
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 77% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (S$57.3m market cap, or US$43.8m). Reported Earnings • Aug 30
Full year 2024 earnings released: EPS: S$0.006 (vs S$0.006 in FY 2023) Full year 2024 results: EPS: S$0.006 (in line with FY 2023). Revenue: S$349.3m (up 4.0% from FY 2023). Net income: S$3.92m (up 11% from FY 2023). Profit margin: 1.1% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. New Risk • Jul 25
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 51% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (S$62.2m market cap, or US$46.3m). Announcement • Jul 24
ASL Marine Holdings Ltd. to Report Fiscal Year 2024 Results on Aug 29, 2024 ASL Marine Holdings Ltd. announced that they will report fiscal year 2024 results on Aug 29, 2024 Recent Insider Transactions Derivative • Jun 21
Deputy MD & Executive Director exercised options to buy S$950k worth of stock. On the 13th of June, Ah Nui Ang exercised options to buy 15m shares at a strike price of around S$0.06, costing a total of S$920k. This transaction amounted to 16% of their direct individual holding at the time of the trade. Since June 2023, Ah Nui has owned 93.09m shares directly. Company insiders have collectively bought S$4.4m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • Jun 03
Founder & Advisor exercised options to buy S$2.1m worth of stock. On the 30th of May, Sin Liu Ang exercised options to buy 34m shares at a strike price of around S$0.06, costing a total of S$2.0m. This transaction amounted to 28% of their direct individual holding at the time of the trade. Since June 2023, Sin Liu's direct individual holding has increased from 68.34m shares to 120.56m. Company insiders have collectively bought S$2.1m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • May 17
Third quarter 2024 earnings released: EPS: S$0.006 (vs S$0.022 in 3Q 2023) Third quarter 2024 results: EPS: S$0.006 (down from S$0.022 in 3Q 2023). Revenue: S$91.4m (down 11% from 3Q 2023). Net income: S$4.00m (down 71% from 3Q 2023). Profit margin: 4.4% (down from 14% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Apr 26
ASL Marine Holdings Ltd. to Report Q3, 2024 Results on May 15, 2024 ASL Marine Holdings Ltd. announced that they will report Q3, 2024 results After-Market on May 15, 2024 Reported Earnings • Feb 15
Second quarter 2024 earnings released: S$0.003 loss per share (vs S$0.021 loss in 2Q 2023) Second quarter 2024 results: S$0.003 loss per share (improved from S$0.021 loss in 2Q 2023). Revenue: S$90.6m (up 31% from 2Q 2023). Net loss: S$1.75m (loss narrowed 87% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Jan 25
ASL Marine Holdings Ltd. to Report Q2, 2024 Results on Feb 14, 2024 ASL Marine Holdings Ltd. announced that they will report Q2, 2024 results at 5:00 PM, Singapore Standard Time on Feb 14, 2024 Reported Earnings • Nov 16
First quarter 2024 earnings released: EPS: S$0.005 (vs S$0.013 loss in 1Q 2023) First quarter 2024 results: EPS: S$0.005 (up from S$0.013 loss in 1Q 2023). Revenue: S$88.1m (up 31% from 1Q 2023). Net income: S$3.25m (up S$11.2m from 1Q 2023). Profit margin: 3.7% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. New Risk • Nov 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Singaporean stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.9x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (3.8% increase in shares outstanding). Market cap is less than US$100m (S$35.3m market cap, or US$26.2m). Announcement • Oct 26
ASL Marine Holdings Ltd. to Report Q1, 2024 Results on Nov 14, 2023 ASL Marine Holdings Ltd. announced that they will report Q1, 2024 results After-Market on Nov 14, 2023 Announcement • Oct 23
ASL Marine Holdings Ltd., Annual General Meeting, Oct 31, 2023 ASL Marine Holdings Ltd., Annual General Meeting, Oct 31, 2023, at 14:00 Singapore Standard Time. Location: 19 PANDAN ROAD Singapore Singapore Reported Earnings • Aug 30
Full year 2023 earnings released: EPS: S$0.006 (vs S$0.051 loss in FY 2022) Full year 2023 results: EPS: S$0.006 (up from S$0.051 loss in FY 2022). Revenue: S$335.8m (up 43% from FY 2022). Net income: S$3.54m (up S$35.8m from FY 2022). Profit margin: 1.1% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 17% per year. Announcement • Jul 24
ASL Marine Holdings Ltd. to Report Q4, 2023 Results on Aug 29, 2023 ASL Marine Holdings Ltd. announced that they will report Q4, 2023 results at 5:00 PM, Singapore Standard Time on Aug 29, 2023 Reported Earnings • May 13
Third quarter 2023 earnings released: EPS: S$0.022 (vs S$0.011 loss in 3Q 2022) Third quarter 2023 results: EPS: S$0.022 (up from S$0.011 loss in 3Q 2022). Revenue: S$102.2m (up 42% from 3Q 2022). Net income: S$14.0m (up S$20.7m from 3Q 2022). Profit margin: 14% (up from net loss in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 15
Second quarter 2023 earnings released: S$0.021 loss per share (vs S$0.012 loss in 2Q 2022) Second quarter 2023 results: S$0.021 loss per share (further deteriorated from S$0.012 loss in 2Q 2022). Revenue: S$69.4m (up 31% from 2Q 2022). Net loss: S$13.0m (loss widened 72% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Jan 21
ASL Marine Holdings Ltd. to Report Q2, 2023 Results on Feb 14, 2023 ASL Marine Holdings Ltd. announced that they will report Q2, 2023 results at 5:00 PM, Singapore Standard Time on Feb 14, 2023 Reported Earnings • Nov 16
First quarter 2023 earnings released: S$0.013 loss per share (vs S$0.014 loss in 1Q 2022) First quarter 2023 results: S$0.013 loss per share (improved from S$0.014 loss in 1Q 2022). Revenue: S$67.3m (up 33% from 1Q 2022). Net loss: S$7.98m (loss narrowed 6.5% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Oct 22
ASL Marine Holdings Ltd. to Report Q1, 2023 Results on Nov 14, 2022 ASL Marine Holdings Ltd. announced that they will report Q1, 2023 results at 5:00 PM, Singapore Standard Time on Nov 14, 2022 Reported Earnings • Oct 13
Full year 2022 earnings released: S$0.051 loss per share (vs S$0.056 loss in FY 2021) Full year 2022 results: S$0.051 loss per share (improved from S$0.056 loss in FY 2021). Revenue: S$235.6m (up 22% from FY 2021). Net loss: S$32.3m (loss narrowed 7.8% from FY 2021). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Oct 12
ASL Marine Holdings Ltd., Annual General Meeting, Oct 27, 2022 ASL Marine Holdings Ltd., Annual General Meeting, Oct 27, 2022, at 14:00 Singapore Standard Time. Agenda: To receive and adopt the directors' statement and audited financial statements for the year ended 30 June 2022 and the auditors' report thereon; to approve directors' fees of SGD 214,400 for the year ending 30 June 2023; to re-elect Mr Andre Yeap Poh Leong, a director who will retire by rotation; to re-elect Mr David Hwang Soo Chin, a director; and to consider other matters. Reported Earnings • Aug 31
Full year 2022 earnings released: S$0.051 loss per share (vs S$0.056 loss in FY 2021) Full year 2022 results: S$0.051 loss per share (up from S$0.056 loss in FY 2021). Revenue: S$235.6m (up 22% from FY 2021). Net loss: S$32.3m (loss narrowed 7.8% from FY 2021). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Jul 25
ASL Marine Holdings Ltd. to Report Fiscal Year 2022 Results on Aug 29, 2022 ASL Marine Holdings Ltd. announced that they will report fiscal year 2022 results at 5:00 PM, Singapore Standard Time on Aug 29, 2022 Announcement • Apr 26
ASL Marine Holdings Ltd. to Report Q3, 2022 Results on May 13, 2022 ASL Marine Holdings Ltd. announced that they will report Q3, 2022 results on May 13, 2022 Reported Earnings • Feb 14
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: S$0.012 loss per share (up from S$0.018 loss in 2Q 2021). Revenue: S$53.2m (up 16% from 2Q 2021). Net loss: S$7.57m (loss narrowed 32% from 2Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Board Change • Dec 31
High number of new directors Lead Independent Director David Hwang was the last director to join the board, commencing their role in 2021. Board Change • Nov 03
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. 2 independent directors (3 non-independent directors). Non-Executive Independent Director Sek Khee Tan was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 16
Full year 2021 earnings released: S$0.056 loss per share (vs S$0.038 loss in FY 2020) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: S$193.0m (down 21% from FY 2020). Net loss: S$35.0m (loss widened 48% from FY 2020). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 29
Full year 2021 earnings released: S$0.056 loss per share (vs S$0.038 loss in FY 2020) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: S$193.0m (down 21% from FY 2020). Net loss: S$35.0m (loss widened 48% from FY 2020). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • May 16
Third quarter 2021 earnings released The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: S$64.5m (down 19% from 3Q 2020). Net loss: S$4.42m (down 189% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 11
Second quarter 2021 earnings released The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: S$45.7m (down 42% from 2Q 2020). Net loss: S$11.2m (loss widened 169% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Announcement • Jan 21
ASL Marine Holdings Ltd. to Report Q2, 2021 Results on Feb 10, 2021 ASL Marine Holdings Ltd. announced that they will report Q2, 2021 results After-Market on Feb 10, 2021 Reported Earnings • Dec 13
First quarter 2021 earnings released: S$0.021 loss per share The company reported a poor first quarter result with increased losses and weaker revenues and control over expenses. First quarter 2021 results: Revenue: S$35.9m (down 14% from 1Q 2020). Net loss: S$13.0m (loss widened 14% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 30
Full year earnings released - S$0.038 loss per share Over the last 12 months the company has reported total losses of S$23.6m, with losses narrowing by 83% from the prior year. Total revenue was S$243.6m over the last 12 months, down 22% from the prior year. Announcement • Jul 25
ASL Marine Holdings Ltd. to Report Q4, 2020 Results on Aug 28, 2020 ASL Marine Holdings Ltd. announced that they will report Q4, 2020 results at 5:00 PM, Singapore Standard Time on Aug 28, 2020 