Broker: Lim & Tan Securities
Date of Report: 30 March 2026
Excerpt from Lim & Tan Securities report.
Report Summary
- The Assembly Place Holdings Ltd (TAP) (S\$0.24, unchanged):
- Newly-listed community living operator delivered strong maiden results for FY2025, with adjusted NPAT up 24.2% to S\$7.7m and revenue up 42.4% to S\$27m.
- Core Community-Driven Stays segment accounted for 93.3% of revenue.
- Expansion pipeline of 1,490 keys and target of 10,000 keys by 2030.
- TAP trades at 12x historical PE, no dividend. Bloomberg consensus target price is S\$0.34, implying 42% upside.
Action: Implied BUY (based on target price & upside potential)
- Beng Kuang Marine (BKM) (S\$0.385):
- FY2025 revenue S\$98.2m, gross margins expanded to 37.1%.
- Net cash position S\$37.4m; transformation to asset-light, service-centric model.
- Ongoing acquisition of Asian Sealand Offshore & Marine to strengthen engineering capabilities.
- Trades at 10.7x forward PE, 2.5x PB, dividend yield 1.6%.
Action: BUY recommended
Key Takeaways for Investors:
- TAP (The Assembly Place Holdings Ltd): Strong growth, expansion plans, and a target price of S\$0.34 suggest significant upside. Consider for growth exposure in the community living sector.
- BKM (Beng Kuang Marine): Transformation, robust cash position, and margin improvements support a BUY call for investors seeking exposure to offshore engineering services.
Above is an excerpt from a report by Lim & Tan Securities. Clients of Lim & Tan Securities can be the first to access the full report from the Lim & Tan Securities website : https://www.limtan.com.sg
