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New CEO and Placement, Positive Things Brewing?
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For_The_Next_Leg
Veteran |
09-Feb-2023 13:39
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$Beng Kuang(BEZ.SI) Has a paywall involved, but seems to be a prudent investor. Main investment is in Beng Kuang.
https://www.straitstimes.com/business/invest/me-my-money-ceo-and-ex-banker-takes-nimble-approach-to-investing
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For_The_Next_Leg
Veteran |
03-Feb-2023 13:22
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$Beng Kuang(BEZ.SI) oil prices will be supported. " The U.S. Energy Department said on Friday it will begin buying back oil for the Strategic Petroleum Reserve, or SPR, the first purchase since this year' s record 180 million barrel release from the stockpile. The department will buy up to 3 million barrels for delivery in February, a senior official told reporters." https://www.reuters.com/business/energy/us-begins-buying-back-oil-strategic-reserve-official-2022-12-16/ |
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For_The_Next_Leg
Veteran |
31-Jan-2023 13:29
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$Beng Kuang(BEZ.SI) oil prices will go up again as US start refilling their SPR! That could push up prices for Beng Kuang!
https://www.energyintel.com/00000185-ddc0-dba7-a19f-fde358ca0000
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For_The_Next_Leg
Veteran |
06-Jan-2023 10:43
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$Beng Kuang(BEZ.SI) As oil prices continue to stay levied, it will be beneficial for the company as future demand of their maintenance services of FPSO increases. Basically, oil price increases > continued increment in demand for FPSO > new FPSO built > more demand for future maintenance. https://markets.businessinsider.com/news/commodities/oil-price-outlook-crude-risk-100-gas-energy-crunch-eurasia-2023-1 |
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For_The_Next_Leg
Veteran |
04-Jan-2023 08:45
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$Beng Kuang(BEZ.SI) maintenance of FPSO is a big part of their business. Thus, demand for FPSO seem to have came down with oil prices also stagnating at below 90. Therefore the next phase may arrive sooner than later, there will be a chance where the demand for the company services will increase in the near term. | ||||
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newbie19
Supreme |
28-Dec-2022 13:54
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For_The_Next_Leg
Veteran |
28-Dec-2022 13:19
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$Beng Kuang(BEZ.SI)
" Achieving profitability in 9M2022 despite lower gross profit: The Group registered lower gross profit
margin of 16.8% in 9M2022, mainly due to a one-time indirect overhead costs related to worksite
relocation costs, rectification works for a IE project as well as higher procurement costs from local
suppliers on consumables for CP business division due to the SD business unit facing temporary delays
from its Chinese imports."
As per press release, china opening up and no impact from 1 time cost could significantly increase the net profit.
https://links.sgx.com/1.0.0/corporate-announcements/5606NKWFPK1IGF98/2a8ca20d3923a091baf1b88a635c1a2b40bf9dcdd801cb20f07d0f5194b8df5b
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For_The_Next_Leg
Veteran |
19-Dec-2022 12:49
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$Beng Kuang(BEZ.SI) I downloaded it so you don' t have to. There are 209 FPSO in the world. Thus the expected tam for this company is going to be huge! https://www.offshore-mag.com/rigs-vessels/document/14287001/2022-worldwide-survey-of-floating-production-storage-and-offloading-fpso-units |
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For_The_Next_Leg
Veteran |
06-Dec-2022 11:02
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$Beng Kuang(BEZ.SI)
As recession looms, oil prices may continue to fall. But if you are wondering if this will affect Beng Kuang, the answer is NO. in fact since they are in more of maintenance of extending life of the FPSO - this only meant that their business will get better when a recession comes - because business rather maintain and extend usage of existing FPSO rather than go for new builds.
https://asiansealand.com/about-us/#Company
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Giant8888
Member |
30-Nov-2022 13:34
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This counter will have to hold medium to long term. Undervalued but being pressed down. | ||||
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WBdisciple
Master |
30-Nov-2022 10:57
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Dont forget they have a huge waterfront shipyard at Batam, with marine and oil & gas actiivities building up...this will be another potential windfall for them if they sell or lease it out...market cap at S$11.5 million | ||||
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tedlim
Veteran |
30-Nov-2022 10:16
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I believe this is to restructure their loss-making livestock vessel business activities...which is good so there is CLEAN BREAK and doesnt affect the rest of the performing business units.
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For_The_Next_Leg
Veteran |
29-Nov-2022 15:00
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$Beng Kuang(BEZ.SI) 9M22 results are out. It has a turnaround from losses to profit during the last 9 months. This came from the Infrastructure engineering business as the boom of demand of FPSO rises this year. An increase in revenue, although lower gross profit, but through managing the operating cost, the company manages to turnaround and have a profit! Do note that they are not in the business of building FPSO but maintaining FPSO. So with the boom in demand of FPSO, there will be more demand of their infrastructure engineering business in future. Currently they have an order book of over 15m. With the new management continues to make great changes in the business, I do see that they will end the year very positively. https://links.sgx.com/1.0.0/corporate-announcements/5606NKWFPK1IGF98/2a8ca20d3923a091baf1b88a635c1a2b40bf9dcdd801cb20f07d0f5194b8df5b |
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MakeChanges
Elite |
28-Nov-2022 08:26
Yells: "No price is too low for a bear or too high for a bull" |
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?
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ysh2006
Supreme |
27-Nov-2022 20:20
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Being Kuang just read subsidiary file for bankruptcy? Why like that ....
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Joelton
Supreme |
26-Nov-2022 09:02
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Beng Kuang Group Achieves Profitability with Revenue Increasing 11.0% to S$43.86 Million in 9M2022 Net Cash of S$5.40 Million Generated from Operating Activities during 9M2022
&bull The Group&rsquo s IE and CP business divisions were the key revenue contributors in 9M2022 with the IE business division posting revenue growth of 25.3% in 9M2022, driven by strong performance of its ASOM business unit and deck equipment business unit
&bull The Group&rsquo s IE order book stood at S$15.54 million as at 30 September 2022, of which S$12.11 million was attributed to ASOM that provides specialised on-site vessel repair and maintenance solutions to operating floating asset, such as FPSO and FSO vessels, leveraging on SPS Technology
&bull The Group&rsquo s livestock vessels business activities have been classified as Discontinued Operations. The Group intends to wind up the Cattle Line&rsquo s entities that hold the livestock vessel assets
&bull Net cash inflow generated from operating activities improved to S$5.40 million during 9M2022
&bull With a substantial amount of fixed assets in the balance sheet, the Group registered a depreciation expense (non-cash component) of S$5.20 million in 9M2022
&bull Prioritising costs minimisation and deleveraging initiatives, while focusing on monetising fixed assets and high-potential business segments to create new growth catalysts
Striving to be the &ldquo Preferred Partner&rdquo in providing total solutions for the offshore and marine
industries, Beng Kuang Marine Limited (&ldquo 明 光 集 团 &rdquo or the &ldquo Company&rdquo , and together with its subsidiaries, the &ldquo Beng Kuang Group&rdquo ) has four key business divisions as follows:
1. Infrastructure Engineering (&ldquo IE&rdquo ) &ndash Providing a spectrum of turnkey engineering services from planning and project management to implementation involving procurement, fabrication, corrosion prevention, testing, installation and pre-commissioning of steel work modules and structures
2. Corrosion Prevention (&ldquo CP&rdquo ) &ndash Providing corrosion prevention services in several established shipyards in Singapore and Batam, Indonesia
3. Supply and Distribution (&ldquo SD&rdquo ) &ndash Providing a variety of marine and industrial hardware, tools and equipment as well as consumables under its house brands like MASTER, MULTI-FLEX, WELL and SPLASH
4. Shipping (&ldquo SH&rdquo ) &ndash Comprises two livestock vessels and two Indonesian-flagged assist tugs
Despite minimal revenue contribution from the SH business division, the Group&rsquo s revenue increased 11.0% in 9M2022: The Group&rsquo s IE business division continue to perform strongly in 9M2022, where IE&rsquo s revenue increasing by 25.3% or S$5.72 million, from S$22.62 million in 9M2022 to S$28.34 million in 9M2022.
Within the IE division, the Group&rsquo s 51%-owned subsidiary, Asian Sealand Offshore and Marine Pte Ltd (&ldquo ASOM&rdquo ), was the main revenue contributor with S$17.6 million or 62% of IE&rsquo s 9M2022 sales as a result of higher business volume.
Specialising in asset integrity solutions for operating floating assets such as Floating Production Storage and Offloading vessels and Floating Storage and Offloading vessels, among others, ASOM has established itself as a proficient &ldquo one-stop&rdquo offshore in-situ turnkey solutions provider, leveraging on Sandwich Plate System (&ldquo SPS&rdquo ) Technology, in optimising and extending the life of such operating floating assets.
As a service-centric business, revenue contribution from ASOM has been growing progressively over the past few years and as at 30 September 2022, ASOM has an order book of S$12.11 million. In addition, the Group&rsquo s other subsidiaries under IE registered improved performance for 9M2022 as compared to 9M2021, as new pedestal cranes supply orders contributed to additional revenue of S$3.93 million.
The engineering, design and build deck equipment unit under IE Division also registered increased orders for pedestal cranes, contributing to an increase in revenue by S$3.93 million in 9M2022 as compared to 9M2021.
While there were more fabrication work orders for its Batam yard due a recent uptrend in outsourcing manpower-intensive projects by established shipyard customers in Singapore to neighbouring countries to reduce the dependency on foreign workers, the utilisation rate of the Group&rsquo s 32-hectare waterfront yard is still below optimal capacity and utilisation rate and the Group is continuing its focus on cost optimisation efforts to nearshore to its Batam yard, following the lease termination at its Singapore yard.
In total, the IE business division (including ASOM) has an order book of S$15.54 million as at 30 September 2022.
Revenue from the Group&rsquo s CP dipped marginally by 2.2% or S$0.30 million from S$13.37 million in 9M2021 to S$13.08 million in 9M2022 as there was a short-term sizeable ad-hoc project in 1Q2021.
Notably, a similar project with a contract value of S$2.0 million was secured from a repeated customer in April 2022. The Group also saw recurring CP activities, mainly as resident contractors for Singapore and Batam shipyards, gaining momentum in 9M2022 with revenue increasing by S$2.44 million as compared to 9M2021.
Revenue from the Group&rsquo s SD declined S$0.73 million to S$2.38 million in 9M2022, as compared to S$3.10 million in 9M2021, due to soft market conditions for marine and industrial hardware. The Group&rsquo s SD continue to undertake a key role within the Group&rsquo s business model, serving as its internal procurement arm to support the rest of the Group&rsquo s business units to manage the operating costs of consumables.
The Group&rsquo s livestock vessels business activities have been classified as Discontinued Operations in 9M2022: There was only revenue contribution of S$0.07 million from the Group&rsquo s SH business division in 9M2022 as both of the Group&rsquo s livestock vessels continue to be off charter as highlighted previously in the Group&rsquo s announcements. During 3Q2022, the insurance claim pertaining to the accident occurred in October 2020 on &ldquo MV. Barkly Pearl&rdquo has been settled and the SH division received net receipt of approximately S$2.37 million, which was recorded in Discontinued Operations as other gain for the period ended 9M2022.
On 5 October 2022, the Group announced the discontinuation of the livestock carrier business activities, which would involve the Group&rsquo s disposal of the livestock vessels assets. On 3 November 2022, the Group provided an update to shareholders that it has received notice on 2 November 2022 through physical service of documents that KPI OceanConnect Pte. Ltd. (" KPIOC" ), a company incorporated in Singapore, has on 1 November 2022, filed a winding up application with the High Court of the Republic of Singapore to wind up CL2. The hearing date for the Winding Up Application has been fixed on 25 November 2022. On 25 November 2022 hearing, the Court adjourned the case for CL2 to file an application to court by 9 December 2022 under Section 184 IRDA, for permission to commence voluntary winding up. In the event that the two livestock vessels are sold for less than its book value, the Group will record a loss on such disposal.
Achieving profitability in 9M2022 despite lower gross profit: The Group registered lower gross profit margin of 16.8% in 9M2022, mainly due to a one-time indirect overhead costs related to worksite relocation costs, rectification works for a IE project as well as higher procurement costs from local suppliers on consumables for CP business division due to the SD business unit facing temporary delays from its Chinese imports.
Overall, the Group returned back to profitability in 9M2022 with net profit of S$1.02 million in 9M2022, as compared to a loss of S$3.69 million in 9M2021.
Net cash of S$5.40 million generated from operating activities during 9M2022 with continued deleveraging: With a substantial amount of fixed assets in the balance sheet, the Group registered a depreciation expense (non-cash component) of S$5.20 million in 9M2022.
As part of its deleveraging initiatives, the Group utilised S$3.18 million for loan repayments and S$1.42 million for payment of lease liabilities during 9M2022.
After adjusting for finance expense, depreciation and amortisation of property, plant and equipment and intangible assets, and excluding other gains, the Group recorded an adjusted EBITDA of S$2.51 million in 9M2022 as compared to the Group&rsquo s adjusted EBITDA of S$3.84 million in 9M2021.
Commenting on the Group&rsquo s 9M2022 results, Mr Yong Jiunn Run, Chief Executive Officer of Beng Kuang Group, said: &ldquo While the profit generated is still small, it shows that we are on the right track and the Group is benefiting from our business strategies and initiatives.
With a robust asset-light business model and disciplined-cost approach, we aim to improve our business agility that will enable us to pursue our profitable and sustainable growth strategy via our high-potential business segments.&rdquo
Discontinuance of proposed investment in I.O.T. Workz: Previously in March 2022, the Group issued a press release regarding the proposed acquisition of a strategic stake in Singapore-based Internet-ofThings Company, I.O.T. Workz Pte. Ltd (&ldquo I.O.T. Workz&rdquo ). There was no capital injection by the Group as discussions have been ongoing. Recently, both companies have mutually agreed not to proceed with the transaction.
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For_The_Next_Leg
Veteran |
23-Nov-2022 13:37
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$Beng Kuang(BEZ.SI) the company' s subsidiary is one of the main entity that has this license. " SPS&trade (Sandwich Plate System) is approved by regulatory authorities internationally for use in the repair and build of maritime, offshore, and civil structures including ship and offshore structural components, bridges, stadiums, and arenas. SPS has a high strength to weight ration and is fast to install leading to strong, lighter structures which are cost-efficient and easier to maintain. We are a licensee for SPS installation and delivery in the maritime and offshore sectors." https://asiansealand.com/technology/ |
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WBdisciple
Master |
03-Nov-2022 10:41
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Been eyeing this company for some time and here is a quick recap: 1. Financial turning around with higher revenue and EBITDA...Beng Kuang Group&rsquo s Gross Profit Surged 46.8% To S$4.30 Million In 1H2022 Posts Net Profit Of S$110,000 On With Adjusted EBITDA Of S$1.91 Million 2. Cutting out non-perfoming biz unit...Discontinuation Of The Group' s Cattle Line Business 3. Batam waterfront shipyard is a crown jewel asset...With higher oil & gas activities and more restrictive foreign labours in Singapore, their underutilised Batam shipyard can probably leased out to other marine players (earning rental income) or used for other emerging opportunities 4. Group CEO (MR. YONG JIUNN RUN) is ex-banker and he has been increasing his stake in Beng Kuang...CEO of CIMB Group Commercial Banking, Senior MD of CIMB Commercial Banking Singapore and director of CIMB Cambodia PLC. Prior to CIMB, he was formerly the Business Head for Global Enterprise Banking at OCBC. He has more than 30 years of experience in corporate and commercial banking having started his career in BNP Paribas. |
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For_The_Next_Leg
Veteran |
25-Oct-2022 14:09
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$Beng Kuang(BEZ.SI) Seem like it is undervalued currently!
https://simplywall.st/stocks/sg/commercial-services/sgx-bez/beng-kuang-marine-shares/news/calculating-the-intrinsic-value-of-beng-kuang-marine-limited
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For_The_Next_Leg
Veteran |
17-Oct-2022 13:27
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$Beng Kuang(BEZ.SI) oil prices will be expected to stay high. Demand for FPSO will continue to stay high. More business for Beng Kuang when these FPSO needs repair and maintenance! https://www.reuters.com/business/energy/oil-bounces-higher-us-dollars-strength-eases-2022-10-17/ |
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