- Beng Kuang Marine (SGX:BEZ) reported revenue of S$25.7m (+7.7%) and net profit of S$2.8m (-12.7%). While this represents 24%/19% of our forecasts, we regard this as positive as we expect more revenue and profit contribution in 2H26 following ASOM consolidation.
Volume growth remained strong, but work mix affected margins.
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- On the other hand, margins came in lower y-o-y due to changes in project mix, with more revenue contributions from shipbuilding and other earlier-stage work, which are less profitable in nature compared to Beng Kuang Marine’s FPSO services.
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Contracts secured in 1Q26 provides 2026 revenue visibility.
- Beng Kuang Marine released its first ever contract update for 1Q26, reporting a strong approximately S$51.2m of 2026 revenue secured, providing solid earnings visibility. Beng Kuang Marine’s total orderbook currently stands at around S$55.9m at end-1Q26.
- The 1Q26 contract update highlights an increasingly stable and recurring revenue base anchored by ASOM (54%), complemented by NEI’s fabrication-driven projects (31%) and IOE’s equipment and aftermarket business (15%), which together strengthen both near-term earnings visibility and medium-term orderbook durability. Demand has picked up across these two businesses, with more projects underway. Beng Kuang Marine also expected more revenue upside from upcoming West Africa FPSO renewals.
Ongoing contract renewals.
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