Nam Cheong Limited (1MZ) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Nam Cheong Limited S$2.62, price S$0.97, upside +170.1%, quality 39 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range 0.0040 SGD – 1.63 SGD · fair‑value band 1.31 SGD – 3.32 SGD · the 0.9700 SGD price screens below the 2.62 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Nam Cheong Limited, an investment holding company, provides offshore support vessels (OSVs), shipbuilding and vessel chartering.
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Nam Cheong Limited, an investment holding company, provides offshore support vessels (OSVs), shipbuilding and vessel chartering. It builds various vessels, including anchor handling tug supply (AHTS) vessels, platform supply vessels (PSVs), maintenance work vessels (MWV), accommodation work barges (AWB), safety standby vessels (SSVs), landing craft, and fast crew boats (FCB). The company also provides vessel chartering and ship delivery services, as well as engages in trading activities. It primarily serves oil majors, oil field service providers, and shipowners, as well as marine service operators. The company operates offshore oil and gas industry in Malaysia, Singapore, Indonesia, Vietnam, the People's Republic of China, the Netherlands, India, Tunisia, the Middle East, the United States, West Africa, and Latin America. Nam Cheong Limited was founded in 1968 and is based in Singapore.
Stock analysis
Nam Cheong Limited (1MZ) currently trades at 0.9700 SGD, while our model-based Fair Value estimate is 2.62 SGD, implying the stock looks roughly 63.0% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 6.03 SGD per share, and 19 of the 24 models we run sit above the 0.9700 SGD price.
Bear case: the Asset-Based group reads lowest at 0.4300 SGD, and 5 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 1.31 SGD (bear) to 3.32 SGD (bull), the price of 0.9700 SGD sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 39/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Nam Cheong Limited reported revenue of 620M MYR in FY2025 versus 286M MYR in FY2021, a compound +21.3%/yr. Reported net income was 287M MYR in FY2025, compounding +34.9%/yr from FY2021.
Key figures
Market cap 386M SGD (≈ $301M) · P/E ratio 3.3 · P/S ratio 1.55 · EPS (TTM) 0.2900 SGD · Net margin 46.3% · Return on equity 43.8% · Return on assets (EBIT) 11.1% · Operating margin 27.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (medium confidence).
What moves the price
The share trades about 40% below its 52-week high and 46% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −25% fair-value upside, at 170%, 1MZ screens cheaper than that median.
Fair Value models
Bear 1.31 SGDFair Value 2.62 SGDBull 3.32 SGD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.2185 SGD per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−9.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+19.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.7%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years), in MYR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in MYR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−8.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−8.3%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−94% → 34%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+2.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+15.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about +0.7% a year for the price and +13.1% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Aerospace & Defense · 226 stocks
Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score39 · Bottom 25%
Fair Value upside+170.1% · Top 25%
Profitability
Return on equity (TTM)43.8% · Top 25%
Return on assets8.3% · Top 25%
Net margin (TTM)53.6% · Top 25%
Operating margin (TTM)27.3% · Top 25%
Growth and dividend
Revenue growth42.6% · Top 25%
Balance sheet
Debt / equity0.40× · Above median
Valuation Multiplesvs Aerospace & Defense median · lower = cheaper
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Is Nam Cheong Limited (1MZ) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 2.62 SGD versus a price of 0.9700 SGD, about +170% upside (undervalued).
What is the fair value of 1MZ?
Our model-based fair value for Nam Cheong Limited is 2.62 SGD (as of Sep 27, 2026), built from audited fundamentals. The current price: 0.9700 SGD.
What is the quality score of 1MZ?
Nam Cheong Limited has a Quality Score of 39/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Nam Cheong Limited (1MZ)?
Our model-based price target is the fair value of 2.62 SGD (as of Sep 27, 2026) from 24 valuation models. Cautious scenario 1.31 SGD, optimistic scenario 3.32 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the Nam Cheong Limited stock forecast for 2026?
Our models put fair value at 2.62 SGD, about +170% upside versus a price of 0.9700 SGD (undervalued). Cautious scenario 1.31 SGD, optimistic scenario 3.32 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of Nam Cheong Limited (1MZ)?
Nam Cheong Limited reported trailing-twelve-month revenue of about 690M SGD (latest available figure, as of Sep 27, 2026).
What growth is priced into Nam Cheong Limited (1MZ)?
For today's price to be fair in a discounted-cash-flow model, Nam Cheong Limited would have to grow free cash flow by +2.7 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.7 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 1MZ use?
Our models discount Nam Cheong Limited at 9.6 %: a base by market capitalisation (small), damped by beta 0.49, country premium for Singapore. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Nam Cheong Limited that is +2.7 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Nam Cheong Limited (1MZ) delivered so far?
Over the past 5 years revenue at Nam Cheong Limited grew +10.7 % a year. The price currently implies +2.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Nam Cheong Limited (1MZ) growing?
The median revenue growth in the sector is +6.3 % a year. That is the yardstick for the growth priced into Nam Cheong Limited (+2.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Nam Cheong Limited (1MZ)?
The free-cash-flow yield on the price is 11.50 %: that much free cash flow Nam Cheong Limited produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Nam Cheong Limited (1MZ)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nam Cheong Limited it is 2.62 SGD per share (as of Sep 27, 2026), against a price of 0.9700 SGD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Nam Cheong Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 1MZ trades below its calculated fair value: price 0.9700 SGD, fair value 2.62 SGD, a gap of about +170% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 1MZ?
No. The price is what the market pays today (0.9700 SGD); the fair value is what the company's own numbers justify (2.62 SGD). For Nam Cheong Limited the two are 1.65 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is Nam Cheong Limited worth?
The market values Nam Cheong Limited at about 386M SGD (market capitalisation, as of Sep 27, 2026). Per share that is 0.9700 SGD; our models calculate a fair value of 2.62 SGD per share.
What do the bullish and bearish scenarios say about 1MZ?
Our models span a range for Nam Cheong Limited: cautious scenario 1.31 SGD, base 2.62 SGD, optimistic 3.32 SGD per share (as of Sep 27, 2026, price 0.9700 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 1MZ?
Nam Cheong Limited trades at a price-to-earnings ratio of 3.3 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 2.62 SGD is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 7.3 (reported for FY2025: 4.3). Other multiples: P/B 0.5, P/S 0.6, EV/EBITDA 2.1.
How solid is the balance sheet of Nam Cheong Limited (1MZ)?
Balance-sheet figures for Nam Cheong Limited (as of Sep 27, 2026): return on equity 43.8%, debt of 0.40 per unit of equity. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is 1MZ from its 52-week high?
Nam Cheong Limited trades at 0.9700 SGD, about 40% below its 52-week high of 1.63 SGD and 46% above the low of 0.6650 SGD (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of 2.62 SGD is for.
Which stocks are comparable to Nam Cheong Limited?
From the same area (Industrials) we also value General Electric Company, RTX Corporation, Airbus SE, Lockheed Martin Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Nam Cheong Limited stock attractive at the current price?
The data as of Sep 27, 2026: price 0.9700 SGD, calculated fair value 2.62 SGD (+170%), Quality Score 39/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 1MZ calculated?
We run Nam Cheong Limited through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 2.62 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Nam Cheong Limited currently trades 63 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Nam Cheong Limited (1MZ)?
The closing price on Oct 1, 2026 was 0.9700 SGD. Our model-based fair value is 2.62 SGD, about +170% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nam Cheong Limited right now?
The large discount to fair value meets weak quality (39/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (1.31 SGD). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (1.31 SGD to 3.32 SGD) leaves room in how you read the outcome.
Key figures of Nam Cheong Limited
How large is the market capitalisation of Nam Cheong Limited (1MZ)?
The market capitalisation of Nam Cheong Limited is 386M SGD (≈ $301M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Nam Cheong Limited (1MZ)?
The price-to-sales ratio of Nam Cheong Limited is 1.55 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Nam Cheong Limited (1MZ)?
Earnings per share at Nam Cheong Limited are 0.2900 SGD (price ÷ EPS = P/E 3.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Nam Cheong Limited (1MZ)?
The net margin of Nam Cheong Limited is 46.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Nam Cheong Limited (1MZ)?
The return on equity (ROE) of Nam Cheong Limited is 43.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Nam Cheong Limited (1MZ)?
On an EBIT basis the return on assets of Nam Cheong Limited is 11.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Nam Cheong Limited (1MZ)?
The operating margin of Nam Cheong Limited is 27.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nam Cheong Limited (1MZ)?
Revenue at Nam Cheong Limited is growing +42.6% versus a year earlier (3y avg +19.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Nam Cheong Limited (1MZ)?
Earnings per share at Nam Cheong Limited are growing +67.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Nam Cheong Limited (1MZ) carry?
The net debt of Nam Cheong Limited is 232M SGD (fiscal year 2025, ≈ 5.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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