Broker Name: Lim & Tan Securities
Date of Report: 22 April 2026
Excerpt from Lim & Tan Securities report.
Report Summary
- Stock Focus: Beng Kuang Marine (BKM)
- Action: BUY recommendation maintained
- Target Price: \$0.59 (20.4% upside from current price of \$0.49)
- Key Highlights:
- BKM entered a 50:50 joint venture with Epsilon Navigation Pte. Ltd. to own and operate a ballast barge under construction.
- The deal is expected to positively impact earnings per share and net tangible assets per share for FY2026.
- BKM has recently acquired the remaining stake in ASOM, converting cash into earnings-accretive assets, boosting earnings visibility for its Infrastructure Engineering division.
- Current valuations: Market cap \$110 mln, 15x forward PE, 3.9x PB, 1.2% dividend yield.
- Implication: The joint venture and recent acquisitions reinforce growth and earnings visibility, supporting the BUY call and target price of \$0.59.
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: www.limtan.com.sg
