ASL Marine - UOB Kay Hian 2025-12-02: 1QFY26 Earnings Beat On Faster-than-expected Turnaround

• ASL Marine (SGX:A04) reported revenue of S$94m (+12% y-o-y) and net profit of S$8m (1QFY25: S$0.5m), forming 24% and 30% of our full-year forecasts respectively.
• The outperformance was driven by stronger ship repair and shipbuilding contributions, improved chartering margins and substantially lower finance costs of S$4m, offsetting the impact of the Oct 25 incident.

Ship chartering: Margin uplift on greater utilisation.

• - Read this at SGinvestors.io -
• With S$82m of new contracts secured in Oct 25, chartering margins are expected to remain in the 10-15% range as utilisation improves throughout FY26.

Ship repair: Core earnings driver remains strong.

• - Read this at SGinvestors.io -
• The upcoming third floating dock, scheduled for completion in early-FY27, provides additional medium-term upside.

Shipbuilding: Orderbook supports FY26.

• Shipbuilding revenue improved y-o-y on higher vessel completions. The orderbook remains anchored by the previously disclosed S$83m (31 vessels) as of end-FY25 for deliveries scheduled up to 3QFY26.

AGM takeaways.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2026-01-13 ASL Marine - From Surviving To Thriving; Repair Driving Next Phase Of Growth.

Price targets by other brokers at ASL Marine Target Prices.

Listing of research reports at ASL Marine Analyst Reports.

Relevant links:
ASL Marine Share Price History,
ASL Marine Announcements,
ASL Marine Dividend Payout Dates & Corporate Actions,
ASL Marine News