SGX:A04

Stock Analysis Report

Executive Summary

ASL Marine Holdings Ltd., an investment holding company, provides marine services in the Asia Pacific, South Asia, Europe, Australia, the United States, the Middle East, and internationally.


Snowflake Analysis

Fair value with imperfect balance sheet.

Share Price & News

How has ASL Marine Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: A04 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-9.5%

A04

-5.3%

SG Machinery

-2.8%

SG Market


1 Year Return

n/a

A04

-24.8%

SG Machinery

-4.7%

SG Market

Return vs Industry: Insufficient data to determine how A04 performed against the SG Machinery industry.

Return vs Market: Insufficient data to determine how A04 performed against the SG Market.


Shareholder returns

A04IndustryMarket
7 Day-9.5%-5.3%-2.8%
30 Day-13.6%-2.5%-2.5%
90 Day-2.6%-6.4%-3.3%
1 Yearn/a-23.1%-24.8%-0.8%-4.7%
3 Year-71.0%-71.0%-19.6%-24.6%5.2%-5.9%
5 Year-91.0%-91.2%-33.2%-41.2%6.9%-11.1%

Price Volatility Vs. Market

How volatile is ASL Marine Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is ASL Marine Holdings undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: A04 (SGD0.04) is trading below our estimate of fair value (SGD0.43)

Significantly Below Fair Value: A04 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: A04 is unprofitable, so we can't compare its PE Ratio to the Machinery industry average.

PE vs Market: A04 is unprofitable, so we can't compare its PE Ratio to the SG market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate A04's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: A04 is good value based on its PB Ratio (0.2x) compared to the SG Machinery industry average (0.6x).


Next Steps

Future Growth

How is ASL Marine Holdings forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

28.4%

Forecasted Capital Goods industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as ASL Marine Holdings has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has ASL Marine Holdings performed over the past 5 years?

-61.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: A04 is currently unprofitable.

Growing Profit Margin: A04 is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: A04 is unprofitable, and losses have increased over the past 5 years at a rate of -61.6% per year.

Accelerating Growth: Unable to compare A04's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: A04 is unprofitable, making it difficult to compare its past year earnings growth to the Machinery industry (6.8%).


Return on Equity

High ROE: A04 has a negative Return on Equity (-92.98%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is ASL Marine Holdings's financial position?


Financial Position Analysis

Short Term Liabilities: A04's short term assets (SGD243.8M) do not cover its short term liabilities (SGD254.2M).

Long Term Liabilities: A04's short term assets (SGD243.8M) do not cover its long term liabilities (SGD338.0M).


Debt to Equity History and Analysis

Debt Level: A04's debt to equity ratio (244.6%) is considered high.

Reducing Debt: A04's debt to equity ratio has increased from 123.5% to 244.6% over the past 5 years.


Balance Sheet

Inventory Level: A04 has a high level of physical assets or inventory.

Debt Coverage by Assets: A04's debt is not covered by short term assets (assets are 0.7x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable A04 has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: A04 is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 47.7% per year.


Next Steps

Dividend

What is ASL Marine Holdings's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

company0%marketbottom25%2.6%markettop25%5.7%industryaverage4.4%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: Unable to evaluate A04's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate A04's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if A04's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if A04's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: A04 is not paying a notable dividend for the SG market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of A04's dividend in 3 years as they are not forecast to pay a notable one for the SG market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

17.1yrs

Average management tenure


CEO

Kok Tian Ang (58yo)

17.1yrs

Tenure

S$473,000

Compensation

Mr. Kok Tian Ang has been the Chairman of the Board ASL Marine Holdings Ltd. since January 2003 and has been its Managing Director since January 2003. Mr. Ang serves as Chief Executive Officer at Asl Marin ...


CEO Compensation Analysis

Compensation vs Market: Kok Tian's total compensation ($USD338.30K) is about average for companies of similar size in the SG market ($USD334.82K).

Compensation vs Earnings: Kok Tian's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Kok Tian Ang
Chairman17.1yrsS$473.00k18.34% SGD5.0m
Ah Nui Ang
Deputy MD & Executive Director19.3yrsS$454.00k14.79% SGD4.0m
Kok Leong Ang
Executive Director17.3yrsS$374.00k11.58% SGD3.1m
Sin Liu Ang
Founder & Advisor0yrsno data10.79% SGD2.9m
Kai Kheng Koh
Group Financial Controller & Company Secretary3.8yrsno datano data

17.1yrs

Average Tenure

56yo

Average Age

Experienced Management: A04's management team is seasoned and experienced (17.1 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Kok Tian Ang
Chairman17.1yrsS$473.00k18.34% SGD5.0m
Ah Nui Ang
Deputy MD & Executive Director19.3yrsS$454.00k14.79% SGD4.0m
Kok Leong Ang
Executive Director17.3yrsS$374.00k11.58% SGD3.1m
Poh Leong Yeap
Non-Executive Independent Director17.1yrsS$66.00k0.056% SGD15.0k
Sek Khee Tan
Non-Executive Independent Director6.1yrsS$66.00kno data
Huay Lim Tan
Lead Independent Director0.5yrsno datano data

17.1yrs

Average Tenure

58yo

Average Age

Experienced Board: A04's board of directors are seasoned and experienced ( 17.1 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

ASL Marine Holdings Ltd.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: ASL Marine Holdings Ltd.
  • Ticker: A04
  • Exchange: SGX
  • Founded: 1974
  • Industry: Construction Machinery and Heavy Trucks
  • Sector: Capital Goods
  • Market Cap: S$27.058m
  • Shares outstanding: 629.27m
  • Website: https://www.aslmarine.com

Location

  • ASL Marine Holdings Ltd.
  • 19 Pandan Road
  • Singapore
  • 609271
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
A04SGX (Singapore Exchange)YesOrdinary SharesSGSGDMar 2003

Biography

ASL Marine Holdings Ltd., an investment holding company, provides marine services in the Asia Pacific, South Asia, Europe, Australia, the United States, the Middle East, and internationally. The company operates through Shipbuilding, Shiprepair and Conversion, Shipchartering, and Engineering segments. It constructs vessels, such as offshore support vessels, dredgers, tugs, barges, and tankers; and provides ship repair and conversion services, including retrofitting and conversion, steel renewal, blasting and painting, electrical and electronic works, and mechanical works for the repair and life extension of various types of vessels. The company also owns, operates, and charters a fleet of vessels consisting of tugs, cargo barges, crane barges, split hopper barges, workboats, grab dredgers, landing crafts, tankers, anchor handling tugs, and anchor handling towing/supply vessels for marine contractors in the marine infrastructure and construction, cargoes and equipment transportation, offshore oil and gas, dredging, and land reclamation industries; and provides transportation services. In addition, it offers dredging engineering products, including cutter suction dredgers, trailing suction hopper dredgers, pumping systems, cutting systems, dredger automations, dragheads, dredge line components, and other components; and market research and public opinion polling services. ASL Marine Holdings Ltd. owns and operates four shipyards in Singapore and Indonesia. As of June 30, 2019, it had a fleet of 252 vessels. The company was founded in 1974 and is headquartered in Singapore. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/27 12:44
End of Day Share Price2020/02/27 00:00
Earnings2019/12/31
Annual Earnings2019/06/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.