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Baker Technology Limited

BTP.SI
23
Oil & Gas Equipment & Services · Energy
Price
S$0.44
+0.00 (+0.00%)
Market Cap
S$89.3M
Exchange
Stock Exchange of Singapore
Winston Score
23
Winston is worried
Weak fundamentals across most pillars.
Data as of Aug 25, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Weak
Growth
Weak
Cash Flow
Weak
Stability
Good
Valuation
Data not available
Dividends
Strong

Winston Score History

The full picture

Baker Technology Limited, a Singapore-based investment holding company founded in 1981, provides specialized marine offshore equipment and a comprehensive suite of services to the global oil and gas, offshore marine, and renewable energy industries. Its operations extend across numerous regions, including Asia Pacific, Africa, the Middle East, the Americas, and Europe. The company's core activities encompass the design, construction, operation, and chartering of mobile offshore units and offshore supply vessels. Additionally, it engineers and manufactures crucial equipment and components such as offshore pedestal cranes, anchor winches, elevating, skidding, and jacking systems, raw water tower structures, and specialized equipment for wind turbine installation and general mechanical handling. Beyond its manufacturing capabilities, Baker Technology offers a range of support services including offshore marine logistics, detailed engineering, and fabrication of steel products and components. The company also provides ship and project management, quality assurance and construction supervision, and essential maintenance and repair services. It was formerly known as Wassall Asia Pacific Limited before adopting its current name in July 2000.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-16.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+49.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

S$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Cash Runway

~6 years

S$103M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

S$103M cash & investments at current burn rate

Revenue declining

Baker Technology Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 202.9M (2021) → 202.9M (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
-9.6%
Thin — -9.6% gross margin
Profit after running costs
Operating Margin
-62.6%
Losing money on operations — -62.6%
Return on the money invested
ROCE
-10.4%
Weak — -10.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
-28.6%
Shrinking sales (-28.6% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
-24.6%
Burning cash (-24.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.03
Conservative — low debt load (0.03)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
3.41%
Moderate income — 3.41% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+118.2%
Dividend growing fast (118.2% YoY)

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