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07 Jul 2026
Evolve Capital Advisory recommends ‘BUY’ recommendation of ASL Marine
Evolve Capital Advisory, 晋化资本 has initiated coverage on ASL Marine Holdings Ltd with a BUY recommendation and a target price of S$0.42 per share, representing a potential upside of 33.3% from the initiation price of S$0.315 per share written by Ethan Aw.
In its initiation report, Evolve Capital highlighted ASL Marine's ongoing transformation, underpinned by a deleveraging-led earnings inflection and the Group's successful turnaround over the past few years. The report noted that ASL has significantly strengthened its balance sheet by capitalising on the post-COVID recovery in the offshore and marine sector, while executing a fleet optimisation programme to reduce debt and improve asset utilisation.
The report also pointed to several key growth drivers, including:
• A high-quality ship repair franchise benefiting from an aging regional fleet and recurring dry-docking requirements;
• Expansion of yard capacity through an upcoming floating dock targeted for FY27; and
• Long-term demand from Singapore's large-scale coastal protection, land reclamation, and infrastructure projects.
Notably, Evolve Capital expects ASL Marine's profitability to continue improving, forecasting PATMI to increase from S$14.6 million in FY25 to S$33.1 million in FY26E and S$39.2 million in FY27E, supported by lower finance costs and continued operational execution. The report also highlighted management's ambition to achieve a net cash position by FY28-FY30.