Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Centurion Corp's A$45M miners' dorm buy in Australia likened to a 'toll road' by UOBKH.</li><li>UOBKH begins coverage of Beng Kuang Marine, targeting 64 cents.</li><li>Maybank restarts 'buy' rating on HRnetGroup, target price set at 87 cents.</li></ul>

Centurion Corp's A$45M miners' dorm buy in Australia likened to a 'toll road' by UOBKH.UOBKH begins coverage of Beng Kuang Marine, targeting 64 cents.Maybank restarts 'buy' rating on HRnetGroup, target price set at 87 cents.

Singapore Market Roundup (21-Apr-2026): Centurion Corp buys A$45M miners' dorm; likened to toll

<ul>
<li>HSBC raises Singapore equities outlook to overweight.          </li>
<li>Lim and Tan start 'buy' rating for Beng Kuang Marine.</li>
<li>CGS keeps 'add' rating and $13.52 target on Keppel; M1 sale delays won't affect it.</li>
</ul>


HSBC raises Singapore equities outlook to overweight.          
Lim and Tan start 'buy' rating for Beng Kuang Marine.
CGS keeps 'add' rating and $13.52 target on Keppel; M1 sale delays won't affect it.


Singapore Market Roundup (31-Mar-2026): HSBC boosts Singapore equities outlook to overweight.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>Yangzijiang Shipbuilding achieved a 32.2% ROE, with a US$22.4 billion order book across 256 vessels.  </li><li>Nam Cheong recorded a 45.4% ROE, with 71% of its fleet on long-term charters and five vessels expected by year-end.  </li><li>Beng Kuang Marine posted a 34.1% ROE, securing S$85.2 million in new contracts and S$70.7 million in outstanding work.</li></ul>

Yangzijiang Shipbuilding achieved a 32.2% ROE, with a US$22.4 billion order book across 256 vessels.  Nam Cheong recorded a 45.4% ROE, with 71% of its fleet on long-term charters and five vessels expected by year-end.  Beng Kuang Marine posted a 34.1% ROE, securing S$85.2 million in new contracts and S$70.7 million in outstanding work.

Sector Sweep - Singapore’s Maritime Sector Sees Stronger Earnings and Business Sentiment

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asl-marine-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17092:1" rel="noopener">ASL Marine (ASL SP)</a> is an SGX mainboard-listed specializing in marine services: shipbuilding, ship repair and conversion, and ship chartering.</li>
<li>Its integrated model lets it build, repair and operate its own tonnage. Its Batam graving dock is one of the few yards in the region able to dry-dock Capesize tonnage.</li>
<li>We slightly lower our TP of ASL to S$0.38/share (vs. S$0.42 at initiation), implying around 31% upside to the current share price of S$0.29/share.</li>
</ul>



ASL Marine (ASL SP) is an SGX mainboard-listed specializing in marine services: shipbuilding, ship repair and conversion, and ship chartering.
Its integrated model lets it build, repair and operate its own tonnage. Its Batam graving dock is one of the few yards in the region able to dry-dock Capesize tonnage.
We slightly lower our TP of ASL to S$0.38/share (vs. S$0.42 at initiation), implying around 31% upside to the current share price of S$0.29/share.


ASL Marine - FY26 Earnings Update - Chartering to Drive the Upside, Repair to Anchor Quality

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asl-marine-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17092:1" rel="noopener">ASL Marine (ASL SP)</a> is an SGX mainboard-listed specializing in marine services group shipbuilding, ship repair and conversion, and ship chartering. </li>
<li>Its integrated model lets it build, repair and operate its own tonnage. Its Batam graving dock is one of the few yards in the region able to dry-dock Capesize tonnage.</li>
<li>We initiate coverage on ASL Marine with a BUY rating and a SOTP-based TP of S$0.42/share. </li>
</ul>



ASL Marine (ASL SP) is an SGX mainboard-listed specializing in marine services group shipbuilding, ship repair and conversion, and ship chartering. 
Its integrated model lets it build, repair and operate its own tonnage. Its Batam graving dock is one of the few yards in the region able to dry-dock Capesize tonnage.
We initiate coverage on ASL Marine with a BUY rating and a SOTP-based TP of S$0.42/share. 


ASL Marine Initiation - A Deleveraging-Led Earnings Inflection

Singapore

Beng Kuang Marine Ltd. specializes in infrastructure engineering and corrosion prevention services for the marine and offshore energy industries. The company provides shipbuilding, offshore construction, and maintenance services for vessels and platforms, alongside the supply of marine equipment. It is headquartered in Singapore and was founded in 1994.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Beng Kuang Marine (BKM SP)

Singapore Market Roundup (21-Apr-2026): Centurion Corp buys A$45M miners' dorm; likened to toll

Centurion Corp acquires A$45M miners' dorm in Australia, UOBKH covers Beng Kuang Marine with a 64-cent target, and Maybank resumes 'buy' on...

Singapore Market Roundup

Singapore Market Roundup (31-Mar-2026): HSBC boosts Singapore equities outlook to overweight.

HSBC upgrades Singapore equities to overweight. Lim and Tan initiate 'buy' on Beng Kuang Marine. CGS maintains 'add' on Keppel with $13.52 target;...

Singapore Market Roundup

Sector Sweep - Singapore’s Maritime Sector Sees Stronger Earnings and Business Sentiment

Yangzijiang Shipbuilding achieved a 32.2% ROE, with a US$22.4 billion order book across 256 vessels. Nam Cheong recorded a 45.4% ROE, with 71%...

Singapore Exchange Ltd (SGX)

ASL Marine - FY26 Earnings Update - Chartering to Drive the Upside, Repair to Anchor Quality

We slightly lower our TP of ASL to S$0.38/share (vs. S$0.42 at initiation), implying around 31% upside to the current share price of S$0.29/share.

Evolve Capital Advisory Pte Ltd

ASL Marine Initiation - A Deleveraging-Led Earnings Inflection

ASL Marine (ASL SP) is an SGX mainboard-listed specializing in marine services group shipbuilding, ship repair and conversion, and ship chartering.

Evolve Capital Advisory Pte Ltd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)