ASL Marine - UOB Kay Hian 2026-02-16: Strong 1HFY26 Beat On Repair Momentum; Raise Target Price By 23%

• ASL Marine (SGX:A04) reported 1HFY26 PATMI of S$17.1m (+1,076.1% y-o-y), forming 57% of our full-year forecast and exceeding expectations. Excluding non-cash amortisation of bank loans and bonds, underlying profit rose 64% y-o-y, reflecting operating improvement.

Results above expectations.

• - Read this at SGinvestors.io -
• Finance costs declined sharply by 72.8% y-o-y to S$4m following continued deleveraging.

Interim dividend declared.

• ASL declared an interim dividend of 0.13 cents per share (8% payout), reflecting confidence in sustainable cash flow generation.

Ship repair: Core earnings anchor.

• - Read this at SGinvestors.io -

Ship chartering: Infrastructure support offset fleet rationalisation.

• Ship chartering revenue increased 2.5% y-o-y to S$51.6m, supported by local infrastructure projects. Fleet utilisation improved to 57% (+6ppt h-o-h). This offset lower income from vessels held for sale under ASL Marine’s optimisation strategy.
• As at 31 Dec 25, order book stood at S$107m (+30% q-o-q), providing earnings visibility.

Shipbuilding: Moderating pipeline; higher-value focus.

• 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/.

Previous report by UOB:
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