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Beng Kuang Marine: New JV
Beng Kuang Marine Limited has entered into a Shareholders&rsquo Agreement with Epsilon Navigation Pte. Ltd. to establish a 50:50 joint venture via Offshore Collective Pte. Ltd. (SPV).
The joint venture will own and operate a ballast barge currently under construction by the Group&rsquo s Infrastructure Engineering division. Both parties will inject capital into the SPV, which will be accounted for as a joint venture.
As part of this arrangement:
- Approximately S$2.8 million of the Group&rsquo s S$15.8 million shipbuilding order book (as at 31 March 2026) relates to the ballast barge.
- This portion will now be classified as a related party transaction, arising purely from the revised ownership structure, with no change to underlying commercial terms.
The Company expects the transaction to have a positive impact on earnings per share (EPS) and net tangible assets (NTA) per share for FY2026, barring unforeseen circumstances.
The transaction does not constitute an Interested Person Transaction under Chapter 9 of the SGX-ST Listing Rules, and no directors or controlling shareholders have any interest in the joint venture.
See link: https://www.bkmgroup.com.sg/view& id=1356
$0.49 +$0.01 ! day high
Joelton ( Date: 21-Apr-2026 11:13) Posted:
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UOBKH initiates coverage on Beng Kuang Marine with target price of 64 cents
UOB KayHian analysts Tang Kai Jie and Heidi Mo have initiated coverage on Beng Kuang Marine (BKM) with a &ldquo buy&rdquo call and target price of 64 cents.
In their initiation report on April 20, both analysts point out that BKM is a leader in provision of corrosion prevention, repair and life extension services, a high-barrier segment within offshore asset integrity services, operating across Southeast Asia, the Middle East, and Latin America.
&ldquo With non-discretionary demand driven by safety, regulatory compliance, and asset longevity, BKM enjoys resilient margins and strong pricing power, supported by global industry demand where corrosion costs the maritime sector US$50-80 billion annually,&rdquo states both Tang and Mo.
According to the UOB KayHian team, they highlighted that of the roughly 180 floating production, storage, and offloading (FPSO) units in operation globally, over half are more than 30 years old and a quarter exceed 40 years.
&ldquo For these ageing vessels, demand for inspection, repair, and corrosion prevention remains strong as high costs and long newbuild backlogs limit replacements, supporting BKM&rsquo s services as operators extend asset life,&rdquo the team adds.
Both analysts mention that BKM is shifting towards an asset-light, service-led model under its BKM 2.0 strategy, which focus on higher-margin, recurring services.
&ldquo As part of this strategy, the proposed acquisition of the remaining 49% of Asian Sealand Offshore and Marine (ASOM) for $60 million, expected by end of June, will fully consolidate its high-margin earnings and align management interests with BKM,&rdquo the team predicts.
Both Tang and Mo expect material earnings accretion where BKM&rsquo s earnings could jump fourfold to $20 million in a bull-case scenario in FY2027 vs $5 million in FY2025.
As such, the UOB KayHian team is initiating coverage on BKM with a &ldquo buy&rdquo call and target price of 64 cents, based on 12.1 times FY2027 P/E ratio, which is 1.5 times standard deviation above its five-year historical P/E ratio.
&ldquo BKM currently trades at 9.0 times FY2027 P/E ratio. This represents a discount to peers' average FY2027 P/E ratio of 14.6 times, highlighting BKM&rsquo s undervaluation despite its market leadership,&rdquo both Tang and Mo conclude.
As at 4.45pm, shares in BKM are trading 1 cent lower, or 2.08% down at 47 cents. The counter touched an intraday high of 50.5 cents during today&rsquo s trading session.
👍 🏻
JurongW ( Date: 20-Apr-2026 14:02) Posted:
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I will create a separate thread - Trading Idea / Chart Watchlist
JurongW ( Date: 17-Apr-2026 12:47) Posted:
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INITIATE COVERAGE
Beng Kuang Marine (BKM SP)
BUY | Price/Tgt: S$0.48/S$0.64 | Mkt Cap: S$108.9m
BKM started moving up this morning after 11am.
If and when it clears 1.414 fibo (48.5), next target / resistane is 1.618 fibo (51.5)
If and when it clears 1.414 fibo (48.5), next target / resistane is 1.618 fibo (51.5)
L& T forecast is deemed to be conservative, so expect more upside to its target price at 53.5 when it' s mid-year results are annouced.
As of now, share price is 47 cents, up by 4.4%. Face resistance near the 1.414 fibo at 48.5 this morning.
BKM is still in uptrend mode, support is at 45.
BKM is still in uptrend mode, support is at 45.
JurongW ( Date: 15-Apr-2026 22:46) Posted:
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i am out of BK and gonna put more these returns into KOh ECO..
i believe BK' s growth is capped already and upside will be limited.
my personal opinion.
DYODD
Thanks BK
i believe BK' s growth is capped already and upside will be limited.
my personal opinion.
DYODD
Thanks BK
Do believe in BK2.0!!
Beng Kuang Marine 1Q2026 Contract Update - ASOM Locks In ~S$27.6 Million of FY2026 Revenue Across 19 FPSOs by End-1Q2026 Group Secures ~S$51.2 Million of FY2026 Phased Revenue
- ASOM secures approximately ~S$27.6 million of confirmed contracts spanning 19 FPSOs and FSOs across Angola, Guyana, Malaysia, Ghana, Brazil, China and Singapore &mdash substantially phased into FY2026 revenue
- Group confirmed order book of ~S$55.9 million as at end-1Q2026, with ~S$51.2 million of FY2026 phased revenue secured by week 13 of the financial year
- NEI shipbuilding order book grows to S$15.8 million across four active projects, underpinning Batam yard utilisation
- IOE active order book of ~S$12.5 million, with ~S$7.8 million phased into FY2026 and ~S$4.7 million of multi-year tail extending into FY2027&ndash FY2028
- ASOM' s established West Africa lifecycle mandates are in the process of renewal for FY2026 and are excluded pending purchase order formalisation, providing further upside
Let see if L& T bumps its target price higher after the upbeat 1Q update.
https://api2.sgx.com/sites/default/files/2026-03/3.%2031032026_Rated%20Initiation_LTS_BengKuangMarine_Cycle%203.pdf
https://api2.sgx.com/sites/default/files/2026-03/3.%2031032026_Rated%20Initiation_LTS_BengKuangMarine_Cycle%203.pdf
With an encouraging 1Q update, there is a fair chance BKM can push higher toward 51.5 (1.618 fibo) or even 57.5 (2.0 fibo).
From today closing price of 45 cents, that&rsquo s ~14% upside to 51.5 and ~28% if it stretches to 57.5 based on TA.
From today closing price of 45 cents, that&rsquo s ~14% upside to 51.5 and ~28% if it stretches to 57.5 based on TA.
1Q FY26 has already chalked up half of FY25 revenue, should give the share price a nice lift tomorrow.
FY25 results press release
https://links.sgx.com/1.0.0/corporate-announcements/W3Z2QM5L02NTNJS9/874986_BKM_FY2025_Press%20Release.pdf
FY25 results press release
https://links.sgx.com/1.0.0/corporate-announcements/W3Z2QM5L02NTNJS9/874986_BKM_FY2025_Press%20Release.pdf
JurongW ( Date: 15-Apr-2026 21:48) Posted:
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CONTRACT UPDATE &mdash FIRST QUARTER ENDED 31 MARCH 2026 ASOM
Locks In ~S$27.6 Million of FY2026 Revenue Across 19 FPSOs by End-1Q2026
Group Secures ~S$51.2 Million of FY2026 Phased Revenue
https://links.sgx.com/1.0.0/corporate-announcements/2SJFMNVQRMC1GY5L/884247_BKM%201Q2026%20Contract%20Update.pdf
Summary of contract update
https://links.sgx.com/1.0.0/corporate-announcements/2SJFMNVQRMC1GY5L/884248_Summary%20of%20Contract%20Update.pdf
Locks In ~S$27.6 Million of FY2026 Revenue Across 19 FPSOs by End-1Q2026
Group Secures ~S$51.2 Million of FY2026 Phased Revenue
https://links.sgx.com/1.0.0/corporate-announcements/2SJFMNVQRMC1GY5L/884247_BKM%201Q2026%20Contract%20Update.pdf
Summary of contract update
https://links.sgx.com/1.0.0/corporate-announcements/2SJFMNVQRMC1GY5L/884248_Summary%20of%20Contract%20Update.pdf
Ic mostly property related. I also have weehur....
JurongW ( Date: 15-Apr-2026 13:10) Posted:
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Only 10 lots for BKM as my capital is spread over other stocks to mitigate risk, namely Sing Holdings, Propnex, Wee Hur and Skylink this month.
I would have bought more if I had more money.
I would have bought more if I had more money.
kt3152 ( Date: 15-Apr-2026 12:57) Posted:
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Did you added or collected enough already?.....:)....
JurongW ( Date: 15-Apr-2026 12:36) Posted:
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