By Heidi Mo UOBKH

ASL Marine has been added to MSCI Singapore Micro Cap Index. Inclusion will take effect at the close of 24 Nov 2025. 

We view this as a positive development, as this inclusion should help enhance the stock’s trading liquidity. 

ASL Marine is one of UOBKH’s top small-/mid-cap picks. We believe the stock is well-positioned to continue narrowing its valuation gap with peers.

Our target price is based on 11.6x FY26F PE. The stock currently trades at 9x FY26F PE, representing a deep 35% discount to the Singapore-listed peers’ average of 13.8x.

https://app2.msci.com/eqb/gimi/stdindex/MSCI_Nov25_MicroPublicList.pdf