Beng Kuang Marine - Maybank Research 2025-05-09: Sector Headwinds; Downgrade To HOLD.

• Downgrade Beng Kuang Marine to HOLD due to uncertainties. 1Q25 revenue declined 16.6% y-o-y to S$23.9m mainly because of delays to project execution.
• Management says there’s a healthy pipeline of projects that will support its FPSO operations. However, with declining oil prices a key risk to the O&G sector, we expect this segment to potentially be impacted if oil prices continue to fall.

IE business may continue to be impacted

• - Read this at SGinvestors.io -
• However, with oil price declining, we believe these delays may occur more frequently and if oil price remains low or continues to decline, its IE business could be faced with more delays or lower margins for new projects.

CP should remain resilient

• - Read this at SGinvestors.io -

Oil price hinders outlook.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Previous report by Maybank:
2025-02-25 Beng Kuang Marine - Building Stronger Foundations.

Price targets by other brokers at Beng Kuang Marine Target Prices.

Listing of research reports at Beng Kuang Marine Analyst Reports.

Relevant links:
Beng Kuang Marine Share Price History,
Beng Kuang Marine Announcements,
Beng Kuang Marine Dividend Payout Dates & Corporate Actions,
Beng Kuang Marine News