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After clear some contra at 275 today going above 30cents?
ASL MARINE: From Distress To Deleveraging, 1QFY26 Is A Comeback Quarter
&bull After years in the doldrums, ASL Marine is starting to look like one of those amazing comeback stories.
The group has slogged through debt issues and a tough offshore cycle, but its latest numbers confirm that chapter has finally closed.
&bull In 1Q FY2026, ASL Marine saw a sharp recovery in ship repair and shipbuilding.
&bull Stronger margins and better utilisation in the chartering division, supported by about S$82 million of fresh contracts, added extra fuel to the rebound.
&bull And management is staying on track to deleverage after the last heavy year of loan amortisation in FY25.
&bull With demand emerging from major Singapore infrastructure and coastal protection projects, UOB Kay Hian has kept a &ldquo BUY&rdquo call on the stock and nudged the target price up to S$0.35.
Excerpts from UOB Kay Hian report
Analyst: Heidi Mo
Highlights
&bull ASL&rsquo s 1QFY26 earnings formed 30% of our full-year estimates and beat our expectations, lifted by stronger ship repair and shipbuilding contributions.
Share price:
$0.26
Target:
$0.35
&bull Recovery momentum is backed by higher day rates, S$82m of new chartering contracts, a S$83m shipbuilding orderbook and S$55m of vessel-sale contracts.
&bull Maintain BUY with a 6% higher target price of S$0.35.
ASL trades at 8.9x FY26F PE, implying a 25% discount to Singapore-listed peers&rsquo average of 12x.
Analysis
&bull Results beat. ASL Marine (ASL) reported revenue of S$94m (+12% yoy) and net profit of S$8m (1QFY25: S$0.5m), forming 24% and 30% of our full-year forecasts respectively.
The outperformance was driven by stronger ship repair and shipbuilding contributions, improved chartering margins and substantially lower finance costs of S$4m, offsetting the impact of the Oct 25 incident.
Chartering11.25&bull Ship chartering: Margin uplift on greater utilisation. While revenue was stable yoy, we expect chartering gross margin to have risen meaningfully toward the mid-teens, supported by the deployment of more vessels at higher day rates.
With S$82m of new contracts secured in Oct 25, chartering margins are expected to remain in the 10-15% range as utilisation improves throughout FY26.
&bull Ship repair: Core earnings driver remains strong. Ship repair continues to deliver a healthy volume growth on tight regional drydock capacity across Singapore and Batam.
Margins remain robust, supported by sustained demand across maintenance and repair jobs. The upcoming third floating dock, scheduled for completion in early-FY27, provides additional medium term upside.
&bull Shipbuilding: Orderbook supports FY26. Shipbuilding revenue improved yoy on higher vessel completions. The orderbook remains anchored by the previously disclosed S$83m (31 vessels) as of end-FY25 for deliveries scheduled up to 3QFY26.
&bull AGM takeaways. Management reiterated a clearer strategic focus on ship repair and ship chartering, which offer more resilient, service-based recurring income compared with the cyclical and capital-intensive shipbuilding business.
The recent S$82m in coastal-protection and reclamation-related chartering contracts aligns with this direction and supports utilisation throughout FY26.
Management also highlighted that recent vessel disposals were part of a deliberate deleveraging effort, while confirming that FY25 marked the final year of significant non-cash loan amortisation, paving the way for lower finance costs ahead.
All ship repair activities and yard operations remain fully insured under annual revenue-based policies, ensuring comprehensive operational risk coverage.
&bull Singapore infrastructure pipeline provides long-term visibility. Singapore&rsquo s S$100b coastal protection plan, including the Tuas Mega Port (Phases 3 & 4) and Long Island Reclamation Project, provides long-term demand visibility for ASL&rsquo s marine services.
Historically, ASL has participated in key national projects such as the Jurong Island Road Link and Pulau Tekong reclamation. This track record reinforces ASL&rsquo s positioning as a preferred partner for Singapore&rsquo s ongoing and future maritime development projects.
Valuation/Recommendation
&bull Maintain BUY with a 6% higher target price of S$0.35 (S$0.33 previously).
Our target is pegged to 11.6x FY26F PE, in line with its peers.
ASL currently trades at 9x FY26F PE, implying a 25% discount to peers despite a clear earnings recovery.
With utilisation improving and deleveraging on track, we see scope for ASL&rsquo s valuation to narrow toward peer levels.
Close at 52week high 295. Tmr above 30cents?
Today LT tp 330 and uob 350.
Stocky901 ( Date: 02-Dec-2025 15:36) Posted:
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To follow Marcopolo? 🧐
piscesmonkey ( Date: 02-Dec-2025 14:54) Posted:
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2 broker house buying up?
Wah so strong today?
Well supported.. added small lots to try luck 😃
Stocky901 ( Date: 28-Nov-2025 09:24) Posted:
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ASL Marine Continues Positive Momentum into 1QFY2026 Reports Revenue of S$94.2 Million with Net Profit of S$8.3 Million in its Operations
Revenue for 1QFY2026 increased 12.1% year-on-year, with increased revenue contribution mainly from shipbuilding and its ship repair, conversion and engineering services, while revenue contribution from ship chartering segment remained relatively stable.
Notably, the Group&rsquo s finance costs declined by approximately S$4 million as deleveraging efforts gain pace.
Commenting on the 1QFY2026&rsquo s business updates, Mr Ang Kok Tian, Managing Director, said &ldquo We are pleased to have built on the positive momentum in recent years to deliver a good set of results this quarter.
Combined with our ongoing deleveraging efforts, we believe that this is a testament to our business strategy in focusing on core competencies of ship repairs and marine services that are service-centric in nature.
With a disciplined financial approach, the Group will continue to pursue strategic business opportunities in 2026, while strengthening our foundation of operational reliability and enhancing our financial resiliency.&rdquo
Pump too fast recently? Now selling on news? 🧐
Wesley ( Date: 27-Nov-2025 11:26) Posted:
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ASL Marine Continues Positive Momentum into 1QFY2026 Reports Revenue of S$94.2 Million with Net Profit of S$8.3 Million in its Operations
Revenue for 1QFY2026 increased 12.1% year-on-year, with increased revenue contribution mainly from shipbuilding and its ship repair, conversion and engineering services, while revenue contribution from ship chartering segment remained relatively stable.
Notably, the Group&rsquo s finance costs declined by approximately S$4 million as deleveraging efforts gain pace.
Commenting on the 1QFY2026&rsquo s business updates, Mr Ang Kok Tian, Managing Director, said &ldquo We are pleased to have built on the positive momentum in recent years to deliver a good set of results this quarter.
Combined with our ongoing deleveraging efforts, we believe that this is a testament to our business strategy in focusing on core competencies of ship repairs and marine services that are service-centric in nature.
With a disciplined financial approach, the Group will continue to pursue strategic business opportunities in 2026, while strengthening our foundation of operational reliability and enhancing our financial resiliency.&rdquo
EBITDA - S$20.4m
Net Profit - S$8.3 m
If annualised, EBITDA will be about S$82m and Net Profit will be about S$33m.
Mkt cap is now S$260...which is 3.5 times EBITDA and 8 times PE.
pls DYODD
EBITDA - S$20.4m
Net Profit - S$8.3 m
If annualised, EBITDA will be about S$82m and Net Profit will be about S$33m.
Mkt cap is now S$260...which is 3.5 times EBITDA and 8 times PE.
pls DYODD
What is happening to this counter? Some negative news pending???
Got chance to collect some @ 0.245?
More charter contract over 2 years equals more revenue. Sale of vessel will boost balance sheet and bottom line.
https://www.bairdmaritime.com/marine-projects/marine-infrastructure/asl-marine-secures-sg82m-in-new-charter-contracts
break the high again ...
For_The_Next_Leg ( Date: 10-Nov-2025 14:04) Posted:
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ASL Marine will join the MSCI Singapore Micro Cap Index There will be more demand for their shares soon since it has joined an index.
https://www.minichart.com.sg/2025/11/10/singapore-market-update-nov-2025-singpost-singtel-asl-marine-results-stock-picks/
ASL Marine: Inclusion in the MSCI SINGAPORE MICRO CAP INDEX
ASL Marine will included as a constituent stock of the MSCI Singapore Micro Cap Index with effect from 24 November 2025, after the close of trading.
More recently, ASL Marine has secured new ship chartering contracts with an aggregate value of S$80.6 million. Spanning durations of 14 to 26 months, the ship chartering contracts (comprising tugs, work boats, crane barges, cargo barges, hopper barges and grab dredgers) will support customers involved in marine infrastructure projects in Singapore.
Separately, the Group has signed vessel sale contracts of S$55.7 million as part of its fleet optimisation program and broader asset divestment strategy to accelerate its deleveraging efforts and streamline its fleet portfolio.
The ship chartering contracts are expected to contribute to the revenue performance of the Group for the financial year ending 30 June 2026.
ASL Marine (ASL SP/BUY/TP S$0.33)
By Heidi Mo UOBKH
ASL Marine has been added to MSCI Singapore Micro Cap Index. Inclusion will take effect at the close of 24 Nov 2025.
We view this as a positive development, as this inclusion should help enhance the stock&rsquo s trading liquidity.
ASL Marine is one of UOBKH&rsquo s top small-/mid-cap picks. We believe the stock is well-positioned to continue narrowing its valuation gap with peers.
Our target price is based on 11.6x FY26F PE. The stock currently trades at 9x FY26F PE, representing a deep 35% discount to the Singapore-listed peers&rsquo average of 13.8x.
https://app2.msci.com/eqb/gimi/stdindex/MSCI_Nov25_MicroPublicList.pdf
By Heidi Mo UOBKH
ASL Marine has been added to MSCI Singapore Micro Cap Index. Inclusion will take effect at the close of 24 Nov 2025.
We view this as a positive development, as this inclusion should help enhance the stock&rsquo s trading liquidity.
ASL Marine is one of UOBKH&rsquo s top small-/mid-cap picks. We believe the stock is well-positioned to continue narrowing its valuation gap with peers.
Our target price is based on 11.6x FY26F PE. The stock currently trades at 9x FY26F PE, representing a deep 35% discount to the Singapore-listed peers&rsquo average of 13.8x.
https://app2.msci.com/eqb/gimi/stdindex/MSCI_Nov25_MicroPublicList.pdf
UOB KH: ASL Marine (ASL SP/INITIATE With BUY/S$0.215/S$0.33)
Deeply Undervalued As Turnaround Gains Momentum
ASL Marine has emerged from restructuring as a profitable, cash-generating integrated marine group, operating across shiprepair, shipbuilding, and shipchartering.
The company&rsquo s turnaround is now complete with FY25 net profit surging 4x to S$14.7m, margins at multi-year highs and balance-sheet deleveraging on track under its S$132m 5-year Club Deal 2 facility.
We initiate coverage with a BUY and a target price of S$0.33, based on 11.6x FY26F PE or a 15% discount to peers&rsquo 13.8× average.
At the current 7.7x FY26F PE, ASL trades at a deep 45% discount to Singapore-listed marine peers, offering compelling re-rating potential as profits grow and dividends resume.
Catalysts ahead: Interest savings of S$7-8m p.a., stable margins, dividend resumption, and steady cash generation.