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Beng Kuang Marine Ltd.
(SGX:BEZ)
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Rating:66Neutral
Price Target:
S$0.57
▲(9.04% Upside)
Action:Reiterated
Date:07/01/26
The score is primarily supported by improved financial performance and strong 2025 cash generation alongside a de-risked balance sheet. It is held back by recent revenue decline and net margin compression, plus mixed technicals (near-term weakness despite a longer-term uptrend) and a valuation that appears only moderately attractive given the P/E and modest yield.
Positive Factors
Strong cash generation
Material FCF growth in 2025 and a consistent correlation between earnings and free cash flow indicate durable internal funding. This strengthens the firm's capacity to fund capex, service obligations, and selectively return capital, improving resilience through typical offshore industry cycles.
Negative Factors
Recent revenue decline
Top-line contraction in 2025 highlights demand sensitivity in offshore services and potential project timing gaps. For a project-driven business, persistent revenue softness would erode fixed-cost absorption and limit the durability of operating margins across cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Material FCF growth in 2025 and a consistent correlation between earnings and free cash flow indicate durable internal funding. This strengthens the firm's capacity to fund capex, service obligations, and selectively return capital, improving resilience through typical offshore industry cycles.
Read all positive factors
Beng Kuang Marine Ltd. (BEZ) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$147.00M
Dividend Yield1.22%
Average Volume (3M)1.82M
Price to Earnings (P/E)18.7
Beta (1Y)1.37
Revenue Growth0.32%
EPS Growth-11.53%
CountrySG
Employees709
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.03
Shares Outstanding299,992,200
10 Day Avg. Volume940,000
30 Day Avg. Volume1,821,280
Financial Highlights & Ratios
PEG Ratio-0.22
Price to Book (P/B)2.47
Price to Sales (P/S)0.67
P/FCF Ratio2.95
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$0.74Price Target Upside41.35% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.03
Revenue Forecast (FY)S$121.40M
Beng Kuang Marine Ltd. Business Overview & Revenue Model
Company Description
Beng Kuang Marine Limited (BKM) operates as an investment holding company, primarily specializing in infrastructure engineering and corrosion prevention solutions. Its services reach a global clientele across Singapore, Asia, Europe, the Middle Ea...
How the Company Makes Money
Beng Kuang Marine generates revenue primarily by delivering marine and offshore engineering services and by supplying and supporting specialized marine equipment. Key revenue streams typically include (i) project-based income from offshore enginee...
Beng Kuang Marine Ltd. Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
68
Positive
Cash Flow
82
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 98.15M | 111.88M | 79.16M | 59.13M | 51.31M |
| Gross Profit | 36.41M | 38.73M | 24.91M | 12.52M | 11.90M |
| EBITDA | 19.22M | 29.25M | 15.84M | 2.80M | 8.86M |
| Net Income | 5.33M | 11.54M | 3.42M | -21.83M | -13.23M |
Balance Sheet | |||||
| Total Assets | 79.78M | 74.11M | 63.00M | 57.39M | 79.43M |
| Cash, Cash Equivalents and Short-Term Investments | 37.38M | 22.92M | 12.19M | 6.71M | 7.04M |
| Total Debt | 10.50M | 8.24M | 14.14M | 22.19M | 25.25M |
| Total Liabilities | 43.63M | 45.64M | 51.15M | 52.41M | 60.59M |
| Stockholders Equity | 26.43M | 20.99M | 9.54M | 6.14M | 27.86M |
Cash Flow | |||||
| Free Cash Flow | 22.19M | 12.35M | 4.61M | 6.91M | 2.57M |
| Operating Cash Flow | 25.93M | 13.47M | 5.53M | 7.39M | 3.89M |
| Investing Cash Flow | -3.64M | 6.03M | 12.13M | -179.04K | -1.10M |
| Financing Cash Flow | -7.33M | -8.27M | -11.81M | -7.40M | 301.83K |
Beng Kuang Marine Ltd. Technical Analysis
Positive
0.52
Price Trends
0.49
Positive
0.48
Positive
0.39
Positive
Market Momentum
>-0.01
Positive
48.60
Neutral
14.07
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:BEZ, the sentiment is Positive. The current price of 0.52 is above the 20-day moving average (MA) of 0.50, above the 50-day MA of 0.49, and above the 200-day MA of 0.39, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 48.60 is Neutral, neither overbought nor oversold. The STOCH value of 14.07 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:BEZ.
Beng Kuang Marine Ltd. Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | S$147.00M | 18.70 | 21.29% | 1.14% | 0.32% | -11.53% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | S$7.25B | 13.11 | 7.75% | 1.29% | 10.77% | 108.44% | |
65 Neutral | S$110.40M | 11.87 | 3.06% | ― | -18.98% | -75.38% | |
56 Neutral | S$196.64M | 15.62 | 5.70% | 1.10% | -19.38% | 24.53% |
* Energy Sector Average
SG:BEZ
Beng Kuang Marine Ltd.
0.49
0.26
112.12%
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0.01
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Beng Kuang Marine Ltd. Corporate Events
Beng Kuang Marine Issues New Shares on Warrant Exercise
Jul 21, 2026
Beng Kuang Marine Limited has issued 23,500 new ordinary shares following the exercise of warrants at an exercise price of S$0.22 per share, increasing its total issued share capital from 299,907,879 to 299,931,379 shares. The new shares, which ra...
Beng Kuang Marine Builds S$70.7 Million Order Book on FPSO and Offshore Contracts
Jul 7, 2026
Beng Kuang Marine has reported strong contract momentum across its key subsidiaries for the first half of 2026, led by Asian Sealand Offshore Marine securing about S$85.2 million in new contracts and purchase orders. These include two major FPSO ...
Beng Kuang Marine Expands Share Capital Following Warrant Exercise
Jun 23, 2026
Beng Kuang Marine Limited has issued and allotted 20,325 new ordinary shares following the exercise of warrants at an exercise price of S$0.22 per share, increasing its total issued share capital from 299,887,554 to 299,907,879 shares. The new sha...
Beng Kuang Marine Wins Shareholder Backing for Full Takeover of Asian Sealand Offshore and Marine
Jun 19, 2026
Shareholders of Beng Kuang Marine approved two key resolutions at an extraordinary general meeting held on 26 May 2026 in Singapore, clearing the way for the company to acquire the remaining 49% stake in Asian Sealand Offshore and Marine Pte. Ltd....
Beng Kuang Marine Wins US$28.6 Million in West Africa FPSO Life Extension Orders
Jun 4, 2026
Beng Kuang Marine’s wholly owned subsidiary Asian Sealand Offshore and Marine has secured two purchase orders worth a combined US$28.6 million to provide tank services for life extension programs on two FPSOs operating in West Africa. The co...
Beng Kuang Marine Issues New Shares Following Warrant Exercise
May 29, 2026
Beng Kuang Marine Limited has issued and allotted 210,000 new ordinary shares on 29 May 2026 following the exercise of warrants at an exercise price of S$0.22 per share, increasing its total issued share capital from 299,677,554 to 299,887,554 sha...
Beng Kuang Marine Expands Share Capital After Warrant Exercises
May 25, 2026
Beng Kuang Marine Limited has issued and allotted 6,044,500 new ordinary shares on 25 May 2026, following the exercise of warrants at an exercise price of S$0.22 per share, increasing its total issued share capital from 236,490,198 to 242,534,698 ...
Beng Kuang Marine Issues New Shares After Warrant Exercise
May 6, 2026
Beng Kuang Marine Limited has issued 66,925 new ordinary shares following the exercise of warrants at an exercise price of S$0.22 per share, increasing its total issued share capital from 234,336,473 to 234,403,398 shares. The new shares will rank...
Beng Kuang Marine Draws Institutional Investors as Founder Trims Stake and Management Increases Holdings
May 6, 2026
Beng Kuang Marine has attracted strong institutional and reputable investor interest in a founder’s share divestment, with funds such as Amova Asset Management and Tokio Marine Life Insurance Singapore Pte. Ltd. participating alongside inves...
Beng Kuang Marine Posts Steady 1Q2026 as FPSO Work Anchors Growing Order Book
May 5, 2026
Beng Kuang Marine reported a steady first quarter of 2026, with revenue rising 7.7% year-on-year to S$25.7 million, while gross profit and margins declined due to a heavier mix of lower-margin shipbuilding and early-stage work. Despite softer marg...
Beng Kuang Marine Expands Share Capital After Warrant Exercise
Apr 29, 2026
Beng Kuang Marine Limited has issued 4,068,000 new ordinary shares following the exercise of warrants at an exercise price of S$0.22 per share, increasing its issued share capital from 230,268,473 to 234,336,473 shares. The new shares will rank pa...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.