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Beng Kuang
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New CEO and Placement, Positive Things Brewing?
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Joelton
Supreme |
30-Jun-2023 10:30
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Beng Kuang: After assets sales totalling S$20m over past 6 months, another tugboat is being for S$967,000.
Following the First Tugboat Disposal for S$970,000, the Second Tugboat Disposal is in line with the Group' s strategy to move towards a capital asset-light business model and the Group&rsquo s intention to exit the shipping business, following the discontinuation of its cattle line business.
In addition, the Second Tugboat Disposal marks an opportunity for the Group to reduce its borrowings, reduce interest, improve net current liability position and free up cash for the Group' s other business segments that are generating positive returns and to reduce the risk of potential vessel impairment in view of prevailing market conditions.
On 23 June 2023, Beng Kuang Signs Another Agreement for Partial Sale of its Batam Shipyard Property Approximately One-Third of its Batam Shipyard Property will be Sold for S$9.89 Million
Previously in April 2023, the Group entered into a separate conditional land sale & purchase agreement to sell approximately 90,000 square metres of land of its Batam shipyard property for S$8.64 million
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tedlim
Veteran |
29-Jun-2023 20:03
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See if there is chance to pick up cheap durians from weak hands tomorrow... | ||
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Giant8888
Senior |
29-Jun-2023 17:38
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Looking at how Bk managed to monetise their assets, I wonder how much they spent during the boon times of Ezra/Ezion/sembcorp marine eras when their share was trading sky-high. But the key is they survived the big downfall unlike the likes of Ezra and Ezion. So what they say about survivors? They will thrive eventually. I personally think they have negotiated the u turn nicely and poised for comeback. Buy and Hold. Only for the strong heart.
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For_The_Next_Leg
Master |
28-Jun-2023 21:55
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https://www.tubinvesting.com/2023/06/tub-assert-beng-kuang-marine-turnover.html The author wrote many good points. Seems like the moon is coming. |
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tedlim
Veteran |
28-Jun-2023 21:15
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NTA is based onbook value (doesnt reflect the true value, like some good assets of CDL are carried at Book Value)...they are selling the land assets at such a huge premium..total S$19 mil cash coming in once transactions are completed
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tedlim
Veteran |
28-Jun-2023 21:12
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They are selling Land assets at big premium, while the tugboats are near to book value. If creditors chasing payments, where got give them so much time to sell (when their assets are not liquid). They already survive the oil & gas downturn...now is the time to reap the rewards. Time will tell how they will turn out.. Pls do your own DD. Believers will be beliver
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WBdisciple
Elite |
28-Jun-2023 21:07
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> Beng Kuang sells another tugboat for S$967,000. Following the First Tugboat Disposal for S$970,000, the Second Tugboat Disposal is in line with the Group' s strategy to move towards a capital asset-light business model and the Group' s intention to exit the shipping business, following the discontinuation of its cattle line business. In addition, the Second Tugboat Disposal marks an opportunity for the Group to reduce its borrowings, reduce interest, improve net current liability position and free up cash for the Group' s other business segments that are generating positive returns and to reduce the risk of potential vessel impairment in view of prevailing market conditions. > On 23 June 2023, Beng Kuang Signs Another Agreement for Partial Sale of its Batam Shipyard Property Approximately One-Third of its Batam Shipyard Property will be Sold for S$9.89 Million > Previously in April 2023, the Group entered into a separate conditional land sale & purchase agreement to sell approximately 90,000 square metres of land of its Batam shipyard property for S$8.64 million |
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Damnshiok
Master |
28-Jun-2023 18:56
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Could be creditors chasing payments | ||
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TraderBen
Supreme |
28-Jun-2023 18:46
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Good or bad.. NTA 3 cents | ||
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Everyday
Elite |
28-Jun-2023 18:28
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PROPOSED DISPOSAL OF A 1,700HP TUGBOAT &ndash DRAKO GALLANT For S$967k https://links.sgx.com/1.0.0/corporate-announcements/0QI3RV895TRLHPC6/a2415f89ce9e401cc5a024ab62db443f0097074846d2899c4940cdb8e5fef074 |
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tedlim
Veteran |
26-Jun-2023 09:10
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Seems that there are opportunities to pick up cheap durians with current price movement. Pls do your own DD.. |
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WBdisciple
Elite |
23-Jun-2023 20:19
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As at 31 dec 22, they have cash of S$6.7 million. Total borrowings of S$22 million. Assuming the inflow of S$18m from the land sale, total borrowings can be fully paid off. |
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tedlim
Veteran |
23-Jun-2023 20:16
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They have written down assets over the past 2 years hence financials doesnt look good. For this year, they prob has high probability of profits (given the gain from asset sale) but i think their core biz will also do well given the recent years of performance. Pls do your own DD |
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WBdisciple
Elite |
23-Jun-2023 20:13
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https://www.bkmgroup.com.sg/frontend/web/index.php?r=attachment/download& id=1197 Business looks promising... FY2022 Beng Kuang Posts Revenue Growth of 15.2% to S$59.13 Million in FY2022 Achieved Adjusted EBITDA of S$2.80 Million with Net Cash of S$7.39 Million Generated from Operating Activities during FY2022 &bull The Group&rsquo s IE and CP business divisions were the key revenue contributors in FY2022 with the IE business division posting revenue growth of 30.5% in FY2022, driven by strong performance of its ASOM business unit and deck equipment business unit &bull The Group&rsquo s IE order book stood at S$19.40 million as at 31 December 2022, of which S$16.28 million was attributed to ASOM that provides specialised on-site vessel repair and maintenance solutions to operating floating asset, such as FPSO and FSO vessels, leveraging on SPS Technology &bull Net cash inflow generated from operating activities improved to S$7.39 million during FY2022 &bull With a substantial amount of fixed assets in the balance sheet, the Group registered a depreciation expense (non-cash component) of S$6.65 million for FY2022 &bull Prioritising costs minimisation and deleveraging initiatives, while focusing on monetising fixed assets and high-potential business segments to create new growth catalysts https://www.bkmgroup.com.sg/frontend/web/index.php?r=attachment/download& id=1209 1Q2023 The Group&rsquo s FPSO and FSO service and maintenance business under ASOM remained a key performer and continued its strong momentum, registering revenue growth of 31.63% &bull Revenue from our CP division, which was largely recurring in nature, increased by 14.0% as the demand for CP services for Singapore and Batam shipyards continued to regain momentum &bull Overall revenue dipped marginally due to mainly due to the cessation of IE operations at 55 Shipyard Road as well as lower contribution from deck equipment supplies under International Offshore Equipments Pte Ltd &bull Gross profit jumped 26.4% to S$3.18 million with improvement in our cost management and productivity initiatives &bull Excluding currency translation losses of S$0.29 million, the Group would have registered a profit of S$0.22 million from continuing operations &bull Achieved positive adjusted EBITDA of S$1.21 million, where there were lower depreciation expenses recognised in 1Q2023 |
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Damnshiok
Master |
23-Jun-2023 20:05
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How is it their business is doing well? 3 consecutive years losses and on sgx watchlist... perhaps disposing to fulfill debt commitments? having said the negative aspects, perhaps a repeat of the last asset sales again? Surge and dip thereafter.... perhaps quick gain |
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WBdisciple
Elite |
23-Jun-2023 19:53
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Total Sales proceeds from 2 land sale = S$18 million. Market cap is S$18 million. > They will be able to reduce their gearing significantly. > Plus, their biz has been doing well based on an asset light model...looks like it might clear 10 cents next Monday. |
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tedlim
Veteran |
23-Jun-2023 19:47
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Those who buy earlier this week...HUAT HUAT!! | ||
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spursfan
Supreme |
23-Jun-2023 19:20
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PRESS RELEASE
Beng Kuang Signs Another Agreement for Partial Sale of its Batam Shipyard Property Approximately 31% of its Batam Shipyard Property will be Sold for S$9.89 Million - The Group has a waterfront shipyard property with a total area (land and sea) of 328,956 square metre on the Eastern side of Batam Island, Kabil - The shipyard property is currently being subdivided into smaller land parcels and 100,970 square metre (land and sea area), representing approximately 31% of the total area, of the Group?s Batam shipyard property will be sold under the agreement - Previously in April 2023, the Group entered into a separate conditional land sale & purchase agreement to sell approximately 30% of its Batam shipyard property for S$8.64 million -As of 31 December 2022, the net book value of the partial shipyard property in this land sale transaction is approximately S$4.68 million -The gross proceeds of S$9.89 million from this transaction will be used to reduce the Group?s borrowings and for general working capital https://links.sgx.com/1.0.0/corporate-announcements/1DW4I1K1K8GC00ZS/763273_BKM%20-%20Press%20Release.pdf |
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Damnshiok
Master |
23-Jun-2023 03:13
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Maybe sell more assets again Waahahah
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For_The_Next_Leg
Master |
23-Jun-2023 00:00
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$Beng Kuang(BEZ.SI) Oh no there is another halt! Let' s see what it is...
https://links.sgx.com/1.0.0/corporate-announcements/FTXZ5KW7F3JO1VCU/390a4c61e3aab59379d217e8211ebfb0e3bec6806a4cd9b99f0156c0ccb4cfd2
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