- Beng Kuang Marine’s 1H25 revenue fell 15.2% to S$50.8m while PATMI came in at S$2.9m, in line with our estimates. Profit margin has improved from 35.5% in 1H24 to 38.2% in 1H25 which is encouraging.
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Infrastructure Engineering continues to be the main contributor.
- The Infrastructure Engineering business accounted for 81.1% of overall revenue in 1H25. It encountered some delays due to the timing of projects execution at the start of the year in its Africa and Guyana operations but should fare better in 2H25 due to the absence of this delay.
- Beng Kuang Marine’s supply deck equipment business has reoriented its market focus towards SEA and India and have secured new contracts valued at S$6.95m in 1H25.
Corrosion Prevention providing recurring revenue.
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- Management is engaged in tendering for various upcoming projects at its Batam operations.
Higher target price of S$0.22.
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