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Beng Kuang Marine Ltd.
(SGX:BEZ)
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Rating:51Neutral
Price Target:
S$0.32
▼(-26.28% Downside)
Action:Reiterated
Date:10/24/26
The score is primarily held back by elevated financial risk (sharp rise in leverage to ~2.36 debt-to-equity) and weakening cash conversion despite profitability. Technicals add additional pressure due to a clear downtrend (price below all major DMAs and negative MACD). Valuation is a partial offset with a moderate P/E and a small dividend yield.
Positive Factors
Profitability Recovery
Profitability has recovered from earlier losses, with TTM net margin around 5.8% and positive operating profit. This establishes an earnings base for funding operations and shows that the core service platform can generate profits through the current cycle.
Negative Factors
High Leverage
The sharp increase in debt-to-equity has materially reduced financial flexibility and leaves the company with a much thinner equity cushion. If operating conditions weaken, elevated leverage could amplify losses and constrain funding available for fleet, projects, or other business needs.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability Recovery
Profitability has recovered from earlier losses, with TTM net margin around 5.8% and positive operating profit. This establishes an earnings base for funding operations and shows that the core service platform can generate profits through the current cycle.
Read all positive factors
Beng Kuang Marine Ltd. (BEZ) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$96.13M
Dividend Yield1.88%
Average Volume (3M)528.68K
Price to Earnings (P/E)12.3
Beta (1Y)1.04
Revenue Growth0.32%
EPS Growth-11.53%
CountrySG
Employees709
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.03
Shares Outstanding300,392,760
10 Day Avg. Volume440,430
30 Day Avg. Volume528,676
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$0.75Price Target Upside74.42% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
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 makes money primarily by providing contracted offshore and marine services and charging customers for project execution and recurring maintenance work. Key revenue streams typically include: (1) Offshore engineering and maintenan...
Beng Kuang Marine Ltd. Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
44
Neutral
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 103.08M | 98.15M | 111.88M | 79.16M | 59.13M | 51.31M |
| Gross Profit | 31.59M | 36.41M | 38.73M | 24.91M | 12.52M | 11.90M |
| EBITDA | 15.78M | 19.22M | 29.25M | 15.84M | 2.80M | 8.86M |
| Net Income | 5.94M | 5.33M | 11.54M | 3.42M | -21.83M | -13.23M |
Balance Sheet | ||||||
| Total Assets | 85.86M | 79.78M | 74.11M | 63.00M | 57.39M | 79.43M |
| Cash, Cash Equivalents and Short-Term Investments | 26.98M | 37.38M | 22.92M | 12.19M | 6.71M | 7.04M |
| Total Debt | 26.31M | 10.50M | 8.24M | 14.14M | 22.19M | 25.25M |
| Total Liabilities | 81.15M | 43.63M | 45.64M | 51.15M | 52.41M | 60.59M |
| Stockholders Equity | 11.16M | 26.43M | 20.99M | 9.54M | 6.14M | 27.86M |
Cash Flow | ||||||
| Free Cash Flow | 4.51M | 22.19M | 12.35M | 4.61M | 6.91M | 2.57M |
| Operating Cash Flow | 7.90M | 25.93M | 13.47M | 5.53M | 7.39M | 3.89M |
| Investing Cash Flow | -2.04M | -3.64M | 6.03M | 12.13M | -179.04K | -1.10M |
| Financing Cash Flow | -4.56M | -7.33M | -8.27M | -11.81M | -7.40M | 301.83K |
Beng Kuang Marine Ltd. Technical Analysis
Negative
0.43
Price Trends
0.38
Negative
0.43
Negative
0.42
Negative
Market Momentum
-0.02
Positive
38.68
Neutral
17.47
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:BEZ, the sentiment is Negative. The current price of 0.43 is above the 20-day moving average (MA) of 0.35, above the 50-day MA of 0.38, and above the 200-day MA of 0.42, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 38.68 is Neutral, neither overbought nor oversold. The STOCH value of 17.47 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | S$91.20M | 3.66 | 7.93% | 3.55% | -12.55% | 8.33% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | S$6.16B | 11.25 | 7.75% | 1.65% | 10.77% | 108.44% | |
64 Neutral | S$151.26M | 7.35 | 6.94% | 1.55% | -21.24% | ― | |
51 Neutral | S$96.13M | 12.31 | 31.63% | 1.88% | 0.32% | -11.53% |
* Energy Sector Average
SG:BEZ
Beng Kuang Marine Ltd.
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Beng Kuang Marine Ltd. Corporate Events
Beng Kuang Marine Expands Share Capital Through Warrant Exercise
Oct 21, 2026
Beng Kuang Marine Ltd. has issued and allotted 15,000 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 300,377,749 to 300,392,749 shares. The new shares...
Beng Kuang Marine Builds FPSO Lifecycle Order Book to S$71.5 Million
Oct 12, 2026
Beng Kuang Marine Limited reported that its core subsidiaries Asian Sealand Offshore Marine, PT. Nexus Engineering Indonesia and International Offshore Equipments together carry about S$71.5 million of work remaining, with ASOM anchoring the cont...
Beng Kuang Marine Issues New Shares Following Warrant Exercise
Oct 5, 2026
Beng Kuang Marine Limited has issued and allotted 1,800 new ordinary shares on 5 October 2026, following the exercise of warrants at an exercise price of S$0.22 per share, increasing its total issued share capital from 300,375,949 to 300,377,749 s...
Beng Kuang Marine Issues New Shares Following Warrant Exercise
Sep 9, 2026
Beng Kuang Marine has expanded its share base through the issuance of 218,570 new ordinary shares following the exercise of warrants at S$0.22 per share, increasing its total issued shares from 300,157,379 to 300,375,949. The new shares, which ran...
Beng Kuang Marine Wins S$7.4m Angola FPSO Contract
Sep 7, 2026
Beng Kuang Marine’s wholly owned subsidiary Asian Sealand Offshore and Marine has secured a S$7.4 million purchase order for work on an FPSO vessel in the Angola offshore basin. The contract, a repeat engagement with an existing customer and...
Beng Kuang Marine expands share capital through warrant exercise
Sep 1, 2026
Beng Kuang Marine Limited has issued and allotted 165,200 new ordinary shares at an exercise price of S$0.22 each, following the exercise of warrants, increasing its total issued share capital from 299,992,179 to 300,157,379 shares. The new shares...
Beng Kuang Marine Lifts 1H Revenue on Engineering Growth as Order Book Signals Stronger 2H
Aug 7, 2026
Beng Kuang Marine reported a 9.7% rise in first-half 2026 revenue to S$55.7 million, driven mainly by higher engineering and shipbuilding activity in its Infrastructure Engineering division, even as gross margin narrowed to 26.2% due to project ti...
Beng Kuang Marine Issues New Shares on Warrant Exercise
Aug 4, 2026
Beng Kuang Marine Limited has issued and allotted 60,800 new ordinary shares following the exercise of warrants at an exercise price of S$0.22 per share. This increases the company’s issued share capital from 299,931,379 to 299,992,179 share...
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.