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ASL Marine Holdings

SGX:A04
Snowflake Description

Mediocre balance sheet and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
A04
SGX
SGD36M
Market Cap
  1. Home
  2. SG
  3. Capital Goods
Company description

ASL Marine Holdings Ltd., an investment holding company, provides marine services primarily in the Asia Pacific, South Asia, Europe, Australia, and the Middle East. The last earnings update was 8 days ago. More info.


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A04 Share Price and Events
7 Day Returns
3.6%
SGX:A04
-2.8%
SG Machinery
-0.8%
SG Market
1 Year Returns
-31%
SGX:A04
-4.6%
SG Machinery
-8.2%
SG Market
A04 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
ASL Marine Holdings (A04) 3.6% 5.5% - -31% -74.8% -91.2%
SG Machinery -2.8% -10.5% -5.6% -4.6% 12.2% -37.3%
SG Market -0.8% -4.5% -2.8% -8.2% 9.4% -7.7%
1 Year Return vs Industry and Market
  • A04 underperformed the Machinery industry which returned -4.6% over the past year.
  • A04 underperformed the Market in Singapore which returned -8.2% over the past year.
Price Volatility
A04
Industry
5yr Volatility vs Market

Value

 Is ASL Marine Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of ASL Marine Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for ASL Marine Holdings.

SGX:A04 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 14.2%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SGX:A04
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
Machinery Unlevered Beta Simply Wall St/ S&P Global 1.05
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.051 (1 + (1- 17%) (1202.37%))
8.064
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (2 * 5.96%)
14.22%

Discounted Cash Flow Calculation for SGX:A04 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for ASL Marine Holdings is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SGX:A04 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 14.22%)
2019 9.14 Est @ -45.21% 8.00
2020 6.31 Est @ -30.96% 4.84
2021 4.99 Est @ -20.98% 3.35
2022 4.29 Est @ -13.99% 2.52
2023 3.90 Est @ -9.1% 2.01
2024 3.68 Est @ -5.68% 1.66
2025 3.56 Est @ -3.29% 1.40
2026 3.50 Est @ -1.61% 1.21
2027 3.48 Est @ -0.44% 1.05
2028 3.50 Est @ 0.39% 0.93
Present value of next 10 years cash flows SGD26.96
SGX:A04 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD3.50 × (1 + 2.3%) ÷ (14.22% – 2.3%)
SGD30.02
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD30.02 ÷ (1 + 14.22%)10
SGD7.94
SGX:A04 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD26.96 + SGD7.94
SGD34.90
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD34.90 / 629.27
SGD0.06
SGX:A04 Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD0.06
Current discount Discount to share price of SGD0.06
= -1 x (SGD0.06 - SGD0.06) / SGD0.06
-4.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of ASL Marine Holdings is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for ASL Marine Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are ASL Marine Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:A04 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in SGD SGD-0.12
SGX:A04 Share Price ** SGX (2019-05-21) in SGD SGD0.06
Singapore Machinery Industry PE Ratio Median Figure of 13 Publicly-Listed Machinery Companies 8.06x
Singapore Market PE Ratio Median Figure of 322 Publicly-Listed Companies 12.37x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of ASL Marine Holdings.

SGX:A04 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:A04 Share Price ÷ EPS (both in SGD)

= 0.06 ÷ -0.12

-0.49x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ASL Marine Holdings is loss making, we can't compare its value to the SG Machinery industry average.
  • ASL Marine Holdings is loss making, we can't compare the value of its earnings to the Singapore market.
Price based on expected Growth
Does ASL Marine Holdings's expected growth come at a high price?
Raw Data
SGX:A04 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -0.49x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Singapore Machinery Industry PEG Ratio Median Figure of 5 Publicly-Listed Machinery Companies 0.3x
Singapore Market PEG Ratio Median Figure of 120 Publicly-Listed Companies 1.55x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for ASL Marine Holdings, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on ASL Marine Holdings's assets?
Raw Data
SGX:A04 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in SGD SGD0.45
SGX:A04 Share Price * SGX (2019-05-21) in SGD SGD0.06
Singapore Machinery Industry PB Ratio Median Figure of 20 Publicly-Listed Machinery Companies 0.8x
Singapore Market PB Ratio Median Figure of 432 Publicly-Listed Companies 0.72x
SGX:A04 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:A04 Share Price ÷ Book Value per Share (both in SGD)

= 0.06 ÷ 0.45

0.13x

* Primary Listing of ASL Marine Holdings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ASL Marine Holdings is good value based on assets compared to the SG Machinery industry average.
X
Value checks
We assess ASL Marine Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Machinery industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Machinery industry average (and greater than 0)? (1 check)
  5. ASL Marine Holdings has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

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

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 Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
16.1%
Expected Machinery industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is ASL Marine Holdings expected to grow at an attractive rate?
  • Unable to compare ASL Marine Holdings's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare ASL Marine Holdings's earnings growth to the Singapore market average as no estimate data is available.
  • Unable to compare ASL Marine Holdings's revenue growth to the Singapore market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
SGX:A04 Future Growth Rates Data Sources
Data Point Source Value (per year)
Singapore Machinery Industry Earnings Growth Rate Market Cap Weighted Average 16.1%
Singapore Machinery Industry Revenue Growth Rate Market Cap Weighted Average 0.9%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.7%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SGX:A04 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:A04 Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
SGX:A04 Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2019-03-31 352 53 -78
2018-12-31 328 67 -74
2018-09-30 291 73 -71
2018-06-30 280 87 -70
2018-03-31 256 99 -79
2017-12-31 275 55 -87
2017-09-30 300 67 -80
2017-06-30 342 86 -72
2017-03-31 363 136 -16
2016-12-31 369 155 -3
2016-09-30 385 96 -2
2016-06-30 364 6 2

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if ASL Marine Holdings is high growth as no earnings estimate data is available.
  • Unable to determine if ASL Marine Holdings is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:A04 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from ASL Marine Holdings Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:A04 Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
SGX:A04 Past Financials Data
Date (Data in SGD Millions) EPS *
2019-03-31
2018-12-31 -0.12
2018-09-30 -0.11
2018-06-30 -0.11
2018-03-31 -0.13
2017-12-31 -0.14
2017-09-30 -0.14
2017-06-30 -0.13
2017-03-31 -0.03
2016-12-31 -0.01
2016-09-30 0.00
2016-06-30 0.00

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if ASL Marine Holdings will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Take a look at our analysis of A04’s management and see if the CEO’s compensation is within a reasonable range, who is on the board and if insiders have been trading lately.
  2. ASL Marine Holdings's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Capital Goods companies here
  3. ASL Marine Holdings's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess ASL Marine Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
ASL Marine Holdings has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare ASL Marine Holdings's growth in the last year to its industry (Machinery).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • ASL Marine Holdings does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare ASL Marine Holdings's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare ASL Marine Holdings's 1-year growth to the SG Machinery industry average as it is not currently profitable.
Earnings and Revenue History
ASL Marine Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from ASL Marine Holdings Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:A04 Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 351.69 -77.64 24.00
2018-12-31 327.98 -74.31 21.96
2018-09-30 291.48 -70.59 20.68
2018-06-30 280.46 -69.89 20.85
2018-03-31 256.10 -79.12 21.89
2017-12-31 275.07 -86.73 22.68
2017-09-30 300.17 -80.42 23.10
2017-06-30 342.26 -71.66 23.60
2017-03-31 363.21 -15.60 23.04
2016-12-31 369.16 -2.60 23.49
2016-09-30 385.18 -1.66 23.70
2016-06-30 364.44 1.99 23.37
2016-03-31 339.03 9.81 22.07
2015-12-31 312.35 10.47 22.36
2015-09-30 191.58 10.17 24.97
2015-06-30 184.16 7.93 25.61
2015-03-31 137.08 2.32 30.73
2014-12-31 218.50 6.54 30.63
2014-09-30 430.03 12.33 31.20
2014-06-30 509.80 22.12 32.54
2014-03-31 633.04 40.67 29.80
2013-12-31 632.23 44.14 32.02
2013-09-30 524.77 47.44 26.85
2013-06-30 465.44 44.47 22.51
2013-03-31 432.95 38.35 17.36
2012-12-31 402.71 36.68 11.17
2012-09-30 397.09 33.66 10.29
2012-06-30 391.22 32.33 10.10

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if ASL Marine Holdings has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if ASL Marine Holdings has efficiently used its assets last year compared to the SG Machinery industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if ASL Marine Holdings improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess ASL Marine Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Machinery industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
ASL Marine Holdings has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is ASL Marine Holdings's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up ASL Marine Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • ASL Marine Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • ASL Marine Holdings's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of ASL Marine Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from ASL Marine Holdings Company Filings, last reported 1 month ago.

SGX:A04 Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 278.49 438.83 24.92
2018-12-31 286.36 467.25 23.46
2018-09-30 295.88 490.31 25.52
2018-06-30 305.69 502.11 30.76
2018-03-31 357.08 519.99 51.30
2017-12-31 362.59 537.47 48.45
2017-09-30 370.10 550.09 44.26
2017-06-30 378.78 549.50 36.77
2017-03-31 442.08 561.19 46.83
2016-12-31 455.90 544.59 40.93
2016-09-30 425.50 566.72 36.89
2016-06-30 424.41 593.08 25.72
2016-03-31 431.45 628.10 28.19
2015-12-31 432.28 651.76 46.70
2015-09-30 430.65 595.81 51.24
2015-06-30 425.31 544.36 78.50
2015-03-31 425.86 550.25 67.74
2014-12-31 421.05 543.86 66.89
2014-09-30 420.98 500.90 55.94
2014-06-30 416.51 545.81 73.54
2014-03-31 420.94 494.26 42.79
2013-12-31 415.34 463.17 66.48
2013-09-30 416.73 484.13 77.68
2013-06-30 404.67 470.10 93.86
2013-03-31 391.74 519.50 163.65
2012-12-31 382.64 369.97 63.86
2012-09-30 377.88 321.62 124.43
2012-06-30 363.39 286.11 91.87
  • ASL Marine Holdings's level of debt (157.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (117.6% vs 157.6% today).
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.

  • Whilst loss making ASL Marine Holdings has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making ASL Marine Holdings has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by -60.2% per year.
X
Financial health checks
We assess ASL Marine Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. ASL Marine Holdings has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from ASL Marine Holdings dividends.
If you bought SGD2,000 of ASL Marine Holdings shares you are expected to receive SGD0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate ASL Marine Holdings's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate ASL Marine Holdings's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SGX:A04 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Singapore Machinery Industry Average Dividend Yield Market Cap Weighted Average of 11 Stocks 3.6%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 276 Stocks 4%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.6%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.6%
Singapore Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:A04 Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
SGX:A04 Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2017-05-15 0.000 0.000
2017-02-14 0.000 0.000
2016-11-28 0.000 0.000
2016-11-11 0.000 0.000
2016-08-29 0.000 0.000
2015-10-12 0.004 1.462
2015-08-27 0.004 1.084
2014-09-03 0.010 2.160
2013-10-03 0.020 2.947
2012-10-25 0.018 2.612
2011-08-19 0.015 2.665
2010-10-25 0.021 3.378
2009-10-01 0.029 4.407

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as ASL Marine Holdings has not reported any payouts.
  • Unable to verify if ASL Marine Holdings's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of ASL Marine Holdings's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as ASL Marine Holdings has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess ASL Marine Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can ASL Marine Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. ASL Marine Holdings has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of ASL Marine Holdings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Kok Tian Ang
COMPENSATION SGD544,000
AGE 57
TENURE AS CEO 16.3 years
CEO Bio

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 Marine Holdings Ltd. He has been an Operational Director at PT Capitol Nusantara Indonesia Tbk since 2013. Mr. Ang is in-charge of Asl Marine Holdings Ltd. Group's business strategies and direction, corporate plans and policies as well as the general management of the Group. In particular, he is in charge of shipbuilding and shiprepair division and is responsible for all aspects of the shipyard’s operations, including estimations, negotiations and contract finalisation. He has been an Executive Director at ASL Marine Holdings Ltd since October 4, 2000. Mr. Ang has been with ASL Marine Holdings for more than 15 years and has extensive knowledge and experience in the industry and is instrumental in developing the shipbuilding, ship repairs and ship chartering business of Asl Marine Holdings Ltd. Group. He began his career at Ang Sin Liu Hardware, handling administration, purchasing and marketing. He serves as a Director at PT Capitol Nusantara Indonesia Tbk. Mr. Ang graduated from the National University of Singapore in 1986 where he received his Bachelor’s Degree in Science.

CEO Compensation
  • Kok Tian's compensation has increased whilst company is loss making.
  • Kok Tian's remuneration is higher than average for companies of similar size in Singapore.
Management Team Tenure

Average tenure and age of the ASL Marine Holdings management team in years:

16.3
Average Tenure
55
Average Age
  • The average tenure for the ASL Marine Holdings management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Kok Tian Ang

TITLE
Chairman
COMPENSATION
SGD544K
AGE
57
TENURE
16.3 yrs

Ah Nui Ang

TITLE
Deputy MD & Executive Director
COMPENSATION
SGD534K
AGE
55
TENURE
16.3 yrs

Kok Leong Ang

TITLE
Executive Director
COMPENSATION
SGD428K
AGE
50

Sin Liu Ang

TITLE
Founder & Advisor
AGE
83

Irene Koh

TITLE
Group Financial Controller & Company Secretary
AGE
43
TENURE
3 yrs
Board of Directors Tenure

Average tenure and age of the ASL Marine Holdings board of directors in years:

16.3
Average Tenure
57
Average Age
  • The average tenure for the ASL Marine Holdings board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Kok Tian Ang

TITLE
Chairman
COMPENSATION
SGD544K
AGE
57
TENURE
16.3 yrs

Ah Nui Ang

TITLE
Deputy MD & Executive Director
COMPENSATION
SGD534K
AGE
55
TENURE
18.6 yrs

Kok Leong Ang

TITLE
Executive Director
COMPENSATION
SGD428K
AGE
50
TENURE
16.6 yrs

Andre Yeap

TITLE
Non-Executive Independent Director
COMPENSATION
SGD66K
AGE
57
TENURE
16.3 yrs

Christopher Chong

TITLE
Lead Independent Director
COMPENSATION
SGD82K
AGE
60
TENURE
5.1 yrs

Sek Khee Tan

TITLE
Non-Executive Independent Director
COMPENSATION
SGD66K
AGE
63
TENURE
5.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
X
Management checks
We assess ASL Marine Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. ASL Marine Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Calculating The Intrinsic Value Of ASL Marine Holdings Ltd. (SGX:A04)

Using the most recent financial data, we'll take a look at whether the stock is fairly priced by taking the expected future cash flows and discounting them to today's value. … Generally we assume that a dollar today is more valuable than a dollar in the future, so we need to discount the sum of these future cash flows to arrive at a present value estimate: 10-year free cash flow (FCF) forecast 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (SGD, Millions) SGD14.43 SGD9.29 SGD7.04 SGD5.89 SGD5.26 SGD4.91 SGD4.71 SGD4.60 SGD4.57 SGD4.57 Growth Rate Estimate Source Est @ -51.86% Est @ -35.61% Est @ -24.24% Est @ -16.28% Est @ -10.7% Est @ -6.8% Est @ -4.07% Est @ -2.16% Est @ -0.82% Est @ 0.12% Present Value (SGD, Millions) Discounted @ 14.22% SGD12.63 SGD7.12 SGD4.72 SGD3.46 SGD2.71 SGD2.21 SGD1.85 SGD1.59 SGD1.38 SGD1.21 Present Value of 10-year Cash Flow (PVCF)= SGD38.89m "Est" = FCF growth rate estimated by Simply Wall St After calculating the present value of future cash flows in the intial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = S$4.6m × (1 + 2.3%) ÷ (14.2% – 2.3%) = S$39m Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = SGDS$39m ÷ ( 1 + 14.2%)10 = SGD10.38m The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is SGD49.27m.

Simply Wall St -

How Much Did ASL Marine Holdings Ltd.'s (SGX:A04) CEO Pocket Last Year?

Kok Tian Ang has been the CEO of ASL Marine Holdings Ltd. … This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does Kok Tian Ang's Compensation Compare With Similar Sized Companies?

Simply Wall St -

What Percentage Of ASL Marine Holdings Ltd (SGX:A04) Shares Do Insiders Own?

If you want to know who really controls ASL Marine Holdings Ltd (SGX:A04), then you'll have to look at the makeup of its share registry. … Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … ASL Marine Holdings is a smaller company with a market capitalization of S$42m, so it may still be flying under the radar of many institutional investors.

Simply Wall St -

Who Owns Most Of ASL Marine Holdings Ltd (SGX:A04)?

In this article, I'm going to take a look at ASL Marine Holdings Ltd’s (SGX:A04) latest ownership structure, a non-fundamental factor which is important, but remains a less discussed subject among investors. … The impact of a company's ownership structure affects both its short- and long-term performance. … Check out our latest analysis for ASL Marine Holdings

Simply Wall St -

How Much Did ASL Marine Holdings Ltd's (SGX:A04) CEO Pocket Last Year?

Profitability of a company is a strong indication of A04's ability to generate returns on shareholders' funds through corporate activities. … In the situation of negative earnings, the company may be incurring a period of reinvestment and growth, or it can be a sign of some headwind. … Typically I would look at market cap and earnings as a proxy for performance, however, A04's negative earnings reduces the effectiveness of this method.

Simply Wall St -

Should You Be Concerned About ASL Marine Holdings Ltd's (SGX:A04) Shareholders?

This size of ownership gives retail investors collective power in deciding on major policy decisions such as executive compensation, appointment of directors and acquisitions of businesses. … This level of ownership gives retail investors the power to sway key policy decisions such as board composition, executive compensation, and potential acquisitions. … Thus, investors not need worry too much about the consequences of these holdings.Next Steps: Institutional ownership level and composition in A04 is not high nor active enough to significantly impact its investment thesis.

Simply Wall St -

How Does ASL Marine Holdings Ltd (SGX:A04) Affect Your Portfolio Returns?

Any stock with a beta of greater than one is considered more volatile than the market, and those with a beta less than one is generally less volatile. … Based on this beta value, A04 appears to be a stock that an investor with a high-beta portfolio would look for to reduce risk exposure to the market. … A market capitalisation of S$56.63M puts A04 in the category of small-cap stocks, which tends to possess higher beta than larger companies.

Simply Wall St -

Is ASL Marine Holdings Ltd's (SGX:A04) Balance Sheet Strong Enough To Weather A Storm?

Additionally, A04 has generated cash from operations of S$85.92M in the last twelve months, resulting in an operating cash to total debt ratio of 15.64%, indicating that A04’s debt is not appropriately covered by operating cash. … Maintaining a high level of debt, while revenues are still below costs, can be dangerous as liquidity tends to dry up in unexpected downturns.Next Steps: A04’s debt and cash flow levels indicate room for improvement. … Its cash flow coverage of less than a quarter of debt means that operating efficiency could be an issue.

Simply Wall St -

Is ASL Marine Holdings Ltd (SGX:A04) Overpaying Its CEO?

Check out our latest analysis for ASL Marine Holdings What has A04's performance been like? … Normally I would look at market cap and earnings as a proxy for performance, however, A04's negative earnings lower the effectiveness of this method. … the board of directors) how they think about the CEO's incentive alignment with shareholders and how they balance this with retention and reward.

Simply Wall St -

Have Investors Already Priced In Capital Goods Growth For ASL Marine Holdings Ltd (SGX:A04)?

ASL Marine Holdings Ltd (SGX:A04), a SGD$72.37M small-cap, operates in the machinery manufacturing industry which follows trends in industrialization and industry base expansion. … See our latest analysis for ASL Marine Holdings What’s the catalyst for ASL Marine Holdings's sector growth? … If your initial investment thesis is around the growth prospects of ASL Marine Holdings, there are other machinery companies that have delivered higher growth, and perhaps trading at a discount to the industry average.

Simply Wall St -

Company Info

Description

ASL Marine Holdings Ltd., an investment holding company, provides marine services primarily in the Asia Pacific, South Asia, Europe, Australia, and the Middle East. 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 towing 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 transportation, offshore oil and gas, dredging, and land reclamation industries; and provides transportation services. In addition, it offers dredging engineering products and services, including cutter suction dredgers, trailing hopper suction dredgers, pumping systems, cutting systems, dredger automations, dragheads, dredge line components, and other components. ASL Marine Holdings Ltd. owns and operates five shipyards comprising in Singapore, Indonesia, and the People’s Republic of China. As of June 30, 2018, it had a fleet of 248 vessels. The company was founded in 1974 and is headquartered in Singapore.

Details
Name: ASL Marine Holdings Ltd.
A04
Exchange: SGX
Founded: 1974
SGD36,497,482
629,266,941
Website: http://www.aslmarine.com
Address: ASL Marine Holdings Ltd.
19 Pandan Road,
Singapore,
609271,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX A04 Ordinary Shares Singapore Exchange SG SGD 17. Mar 2003
Number of employees
Current staff
Staff numbers
0
ASL Marine Holdings employees.
Industry
Construction Machinery and Heavy Trucks
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 12:35
End of day share price update: 2019/05/21 00:00
Last estimates confirmation: 2017/08/29
Last earnings filing: 2019/05/15
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.