New Risk • Apr 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (5.4% net profit margin). Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (S$112.8m market cap, or US$88.0m). Announcement • Mar 10
Beng Kuang Marine Limited has completed a Follow-on Equity Offering in the amount of SGD 5 million. Beng Kuang Marine Limited has completed a Follow-on Equity Offering in the amount of SGD 5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 15,625,000
Price\Range: SGD 0.32
Discount Per Security: SGD 0.0096
Transaction Features: Subsequent Direct Listing Reported Earnings • Feb 14
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: S$0.026 (down from S$0.058 in FY 2024). Revenue: S$98.2m (down 12% from FY 2024). Net income: S$5.33m (down 54% from FY 2024). Profit margin: 5.4% (down from 10% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 15%. Earnings per share (EPS) exceeded analyst estimates by 4.0%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has increased by 75% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 13
Beng Kuang Marine Limited, Annual General Meeting, Apr 15, 2026 Beng Kuang Marine Limited, Annual General Meeting, Apr 15, 2026. New Risk • Aug 07
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.7% Last year net profit margin: 12% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.7% net profit margin). Market cap is less than US$100m (S$52.9m market cap, or US$41.2m). Major Estimate Revision • May 10
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from S$125.8m to S$115.6m. EPS estimate also fell from S$0.031 per share to S$0.025 per share. Net income forecast to shrink 45% next year vs 17% growth forecast for Commercial Services industry in Singapore . Consensus price target down from S$0.26 to S$0.19. Share price was steady at S$0.19 over the past week. Announcement • Apr 22
Beng Kuang Marine Limited Approves First and Final Tax Exempt (One-Tier) Dividend for the Financial Year Ended 31 December 2024 Beng Kuang Marine Limited at the Annual General Meeting held on 21 April 2025 approved the payment of a first and final tax exempt (one-tier) dividend of SGD 0.006 per ordinary share in respect of financial year ended 31 December 2024. Recent Insider Transactions • Apr 09
Co-Founder & Executive Chairman recently bought S$56k worth of stock On the 7th of April, Beng Yong Chua bought around 300k shares on-market at roughly S$0.19 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Beng Yong's only on-market trade for the last 12 months. Reported Earnings • Apr 09
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: S$0.058 (up from S$0.017 in FY 2023). Revenue: S$111.9m (up 41% from FY 2023). Net income: S$11.5m (up 237% from FY 2023). Profit margin: 10% (up from 4.3% in FY 2023). Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) also surpassed analyst estimates by 152%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Announcement • Apr 03
Beng Kuang Marine Limited, Annual General Meeting, Apr 21, 2025 Beng Kuang Marine Limited, Annual General Meeting, Apr 21, 2025, at 15:00 Singapore Standard Time. Location: 2 venture drive 09-22, vision exchange, singapore 608526, Singapore Reported Earnings • Feb 20
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: S$0.058 (up from S$0.017 in FY 2023). Revenue: S$111.9m (up 41% from FY 2023). Net income: S$11.5m (up 237% from FY 2023). Profit margin: 10% (up from 4.3% in FY 2023). Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) also surpassed analyst estimates by 152%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Announcement • Jan 07
Beng Kuang Marine Limited Promotes Chua Ding En (Dylan) from Acting Chief Executive Officer to Chief Executive Officer of the CP Division Beng Kuang Marine Limited announced that the Nominating Committee has recommended Mr. Chua Ding En's promotion from Acting Chief Executive Officer to Chief Executive Officer of the CP Division and the Board of Directors has approved his appointment based on his qualifications and work experience. Appointment Date is January 6, 2025. Role And Responsibilities: Executive. To lead BKM's CP Division in terms of business growth, operational success and human capital in Singapore and Indonesia. Job Title: Chief Executive Officer, Corrosion Prevention Division. Working Experience: Apr. 2024 to Present - Acting Chief Executive Officer, CP Division of Beng Kuang Marine Limited Feb. 2023 to March 2024 - Business Development Manager, CP Division of Beng Kuang Marine Limited Jan. 2022 to Feb. 2023 - Co-Founder/Director of an Education & Enrichment Centre at Math Vigilante June 2021 to December 2021 - Human Resource Business Partner/Employer Branding Team of Unilever Asia Pte Ltd. New Risk • Nov 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 6.3% per year for the foreseeable future. High level of non-cash earnings (65% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Market cap is less than US$100m (S$44.8m market cap, or US$33.4m). Announcement • Oct 14
Beng Kuang Marine Limited Announces Company Secretary Changes The Board of Directors of Beng Kuang Marine Limited announced the appointment of Ms. Shirley Tan Sey Liy as Company Secretary and the resignation of Ms. Sharon Lim Siew Choo as Company Secretary of the Company with effect from 14 October 2024. Reported Earnings • Aug 07
First half 2024 earnings released: EPS: S$0.043 (vs S$0.004 loss in 1H 2023) First half 2024 results: EPS: S$0.043 (up from S$0.004 loss in 1H 2023). Revenue: S$59.9m (up 88% from 1H 2023). Net income: S$8.57m (up S$9.42m from 1H 2023). Profit margin: 14% (up from net loss in 1H 2023). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. New Risk • Aug 06
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 60% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (60% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (S$47.8m market cap, or US$36.1m). Buy Or Sell Opportunity • Jul 01
Now 19% undervalued Over the last 90 days, the stock has risen 102% to S$0.24. The fair value is estimated to be S$0.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Jun 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Singaporean stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (S$46.8m market cap, or US$34.5m). Buy Or Sell Opportunity • Jun 28
Now 21% undervalued Over the last 90 days, the stock has risen 173% to S$0.23. The fair value is estimated to be S$0.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Apr 14
Full year 2023 earnings released: EPS: S$0.017 (vs S$0.026 loss in FY 2022) Full year 2023 results: EPS: S$0.017 (up from S$0.026 loss in FY 2022). Revenue: S$79.2m (up 34% from FY 2022). Net income: S$3.42m (up S$8.61m from FY 2022). Profit margin: 4.3% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 60% per year, which means it is significantly lagging earnings growth. Announcement • Apr 10
Beng Kuang Marine Limited, Annual General Meeting, Apr 26, 2024 Beng Kuang Marine Limited, Annual General Meeting, Apr 26, 2024, at 15:00 Singapore Standard Time. Location: 2 Venture Drive #09-22, Vision Exchange Singapore Singapore Agenda: To receive and adopt the Directors' Statement and the Audited Financial Statements for the financial year ended 31 December 2023 together with the Independent Auditor's Report thereon; to re-elect Mr. Chua Beng Yong, a Director retiring pursuant to Regulation 107 of the Company's Constitution; to re-elect Mr. Lum Kin Wah, a Director retiring pursuant to Regulation 107 of the Company's Constitution; to re-appoint Messrs CLA Global TS Public Accounting Corporation as auditors of the Company and to authorise the Directors to fix its remuneration; to Authority to allot and issue shares; and to consider other business matters. Recent Insider Transactions • Mar 01
Chief Executive Officer recently bought S$81k worth of stock On the 29th of February, Jiunn Yong bought around 1m shares on-market at roughly S$0.073 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Jiunn has been a buyer over the last 12 months, purchasing a net total of S$136k worth in shares. Announcement • Nov 10
Beng Kuang Marine Limited Announces change in Company Secretary The Board of Directors of Beng Kuang Marine Limited announced the appointment of Ms. Sharon Lim Siew Choo as Company Secretary and the resignation of Ms. Shirley Tan Sey Liy as Company Secretary of the Company with effect from 9 November 2023. Reported Earnings • Aug 12
First half 2023 earnings released: S$0.43 loss per share (vs S$0.004 loss in 1H 2022) First half 2023 results: S$0.43 loss per share. Revenue: S$31.9m (up 9.7% from 1H 2022). Net loss: S$854.0k (loss narrowed 1.4% from 1H 2022). Announcement • Jul 08
Beng Kuang Marine Limited Appoints Yee Chia Hsing as Independent Director, Chairman of Nominating Committee and Member of Audit and Remuneration Committee, Effective 10 July 2023 The board of directors of Beng Kuang Marine Limited announced the appointment of Mr. Yee Chia Hsing as Independent Director, Chairman of Nominating Committee and a member of the Audit and Remuneration Committees with effect from 10 July 2023. Working Experience: August 2022 to Present - Executive Director of Datapulse Technology Limited. March 2021 to July 2022 - Director of Corporate Affairs at iX Biopharma Ltd. and GM of Entity Health, its nutraceutical business. Jan 2011 to Feb. 2021 - Head of Catalist, MD, CIMB Bank Berhad, Singapore Branch. Following the above appointment, the Board and the Board committees of the Company shallbe re-constituted as follows: Board of Directors: Mr. Chua Beng Yong, Executive Chairman; Mr. Chua Meng Hua, Executive Director; Mr. Low Wee Siong, Lead Independent Director; Mr. Lum Kin Wah, Independent Director; Mr. Yee Chia Hsing, Independent Director. Audit Committee: Mr. Low Wee Siong, Chairman; Mr. Lum Kin Wah, member; Mr. .Yee Chia Hsing, member. Nominating Committee: Mr. Yee Chia Hsing, Chairman; Mr. Low Wee Siong, member; Mr. Lum Kin Wah, member. Remuneration Committee: Mr. Lum Kin Wah, Chairman; Mr. Low Wee Siong, member; Mr. Yee Chia Hsing, member. Announcement • Jul 06
Beng Kuang Marine Limited Announces Changes to Its Board Beng Kuang Marine Limited announced that Ms. Wee Woon Hong (Ms. Wee) has resigned as Company Secretary of the Company with effect from 30 June 2023 and instead thereof Ms. Shirley Tan Sey Liy has been appointed as the Company Secretary of the Company with effect from 1 July 2023. Reported Earnings • Apr 15
Full year 2022 earnings released: S$0.026 loss per share (vs S$0.087 loss in FY 2021) Full year 2022 results: S$0.026 loss per share (improved from S$0.087 loss in FY 2021). Revenue: S$59.1m (up 12% from FY 2021). Net loss: S$5.19m (loss narrowed 61% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Mar 04
Full year 2022 earnings released Full year 2022 results: Revenue: S$59.1m (up 12% from FY 2021). Net loss: S$5.19m (loss narrowed 61% from FY 2021). Buying Opportunity • Mar 02
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be S$0.051, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Earnings per share has declined by 24%. Announcement • Feb 01
Beng Kuang Marine Limited to Report Fiscal Year 2022 Results on Feb 28, 2023 Beng Kuang Marine Limited announced that they will report fiscal year 2022 results on Feb 28, 2023 Announcement • Oct 08
Beng Kuang Marine Announces Promotion of Chua Beng Hock to Group Chief Operating Officer & Chief Executive Officer, Corrosion Prevention Division Beng Kuang Marine Limited's Board of Directors, having reviewed and considered the recommendation of the Nominating Committee that Mr. Chua Beng Hock (Mr. Chua) has the requisite experience and capabilities to assume the role of Group Chief Operating Officer and Chief Executive Officer, Corrosion Prevention Division, approved his promotion from Deputy Chief Operating Officer and Head of Corrosion Prevention Division to Group Chief Operating Officer and Chief Executive Officer, Corrosion Prevention Division. Executive. Responsible for assisting the Group's Chief Executive Officer to formulate the Group's strategic initiatives and enhance operational efficiency within its business units, thereby creating more growth momentum, overseeing the Group's business divisions particularly in the Corrosion Prevention Division, including developing and steering plans, directions in the marketing, business development and operations aspects. Working Experience: Deputy Chief Operating Officer of the Group since 2011. Reported Earnings • Aug 14
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (up S$2.51m from 1H 2021). Profit margin: (up from net loss in 1H 2021). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 16
Full year 2021 earnings released: S$0.087 loss per share (vs S$0.11 loss in FY 2020) Full year 2021 results: S$0.087 loss per share (up from S$0.11 loss in FY 2020). Revenue: S$53.0m (up 24% from FY 2020). Net loss: S$13.2m (loss narrowed 14% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Apr 12
Beng Kuang Marine Limited, Annual General Meeting, Apr 27, 2022 Beng Kuang Marine Limited, Annual General Meeting, Apr 27, 2022, at 11:00 Singapore Standard Time. Agenda: To consider the adoption of directors' statement and audited financial statements for the financial year ended 31 December 2021; to condor the re-election of Mr. Low Wee Siong as a director of the company; to consider the approval of payment of directors' fees for the financial year ended 31 December 2021; and to discuss other matters. Reported Earnings • Mar 03
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: S$0.082 loss per share (up from S$0.11 loss in FY 2020). Revenue: S$53.0m (up 24% from FY 2020). Net loss: S$13.2m (loss narrowed 14% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Nov 27
Beng Kuang Marine Limited Unveils Specialised Dredging Equipment for Offshore Tin Mining Activities Beng Kuang Marine Limited announced that its in-house team has designed and developed specialised dredging equipment for offshore tin mining activities. Notably, the pilot phase of the Group's specialised dredging equipment was undertaken in collaboration with a leading tin smelter based in Indonesia. Installed on barges, the specialised dredging equipment has been tested for operational efficiency in various offshore tin mining sites in Indonesia with the following highlights: Deep-water extraction of up to 60 metres. Capable of drilling and extraction of 8 10 holes daily. Extraction rate of 100 kg to 150 kg per hole. Tin's high conductivity, low melting point, high specific gravity, low toxicity, and relative abundance makes it an essential component of modern electronics. In the early 2000s, electronics manufacturers and suppliers transitioned away from leaded to lead-free solders, with higher tin concentrations. As lead-free solders came to dominate the market, the demand for tin production surged. At 80,000 tons annually, Indonesia is the second largest tin producer in the world, just barely behind China's 85,000 tons. Tin mined in Indonesia and throughout the world is predominantly used in solders, both for electronics as well as for plumbing and other structural solders . With its specialised dredging equipment, Beng Kuang Group aims to develop new value propositions for offshore tin mining activities and create new revenue streams. Reported Earnings • Aug 19
First half 2021 earnings released: S$0.019 loss per share (vs S$0.015 loss in 1H 2020) The company reported a solid first half result with improved revenues and control over costs, although losses increased. First half 2021 results: Revenue: S$27.9m (up 30% from 1H 2020). Net loss: S$2.51m (loss widened 25% from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Executive Departure • May 04
Co-Founder & Executive Chairman Beng Kuang Chua has left the company On the 27th of April, Beng Kuang Chua's tenure as Co-Founder & Executive Chairman ended after 27.3 years in the role. As of December 2020, Beng Kuang personally held 9.07m shares (S$526k worth at the time). Beng Kuang is the only executive to leave the company over the last 12 months. Reported Earnings • Feb 28
Full year 2020 earnings released The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: S$42.7m (down 27% from FY 2019). Net loss: S$15.4m (loss widened 327% from FY 2019). 
