Mermaid Maritime (DU4) Stock Overview

Operates as a subsea and offshore services company in Thailand, Qatar, Nigeria, India, the United Arab Emirates, the United Kingdom, Angola, Malaysia, Singapore, Mauritius, Vietnam, and Saudi Arabia. More details

DU4 fundamental analysis
Snowflake Score
Valuation	4/6
Future Growth	0/6
Past Performance	4/6
Financial Health	4/6
Dividends	0/6

Rewards

Trading at 96% below our estimate of its fair value

Earnings grew by 92.5% over the past year

Risk Analysis

Large one-off items impacting financial results

DU4 Community Fair Values

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Mermaid Maritime Public Company Limited Competitors

Price History & Performance

Summary of share price highs, lows and changes for Mermaid Maritime
Historical stock prices
Current Share Price	S$0.11
52 Week High	S$0.14
52 Week Low	S$0.091
Beta	0.59
1 Month Change	13.54%
3 Month Change	-9.92%
1 Year Change	-12.10%
3 Year Change	19.78%
5 Year Change	49.32%
Change since IPO	-94.41%

Recent updates

Analysis Article • Nov 20

Mermaid Maritime's (SGX:DU4) Earnings Might Not Be As Promising As They Seem

Mermaid Maritime Public Company Limited ( SGX:DU4 ) posted some decent earnings, but shareholders didn't react...

Analysis Article • Sep 16

Cautious Investors Not Rewarding Mermaid Maritime Public Company Limited's (SGX:DU4) Performance Completely

When you see that almost half of the companies in the Energy Services industry in Singapore have price-to-sales ratios...

Analysis Article • Jun 11

Investors Appear Satisfied With Mermaid Maritime Public Company Limited's (SGX:DU4) Prospects

When close to half the companies in Singapore have price-to-earnings ratios (or "P/E's") below 12x, you may consider...

Analysis Article • Mar 09

Concerns Surrounding Mermaid Maritime's (SGX:DU4) Performance

The stock price didn't jump after Mermaid Maritime Public Company Limited ( SGX:DU4 ) posted decent earnings last week...

Analysis Article • Mar 04

Here's Why Mermaid Maritime (SGX:DU4) Has A Meaningful Debt Burden

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...

Analysis Article • Feb 11

If EPS Growth Is Important To You, Mermaid Maritime (SGX:DU4) Presents An Opportunity

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...

Analysis Article • Nov 18

Mermaid Maritime Public Company Limited's (SGX:DU4) 27% Cheaper Price Remains In Tune With Earnings

Mermaid Maritime Public Company Limited ( SGX:DU4 ) shares have had a horrible month, losing 27% after a relatively...

Analysis Article • Oct 30

Do Mermaid Maritime's (SGX:DU4) Earnings Warrant Your Attention?

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...

Analysis Article • Sep 11

These 4 Measures Indicate That Mermaid Maritime (SGX:DU4) Is Using Debt Reasonably Well

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...

Analysis Article • Sep 11

The Market Doesn't Like What It Sees From Mermaid Maritime Public Company Limited's (SGX:DU4) Earnings Yet As Shares Tumble 27%

To the annoyance of some shareholders, Mermaid Maritime Public Company Limited ( SGX:DU4 ) shares are down a...

Analysis Article • May 28

Earnings Not Telling The Story For Mermaid Maritime Public Company Limited (SGX:DU4) After Shares Rise 26%

Mermaid Maritime Public Company Limited ( SGX:DU4 ) shares have continued their recent momentum with a 26% gain in the...

Analysis Article • May 21

These 4 Measures Indicate That Mermaid Maritime (SGX:DU4) Is Using Debt Reasonably Well

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...

Analysis Article • Apr 01

Many Still Looking Away From Mermaid Maritime Public Company Limited (SGX:DU4)

With a median price-to-sales (or "P/S") ratio of close to 0.9x in the Energy Services industry in Singapore, you could...

Analysis Article • Jan 23

These 4 Measures Indicate That Mermaid Maritime (SGX:DU4) Is Using Debt Extensively

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...

Analysis Article • Aug 18

Mermaid Maritime (SGX:DU4) Takes On Some Risk With Its Use Of Debt

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...

Analysis Article • Jul 25

We Think Mermaid Maritime (SGX:DU4) Has A Fair Chunk Of Debt

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...

Analysis Article • Mar 03

Does Mermaid Maritime (SGX:DU4) Have A Healthy Balance Sheet?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...

Analysis Article • Aug 19

We Think Mermaid Maritime (SGX:DU4) Has A Fair Chunk Of Debt

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...

Analysis Article • Apr 06

Is Mermaid Maritime (SGX:DU4) Using Too Much Debt?

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...

Analysis Article • Feb 12

A Look At Mermaid Maritime's (SGX:DU4) Share Price Returns

It is a pleasure to report that the Mermaid Maritime Public Company Limited ( SGX:DU4 ) is up 33% in the last quarter...

Analysis Article • Dec 21

Mermaid Maritime (SGX:DU4) Is Carrying A Fair Bit Of Debt

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...

Shareholder Returns

	DU4	SG Energy Services	SG Market
7D	-0.9%	5.7%	1.1%
1Y	-12.1%	3.8%	25.4%

Return vs Industry: DU4 underperformed the SG Energy Services industry which returned 3.8% over the past year.

Return vs Market: DU4 underperformed the SG Market which returned 25.4% over the past year.

Price Volatility

Is DU4's price volatile compared to industry and market?
DU4 volatility
DU4 Average Weekly Movement	6.0%
Energy Services Industry Average Movement	7.4%
Market Average Movement	5.3%
10% most volatile stocks in SG Market	11.9%
10% least volatile stocks in SG Market	2.3%

Stable Share Price: DU4 has not had significant price volatility in the past 3 months compared to the SG market.

Volatility Over Time: DU4's weekly volatility (6%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1983	n/a	Chalermchai Mahagitsiri	www.mermaid-group.com/home

Mermaid Maritime Public Company Limited, together with its subsidiaries, operates as a subsea and offshore services company in Thailand, Qatar, Nigeria, India, the United Arab Emirates, the United Kingdom, Angola, Malaysia, Singapore, Mauritius, Vietnam, and Saudi Arabia. It operates through two segments, Subsea Group and Holding. The company offers various subsea services, including inspection, repair and maintenance, infrastructure installation support, remotely operated vehicle support, and cable and flexible pipe laying services.

Mermaid Maritime Public Company Limited Fundamentals Summary

How do Mermaid Maritime's earnings and revenue compare to its market cap?
DU4 fundamental statistics
Market cap	S$206.09m
Earnings (TTM)	S$15.07m
Revenue (TTM)	S$568.45m

13.7x

P/E Ratio

0.4x

P/S Ratio

Is DU4 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
DU4 income statement (TTM)
Revenue	฿14.75b
Cost of Revenue	฿9.75b
Gross Profit	฿5.00b
Other Expenses	฿4.60b
Earnings	฿390.95m

Last Reported Earnings

Mar 31, 2026

Next Earnings Date

n/a

Earnings per share (EPS)	0.21
Gross Margin	33.88%
Net Profit Margin	2.65%
Debt/Equity Ratio	41.3%

How did DU4 perform over the long term?

See historical performance and comparison

Dividends

1.1%

Current Dividend Yield

14%

Payout Ratio

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/07/29 20:34
End of Day Share Price	2026/07/29 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Mermaid Maritime Public Company Limited is covered by 4 analysts. 0 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Meghana Kande	CGS International
Amirah Yusoff	KGI Securities Co. Ltd.
null null	Maybank Research Pte. Ltd.

Mermaid Maritime (DU4) Stock Overview

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Risk Analysis

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Mermaid Maritime Public Company Limited Competitors

Pacific Radiance

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Price History & Performance

Recent News & Updates

First quarter 2026 earnings released: ฿0.045 loss per share (vs ฿0.19 loss in 1Q 2025)

Less than half of directors are independent

Mermaid Maritime Public Company Limited, Annual General Meeting, Apr 24, 2026

Full year 2025 earnings released: EPS: ฿0.13 (vs ฿0.34 in FY 2024)

Mermaid Maritime's (SGX:DU4) Earnings Might Not Be As Promising As They Seem

New major risk - Revenue and earnings growth

Recent updates

First quarter 2026 earnings released: ฿0.045 loss per share (vs ฿0.19 loss in 1Q 2025)

Less than half of directors are independent

Mermaid Maritime Public Company Limited, Annual General Meeting, Apr 24, 2026

Full year 2025 earnings released: EPS: ฿0.13 (vs ฿0.34 in FY 2024)

Mermaid Maritime's (SGX:DU4) Earnings Might Not Be As Promising As They Seem

New major risk - Revenue and earnings growth

Third quarter 2025 earnings released: EPS: ฿0.28 (vs ฿0.027 in 3Q 2024)

Cautious Investors Not Rewarding Mermaid Maritime Public Company Limited's (SGX:DU4) Performance Completely

Second quarter 2025 earnings released: ฿0.18 loss per share (vs ฿0.072 profit in 2Q 2024)

New major risk - Shareholder dilution

Mermaid Maritime Public Company Limited Announces Tay Yu-Jin Steps Down as Independent Director, Chairman of Remuneration Committee, and Member of Nomination Committee, Effective April 30, 2025

Investors Appear Satisfied With Mermaid Maritime Public Company Limited's (SGX:DU4) Prospects

Less than half of directors are independent

First quarter 2025 earnings released: ฿0.19 loss per share (vs ฿0.008 profit in 1Q 2024)

Mermaid Maritime Public Company Limited, Annual General Meeting, Apr 30, 2025

New minor risk - Share price stability

Concerns Surrounding Mermaid Maritime's (SGX:DU4) Performance

New minor risk - Earnings quality

Full year 2024 earnings: EPS and revenues exceed analyst expectations

Here's Why Mermaid Maritime (SGX:DU4) Has A Meaningful Debt Burden

If EPS Growth Is Important To You, Mermaid Maritime (SGX:DU4) Presents An Opportunity

Mermaid Maritime Public Company Limited's (SGX:DU4) 27% Cheaper Price Remains In Tune With Earnings

Third quarter 2024 earnings released: EPS: ฿0.027 (vs ฿0.17 in 3Q 2023)

New minor risk - Profit margin trend

Do Mermaid Maritime's (SGX:DU4) Earnings Warrant Your Attention?

New major risk - Financial position

These 4 Measures Indicate That Mermaid Maritime (SGX:DU4) Is Using Debt Reasonably Well

The Market Doesn't Like What It Sees From Mermaid Maritime Public Company Limited's (SGX:DU4) Earnings Yet As Shares Tumble 27%

Earnings Not Telling The Story For Mermaid Maritime Public Company Limited (SGX:DU4) After Shares Rise 26%

Jan Jozef Skorupa an Independent Director Do Not Seek for Re-Election for Mermaid Maritime Public Company Limited

These 4 Measures Indicate That Mermaid Maritime (SGX:DU4) Is Using Debt Reasonably Well

First quarter 2024 earnings released: EPS: US$0 (vs US$0.003 loss in 1Q 2023)

Mermaid Maritime Public Company Limited Announces Cessation of Jan Jozef Skorupa as Non-Executive and Independent Director, Chairman of Nomination Committee, and Member of Audit Committee and Remuneration Committee, Effective 25 April 2024

Many Still Looking Away From Mermaid Maritime Public Company Limited (SGX:DU4)

Mermaid Maritime Public Company Limited, Annual General Meeting, Apr 25, 2024

These 4 Measures Indicate That Mermaid Maritime (SGX:DU4) Is Using Debt Extensively

Third quarter 2023 earnings released: EPS: US$0.005 (vs US$0.002 in 3Q 2022)

New minor risk - Share price stability

Mermaid Maritime (SGX:DU4) Takes On Some Risk With Its Use Of Debt

Second quarter 2023 earnings released: EPS: ฿0.078 (vs ฿0.055 in 2Q 2022)

First quarter 2023 earnings released: ฿0.012 loss per share (vs ฿0.18 loss in 1Q 2022)

Full year 2022 earnings released: EPS: ฿0.01 (vs ฿0.36 loss in FY 2021)

Third quarter 2022 earnings released: EPS: ฿0.075 (vs ฿0.097 loss in 3Q 2021)

Less than half of directors are independent

Second quarter 2022 earnings released: EPS: US$0.002 (vs US$0.002 loss in 2Q 2021)

We Think Mermaid Maritime (SGX:DU4) Has A Fair Chunk Of Debt

Mermaid Maritime Public Company Limited Announces Cessation of Kanes Supyaboonrod as Company Secretary

Less than half of directors are independent

Full year 2021 earnings: Revenues and EPS in line with analyst expectations

Does Mermaid Maritime (SGX:DU4) Have A Healthy Balance Sheet?

Mermaid Maritime Public Company Limited Announces Management Changes

Third quarter 2021 earnings released: ฿0.097 loss per share (vs ฿1.87 loss in 3Q 2020)

We Think Mermaid Maritime (SGX:DU4) Has A Fair Chunk Of Debt

Non-Executive Director Jitender Verma has left the company

First quarter 2021 earnings released: ฿0.088 loss per share (vs ฿0.22 loss in 1Q 2020)

Is Mermaid Maritime (SGX:DU4) Using Too Much Debt?

Full year 2020 earnings released: ฿2.43 loss per share (vs ฿0.53 loss in FY 2019)

Mermaid Maritime Public Company Limited, Annual General Meeting, Apr 07, 2021

A Look At Mermaid Maritime's (SGX:DU4) Share Price Returns

Mermaid Maritime (SGX:DU4) Is Carrying A Fair Bit Of Debt

Third quarter 2020 earnings released: ฿1.87 loss per share

Seadrill Rig Holding Company Limited completed the acquisition of remaining 33.7% stake in Asia Offshore Drilling Limited from Mermaid Maritime Public Company Limited (SGX:DU4).