Kim Heng - SAC Capital 2024-06-13: Steadily Growing

Kim Heng - Steadily Growing

Kim Heng (SGX:5G2) | SGinvestors.ioKim Heng (SGX:5G2)
  • With over 50 years of experience, Kim Heng (SGX:5G2) specializes in engineering, procurement, construction, and installation support for the Offshore Renewable, Marine, and Oil & Gas industries.
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  • Operating primarily in Singapore with two shipyards, Kim Heng serves renowned customers in 25 countries across regions such as Southeast Asia, the USA, and Europe.
  • Kim Heng's four business segments are
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    • Chartering of Vessels,
    • Vessel Sales & Newbuild, and
    • Marine Offshore Support.

FY23 revenue improved 26.7% y-o-y to S$101.2m.

  • The sharp increase in revenue was from Kim Heng's retrofitting and upgrading of vessels and from the marine offshore support services. Marine and offshore related services was the largest contributor, representing 40.5% of total revenue. Similarly, gross profit came in at S$32.8m (+18.4%, y-o-y).
  • Net profit fell from S$8.6 to S$2.3m, due to inflationary pressures and higher tax expenses incurred, while administrative expenses, other expenses, and finance costs have also increased.

Recent order wins

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June Yap SAC Capital Research | Matthias Chan SAC Capital | 2024-06-13

Previous report by SAC:
2022-03-30 Kim Heng - Supportive Oil Price Environment.

Price targets by other brokers at Kim Heng Target Prices.

Listing of research reports at Kim Heng Analyst Reports.

Relevant links:
Kim Heng Share Price History,
Kim Heng Announcements,
Kim Heng Dividends & Corporate Actions,
Kim Heng News Articles


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