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ASL MARINE HOLDINGS LTD (A04) Fair Value & Analysis

Industrials · SG · Market cap 324M SGD

AM ASL MARINE HOLDINGS LTD A04 · SG
Price0.3100 SGD
Fair Value0.2900 SGD
Upside-6.5%
Quality38/100
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Healthy Growth
Thin margins · 8.4% net margin
Moderate debt · generates free cash flow
1.00% dividend yield
Ranks above peers (12/15)
Moderate moat 57/100
Evidence: High Range 0.1400 SGD – 0.3700 SGD Share as image

Fair value as of: Aug 13, 2026

From 23 valuation models · updated 4 days ago

Share price −7.5% over the past month.

Below-average quality, currently priced close to our fair value.

What matters now

  • The model range is unusually wide (0.1400 SGD to 0.3700 SGD). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
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Price vs Fair Value (5 years)

0.4050 SGD 0.0297 SGD Fair Value 0.2900 SGD May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 0.0297 SGD – 0.4050 SGD · fair‑value band 0.1400 SGD – 0.3700 SGD · the 0.3100 SGD price screens above the 0.2900 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

ASL MARINE HOLDINGS LTD (A04) currently trades at 0.3100 SGD, while our model-based Fair Value estimate is 0.2900 SGD, implying the stock looks roughly 6.5% fairly valued today. The Quality Score stands at 38/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, ASL MARINE HOLDINGS LTD generated revenue of 360M SGD at a net margin of 8.4%. Revenue grew 2.9% year over year. It earns a return on equity of 25.6%. Net debt stands at 150M SGD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.1400 SGD (bear case) to 0.3700 SGD (bull case); at 0.3100 SGD, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 24% below its 52-week high, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -60% fair-value upside, at -6%, A04 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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. Evidence
Highest evidence
Growth DCF 0.0900 SGD 0.1500 SGD 0.2300 SGD 80
Residual Income 0.1000 SGD 0.1100 SGD 0.2000 SGD 76
Rev-Margin DCF 0.1600 SGD 0.3300 SGD 0.5000 SGD 74
All 23 models by family
DCF Models
FCF DCF 0.0900 SGD 0.1600 SGD 0.2500 SGD 38
Owner Earnings 0.0800 SGD 0.1500 SGD 0.2400 SGD 31
5Y Revenue Exit 0.1600 SGD 0.3300 SGD 0.5300 SGD 39
5Y EBITDA Exit 0.3600 SGD 0.6800 SGD 1.04 SGD 41
5Y P/E Exit 0.0900 SGD 0.1900 SGD 0.2900 SGD 38
10Y Revenue Exit 0.1200 SGD 0.2500 SGD 0.4200 SGD 36
10Y EBITDA Exit 0.2400 SGD 0.4700 SGD 0.7600 SGD 37
10Y P/E Exit 0.0800 SGD 0.1600 SGD 0.2500 SGD 35
Earnings-Based
Graham-Dodd 0.1000 SGD 0.2500 SGD 0.3200 SGD 54
PEG = 1.0 0.0500 SGD 0.0700 SGD 0.0900 SGD 46
EPV 0.1700 SGD 0.2100 SGD 0.2400 SGD 59
Multiples
P/E Multiple 0.2200 SGD 0.3000 SGD 0.3700 SGD 63
P/S Multiple 0.1800 SGD 0.2400 SGD 0.3000 SGD 58
P/B Multiple 0.1800 SGD 0.2400 SGD 0.3000 SGD 55
EV/EBIT 0.3800 SGD 0.5400 SGD 0.7100 SGD 53
EV/EBITDA 0.6400 SGD 0.8900 SGD 1.14 SGD 54
EV/Revenue 0.2400 SGD 0.3900 SGD 0.5400 SGD 43
Asset-Based
NCAV (Graham) 0.0500 SGD 0.0700 SGD 0.1100 SGD 50
Growth DCF
Growth DCF 0.0900 SGD 0.1500 SGD 0.2300 SGD 80
Rev-Margin DCF 0.1600 SGD 0.3300 SGD 0.5000 SGD 74
Economic Profit
Residual Income 0.1000 SGD 0.1100 SGD 0.2000 SGD 76
ROIC Compounder 0.1800 SGD 0.2300 SGD 0.2900 SGD 72
Growth Earnings
Growth-Adj P/E 0.1700 SGD 0.2500 SGD 0.3200 SGD 68

Widest divergence: Multiples (0.3000 SGD) versus Asset-Based (0.0700 SGD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 360M SGD
Revenue growth (YoY) +2.9%
Net margin 8.4%
Return on equity 25.6%
Free cash flow 21.9M SGD FY2025
P/E ratio 10.3
More key figures
Operating margin 10.9%
EPS (TTM) 0.0300 SGD
Dividend yield 1.0%
EPS growth (YoY) +529%
Net debt 150M SGD FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 38/100

Of which business quality 36 · Market factors (momentum, volatility) 60

Profitability 36
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 48
Earnings quality: real cash, not paper profit
Fin. Strength 19
Balance sheet, leverage, solvency risk
Investment 57
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 52
Price trend over the last 3–12 months (market factor)
52W Momentum 86
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

ASL Marine Holdings Ltd., provides marine services in Singapore, Indonesia, Asia Pacific, South Asia, Europe, the Middle East, and Australia. The company offers shiprepair and conversion, dredge engineering, shipchartering, shipbuilding, and other marine related services.

Full company description

ASL Marine Holdings Ltd., provides marine services in Singapore, Indonesia, Asia Pacific, South Asia, Europe, the Middle East, and Australia. The company offers shiprepair and conversion, dredge engineering, shipchartering, shipbuilding, and other marine related services. It also provides retrofitting, extending vessel life, repairing large ships, offshore oil and gas vessel, LNG conversion, and ship repair conversion technology services. In addition, the company develops low emission, hybrid, and electric vessel technology. Further, it offers decommissioning, upcycling, waste management, and other support services to offshore projects. ASL Marine Holdings Ltd. was founded in 1974 and is headquartered in Singapore.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

ASL MARINE HOLDINGS LTD reported revenue of 350M SGD in FY2025 versus 193M SGD in FY2021, a compound +16.1%/yr. Reported net income was 14.6M SGD in FY2025.

Growth Quality 75/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
350M SGD
Latest YoY
+0.2%
Avg. growth/yr (3Y) ⓘ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.
+14.1%
Avg. growth/yr (5Y) ⓘ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.
+7.5%
Avg. growth/yr (11Y) ⓘ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.
−3.4%
Revenue +16.1%/yr
FY21 193M SGD
FY22 236M SGD
FY23 336M SGD
FY24 349M SGD
FY25 350M SGD
Net income
FY21 −35.0M SGD
FY22 −32.3M SGD
FY23 3.5M SGD
FY24 3.9M SGD
FY25 14.6M SGD

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ASL MARINE HOLDINGS LTD · Fair Value
0.2900 SGD −6%Fair Value
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Cite: Fair Value Calculator (2026). "ASL MARINE HOLDINGS LTD Fair Value". https://www.fairvalue-calculator.com/stock/A04

Peer Group

Aerospace & Defense · 222 stocks

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.

Quality Score 38 · Bottom 25%
Fair Value upside −7% · Top 25%
Return on equity (TTM) 26% · Top 25%
Return on assets 5% · Above median
Net margin (TTM) 8% · Above median
Operating margin (TTM) 11% · Above median
Revenue growth 3% · Below median
Dividend yield (TTM) 1.0% · Above median
Debt / equity 1.19× · Higher than 75% of peers

Valuation Multiples vs Aerospace & Defense median · lower = cheaper

P/E (TTM) 10.3× · Cheaper than 75% of peers
P/B 2.27× · Cheaper than median
P/S (TTM) 0.71× · Cheaper than 75% of peers
P/FCF 11.6× · Cheaper than median
EV/EBITDA 5.0× · Cheaper than 75% of peers
PEG 0.25× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 25 · sector 0
FUTURE 15 · sector 51
PAST 100 · sector 38
HEALTH 41 · sector 93
DIVIDEND 20 · sector 16

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Weapons Defense

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Aerospace & Defense stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
General Electric Company GE $365.33 $116.71 -68%
RTX Corporation RTX $222.76 $88.37 -60%
The Boeing Company BA $231.20 $49.09 -79%
China CSSC Holdings 600150 ¥33.89 ¥21.90 -35%
HD Hyundai Heavy Industries Co 329180 496,000 KRW 272,966 KRW -45%
Hanwha Aerospace Co 012450 1,160,000 KRW 573,468 KRW -51%
ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi ASELS 346.75 TRY 130.70 TRY -62%
Saab AB SAABB kr 680.10 kr 212.84 -69%
Kongsberg Gruppen ASA KOG kr 330.10 kr 101.07 -69%
HD Korea Shipbuilding & Offshore Engineering Co 009540 371,500 KRW 643,950 KRW +73%

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Frequently asked questions

Is ASL MARINE HOLDINGS LTD (A04) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 0.2900 SGD versus a price of 0.3100 SGD, about −6% (fairly valued).
What is the fair value of A04?
Our model-based fair value for ASL MARINE HOLDINGS LTD is 0.2900 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 0.3100 SGD.
What is the quality score of A04?
ASL MARINE HOLDINGS LTD has a Quality Score of 38/100. 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 revenue of ASL MARINE HOLDINGS LTD (A04)?
ASL MARINE HOLDINGS LTD reported trailing-twelve-month revenue of about 360M SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of A04?
The net profit margin of ASL MARINE HOLDINGS LTD is about 8.4%, meaning it keeps roughly 8.4% of revenue as net income. Based on the latest reported figures.
Does ASL MARINE HOLDINGS LTD pay a dividend?
ASL MARINE HOLDINGS LTD currently shows a dividend yield of about 1.00% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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