Beng Kuang Marine - Maybank Research 2024-07-08: Potential FPSO Multi-Bagger; Initiate With BUY

• We initiate coverage on Beng Kuang Marine (SGX:BEZ) with a BUY pegged to an 9x FY24E P/E. With Beng Kuang Marine share price trading at just 4.5x FY24E P/E, it is substantially undervalued against local peers trading at 12.2x.
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Beng Kuang Marine - Company background

• Beng Kuang Marine (SGX:BEZ) is a formidable presence in Southeast Asia's maritime domain, offering a comprehensive range of services. From onshore and offshore platform marine repairs to custom equipment production and complex engineering projects, Beng Kuang Marine delivers flexibility and cost efficiency. This breadth of offerings empowers clients with diverse options, consolidating Beng Kuang Marine's position as a premier choice in the marine sector.

Shipyard business

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• Its 51%-owned subsidiary, Asian Sealand Offshore and Marine Pte Ltd (ASOM), specialises in asset integrity solutions, and is expanding globally. Meanwhile, International Offshore Equipment Pte Ltd (IOE) focuses on marine equipment design and supply, particularly pedestal cranes.
• Beng Kuang Marine’s ISO9001:2015 certification underscores its dedication to quality, earning accolades from industry peers and clients alike.

Shipbuilding, repair and conversions

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Jarick Seet Maybank Research | https://www.maybank-ke.com.sg/ 2024-07-08 SGinvestors.io

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