As the consolidation of ASOM to be a wholly-owned subsidiary of Beng Kuang by end-june 2026, Tang and Mo expect the earnings from the two contracts would be fully captured by Beng Kuang, with stronger revenue visibility for FY2026-2027.
In a June 17 report, UOB Kay Hian’s Tang Kai Jie and Heidi Mo believe that the market has “underappreciated” the two recent contract wins worth $28.6 million by Beng Kuang Marine’s subsidiary Asian Sealand Offshore and Marine (ASOM).
The contracts — for floating, production, storage and offloading (FPSO) vessel life extension projects — were announced on June 4 and brought Beng Kuang’s pro-forma order book to $92.5 million. Meanwhile, Beng Kuang’s shares have declined from a high of 60 cents on May 14 to 49 cents on June 16. As such, both analysts believe this represents an “attractive” entry point for the counter.
