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