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BENG KUANG MARINE LIMITED (BEZ) Fair Value & Analysis

Energy · SG · Market cap 138M SGD (≈ $109M) · ISIN SG1BH2000007

What is BENG KUANG MARINE LIMITED really worth?

BK BENG KUANG MARINE LIMITED BEZ · SG
Price0.4050 SGD
Fair Value0.4600 SGD
Upside+13.6%
Quality64/100

A solid business, trading 12% below our fair value of 0.4600 SGD.

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Strengths

✓Low debt · generates free cash flow
✓Ranks above peers (10/14)
✓Wide moat 65/100

Risks

!Mixed Growth (revenue 5y +18.1 %/yr)
!Thin margins · 5.4% net margin
!Evidence only low, so the estimate is less certain

For context

·1.48% dividend yield
Evidence: Low Range 0.2800 SGD – 0.5300 SGD

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 22 days ago

Share price −17.3% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • A fairly wide model range (0.2800 SGD to 0.5300 SGD) leaves room in how you read the outcome.
  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Price vs Fair Value (5 years)

0.5923 SGD 0.0344 SGD Fair Value 0.4600 SGD Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 0.0344 SGD – 0.5923 SGD · fair‑value band 0.2800 SGD – 0.5300 SGD · the 0.4050 SGD price screens below the 0.4600 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

BENG KUANG MARINE LIMITED (BEZ) currently trades at 0.4050 SGD, while our model-based Fair Value estimate is 0.4600 SGD, implying the stock looks roughly 12.0% undervalued today. The Quality Score stands at 64/100 (solid quality), in the Energy sector. Bull case: the Growth DCF group reads highest at a median of 0.8800 SGD per share, and 15 of the 24 models we run sit above the 0.4050 SGD price. Bear case: the Asset-Based group reads lowest at 0.0600 SGD, and 9 of the 24 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, BENG KUANG MARINE LIMITED generated revenue of 98.2M SGD at a net margin of 5.4%. Revenue declined 8.8% year over year. It earns a return on equity of 38.8%. Net debt stands at 13.5M SGD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.2800 SGD (bear case) to 0.5300 SGD (bull case); at 0.4050 SGD, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 32% below its 52-week high and 100% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at −41% fair-value upside, at 14%, BEZ screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 0.0163 SGD per share, which is 3.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence 0.7800 SGD 1.10 SGD 1.52 SGD 81
Growth DCF 0.7700 SGD 1.06 SGD 1.42 SGD 79
Owner Earnings 0.2600 SGD 0.3300 SGD 0.4300 SGD 78
All 24 models by family
DCF Models
FCF DCF best evidence 0.7800 SGD 1.10 SGD 1.52 SGD 81
Owner Earnings 0.2600 SGD 0.3300 SGD 0.4300 SGD 78
5Y Revenue Exit 0.6200 SGD 0.8800 SGD 1.20 SGD 73
5Y EBITDA Exit 0.7200 SGD 1.07 SGD 1.49 SGD 75
5Y P/E Exit 0.5400 SGD 0.7100 SGD 0.9000 SGD 72
10Y Revenue Exit 0.6700 SGD 0.9100 SGD 1.23 SGD 67
10Y EBITDA Exit 0.7300 SGD 1.02 SGD 1.42 SGD 69
10Y P/E Exit 0.6300 SGD 0.8100 SGD 1.02 SGD 65
Earnings-Based
Graham-Dodd 0.1200 SGD 0.4600 SGD 0.6300 SGD 64
Lynch FV 0.1100 SGD 0.1600 SGD 0.2100 SGD 61
PEG = 1.0 0.1100 SGD 0.1600 SGD 0.2100 SGD 57
EPV 0.4500 SGD 0.4900 SGD 0.5300 SGD 74
Multiples
P/E Multiple 0.2800 SGD 0.3700 SGD 0.4700 SGD 63
P/S Multiple 0.2300 SGD 0.3000 SGD 0.3800 SGD 58
P/B Multiple 0.2300 SGD 0.3000 SGD 0.3800 SGD 55
EV/EBIT 0.7900 SGD 1.01 SGD 1.24 SGD 66
EV/EBITDA 0.7500 SGD 0.9600 SGD 1.17 SGD 67
EV/Revenue 0.5200 SGD 0.7000 SGD 0.8800 SGD 54
Asset-Based
NCAV (Graham) 0.0400 SGD 0.0600 SGD 0.0900 SGD 53
Growth DCF
Growth DCF 0.7700 SGD 1.06 SGD 1.42 SGD 79
Rev-Margin DCF 0.6200 SGD 0.8800 SGD 1.20 SGD 73
Economic Profit
Residual Income 0.0900 SGD 0.1200 SGD 0.3300 SGD 61
ROIC Compounder 0.4500 SGD 0.4900 SGD 0.5300 SGD 72
Growth Earnings
Growth-Adj P/E 0.2000 SGD 0.2900 SGD 0.3800 SGD 67

Widest divergence: DCF Models (0.8800 SGD) versus Asset-Based (0.0600 SGD). Highest evidence: FCF DCF (81).

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Key figures & financial health

P/E ratio 13.5
P/S ratio 0.73 P/E × margin
EPS (TTM) 0.0300 SGD price ÷ EPS = P/E 13.5
Dividend yield 1.5% payout 20.0%
Net margin 5.4% FY2025
Return on equity 38.8% TTM
More key figures
Profitability
Return on assets (EBIT) 8.2% avg 5y
Operating margin 13.2% TTM
Growth
Revenue (TTM) 98.2M SGD TTM
Revenue growth (YoY) −8.8% 3y avg +18.4%
EPS growth (YoY) −23.0%
Balance sheet & cash flow
Free cash flow 22.8M SGD FY2025
Net debt 13.5M SGD FY2022 · ≈ 0.6 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 67 · Market factors (momentum, volatility) 54

Profitability 66
Margins and returns on capital today
Quality Growth 35
Are margins and returns improving?
Cashflow 93
Earnings quality: real cash, not paper profit
Fin. Strength 86
Balance sheet, leverage, solvency risk
Investment 44
Disciplined investing over empire-building
Low Volatility 65
Calm price path (market factor)
Momentum 50
Price trend over the last 3–12 months (market factor)
52W Momentum 50
Distance to the 52-week high (market factor)
Net Issuance 49
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Beng Kuang Marine Limited, an investment holding company, provides infrastructure engineering and corrosion prevention services relating to repairing of ships, tankers, and other ocean-going vessels in Singapore, Asia, Europe, the Middle East, Africa, and internationally.

Full company description

Beng Kuang Marine Limited, an investment holding company, provides infrastructure engineering and corrosion prevention services relating to repairing of ships, tankers, and other ocean-going vessels in Singapore, Asia, Europe, the Middle East, Africa, and internationally. It operates through Infrastructure Engineering, Corrosion Prevention, Corporate Services, and Others segments. The company offers shipbuilding and conversion, offshore construction, turnkey projects, sandwich plate system license, offshore asset integrity management, project management, supply of deck equipment, and rental of industrial equipment and machinery. It also provides abrasive and non-abrasive blasting, paint application, shop blasting and painting, thermal spray coating, personal protective equipment, other general hardware products, and blasting, welding, and painting equipment and accessories. In addition, the company engages in the supply and distribution of hardware equipment, tools, and other products; sourcing and procurement of material and equipment in engineering and construction; provision of industrial and marine automation work; metallizing services; provision of research and development, and solution for waste management; offshore repair and maintenance services; freight transport services; and internal tank coating. Further, the company designs, manufactures, and fabricates offshore equipment and ship parts. Beng Kuang Marine Limited was incorporated in 1994 and is based in Singapore.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

BENG KUANG MARINE LIMITED reported revenue of 98.2M SGD in FY2025 versus 53.0M SGD in FY2021, a compound +16.6%/yr. Reported net income was 5.3M SGD in FY2025.

Growth Quality 89/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
98.2M SGD
Latest YoY
−12.3%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+18.4%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+18.1%
Avg. revenue growth/yr (12Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+1.3%
Value creation/yr (3Y) ⓘEarnings growth per share (CAGR 3 years) plus dividend yield: value created per share and year.
+15.6% (14.1 + 1.5)
Revenue +16.6%/yr
FY21 53.0M SGD
FY22 59.1M SGD
FY23 79.2M SGD
FY24 112M SGD
FY25 98.2M SGD
Net income
FY21 −13.2M SGD
FY22 −21.8M SGD
FY23 3.4M SGD
FY24 11.5M SGD
FY25 5.3M SGD

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Cite: Fair Value Calculator (2026). "BENG KUANG MARINE LIMITED Fair Value". https://www.fairvalue-calculator.com/stock/BEZ

Peer Group

Oil & Gas Equipment & Services · 185 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 64 · Top 25%
Fair Value upside +14% · Top 25%
Return on equity (TTM) 39% · Top 25%
Return on assets 13% · Top 25%
Net margin (TTM) 5% · Above median
Operating margin (TTM) 13% · Above median
Revenue growth −9% · Below median
Dividend yield (TTM) 1.5% · Below median
Debt / equity 0.16× · Lower than median

Valuation Multiples vs Oil & Gas Equipment & Services median · lower = cheaper

P/E (TTM) 13.5× · Cheaper than median
P/B 4.12× · Pricier than 75% of peers
P/S (TTM) 1.11× · Pricier than median
P/FCF 4.8× · Cheaper than median
EV/EBITDA 4.3× · Cheaper than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE51 · sector 0
FUTURE0 · sector 0
PAST100 · sector 29
HEALTH92 · sector 92
DIVIDEND30 · sector 36

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

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Frequently asked questions

Is BENG KUANG MARINE LIMITED (BEZ) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 0.4600 SGD versus a price of 0.4050 SGD, about +14% upside (undervalued).
What is the fair value of BEZ?
Our model-based fair value for BENG KUANG MARINE LIMITED is 0.4600 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price: 0.4050 SGD.
What is the quality score of BEZ?
BENG KUANG MARINE LIMITED has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of BENG KUANG MARINE LIMITED (BEZ)?
BENG KUANG MARINE LIMITED reported trailing-twelve-month revenue of about 98.2M SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of BEZ?
The net profit margin of BENG KUANG MARINE LIMITED is about 5.4%, meaning it keeps roughly 5.4% of revenue as net income. Based on the latest reported figures.
Does BENG KUANG MARINE LIMITED pay a dividend?
BENG KUANG MARINE LIMITED currently shows a dividend yield of about 1.48% relative to its recent price (as of Aug 13, 2026).
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