For Lim & Tan’s Nicholas Yon, he forecasts profit to increase to $32.2 million and $35.8 million for FY2026 and FY2027 respectively. The TP is based on an unchanged 2027 forecasted P/E of 9.5 times. He notes a “bull-case scenario” whereby earnings could reach as high as $36 million and $39 million should contract wins and margins increase.
ASL Marine’s higher-than-expected earnings for 1QFY2026 ended Sept 30 have prompted analysts from UOB Kay Hian and Lim & Tan Securities to increase their target prices to 35 cents and 33 cents from 33 cents and 30 cents, respectively. Both brokerages have maintained their “buy” calls.
In light of the company’s strong showing, UOBKH is raising its FY2026 to FY2028 earnings forecasts by 6% to 9%. Based on valuing ASL’s peers at a P/E of 11.6 times FY2026 forecasted earnings, ASL is thus trading at a 25% discount, with its current price hovering around nine times P/E of FY2026 forecasted earnings. With more contract wins and deleveraging on track, UOBKH analyst Heidi Mo believes ASL is undervalued relative to its peers.
