Beng Kuang Marine - Maybank Research 2025-11-10: Better 2H25 Ahead

• Beng Kuang Marine (SGX:BEZ)'s management continues to be optimistic on the outlook with an orderbook of S$14.3m for its deck equipment business and S$7.8m for its shipbuilding business. A potential separate listing of Asian Sealand Offshore & Marine (ASOM) is possible.
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IE continues to be the main contributor

• The Infrastructure Engineering (IE) business accounted for 80.5% of overall revenue in 3Q25, driven by the continual demand for ASOM’s repair and maintenance services. Beng Kuang Marine’s deck equipment business also contributed positively, driven by progress on the five-unit 30-ton Knuckle Boom Cranes contract worth US$4.94m.

Potential ASOM spinoff could boost valuations

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• We think a spinoff listing of its ASOM business is highly possible and would be beneficial for Beng Kuang Marine.

Valuations are fair

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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:
2025-08-11 Beng Kuang Marine - Better 2H25 Ahead.

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