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Bhagwan Marine Ltd ASX:BWN

0 opened or increased2 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 3 managers in total.

Position history by manager 3 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

20252026

31 Aug 2024 to today

Commentary Showing 2 of 6

DateManagerActionSummary

30 Sep 2026DMX Asset ManagementHeldDMX Asset Management, through the Monash Investors Small Companies Fund, continues to hold Bhagwan Marine (ASX:BWN), which rose 9% in September 2026 after a key contract win early in the month. The manager notes that in a broadly weak market and a quiet month for company news, positive contributors across the portfolio were relatively few, making Bhagwan Marine one of the notable gainers for the fund during the period.

Monthly Report, price recorded $0.32

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28 Feb 2026DMX Asset ManagementInitiatedThe fund manager initiated a position in Bhagwan via a well-supported placement to fund the acquisition of Riverside, a fellow long-established multi-generation family marine solutions operator. Bhagwan, founder-led and listed via 2024 IPO, runs around 100 vessels serving oil & gas, resources, construction and marine logistics across Australia. The fund manager views Riverside as complementary, filling geographic gaps and offering a less capital-intensive model with roughly double Bhagwan's EBITDA margins, underpinned by multi-year management agreements including the sole commercial ferry service to Magnetic Island. Deal terms include vendor equity and an earn-out, with the founder contributing additional cash and debt taking the balance sheet from net-zero to around 1x debt/EBITDA, optimising prior excess capacity. At the entry point, Bhagwan trades around 10x earnings with double-digit growth expected, and the fund manager anticipates tuck-in acquisitions, organic fleet expansion, and eventual capital management.

M&AMonthly Report, price recorded $0.44

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 3 managers first commented on BWN.

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Articles

28 Feb 2026Bhagwan Marine BWN Fund Manager Commentary and Investment Thesis

About Bhagwan Marine Ltd

Industrials, Transportation Infrastructure

Bhagwan Marine (ASX:BWN) is a marine services provider that small-cap managers hold for its exposure to offshore resources and infrastructure. In February 2026, DMX Asset Management described Bhagwan as a marine solutions provider operating across Australia, serving the oil and gas, resources, construction and marine logistics industries with a core fleet of vessels. Asymmetric noted the shares fell 23% in November 2025 on no news, though as a small position the impact on its fund was limited. Bhagwan Marine operates in the Industrials sector within the Transportation Infrastructure industry, and Thesis Tracker has captured 5 comments from 3 fund managers, including DMX Asset Management and Asymmetric. Founded in 1985 by Kerren and Loui Kannikoski and headquartered in Perth, Bhagwan Marine provides specialised vessel services, subsea operations, marine construction support and crew transfer to oil, gas, resources and infrastructure customers in Australia and internationally, operating a large fleet of multipurpose and support vessels.

Market cap: $115m
Price to earnings: Loss-making
Return on equity: -0.1%
Dividend yield: 3.4%
Price to book: 0.56x
Net margin: -0.1%
52-week range: $0.25 to $0.62

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Bhagwan Marine Ltd (ASX:BWN)?

Fund managers including Asymmetric Asset Management, Ellerston Capital and DMX Asset Management have invested in Bhagwan Marine Ltd (ASX:BWN).

What opportunities or catalysts do fund managers highlight for Bhagwan Marine Ltd?

DMX highlights Bhagwan's diversified exposure across oil and gas, resources, construction and marine logistics, supported by a large owned vessel fleet that positions it to capture offshore activity.

What are the key risks to the Bhagwan Marine Ltd investment thesis, according to fund managers?

Asymmetric notes a 23% share price fall in a single month without company news, highlighting volatility for a recently listed small-cap stock.

What does Bhagwan Marine Ltd (ASX:BWN) do?

Founded in 1985 by Kerren and Loui Kannikoski and headquartered in Perth, Australia, Bhagwan Marine Ltd. provides specialized vessel services to the global oil, gas, and resources sectors. The company’s core service offerings include air dive and ROV support, crew change operations, metocean equipment deployment, and geophysical and geotechnical surveys. Additional capabilities encompass offshore accommodation, pilot transfers, FPSO offtake assist, standby support, and dredging and construction support services. Bhagwan Marine delivers essential offshore marine solutions tailored to complex industry requirements.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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