Nam Cheong's Fleet Expansion, Higher Utilization May Drive Earnings -- Market Talk

Dow Jones

02/02

0652 GMT - Nam Cheong's earnings visibility is poised to be driven by fleet expansion and higher fleet utilization, CGS International analysts say in a research report. The Singapore-listed offshore marine group is building six vessels that will bring total vessel count to 42 by end-2026, which could add more annual revenue, the analyst says. There's also room for the company's fleet utilization to increase to 68% in 2026 and 70% in 2027 from 65% in 2025 as vessels that progressively commenced long-term contracts in 2025 see higher activity. The brokerage initiates coverage of the stock with an add rating and a target price of S$1.87. Shares are 5.0% higher at S$1.25. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

February 02, 2026 01:52 ET (06:52 GMT)

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