{"id":93076,"date":"2026-08-05T08:00:08","date_gmt":"2026-08-05T00:00:08","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=93076"},"modified":"2026-08-17T23:21:45","modified_gmt":"2026-08-17T15:21:45","slug":"company-report-all-link-air-sea-limited-alk-sp-alk-si","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/company-report-all-link-air-sea-limited-alk-sp-alk-si\/","title":{"rendered":"Company Report: ALL-LINK AIR &#038; SEA LIMITED (ALK SP \/ ALK.SI)"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"93076\" class=\"elementor elementor-93076\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-31b87139 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"31b87139\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5ea0fa5e\" data-id=\"5ea0fa5e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cd30da7 elementor-widget elementor-widget-heading\" data-id=\"cd30da7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">COMPANY REPORT<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5fa20e87 elementor-widget elementor-widget-heading\" data-id=\"5fa20e87\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"top\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Company Report: ALL-LINK AIR &#038; SEA LIMITED (ALK SP \/ ALK.SI)<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b1e1591 elementor-widget elementor-widget-text-editor\" data-id=\"b1e1591\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 13px; font-weight: 600; background: #e8f4ff; padding: 12px 18px; border-radius: 0px; margin-top: 16px;\"><span style=\"color: #15a4ff;\"><a href=\"#about\">ABOUT COMPANY<\/a><\/span> \u00a0|\u00a0 <span style=\"color: #15a4ff;\"><a href=\"#highlights\">INVESTMENT HIGHLIGHTS<\/a><\/span> \u00a0|\u00a0 <span style=\"color: #15a4ff;\"><a href=\"#valuationrisks\">VALUATION &amp; ACTION<\/a><\/span> \u00a0|\u00a0 <span style=\"color: #15a4ff;\"><a href=\"#valuationrisks\">RISKS<\/a><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c02850d e-flex e-con-boxed e-con e-parent\" data-id=\"c02850d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-43f5970 elementor-widget elementor-widget-heading\" data-id=\"43f5970\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Publication Date:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a314826 elementor-widget elementor-widget-text-editor\" data-id=\"a314826\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t05 Aug 2026\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-898340e e-flex e-con-boxed e-con e-parent\" data-id=\"898340e\" data-element_type=\"container\" data-e-type=\"container\" id=\"about\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-18cf3230 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"18cf3230\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ef3b89a elementor-widget__width-inherit elementor-widget elementor-widget-heading\" data-id=\"ef3b89a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">OUTPERFORM<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a0254c7 elementor-widget elementor-widget-text-editor\" data-id=\"4a0254c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 20px 24px 0;\"><p style=\"font-family: Montserrat; font-weight: 600; letter-spacing: 2px; text-transform: uppercase; margin: 0px 0px 8px; font-size: 13px; color: #9b9b9b;\">ALK SP \/ ALK.SI<\/p><h3 style=\"font-family: Montserrat; font-size: 25px; font-weight: 600; color: #0d2a5e; margin: 0 0 14px;\">ALL-LINK AIR &amp; SEA LIMITED\u00a0<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-49b1edaa e-con-full e-flex e-con e-child\" data-id=\"49b1edaa\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-73ff9bf1 e-con-full e-flex e-con e-child\" data-id=\"73ff9bf1\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3e25570d elementor-widget elementor-widget-text-editor\" data-id=\"3e25570d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 16px; font-weight: 500; font-style: italic; color: #0d2a5e; line-height: 1.6; margin: 0;\">From Referrals to Regional Scale<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5449b885 elementor-widget elementor-widget-text-editor\" data-id=\"5449b885\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 0 24px;\"><span style=\"color: #9b9b9b; font-family: Montserrat; font-size: 13px; font-weight: 600; letter-spacing: 2px; text-transform: uppercase;\">INDUSTRY<\/span><\/div><div style=\"padding: 16px 24px 0;\"><p style=\"font-family: Montserrat; font-size: 17px; font-weight: 500; color: #0d2a5e; margin: 0;\">Logistics<\/p><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1f9a0d09 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"1f9a0d09\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7dc370dd e-con-full e-flex e-con e-child\" data-id=\"7dc370dd\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-20d35ca1 e-con-full e-flex e-con e-child\" data-id=\"20d35ca1\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-620828c elementor-widget elementor-widget-heading\" data-id=\"620828c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">IPO PRICE (S$)<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e062c42 elementor-widget elementor-widget-counter\" data-id=\"e062c42\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-counter\">\n\t\t\t\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\">$<\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"0.53\" data-from-value=\"0\" data-delimiter=\",\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\"><\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-80ed373 e-con-full e-flex e-con e-child\" data-id=\"80ed373\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-458ef133 elementor-widget elementor-widget-heading\" data-id=\"458ef133\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">12M TARGET PRICE (S$)<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c9c11d2 elementor-widget elementor-widget-counter\" data-id=\"c9c11d2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-counter\">\n\t\t\t\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\">$<\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"0.82\" data-from-value=\"0\" data-delimiter=\",\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\"><\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-54b16a2b e-con-full e-flex e-con e-child\" data-id=\"54b16a2b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-134c63e1 elementor-widget elementor-widget-heading\" data-id=\"134c63e1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">UPSIDE \/ (DOWNSIDE) (%)<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e5da3ec elementor-widget elementor-widget-counter\" data-id=\"e5da3ec\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-counter\">\n\t\t\t\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\">+<\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"55.1\" data-from-value=\"0\" data-delimiter=\",\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\">%<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3a53bd64 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3a53bd64\" data-element_type=\"section\" data-e-type=\"section\" id=\"highlights\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-59349e5d\" data-id=\"59349e5d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1a99f18f elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"1a99f18f\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Investment Highlights<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-38964eee e-flex e-con-boxed e-con e-parent\" data-id=\"38964eee\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-3997ec42 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"3997ec42\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInLeft&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-7d9da287 e-con-full e-flex e-con e-child\" data-id=\"7d9da287\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f97e400 elementor-widget elementor-widget-heading\" data-id=\"f97e400\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">INVESTMENT HIGHLIGHT #1<\/h6>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2256cc6 e-con-full e-flex e-con e-child\" data-id=\"2256cc6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-41b337de elementor-widget elementor-widget-heading\" data-id=\"41b337de\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Scaled exposure to Asian air-freight corridors. <\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-306b0e0 elementor-widget elementor-widget-text-editor\" data-id=\"306b0e0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 14px; color: #fffff; line-height: 1.7; margin: 0;\">All-Link Air &amp; Sea Limited provides freight-forwarding and logistics services primarily for cross-border e-commerce, electronics and other time-sensitive cargo, with a focus on routes connecting China, ASEAN and the United States. Revenue increased from US$4.8mn in FY23 to US$74.1mn in FY25 following the onboarding of the TikTok Group1 and additional customers in the Philippines and Malaysia. The Group currently operates through Singapore, Malaysia and the Philippines, while Vietnam and Thailand represent potential expansion markets.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-76efbdef e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"76efbdef\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeIn&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-2752bb9 e-con-full e-flex e-con e-child\" data-id=\"2752bb9\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1aa04812 elementor-widget elementor-widget-heading\" data-id=\"1aa04812\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">INVESTMENT HIGHLIGHT #2<\/h6>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8e4595c e-con-full e-flex e-con e-child\" data-id=\"8e4595c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-02bc3ff elementor-widget elementor-widget-heading\" data-id=\"02bc3ff\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Asset-light operations support scalability.<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3b07a8a9 elementor-widget elementor-widget-text-editor\" data-id=\"3b07a8a9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 14px; color: #ffffff; line-height: 1.7; margin: 0;\">The Group owns no aircraft, vessels, warehouses or road-transport fleet. It procures space from airlines, general sales agents, co-loaders and other freight-forwarding partners and earns the spread between freight charges billed to customers and the cost of purchased capacity. The model limits fixed-asset requirements and allows capacity to be adjusted with customer demand. Nevertheless, changes in carrier and fuel costs may not always be passed through immediately because of customer negotiations, competition and timing differences.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2d6ed505 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"2d6ed505\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInRight&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-1ea6f91b e-con-full e-flex e-con e-child\" data-id=\"1ea6f91b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2eb43ec5 elementor-widget elementor-widget-heading\" data-id=\"2eb43ec5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">INVESTMENT HIGHLIGHT #3<\/h6>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-63967fd e-con-full e-flex e-con e-child\" data-id=\"63967fd\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3d50719 elementor-widget elementor-widget-heading\" data-id=\"3d50719\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Diversification and earnings quality remain the central tests.<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6add1f6f elementor-widget elementor-widget-text-editor\" data-id=\"6add1f6f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 14px; color: #ffffff; line-height: 1.7; margin: 0;\">\u00a0The two largest customers accounted for approximately 79% of FY25 revenue, the top five customers accounted for 89.9%, and customers referred by All-Link PRC contributed 90.4%. FY25 revenue increased by 3.6%, but gross profit declined by 15.4% and profit attributable to shareholders declined by approximately 25%. A sustained re-rating will require evidence of direct customer acquisition, more balanced customer contributions, stable gross margins and improved operating cash conversion.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7cf2d13 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7cf2d13\" data-element_type=\"section\" data-e-type=\"section\" id=\"valuationrisks\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-682abb32\" data-id=\"682abb32\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4316a0ca elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"4316a0ca\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Valuation and Risks<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-055145c e-flex e-con-boxed e-con e-parent\" data-id=\"055145c\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-219843c e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"219843c\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInLeft&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-fb4f808 e-con-full e-flex e-con e-child\" data-id=\"fb4f808\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b7751d9 elementor-widget elementor-widget-heading\" data-id=\"b7751d9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">VALUATION &amp; ACTION<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fe794a6 elementor-widget elementor-widget-heading\" data-id=\"fe794a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Outperform Valuation<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-76538a2 elementor-widget elementor-widget-text-editor\" data-id=\"76538a2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>We initiate coverage on ALL-LINK AIR &amp; SEA LIMITED with an <strong>OUTPERFORM<\/strong> rating and a 12-month target price of <strong>S$0.82<\/strong>, based on our DCF valuation (11% WACC and 2% terminal growth). Our target price implies upside of 55.1% from current levels.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-4c0243c e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"4c0243c\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInRight&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-25a4088 e-con-full e-flex e-con e-child\" data-id=\"25a4088\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b968412 elementor-widget elementor-widget-heading\" data-id=\"b968412\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">RISKS<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d8c21e7 elementor-widget elementor-widget-heading\" data-id=\"d8c21e7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Risks<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b62b0a3 elementor-widget elementor-widget-text-editor\" data-id=\"b62b0a3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Key downside risks include (i) customer and referral concentration; (ii) non-exclusive and volume-uncommitted contracts; (iii) trade-policy changes; (iv) pressure on freight spreads and reliance on third-party cargo capacity; and (v) execution risk.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-24f4715c e-flex e-con-boxed e-con e-parent\" data-id=\"24f4715c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7c35bf2f elementor-widget elementor-widget-heading\" data-id=\"7c35bf2f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\"><a href=\"#top\">^ Back to Top<\/a><\/p>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-73847f e-flex e-con-boxed e-con e-parent\" data-id=\"73847f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-78ba7508 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"78ba7508\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-149a2b45 e-flex e-con-boxed e-con e-child\" data-id=\"149a2b45\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4ef7dd8f elementor-align-center elementor-widget elementor-widget-button\" data-id=\"4ef7dd8f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm elementor-animation-shrink\" href=\"https:\/\/www.kgieworld.sg\/securities\/resources\/ck\/files\/docs\/research\/ALL%20LINK%20AIR%20%26%20SEA%20LIMITED%20INITIATION%20REPORT%20(FINAL2).pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">READ FULL REPORT<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-194e9d69 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"194e9d69\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm elementor-animation-shrink\" href=\"https:\/\/www.kgieworld.sg\/securities\/contact-us\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">CONTACT US TO FIND OUT MORE<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-72d53342 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"72d53342\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Scaled exposure to Asian air-freight corridors. All-Link Air &#038; Sea Limited provides freight-forwarding and logistics services primarily for cross-border e-commerce, electronics and other time-sensitive cargo, with a focus on routes connecting China, ASEAN and the United States. Revenue increased from US$4.8mn in FY23 to US$74.1mn in FY25 following the onboarding of the TikTok Group1 and additional customers in the Philippines and Malaysia. The Group currently operates through Singapore, Malaysia and the Philippines, while Vietnam and Thailand represent potential expansion markets.<\/p>\n","protected":false},"author":17,"featured_media":93077,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-93076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-reports"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.0.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Scaled exposure to Asian air-freight corridors. All-Link Air &amp; Sea Limited provides freight-forwarding and logistics services primarily for cross-border e-commerce, electronics and other time-sensitive cargo, with a focus on routes connecting China, ASEAN and the United States. Revenue increased from US$4.8mn in FY23 to US$74.1mn in FY25 following the onboarding of the TikTok Group1 and additional customers in the Philippines and Malaysia. 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All-Link Air &amp; Sea Limited provides freight-forwarding and logistics services primarily for cross-border e-commerce, electronics and other time-sensitive cargo, with a focus on routes connecting China, ASEAN and the United States. Revenue increased from US$4.8mn in FY23 to US$74.1mn in FY25 following the onboarding of the TikTok Group1 and additional customers in the Philippines and Malaysia. 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All-Link Air &amp; Sea Limited provides freight-forwarding and logistics services primarily for cross-border e-commerce, electronics and other time-sensitive cargo, with a focus on routes connecting China, ASEAN and the United States. Revenue increased from US$4.8mn in FY23 to US$74.1mn in FY25 following the onboarding of the TikTok Group1 and additional customers in the Philippines and Malaysia. The Group currently operates through Singapore, Malaysia and the Philippines, while Vietnam and Thailand represent potential expansion markets.\" \/>\n\t\t<meta name=\"twitter:image\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<script type=\"application\/ld+json\" class=\"aioseo-schema\">\n\t\t\t{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BlogPosting\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/company-report-all-link-air-sea-limited-alk-sp-alk-si\\\/#blogposting\",\"name\":\"Company Report: ALL-LINK AIR & SEA LIMITED (ALK SP \\\/ ALK.SI) \\u2022 KGI Singapore Research\",\"headline\":\"Company Report: ALL-LINK AIR &#038; SEA LIMITED (ALK SP \\\/ ALK.SI)\",\"author\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/enya-tankgi-com\\\/#author\"},\"publisher\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#organization\"},\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/ALL-LINK-AIR-SEA-LIMITED-ALK-SP-ALK.SI_.png?wsr\",\"width\":2085,\"height\":1080},\"datePublished\":\"2026-08-05T08:00:08+08:00\",\"dateModified\":\"2026-08-17T23:21:45+08:00\",\"inLanguage\":\"en-US\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/company-report-all-link-air-sea-limited-alk-sp-alk-si\\\/#webpage\"},\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/company-report-all-link-air-sea-limited-alk-sp-alk-si\\\/#webpage\"},\"articleSection\":\"Company Reports\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/company-report-all-link-air-sea-limited-alk-sp-alk-si\\\/#breadcrumblist\",\"itemListElement\":[{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research#listItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/category\\\/company-reports\\\/#listItem\",\"name\":\"Company Reports\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/category\\\/company-reports\\\/#listItem\",\"position\":2,\"name\":\"Company Reports\",\"item\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/category\\\/company-reports\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/company-report-all-link-air-sea-limited-alk-sp-alk-si\\\/#listItem\",\"name\":\"Company Report: ALL-LINK AIR &#038; 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