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
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
Announcement - Proposed Restructuring final 11 May 2026.pdf
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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.
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.
RE - Project Somerset Annc - 11 May 2026.pdf
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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
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.
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.
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.
• 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_BrandsUpdate_PR_11MAY_Final.pdf
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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.”
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
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
www.nextinsight.net
1Q profit down 13%, analyst raise target prices for this stock. Why?
a hub for serious investors
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.
• 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.
GEO_1Q2026_MR.pdf
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Geo Energy Delivers Steady 1Q2026 Earnings Over the Previous Quarter, Declares Interim Dividend Payout of 34%; Positioned for Higher Earnings in a Landscape of Rising Coal Prices, Higher Coal Output, and the Startup of MBJ’s Operations in the Coming Quarters
KGI (GEO Energy) Valuation & Action.
We raise our target price to S$1.27 (from S$1.02), maintaining our OUTPERFORM rating on Geo Energy. We maintain a DCF framework with two refinements: MBJ is removed from the operating DCF and marked at the ResInvest deal value (US$1.5bn × Geo's pre-deal 71.3% effective interest) and marine logistics was added into the DCF at Geo's 51% economic interest.
We raise our target price to S$1.27 (from S$1.02), maintaining our OUTPERFORM rating on Geo Energy. We maintain a DCF framework with two refinements: MBJ is removed from the operating DCF and marked at the ResInvest deal value (US$1.5bn × Geo's pre-deal 71.3% effective interest) and marine logistics was added into the DCF at Geo's 51% economic interest.
Geo Energy: Two global giants have priced this stock but the Market hasn’t
https://sginvestorsedge.com/geo-energy-two-global-giants-have-priced-this-stock-but-the-market-hasnt/?fbclid=IwdGRjcAR4sT5jbGNrBHixO2V4dG4DYWVtAjExAHNydGMGYXBwX2lkDDM1MDY4NTUzMTcyOAABHkpN1wAN7piFxgn2Mqj5AGKCuPBwp3G9syqkU782cTzhMXZGZAkxF0QVOwrc_aem_RfNFJYITxF5qzBcYstK-hA
https://sginvestorsedge.com/geo-energy-two-global-giants-have-priced-this-stock-but-the-market-hasnt/?fbclid=IwdGRjcAR4sT5jbGNrBHixO2V4dG4DYWVtAjExAHNydGMGYXBwX2lkDDM1MDY4NTUzMTcyOAABHkpN1wAN7piFxgn2Mqj5AGKCuPBwp3G9syqkU782cTzhMXZGZAkxF0QVOwrc_aem_RfNFJYITxF5qzBcYstK-hA
Investors edge
Geo Energy: Two global giants have priced this stock but the Market hasn't - Investors edge
Trafigura does not do favours. One of the world’s largest commodity trading houses, moving metals, oil and coal across six continents with 14,500 people and more transactional firepower than most central banks, commits capital only when its own due diligence…