Broker Name: Maybank Research Pte Ltd
Date of Report: March 9, 2026

Excerpt from Maybank Research Pte Ltd report.

• Report Summary:
• Maybank Research is ceasing coverage of Beng Kuang Marine (BKM), citing a reallocation of internal resources. Previous forecasts, target price, and ratings should no longer be referenced for investment decisions.
• BKM’s FY25 revenue fell 12.3% year-on-year to SGD98.2m, mainly due to delays in offshore asset integrity projects. Some revenue is expected to be deferred into 2026.
• BKM will acquire full ownership of Asian Sealand Offshore & Marine (ASOM) for SGD60m in a structured deal, which should be accretive for shareholders.
• BKM is pivoting towards more oil & gas and marine asset chartering, including a joint venture with Epsilon Navigation Pte Ltd to manage marine assets through the Offshore Collective SPV.
• The company provides corrosion prevention services for ships and ocean-going vessels, and has seen significant share price volatility over the past year.

Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank Research website: https://www.maybank-keresearch.com