*Beng Kuang Marine (BKM SP/BUY/PE-based TP S$0.75)*
_By Tang Kai Jie UOBKH_
*Strong FPSO Contract Wins Underappreciated By The Market*
*Significant orderbook expansion strengthens earnings visibility.* The award of two FPSO life extension contracts worth US$28.6m has lifted BKM's orderbook to approximately S$92.5m, significantly enhancing earnings visibility and providing a stronger revenue base for FY26-FY27.
*Potential for follow-on contract wins.* Beyond the immediate revenue contribution, successful execution of these projects could unlock additional phases of FPSO life extension work, providing a potential multi-year pipeline of follow-on contract opportunities.
*ASOM continues to drive group growth.* The latest contract wins further reinforce ASOM's position as BKM's key earnings driver, with the ongoing consolidation allowing the group to fully capture the earnings contribution from its high-margin offshore services business.
The completion of the remaining ASOM stake acquisition by end-Jun 2026 is expected to be earnings-accretive and should drive stronger revenue recognition in 2H26 while supporting BKM's transition towards a higher-margin, asset-light business model.
*Maintain BUY with an unchanged target price of S$0.75,* implying 53.1% upside, pegged to 14.0x 2027F PE. BKM currently trades around 9.2x 2027F PE, below peers’ average of 12.5x 2027F PE, highlighting BKM’s undervaluation. The recent share price correction of about 20% and an attractive 9x 2027 PE present a good buying opportunity.
Link: https://research.uobkayhian.com/content_download.jsp?id=91229&h=403e37bb00779eb6195262ee6cefd0f3
_By Tang Kai Jie UOBKH_
*Strong FPSO Contract Wins Underappreciated By The Market*
*Significant orderbook expansion strengthens earnings visibility.* The award of two FPSO life extension contracts worth US$28.6m has lifted BKM's orderbook to approximately S$92.5m, significantly enhancing earnings visibility and providing a stronger revenue base for FY26-FY27.
*Potential for follow-on contract wins.* Beyond the immediate revenue contribution, successful execution of these projects could unlock additional phases of FPSO life extension work, providing a potential multi-year pipeline of follow-on contract opportunities.
*ASOM continues to drive group growth.* The latest contract wins further reinforce ASOM's position as BKM's key earnings driver, with the ongoing consolidation allowing the group to fully capture the earnings contribution from its high-margin offshore services business.
The completion of the remaining ASOM stake acquisition by end-Jun 2026 is expected to be earnings-accretive and should drive stronger revenue recognition in 2H26 while supporting BKM's transition towards a higher-margin, asset-light business model.
*Maintain BUY with an unchanged target price of S$0.75,* implying 53.1% upside, pegged to 14.0x 2027F PE. BKM currently trades around 9.2x 2027F PE, below peers’ average of 12.5x 2027F PE, highlighting BKM’s undervaluation. The recent share price correction of about 20% and an attractive 9x 2027 PE present a good buying opportunity.
Link: https://research.uobkayhian.com/content_download.jsp?id=91229&h=403e37bb00779eb6195262ee6cefd0f3
Soilbuild Construction Group
Casting for a 2H26F catch-up
■ We visited SOIL's automated ICPH and turned more constructive on SOIL's
precast plant utilisation, mainly supported by HDB’s c.55k BTO pipeline.
■ We cut our FY26F order win target to S$450m on slower 1H26F order wins,
but Penjuru project/precast pipeline supports a 2H26F catch-up, in our view.
■ Maintain Add despite a lower S$1.10 TP. Margin drag from potential
provision and higher costs appear priced in, with catalysts skewed to 2H26F.
Casting for a 2H26F catch-up
■ We visited SOIL's automated ICPH and turned more constructive on SOIL's
precast plant utilisation, mainly supported by HDB’s c.55k BTO pipeline.
■ We cut our FY26F order win target to S$450m on slower 1H26F order wins,
but Penjuru project/precast pipeline supports a 2H26F catch-up, in our view.
■ Maintain Add despite a lower S$1.10 TP. Margin drag from potential
provision and higher costs appear priced in, with catalysts skewed to 2H26F.
L&T-DailyReview(June 2026).pdf
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ASL Marine’s (S$0.315, down 1ct) share price has declined c.23.2% from
its recent high of S$0.41, despite delivering strong 3QFY26 results that
suggest the underlying business continues to strengthen (on track to beat
our FY26 estimates) rather than deteriorate.
ASL Marine continues to strengthen its balance sheet and is on track to
be in a net cash position by FY27, while benefiting from cost savings from
idle vessel disposals and improving operating performance across both
Ship Repair and Ship Chartering segments.
its recent high of S$0.41, despite delivering strong 3QFY26 results that
suggest the underlying business continues to strengthen (on track to beat
our FY26 estimates) rather than deteriorate.
ASL Marine continues to strengthen its balance sheet and is on track to
be in a net cash position by FY27, while benefiting from cost savings from
idle vessel disposals and improving operating performance across both
Ship Repair and Ship Chartering segments.
Winking Studios: Commencement of Share Buyback
Winking Studios Limited (AIM / SGX:WKS), (“Winking Studios”) one of the world’s largest AAA game art outsourcing studios and an established game development company, announces that the Company has initiated a share buyback programme for an initial aggregate consideration of up to approximately S$857,000 (equivalent to approximately £500,000 or US$665,000) (the“Initial Programme”), pursuant to the share buyback mandate approved by Shareholders at the Extraordinary General Meeting held on 30 April 2026 (the “EGM”).
Under the share buyback mandate, the Company is authorised to purchase or otherwise acquire up to 44,193,811 ordinary shares of par value S$0.04 each in the capital of the Company (“Ordinary Shares”) representing up to 10 per cent. of the total number of existing Ordinary Shares, excluding any treasury shares and subsidiary holdings, as at the date of the EGM.
The Board believes that the current market value of the Company’s Ordinary Shares does not appropriately reflect the underlying value of the Group and that the Initial Programme represents an appropriate use of capital.
Johnny Jan, Executive Director and Chief Executive Officer (Founder) of Winking Studios, commented:
“As part of our long-term growth strategy, we remain committed to disciplined capital allocation, balancing investments in growth opportunities with initiatives focused on enhancing shareholder returns.
“With our dual-listing status on SGX and AIM, we occasionally observe valuation disparities between the two markets that may not fully reflect the underlying fundamentals, earnings potential, and longterm prospects of the Group.
“When such opportunities arise, share buybacks represent a prudent deployment of capital. This initiative also underscore our confidence in the strength of our business, the sustainability of our growth strategy, and our commitment to creating long-term value for shareholders.”
See link for full media release: https://investor.winkingworks.com/view&id=116
Winking Studios Limited (AIM / SGX:WKS), (“Winking Studios”) one of the world’s largest AAA game art outsourcing studios and an established game development company, announces that the Company has initiated a share buyback programme for an initial aggregate consideration of up to approximately S$857,000 (equivalent to approximately £500,000 or US$665,000) (the“Initial Programme”), pursuant to the share buyback mandate approved by Shareholders at the Extraordinary General Meeting held on 30 April 2026 (the “EGM”).
Under the share buyback mandate, the Company is authorised to purchase or otherwise acquire up to 44,193,811 ordinary shares of par value S$0.04 each in the capital of the Company (“Ordinary Shares”) representing up to 10 per cent. of the total number of existing Ordinary Shares, excluding any treasury shares and subsidiary holdings, as at the date of the EGM.
The Board believes that the current market value of the Company’s Ordinary Shares does not appropriately reflect the underlying value of the Group and that the Initial Programme represents an appropriate use of capital.
Johnny Jan, Executive Director and Chief Executive Officer (Founder) of Winking Studios, commented:
“As part of our long-term growth strategy, we remain committed to disciplined capital allocation, balancing investments in growth opportunities with initiatives focused on enhancing shareholder returns.
“With our dual-listing status on SGX and AIM, we occasionally observe valuation disparities between the two markets that may not fully reflect the underlying fundamentals, earnings potential, and longterm prospects of the Group.
“When such opportunities arise, share buybacks represent a prudent deployment of capital. This initiative also underscore our confidence in the strength of our business, the sustainability of our growth strategy, and our commitment to creating long-term value for shareholders.”
See link for full media release: https://investor.winkingworks.com/view&id=116
Winking Studios - Art Outsourcing 2D / 3D
Home - Winking Studios - Art Outsourcing 2D / 3D
Winking Studios, listed on the Singapore Exchange (Trading Code: WKS), is one of the largest Art Outsourcing and game development studios globally. Clients of our Art Outsourcing and Game Development services include 19 of the top 25 game publishers around…
iX Biopharma to potentially benefit? : https://www.biopharmadive.com/news/lilly-4e-acquisition-non-opioid-pain-drugs/823016/
Biopharma Dive
Lilly buys non-opioid pain drugmaker 4E
It’s the latest in a string of deals for Lilly, which has sunk more than $18 billion into acquisitions over the past few years.
iX BIOPHARMA: Packing Its Machinery for America, Chasing A Big Opportunity
https://www.nextinsight.net/story-archive-mainmenu-60/949-2026/16758-ix-biopharma-packing-its-machinery-for-america-chasing-a-big-opportunity
https://www.nextinsight.net/story-archive-mainmenu-60/949-2026/16758-ix-biopharma-packing-its-machinery-for-america-chasing-a-big-opportunity
www.nextinsight.net
iX BIOPHARMA: Packing Its Machinery for America, Chasing A Big Opportunity
a hub for serious investors
Insider_Jun2026_eFORM1V2 - Vincent Chai.pdf
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Kin Global: CEO increases stake with insider purchases @ 20.9 cents per share
GEO ENERGY: The Government Scare That Fizzled; Time to Re-focus on Strong Fundamentals
https://www.nextinsight.net/story-archive-mainmenu-60/949-2026/16765-geo-energy-the-government-scare-that-fizzled-time-to-re-focus-on-strong-fundamentals
https://www.nextinsight.net/story-archive-mainmenu-60/949-2026/16765-geo-energy-the-government-scare-that-fizzled-time-to-re-focus-on-strong-fundamentals
www.nextinsight.net
GEO ENERGY: The Government Scare That Fizzled; Time to Re-focus on Strong Fundamentals
a hub for serious investors
WInking Studios: Share buyback on 23 Jun 2026 at avg price of S$0.21494 per share: https://links.sgx.com/1.0.0/corporate-announcements/ZMDLC2DQPFBAD1KD/c71c33f62c490cdd3cb86a1d7b6771543259e316f3d199e5753e7c040f38bedd
Sgx
WINKING STUDIOS LIMITED : 24-Jun-2026
Share Buy Back - Daily Share Buy-Back Notice::Daily Share Buy-Back Notice
UOB KH: Beng Kuang Marine
We like BKM for its improving earnings visibility from growing FPSO exposure.
Recent contract wins have lifted its pro forma orderbook to S$92.5m, providing strong support for FY26-27, while full consolidation of ASOM should further enhance earnings.
Backed by a net cash position and solid project pipeline, BKM remains well-positioned for sustainable growth.
Our target price is S$0.75, pegged to 14x 2027F PE.
https://www.nextinsight.net/story-archive-mainmenu-60/949-2026/16763-is-this-a-buying-opportunity-what-investors-asked-at-uob-kh-webinar
We like BKM for its improving earnings visibility from growing FPSO exposure.
Recent contract wins have lifted its pro forma orderbook to S$92.5m, providing strong support for FY26-27, while full consolidation of ASOM should further enhance earnings.
Backed by a net cash position and solid project pipeline, BKM remains well-positioned for sustainable growth.
Our target price is S$0.75, pegged to 14x 2027F PE.
https://www.nextinsight.net/story-archive-mainmenu-60/949-2026/16763-is-this-a-buying-opportunity-what-investors-asked-at-uob-kh-webinar
www.nextinsight.net
“Is This a Buying Opportunity?” What Investors Asked At UOB KH webinar
a hub for serious investors
SAC_Fuxing China Group Limited_Jun2026.pdf
1.7 MB
Fuxing China Group Limited (FUXC SP, S$0.99, TP:S$1.51, Initiation - BUY)
Fuxing China Group Limited was listed on the Mainboard of Singapore Exchange (SGX) in September 2007. Established in 1993, Fuxing China has systematically scaled its operations over three decades to become the fourth-largest zipper manufacturer globally measured by sales value.
Potential for Value Unlocking with Wide Disparity to NAV. The Company's share price of S$1 is just about 20% of the Group's net asset value per share stood at S$5.40 (as at 31 December 2025). With the formal dividend policy, we believe that it reflects the Company's confidence in its underlying business fundamentals and future growth trajectory, while signalling a more proactive and disciplined approach to capital allocation, with a clear focus on enhancing shareholder returns and unlocking long-term shareholder value.
Investment recommendation. We initiate coverage on Fuxing China with a BUY rating and a target price of S$1.51.
Fuxing China Group Limited was listed on the Mainboard of Singapore Exchange (SGX) in September 2007. Established in 1993, Fuxing China has systematically scaled its operations over three decades to become the fourth-largest zipper manufacturer globally measured by sales value.
Potential for Value Unlocking with Wide Disparity to NAV. The Company's share price of S$1 is just about 20% of the Group's net asset value per share stood at S$5.40 (as at 31 December 2025). With the formal dividend policy, we believe that it reflects the Company's confidence in its underlying business fundamentals and future growth trajectory, while signalling a more proactive and disciplined approach to capital allocation, with a clear focus on enhancing shareholder returns and unlocking long-term shareholder value.
Investment recommendation. We initiate coverage on Fuxing China with a BUY rating and a target price of S$1.51.
YZJ Maritime: Share buyback @S$0.5925
On 25 Jun 2026, the Company commences share buyback of 1m shares via market acquisition @ S$0.5925 per share.
Pls see announcement here: https://links.sgx.com/1.0.0/corporate-announcements/ZWR68PO5VPOWL01J/aea91d3eedea70bac8b083073861d529a740c4307a224046efc848aef08d170e
On 25 Jun 2026, the Company commences share buyback of 1m shares via market acquisition @ S$0.5925 per share.
Pls see announcement here: https://links.sgx.com/1.0.0/corporate-announcements/ZWR68PO5VPOWL01J/aea91d3eedea70bac8b083073861d529a740c4307a224046efc848aef08d170e
Sgx
YANGZIJIANG MARITIME DEVELOPMENT LTD. : 25-Jun-2026
Share Buy Back - Daily Share Buy-Back Notice::Share Buy Back - Daily Share Buy-Back Notice
China's coal power on the rise again in 2026, reversing first-in-a-decade decline
- Coal-fired power generation seen rising by 1.5-2% this year
- Power sector coal consumption forecast to increase 3%
- El Nino to boost air conditioning, potentially cut hydropower
- China's power demand to grow by 5% again this year
China's coal-fired power generation is set to rebound this year from its first fall in a decade, analysts said, due to the impact of El Nino and the Iran war and as renewable sources of energy have failed to keep pace with demand.
The world's biggest power consumer increased its usage of thermal power by 3.4% year-on-year in the first five months of the year to 2.53 trillion kilowatt-hours (kWh), statistics bureau data showed last week. Thermal power is mostly from coal with a small amount from gas.
https://www.reuters.com/business/energy/chinas-coal-power-rise-again-2026-reversing-first-in-a-decade-decline-2026-06-24/
- Coal-fired power generation seen rising by 1.5-2% this year
- Power sector coal consumption forecast to increase 3%
- El Nino to boost air conditioning, potentially cut hydropower
- China's power demand to grow by 5% again this year
China's coal-fired power generation is set to rebound this year from its first fall in a decade, analysts said, due to the impact of El Nino and the Iran war and as renewable sources of energy have failed to keep pace with demand.
The world's biggest power consumer increased its usage of thermal power by 3.4% year-on-year in the first five months of the year to 2.53 trillion kilowatt-hours (kWh), statistics bureau data showed last week. Thermal power is mostly from coal with a small amount from gas.
https://www.reuters.com/business/energy/chinas-coal-power-rise-again-2026-reversing-first-in-a-decade-decline-2026-06-24/
YZJ Maritime Continues Second Consecutive Day of Share Buyback
- Following its first share buyback on 25 Jun 2026 of 1m shares at an average price of S$0.5925 per share.
- On 26 Jun 2026, the Company continues its share buyback program with 426,300 shares via market acquisition @ S$0.585 per share.
Pls see announcement here:
https://links.sgx.com/1.0.0/corporate-announcements/NE9ATYXI416BDE64/53abe098093f612ad827970cdd8e52899789a5473becb243ceefcc8fa52ffc72
- Following its first share buyback on 25 Jun 2026 of 1m shares at an average price of S$0.5925 per share.
- On 26 Jun 2026, the Company continues its share buyback program with 426,300 shares via market acquisition @ S$0.585 per share.
Pls see announcement here:
https://links.sgx.com/1.0.0/corporate-announcements/NE9ATYXI416BDE64/53abe098093f612ad827970cdd8e52899789a5473becb243ceefcc8fa52ffc72
KIN Global upcoming event: Singapore a future host of higher-tier pickleball events, says Malaysia’s top player Jimmy Liong https://www.straitstimes.com/sport/singapore-a-future-host-of-higher-tier-pickleball-events-says-malaysias-top-player-jimmy-liong
The Straits Times
Singapore a future host of top-tier pickleball events, says Malaysia’s No. 1 player Jimmy Liong
Malaysia's top player Jimmy Liong believes Singapore is poised to host more prestigious PPA Asia pickleball events in the future. Read more at straitstimes.com. Read more at straitstimes.com.
Fuxing_20260629_Mediarelease.pdf
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Fuxing Embarks on AI-Powered Digital Transformation with Launch of AI-enabled Enterprise Resource Planning
and Cloud Data Warehouse Initiative
• Strategic partnership with Shenzhen-listed IT/OT specialist Digiwin marks a major milestone in Fuxing’s digital transformation journey.
• Implementation of an AI-enabled Enterprise Resource Planning (ERP) and Cloud Data Warehouse platform to integrate the Group’s procurement, production, warehousing, and sales activities as well as business analytics into a unified management system.
• The AI-enabled initiative aims to enhance the Group’s profit margins and operational efficiency, strengthen data-driven decision making, and support the Group’s long-term growth
ambitions.
and Cloud Data Warehouse Initiative
• Strategic partnership with Shenzhen-listed IT/OT specialist Digiwin marks a major milestone in Fuxing’s digital transformation journey.
• Implementation of an AI-enabled Enterprise Resource Planning (ERP) and Cloud Data Warehouse platform to integrate the Group’s procurement, production, warehousing, and sales activities as well as business analytics into a unified management system.
• The AI-enabled initiative aims to enhance the Group’s profit margins and operational efficiency, strengthen data-driven decision making, and support the Group’s long-term growth
ambitions.