---
title: "Stock Analysis: ASL Marine | Lianhe Zaobao"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/270978734.md"
description: "ASL Marine Holdings recommends a buy with a target price of SGD 0.35, closing price at SGD 0.26 (-1.92%). In the first quarter of the fiscal year 2026, revenue was SGD 94 million, and net profit was SGD 8 million, exceeding expectations, mainly due to improvements in ship maintenance, shipbuilding, and chartering businesses. The company secured SGD 82 million in new contracts and expects the gross margin for the chartering business to remain between 10% and 15%. Management will focus more on ship maintenance and leasing businesses and stated that recent ship sales are part of a deleveraging plan. Net profit forecasts have been raised by 6% to 9%, maintaining a \"buy\" rating"
datetime: "2025-12-29T09:58:40.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/270978734.md)
  - [en](https://longbridge.com/en/news/270978734.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/270978734.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/270978734.md) | [English](https://longbridge.com/en/news/270978734.md)


# Stock Analysis: ASL Marine | Lianhe Zaobao

### ASL Marine Holdings

-   Recommendation: Buy
-   Target Price: 0.35 SGD
-   Closing Price: 0.26 SGD (-1.92%)

ASL Marine's revenue for the first quarter of the fiscal year 2026 was SGD 94 million, with a net profit of SGD 8 million, accounting for 24% and 30% of our full-year forecasts, respectively.

The first-quarter performance exceeded expectations, thanks to enhanced contributions from ship repair and shipbuilding businesses, as well as improved margins in the chartering business.

With the company securing a new contract worth SGD 82 million at the end of October, we expect the gross margin for the chartering business in the fiscal year 2026 to remain between 10% and 15%.

#### Further Reading

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The company's management has reiterated that, compared to shipbuilding, they will focus more on ship repair and leasing businesses in the future, as these two segments can provide more sustainable revenue. Management also mentioned that the recent sale of vessels is part of a deleveraging plan.

Considering the better-than-expected first-quarter performance and the potential for more orders in the future, we have raised our net profit forecasts for ASL Marine for the fiscal years 2026 to 2028 by 6% to 9%.

Maintaining a "Buy" rating, with the target price raised to 0.35 SGD. (UOB Kay Hian)

### 相關股票

- [ASL Marine (A04.SG)](https://longbridge.com/zh-HK/quote/A04.SG.md)

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