Nam Cheong - DBS Research 2026-04-22: Riding On OSV Wave; Valuation Remains Undemanding

• Nam Cheong (SGX:1MZ) operates a fleet of 39 mid-sized offshore support vessels (OSVs) with an average age of just over eight years. This represents a strong competitive advantage, as peer fleets average 13-15 years of age. The company benefits from strong earnings visibility due to captive demand from Petronas and a strategic shift towards 60%-70% long-term charters.
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Double-digit growth ahead; potential revival of OSV newbuild orders adds tailwind.

• Utilisation in 1H25 was weaker y-o-y due to vessel downtime for preparations related to long-term charters. Utilisation normalises in 2H25 reaching ~70%, vs ~60% in 1H25 and expected to sustain above 70% on average into 2026-2027, supported by relatively stable charter rates amid tight supply.
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First newbuild sale in over a decade.

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Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Previous report by DBS:
2025-11-17 Nam Cheong - Undervalued Gem, Ready To Set Sail.

Price targets by other brokers at Nam Cheong Target Prices.

Listing of research reports at Nam Cheong Analyst Reports.

Relevant links:
Nam Cheong Share Price History,
Nam Cheong Announcements,
Nam Cheong Dividend Payout Dates & Corporate Actions,
Nam Cheong News