Broker Name: Lim & Tan Securities
Date of Report: 22 April 2026

Excerpt from Lim & Tan Securities report.

Report Summary

• Beng Kuang Marine (BKM)
  Action: BUY (Maintain)
  Target Price: \$0.59 (20.4% upside)
  Key Idea: BKM announced a Shareholders’ Agreement with Epsilon Navigation to jointly own and operate a ballast barge via a new SPV, with both parties holding 50% each. This move will be accounted for as a joint venture and is expected to positively impact BKM’s earnings per share and net tangible assets for FY2026. The order book for shipbuilding stands at S\$15.8 million as at 31 March 2026, of which S\$2.8 million is related to the ballast barge. The recent acquisition of the remaining stake in ASOM is also seen as earnings-accretive. The report reinforces continued growth in BKM’s Infrastructure Engineering division and earnings visibility.
  Valuation: BKM trades at 15x forward PE, 3.9x PB, with a 1.2% dividend yield.
  Call to Action: Maintain BUY on BKM for continued growth and visibility.

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