Yangzijiang Maritime Expands Fleet Portfolio with 10 Additional Newbuilds to Strengthen Future Prospects

* 4 Product/Crude Tankers newbuilds (of approximately 114,000 DWT) with deliveries scheduled in 2028 and 2029.
* 4 Product Oil/Chemical Tankers newbuilds (of approximately 49,800 DWT) with deliveries scheduled in 2027 and 2028.
* 2 Bulk Carriers newbuilds (of approximately 40,000 DWT) with deliveries scheduled in 2028.
* These newbuilds will be funded through a combination of equity co-investment and debt financing.
* Following this addition, the Group’s total fleet will increase to 105 vessels, including 53 newbuildings currently under construction, further enhancing its fleet composition to improve earnings visibility and drive future growth.

Eneco Energy Announces Proposed Acquisition of Fastweld Engineering

Key Highlights:
• Acquisition Target: 100% of the issued and paid-up share capital of Fastweld Engineering Construction Pte. Ltd..
• Consideration: An aggregate sum of S$4,300,000, determined on a willing-buyer and willing-seller basis.
• Strategic Rationale: Diversifies the Group’s revenue base and provides a platform in the engineering sector that is complementary to existing logistics operations.
• Financial Impact: Based on FY2025 audited results, the acquisition is expected to increase profit attributable to equity holders from S$102,000 to S$325,000 on a pro forma basis.

GDS Expands Island-Wide Maintenance Portfolio with New Town Council Contract

• Awarded a new 2-year maintenance contract for door and shutter systems from a town council in the central region of Singapore, providing comprehensive services including preventive maintenance, emergency 24/7 response, and safety compliance checks, among others.

• Further strengthens the Group’s base of maintenance contracts for the private and public sector, encompassing the servicing and upkeep of hundreds of doors and shutter systems across multiple sites in Singapore.

• Expected to enhance the Group’s long-term recurring revenue streams and deepen customer retention with opportunities for upgrades and replacement works, positioning the Group as an integrated lifecycle solutions specialist for door and shutter systems.

DBS (YZJ Maritime Maritime alpha generator) Reiterate BUY; TP SGD0.88; stock offers decent 3% dividend yield

*BKM - AMOVA, TOKIO MARINE, TKS, EC AND CEO INCREASES STAKE*

- One of BKM’s founders, Mr Chua Meng Hua has decided to step back from his executive role in BKM and has reduced his stake in BKM

- ⁠Amova AM (EQDP fund) and Tokio Marine took up his stake, along side Mr Tan Kim Seng, Executive Chairman Mr Chua Beng Yong (+578k shares) and CEO Mr Yong Jiunn Run (+500k shares)

- ⁠This stake is probably from the big 9.7mln married deal at $0.48 we saw earlier this morning. We view this as a *positive development* that EQDP funds, the remaining EC and the CEO himself see much larger upside than the $0.48 that had been transacted.

https://links.sgx.com/1.0.0/corporate-announcements/0HJDB5420W7358QG/82a2b8dfaa54cbc039a3edfb7838fd6a7e3150c09a6cf9bce3fa67abb7d4c230

*Beng Kuang Marine (BKM SP/BUY/Target: S$0.64)*
By Heidi Mo UOBKH

_BKM Attracts Strong Insti Investors, Signals Confidence With Insider Buying_

BKM’s founder Mr. Chua Meng Hua has divested part of his stake, attracting strong demand from instis including *Amova Asset Management* and *Tokio Marine Life Insurance Singapore*, alongside reputable investors like O&G veteran *Mr. Tan Kim Seng* of Tembusu Partners, the founder of KS Energy.

*Mgmt. reinforced confidence by increasing stakes:*
- Mr. Chua Beng Yong (EC): +578,286 shares (4.92%)
- Mr. Yong Jiunn Run (CEO): +500k shares (5.3%)

We are of the view that this transaction strengthens the shareholder base and enhances alignment as the group advances its BKM 2.0 strategy.

https://links.sgx.com/1.0.0/corporate-announcements/0HJDB5420W7358QG/82a2b8dfaa54cbc039a3edfb7838fd6a7e3150c09a6cf9bce3fa67abb7d4c230

*Offshore & Marine - The Accidental Gift: How The Iran War May Become Offshore Energy’s Most Powerful Catalyst*
From Adrian Loh & Heidi Mo, UOBKH

Top picks in the sector. We prefer the small/mid-cap plays in the offshore & marine sector as we believe their respective growth options appear more exciting compared to the larger industrials that we cover. Key stock picks include our recent initiation Beng Kuang as well as ASL Marine and Marco Polo Marine.
Predictable unpredictability. The Middle East conflict is now in its ninth week with almost daily speculation on the on-again/off-again re-opening of the Straits of Hormuz. Energy shipping charter markets have been strong ytd in 2026 as a result of the conflict and rates mostly above pre-conflict levels. In particular, Clarksons data indicates that Very Large Gas Carrier earnings have risen to two-year highs with many Asian countries struggling to refocus their LNG requirements from the Middle East to the US or Australia.

Offshore rates have surged. Since the start of the Iran war, the key North Sea an SE Asia markets have seen a firm to stronger earnings trends. Relevant to the companies we cover in Singapore, SE Asia’s term rates for Anchor Handling Tug Supply (AHTS) units remained extremely steady, holding at nearly US$8,500/day while in the drilling rig market, there has been positive momentum for high-spec jack-up units where rates saw a notable increase in April, jumping 18% to US$100,000-140,000/day.

Impact of the Iran war. Given the energy supply risks exposed by the Iran war, we expect a) increasingly diversified project sanctioning to happen in the longer term (eg offshore Africa/South America) and b) more offshore engineering solutions to extend the life of existing facilities as domestic production and energy security is prioritised. The latter will benefit Seatrium due to its world-class skills in upgrades and conversions of second-hand assets, and Beng Kuang for its repair and life extension services.

Link to report: https://tinyurl.com/2xn54u5b

Lim & Tan (Nic Von) BKM reported 1QFY26 results that were in line with our expectations as revenue rose +20.3%yoy to S$25.7mln while profit came in at S$2.8mln (-12.7% YoY/+9.0% qoq). While BKM did not disclose PATMI figures, we expect earnings momentum to strengthen in 2HFY26 following the planned consolidation of ASOM (slated to complete end-May - June 26). We are also encouraged by the recent share sale transaction in which insiders and EQDP funds increased their stakes at S$0.48/share, which we view as a strong vote of confidence in BKM’s prospects. Operationally, ASOM continues to generate recurring revenue through its FPSO lifecycle engineering activities, while BKM has c.S$51mln of secured contracts expected to be recognised in FY26, providing healthy earnings visibility and operational runway.

We thus maintain our BUY rating on BKM and raise our TP to S$0.69, based on a 13x FY27F P/E as we roll forward our valuation base on the backdrop of increase institutional participation

iX Biopharma: Internal Restructuring

Ligo Pharma Pte Ltd: iX Biopharma is consolidating its consumer business assets (Australian/HK subsidiaries and the WaferiX DTC platform) into this newly incorporated, 100% owned holding company.

US Strategy & Rationale

Immediate Commercialization: The 503A/B compounding framework allows for the immediate commercialization of approximately 40 formulations without waiting for FDA approval.

DTC Telehealth: The strategy focuses on building a direct-to-consumer telehealth business. The Board notes that these businesses often trade at valuation premiums and benefit from iX's patented sublingual technology.

Future Exit: The standalone structure is intended to preserve flexibility for future corporate actions, including potential listings on the SGX-ST or NASDAQ.

Raffles Education:
1. 1. Special Dividend of S$0.003 per Share
2. Proposed PURCHASE AND CANCELLATION OF EXISTING LISTED CONVERTIBLE BONDS, AND, AS CONSIDERATION FOR SUCH PURCHASE, THE PROPOSED ISSUE OF NEW UNLISTED, NON-CONVERTIBLE UNSECURED BONDS WITH UNLISTED DETACHABLE WARRANTS

https://www.businesstimes.com.sg/companies-markets/buybacks-director-transactions-and-stake-realignments

Fuxing China: CEO increases stake as dividend policy anchors payouts
Fuxing China’s CEO, Hong Shao Lin, increased his deemed interest in the company through a series of on-market transactions on May 4 and 5. Across four trades, he acquired a total of 87,000 shares for S$81,085, raising his deemed shareholding to 0.43 per cent of issued share capital. The purchases were conducted via the open market.

For FY2025, Fuxing reported net profit of 20.5 million yuan (S$3.8 million), up from 900,000 yuan in the previous year, supported by improved cost discipline and lower financing costs. Gross profit rose 8 per cent to 49.5 million yuan, with gross margin improving to 7.4 per cent.

As the fourth-largest zipper manufacturer globally in terms of sales value, the group’s revenue remains centred on the zipper segment, which accounted for 61.3 per cent of FY2025 revenue, alongside contributions from trading and processing.

While overall revenue declined, the processing segment delivered improved margins on higher efficiency and automation, supporting gross margin expansion. A site visit by KGI Securities in January 2026 highlighted the group’s integrated manufacturing base in Jinjiang with headcount reducing to about 1,100 from around 3,000 in 2007, reflecting increased automation across production lines to improve operating margins.

On Mar 31, Fuxing announced a dividend policy targeting a minimum annual payout of 15 per cent of profit attributable to equity holders for FY2026 through FY2028.

For FY2025, the board recommended a final dividend of 0.15 yuan per share, amounting to approximately three million yuan and representing about 15 per cent of profit attributable to shareholders. The policy formalises capital allocation discipline alongside the group’s improving earnings base and cash flow generation.

From a value perspective, the disposal of its subsidiary Jianxin generated proceeds of 45.6 million yuan and a gain of 20.2 million yuan. Fuxing’s borrowings declined by 91 million yuan, with the group moving into a net cash position of 62.6 million yuan, alongside operating cash flow of 76.2 million yuan.

Beng Kuang Marine: ownership rotation as Asom deal lifts earnings capture

https://www.businesstimes.com.sg/companies-markets/buybacks-director-transactions-and-stake-realignments

On May 6, Amova Asset Management and Tokio Marine Life Insurance Singapore as well as oil and gas veteran Tan Kim Seng, alongside other investors, acquired 9.98 million shares for S$4.8 million that were divested by one of Beng Kuang Marine founder’s, Chua Meng Hua.

The company’s executive chairman acquired 578,286 shares and the CEO took 500,000 shares. Beng Kuang Marine said the sale reflects the founder stepping back from an executive role, with ownership rotating into institutional and management hands.

It added that the shareholder base broadened, liquidity improved and management alignment increased as the group continues to execute on offshore life-cycle services supported by a growing base of recurring work.

On Feb 26, Beng Kuang Marine announced the proposed acquisition of the remaining 49 per cent stake in Asian Sealand Offshore and Marine (Asom), which already anchors the group’s earnings base, with FY2025 revenue of about S$75 million against group’s revenue of S$98 million, and standalone profit after tax of around S$14.9 million.

The acquisition does not change revenue, which is already consolidated, but increases earnings attributable to shareholders through the removal of minority interests. Based on FY2025, this lifts attributable profit by roughly S$7 million, with no change to the underlying operating base.

Asom is the core of the group’s floating production storage and offloading (FPSO) segment, supporting 19 vessels across seven countries and securing about S$27.6 million of FY2026 revenue with a high level of repeat work. The work is driven by inspection, maintenance and life extension cycles of FPSOs, providing recurring demand and anchoring earnings visibility.

With most of FY2026 revenue already supported by a confirmed order book of around S$51.2 million, the acquisition brings the group’s main earnings driver fully in-house and improves visibility over earnings contribution.

UOB Kay Hian and Lim & Tan have initiated coverage with “buy” calls with recently raised their target prices of S$0.75 and S$0.69, respectively, pointing to recurring FPSO lifecycle demand from an ageing global fleet and the earnings uplift from the full consolidation of Asom.

The report highlights that inspection, repair and life extension work remains essential across offshore assets, and notes potential for strong earnings growth as Asom is fully consolidated within an asset-light, service-led model, with Asom forming the core of its recurring earnings base.

From a value perspective, the transaction reflects three points.

First, it increases earnings attributable to shareholders as the group moves to full ownership of its core FPSO life-cycle platform. Second, the stake is acquired at around eight times FY2025 earnings, consistent with comparable offshore life-cycle service providers. Third, it simplifies the ownership structure, with Asom fully in-house and improving visibility over earnings contribution.

Overall, the transaction shifts the focus to earnings contribution, strengthening alignment between ownership and operations without changing the underlying operating base.

Geo Energy Secures Term Sheet with ResInvest for a Substantial Investment in MBJ Integrated Infrastructure Business at a Valuation of US$1.5 Billion

• Resource Invest AG (“ResInvest”) signs term sheet to invest in the Group’s PT Marga Bara Jaya (“MBJ”), which is nearing completion of its Integrated Infrastructure project in South Sumatera and expected to commence operations thereafter.
• The US$1.5 billion valuation is attributed solely to MBJ, which is just one component of the Group’s broader asset portfolio, reflects the fact that Geo Energy’s share price remains largely undervalued despite crossing S$1 billion market capitalisation.
• MBJ’s Integrated Infrastructure comprises a 92km hauling road and jetty that have around 50 million tonnes of haulage per annum at full operational capacity, which is targeted to generate up to an additional US$300 million in EBITDA per annum for the Group within a few years’ time, reflecting its scale, cost efficiency and commercial potential.

Fuxing Accelerates Direct-to-Brand Strategy with an Expanding Portfolio of International and Domestic Brand Owners

Mr Hong Shao Lin, Chief Executive Officer of Fuxing, said: “The increasing traction from our directto-brand sales strategy allows us to engage brand owners more closely and improve customer responsiveness, and harness higher value-added opportunities across their product lines.

As we deepen these relationships, we aim to strengthen order visibility with improved margin,
reinforcing the effectiveness of our direct-to-brand strategy.

Moving forward, we will continue to build on this momentum by enhancing our operational capabilities and expanding our reach across global brands as the 4th largest zipper manufacturer in the world.”

More recently, Beng Kuang Marine (BKM), has gained investor appreciation, with the stock up 75% year-to-date (from 32 cents to 57 cents).

UOB Kay Hian and Lim & Tan Research reiterated their "BUY" ratings, and even raised their target prices to S$0.75 and S$0.69 respectively.

A core driver of BKM's future revenue is its healthy order book and promising contract pipeline.

https://www.nextinsight.net/story-archive-mainmenu-60/949-2026/16703-1q-profit-down-13-analyst-raise-target-prices-for-this-stock-why#google_vignette

GDS Announces EGM to Seek Approval from Shareholders for the Strategic Acquisition of Asiabuild Metal Engineering and Integrated Aluminium to Expand into Building Materials Solutions

• Immediate revenue contribution and profitability and additional revenue streams as the Targets are revenue-generating businesses with established histories, and have an audited combined net profit after tax of approximately S$1.6 million for the financial year ended 31 December 2025 and S$1.9 million for the financial year ended 31 December 2024.

• Both Targets, being part of the Teambuild Construction Group of Companies, have track records serving public housing, institutional, commercial and industrial developments, with capabilities spanning structural steel fabrication, aluminium
facade systems, cladding, curtain walls, and architectural metal works.