Firstly, Mo believes ASL’s repairs segment will drive the shipyard’s next phase of growth. On the micro level, she notes that the ship repairs segment has grown at a compounded annual growth rate (CAGR) of around 3% since 2019, highlighted by a 7% y-o-y increase in 2025 repair yard visits.
UOB Kay Hian analyst Heidi Mo has reiterated her “buy” call on ASL Marine with a higher target price of 35 cents from 33 cents previously.
Mo’s bullishness is underpinned by several reasons, as noted in her research report dated Jan 13.
