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Penguin International Limited (BTM) Fair Value & Analysis

Industrials · SG · Market cap 284M SGD

PI Penguin International Limited BTM · SG
Price1.52 SGD
Fair Value2.74 SGD
Upside+80.3%
Quality49/100
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Expensive Growth
Solidly profitable · 13.3% net margin
Low debt · negative free cash flow
3.33% dividend yield
Ranks above peers (11/13)
Moderate moat 56/100
Evidence: Medium Range 2.05 SGD – 3.45 SGD Share as image

Fair value as of: Aug 9, 2026

From 15 valuation models · updated 2 days ago

Share price +1.3% over the past month.

Below-average quality, screening 80% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (2.05 SGD). The market is more pessimistic than our downside scenario.
  • Solid quality (49/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

1.73 SGD 0.4989 SGD Fair Value 2.74 SGD Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 9, 2026.

How to read this chart

60‑month range 0.4989 SGD – 1.73 SGD · fair‑value band 2.05 SGD – 3.45 SGD · the 1.52 SGD price screens below the 2.74 SGD fair value. Dashed = 300-day average. As of Aug 9, 2026.

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Analysis

Penguin International Limited (BTM) currently trades at 1.52 SGD, while our model-based Fair Value estimate is 2.74 SGD, implying the stock looks roughly 80.3% undervalued today. The Quality Score stands at 49/100 (below-average quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Penguin International Limited generated revenue of 267M SGD at a net margin of 13.3%. Revenue declined 17.6% year over year. It earns a return on equity of 13.3%. Net debt stands at 23.9M SGD. Fundamentals as of Aug 9, 2026

Our scenario range runs from 2.05 SGD (bear case) to 3.45 SGD (bull case); at 1.52 SGD, the current price sits below 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 13% below its 52-week high and 44% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -59% fair-value upside, at 80%, BTM 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
Residual Income 1.10 SGD 1.22 SGD 1.68 SGD 76
ROIC Compounder 1.05 SGD 1.17 SGD 1.28 SGD 72
Growth-Adj P/E 2.58 SGD 3.69 SGD 4.80 SGD 68
All 15 models by family
DCF Models
Owner Earnings 0.3500 SGD 0.6200 SGD 1.05 SGD 31
Earnings-Based
Graham-Dodd 1.10 SGD 6.16 SGD 8.56 SGD 54
Lynch FV 1.73 SGD 2.47 SGD 3.20 SGD 50
PEG = 1.0 1.73 SGD 2.47 SGD 3.20 SGD 46
EPV 1.05 SGD 1.17 SGD 1.28 SGD 59
Multiples
P/E Multiple 2.54 SGD 3.38 SGD 4.23 SGD 63
P/S Multiple 1.82 SGD 2.43 SGD 3.03 SGD 58
P/B Multiple 2.05 SGD 2.74 SGD 3.42 SGD 55
EV/EBIT 2.12 SGD 2.83 SGD 3.54 SGD 53
EV/EBITDA 2.54 SGD 3.39 SGD 4.24 SGD 54
EV/Revenue 1.51 SGD 2.16 SGD 2.81 SGD 43
Asset-Based
NCAV (Graham) 0.6600 SGD 0.8800 SGD 1.31 SGD 50
Economic Profit
Residual Income 1.10 SGD 1.22 SGD 1.68 SGD 76
ROIC Compounder 1.05 SGD 1.17 SGD 1.28 SGD 72
Growth Earnings
Growth-Adj P/E 2.58 SGD 3.69 SGD 4.80 SGD 68

Widest divergence: Growth Earnings (3.69 SGD) versus DCF Models (0.6200 SGD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 267M SGD
Revenue growth (YoY) -17.6%
Net margin 13.3%
Return on equity 13.3%
Free cash flow −19.7M SGD FY2025
P/E ratio 8.1
More key figures
Operating margin 16.7%
EPS (TTM) 0.1600 SGD
Dividend yield 3.3%
EPS growth (YoY) -12.8%
Net debt 23.9M SGD FY2025

Figures from reported company fundamentals · as of Aug 9, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 49/100

Of which business quality 49 · Market factors (momentum, volatility) 65

Profitability 47
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 16
Earnings quality: real cash, not paper profit
Fin. Strength 77
Balance sheet, leverage, solvency risk
Investment 25
Disciplined investing over empire-building
Low Volatility 68
Calm price path (market factor)
Momentum 60
Price trend over the last 3–12 months (market factor)
52W Momentum 72
Distance to the 52-week high (market factor)
Net Issuance 82
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

Penguin International Limited, an investment holding company, designs, builds, owns, and operates high-speed aluminum crafts in Singapore, East Asia, Africa, Europe, the Middle East, rest of Southeast Asia, and internationally. The company operates through two segments, Chartering; and Shipbuilding, Ship Repairs and Maintenance.

Full company description

Penguin International Limited, an investment holding company, designs, builds, owns, and operates high-speed aluminum crafts in Singapore, East Asia, Africa, Europe, the Middle East, rest of Southeast Asia, and internationally. The company operates through two segments, Chartering; and Shipbuilding, Ship Repairs and Maintenance. It offers shipyard services, including design, construction, repair, and maintenance of high-speed aluminum vessels. The company also owns and operates a fleet of Flex crewboats comprising the Flex-40 series and Flex-42 series; electric ferries and rapid DC shore chargers; and pilot boats, line boats, mooring tugs, and landing craft. In addition, it provides full crewing, maintenance, and ship management services. The company was founded in 1972 and is headquartered in Singapore.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Penguin International Limited reported revenue of 267M SGD in FY2025 versus 133M SGD in FY2021, a compound +19.1%/yr. Reported net income was 35.5M SGD in FY2025, compounding +29.4%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
267M SGD
Latest YoY
+13.2%
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.
+25.4%
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.
+17.5%
Avg. growth/yr (12Y) 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.
+7.6%
Revenue +19.1%/yr
FY21 133M SGD
FY22 135M SGD
FY23 185M SGD
FY24 236M SGD
FY25 267M SGD
Net income +29.4%/yr
FY21 12.7M SGD
FY22 10.6M SGD
FY23 16.7M SGD
FY24 35.5M SGD
FY25 35.5M SGD

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Cite: Fair Value Calculator (2026). "Penguin International Limited Fair Value". https://www.fairvalue-calculator.com/stock/BTM

Peer Group

Aerospace & Defense · 226 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 49 · Below median
Fair Value upside +80% · Top 25%
Return on equity (TTM) 13% · Above median
Return on assets 5% · Above median
Net margin (TTM) 13% · Top 25%
Operating margin (TTM) 17% · Top 25%
Revenue growth -18% · Bottom 25%
Dividend yield (TTM) 3.3% · Top 25%
Debt / equity 0.12× · Lower than median

Valuation Multiples vs Aerospace & Defense median · lower = cheaper

P/E (TTM) 8.1× · Cheaper than 75% of peers
P/B 0.77× · Cheaper than 75% of peers
P/S (TTM) 0.83× · Cheaper than 75% of peers
EV/EBITDA 3.8× · 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 100 · sector 0
FUTURE 0 · sector 46
PAST 53 · sector 38
HEALTH 94 · sector 94
DIVIDEND 67 · sector 15

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 9, 2026).

Stock Price Fair Value vs Fair Value
General Electric Company GE $381.22 $116.71 -69%
RTX Corporation RTX $195.93 $88.37 -55%
Airbus SE 1AIR €213.25 €86.20 -60%
The Boeing Company BA $217.11 $48.20 -78%
China CSSC Holdings 600150 ¥34.31 ¥21.90 -36%
HD Hyundai Heavy Industries Co 329180 466,000 KRW 272,966 KRW -41%
Hanwha Aerospace Co 012450 967,000 KRW 573,468 KRW -41%
ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi ASELS 337.50 TRY 130.70 TRY -61%
Saab AB SAABB kr 520.40 kr 212.84 -59%
Kongsberg Gruppen ASA KOG kr 277.50 kr 106.93 -61%

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Frequently asked questions

Is Penguin International Limited (BTM) overvalued or undervalued?
As of Aug 9, 2026, our model estimates a fair value of 2.74 SGD versus a price of 1.52 SGD, about +80% (undervalued).
What is the fair value of BTM?
Our model-based fair value for Penguin International Limited is 2.74 SGD (as of Aug 9, 2026), built from audited fundamentals. The current price is 1.52 SGD.
What is the quality score of BTM?
Penguin International Limited has a Quality Score of 49/100. 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 Penguin International Limited (BTM)?
Penguin International Limited reported trailing-twelve-month revenue of about 267M SGD (latest available figure, as of Aug 9, 2026).
What is the net profit margin of BTM?
The net profit margin of Penguin International Limited is about 13.3%, meaning it keeps roughly 13.3% of revenue as net income. Based on the latest reported figures.
Does Penguin International Limited pay a dividend?
Penguin International Limited currently shows a dividend yield of about 3.33% relative to its recent price (as of Aug 9, 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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