Broker Name: DBS

Date of Report: (Date not provided in the document)

Excerpt from DBS report.

• Report Summary:
• Nam Cheong, a leading offshore support vessel provider, is expected to benefit from higher OSV demand and potential newbuild orders, which could significantly boost its FY26 earnings by 10-20%.
• The company is undervalued compared to peers and is anticipated to see a share price re-rating, driven by redeployment of idle vessels and new contract wins, particularly after a muted 2025 earnings outlook.

Above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website: https://www.dbs.com/