1.Winking-Studios-Limited-1H2026 Results Statements.pdf
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Winking Studios: Strong revenue growth, with accelerated strategic investments supporting the Group’s next phase of growth
Winking Studios Continues Share Buyback on 14 Aug 2026
Winking Studios has completed a further purchase of 92,500 ordinary shares pursuant to its ongoing share buyback programme.
The shares were acquired through market purchases at S$0.21 per share, for a total consideration of S$19,486.19. Following the transaction, the Company's treasury shares increased to 757,100 shares, representing approximately 0.17% of its issued shares (excluding treasury shares).
The continued execution of the share buyback programme reflects the Board's disciplined approach to capital allocation and its previously stated belief that the current market value of the Company's ordinary shares does not appropriately reflect the underlying value of the Group.
As one of the world's largest AAA game art outsourcing studios and an established game development company, Winking Studios remains focused on executing its long-term growth strategy while creating sustainable value for shareholders.
See link for more details: https://investor.winkingworks.com/newsroom
Winking Studios has completed a further purchase of 92,500 ordinary shares pursuant to its ongoing share buyback programme.
The shares were acquired through market purchases at S$0.21 per share, for a total consideration of S$19,486.19. Following the transaction, the Company's treasury shares increased to 757,100 shares, representing approximately 0.17% of its issued shares (excluding treasury shares).
The continued execution of the share buyback programme reflects the Board's disciplined approach to capital allocation and its previously stated belief that the current market value of the Company's ordinary shares does not appropriately reflect the underlying value of the Group.
As one of the world's largest AAA game art outsourcing studios and an established game development company, Winking Studios remains focused on executing its long-term growth strategy while creating sustainable value for shareholders.
See link for more details: https://investor.winkingworks.com/newsroom
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…
Beng Kuang Marine: Insider Purchases @ 45 cents
Chairman Chua Beng Yong acquires 50,000 shares at 45 cents on 14 Aug 2026.
Barring unforeseen circumstances, the Group's revenue and margins are expected to strengthen progressively through 2H2026 with outstanding contracted work of approximately S$70.7 million.
• 1H2026's financial results reflected only approximately one month of full ownership of ASOM, which
will thereafter contribute a full six months of financial performance in 2H2026, providing a more
meaningful representation of its earnings contribution.
• New order wins exceeded revenue recognised during the period with approximately S$85.2 million of
new contracts and purchase orders secured during 1H2026, representing an order intake-to-revenue
ratio of approximately 1.5x.
See more here: https://www.bkmgroup.com.sg/view&id=1389
Chairman Chua Beng Yong acquires 50,000 shares at 45 cents on 14 Aug 2026.
Barring unforeseen circumstances, the Group's revenue and margins are expected to strengthen progressively through 2H2026 with outstanding contracted work of approximately S$70.7 million.
• 1H2026's financial results reflected only approximately one month of full ownership of ASOM, which
will thereafter contribute a full six months of financial performance in 2H2026, providing a more
meaningful representation of its earnings contribution.
• New order wins exceeded revenue recognised during the period with approximately S$85.2 million of
new contracts and purchase orders secured during 1H2026, representing an order intake-to-revenue
ratio of approximately 1.5x.
See more here: https://www.bkmgroup.com.sg/view&id=1389
www.bkmgroup.com.sg
Beng Kuang Group - Newsroom
*Coal Remains The Undisputed King Of Global Power*
- Coal remains the world’s largest power source, generating nearly 11,000 TWh in 2026—77% more electricity than wind and solar combined.
- The Iran war is giving coal an unexpected boost, as disrupted LNG supplies and higher gas prices make coal more competitive in Europe and Asia.
- Renewables are growing rapidly, but soaring electricity demand is slowing coal’s displacement, with the IEA expecting coal to remain the largest individual power source through 2030.
https://oilprice.com/Energy/Coal/Coal-Remains-The-Undisputed-King-Of-Global-Power.html
- Coal remains the world’s largest power source, generating nearly 11,000 TWh in 2026—77% more electricity than wind and solar combined.
- The Iran war is giving coal an unexpected boost, as disrupted LNG supplies and higher gas prices make coal more competitive in Europe and Asia.
- Renewables are growing rapidly, but soaring electricity demand is slowing coal’s displacement, with the IEA expecting coal to remain the largest individual power source through 2030.
https://oilprice.com/Energy/Coal/Coal-Remains-The-Undisputed-King-Of-Global-Power.html
🌈**IX BIOPHARMA FY2026 – Key Highlights**
*Increased Revenue from US and Higher Gross Margins in FY2026 Validate Business Pivot to US*
1. Strong growth in US contribution
• US revenue increased more than 14x to S$1.98 million in FY2026, from S$0.14 million in FY2025.
• US growth offset approximately two-thirds of the medicinal cannabis revenue shortfall within one year.
• Excluding medicinal cannabis, the Group's other businesses grew 144% year-on-year.
2. Gross profit and gross margin improved
• Gross profit increased 19% to S$2.43 million from S$2.04 million, despite lower overall revenue.
• Gross margin expanded to 36%, from 26% in FY2025.
• Q4 gross margin further improved to 48%, from 32% in the corresponding period.
3. Stronger cash position and balance sheet
• Cash and cash equivalents increased to S$14.16 million as at 30 June 2026, from S$0.33 million as at 30 June 2025.
• The Group restored positive working capital of S$8.61 million, compared with a working capital deficiency of S$4.77 million previously.
• The Group raised gross proceeds of approximately S$6.7 million in October 2025 and S$15.0 million in February 2026, supporting US expansion, interim requirements relating to the DoD contract, general working capital and debt reduction.
4. Loss narrowed, despite lower revenue
• Loss for FY2026 narrowed 21% to S$7.99 million, from S$10.14 million in FY2025.
• The improvement was achieved despite lower overall revenue, supported by higher gross profit and stronger gross margins.
5. Secured US$40.95 million US Department of Defense contract
• Secured a US$40.95 million sole-source contract from the US Department of Defense in February 2026.
• The contract supports Phase 3 clinical development of Wafermine, the Group's patented sublingual ketamine wafer for acute moderate-to-severe pain.
• Work commenced during FY2026 and contributed S$1.25 million in product development revenue, while the Group progresses an Emergency Use Authorization (EUA) pathway for DoD use.
6. Rapid expansion of US commercial product sales
• Sales of products supplied from the Australian facility to the US increased approximately 429% to S$0.74 million.
• SL-NAD+ and Wafesil accounted for more than 90% of these sales.
• The Group plans to supply products through the US compounding pharmacy channel following commissioning of its Nevada facility, enabling immediate monetisation of selected products without further clinical development.
7. Establishing a US manufacturing footprint
• The Group is relocating freeze-drying equipment from Australia to Nevada, US, supporting commercial and production readiness under the DoD contract and US compounding pharmacy pathway.
• The move is expected to strengthen supply-chain resilience and cost competitiveness while mitigating potential tariff-related headwinds.
8. Pipeline of approximately 40 novel products
• iX Biopharma has developed a pipeline of approximately 40 novel products leveraging its proprietary sublingual technologies.
• The pipeline includes longevity and lifestyle products targeting high-value therapeutic areas such as men's health, hormone replacement therapy, and peptides.
9. Multiple catalysts to drive the next phase of growth
• Advancing Wafermine's Emergency Use Authorisation (EUA) application and Phase 3 development under the DoD contract.
• Commissioning of the Nevada manufacturing facility to support US production and commercialisation.
• Scaling commercial product supply into the US, the world's largest healthcare market.
• Continued development and commercialisation of the Group's broader product pipeline.
*Increased Revenue from US and Higher Gross Margins in FY2026 Validate Business Pivot to US*
1. Strong growth in US contribution
• US revenue increased more than 14x to S$1.98 million in FY2026, from S$0.14 million in FY2025.
• US growth offset approximately two-thirds of the medicinal cannabis revenue shortfall within one year.
• Excluding medicinal cannabis, the Group's other businesses grew 144% year-on-year.
2. Gross profit and gross margin improved
• Gross profit increased 19% to S$2.43 million from S$2.04 million, despite lower overall revenue.
• Gross margin expanded to 36%, from 26% in FY2025.
• Q4 gross margin further improved to 48%, from 32% in the corresponding period.
3. Stronger cash position and balance sheet
• Cash and cash equivalents increased to S$14.16 million as at 30 June 2026, from S$0.33 million as at 30 June 2025.
• The Group restored positive working capital of S$8.61 million, compared with a working capital deficiency of S$4.77 million previously.
• The Group raised gross proceeds of approximately S$6.7 million in October 2025 and S$15.0 million in February 2026, supporting US expansion, interim requirements relating to the DoD contract, general working capital and debt reduction.
4. Loss narrowed, despite lower revenue
• Loss for FY2026 narrowed 21% to S$7.99 million, from S$10.14 million in FY2025.
• The improvement was achieved despite lower overall revenue, supported by higher gross profit and stronger gross margins.
5. Secured US$40.95 million US Department of Defense contract
• Secured a US$40.95 million sole-source contract from the US Department of Defense in February 2026.
• The contract supports Phase 3 clinical development of Wafermine, the Group's patented sublingual ketamine wafer for acute moderate-to-severe pain.
• Work commenced during FY2026 and contributed S$1.25 million in product development revenue, while the Group progresses an Emergency Use Authorization (EUA) pathway for DoD use.
6. Rapid expansion of US commercial product sales
• Sales of products supplied from the Australian facility to the US increased approximately 429% to S$0.74 million.
• SL-NAD+ and Wafesil accounted for more than 90% of these sales.
• The Group plans to supply products through the US compounding pharmacy channel following commissioning of its Nevada facility, enabling immediate monetisation of selected products without further clinical development.
7. Establishing a US manufacturing footprint
• The Group is relocating freeze-drying equipment from Australia to Nevada, US, supporting commercial and production readiness under the DoD contract and US compounding pharmacy pathway.
• The move is expected to strengthen supply-chain resilience and cost competitiveness while mitigating potential tariff-related headwinds.
8. Pipeline of approximately 40 novel products
• iX Biopharma has developed a pipeline of approximately 40 novel products leveraging its proprietary sublingual technologies.
• The pipeline includes longevity and lifestyle products targeting high-value therapeutic areas such as men's health, hormone replacement therapy, and peptides.
9. Multiple catalysts to drive the next phase of growth
• Advancing Wafermine's Emergency Use Authorisation (EUA) application and Phase 3 development under the DoD contract.
• Commissioning of the Nevada manufacturing facility to support US production and commercialisation.
• Scaling commercial product supply into the US, the world's largest healthcare market.
• Continued development and commercialisation of the Group's broader product pipeline.
Construction boom is not over!
From: DBS Insights Direct 24 Aug 2026
Singapore Construction: Extending the building boom from NDP26
The government unveiled major offshore development plans spanning a new western industrial island, the rejuvenation of Sentosa and Pulau Brani, further reclamation at Pulau Tekong and new transport links
These developments should provide a sustained pipeline of projects, reinforcing visibility beyond the current construction upcycle and easing concerns over a potential slowdown in contract awards
Early beneficiaries include Wee Hur, Centurion Corp and CAREIT from accommodation demand as contractors mobilise labour ; Hock Lian Seng (NR) for its speciality on land reclamation; ASL Marine (NR) as they own and operates barges that are used to transport materials including sand
In the medium term, Pan Utd and Hong Leong Asia will see heightened demand for their concrete solutions as construction dials up.
What has happened?
In the National Day Rally 2026 (NDP26), the government unveiled further insights into Singapore’s longer term growth plans. Amongst them, in the longer term, a new western island to support a new generation of industries, including advanced manufacturing and power-generation infrastructure, as well as facilities for the Singapore Armed Forces. A new transport link will connect Jurong Island to the proposed island. Sentosa is also set to undergo another major rejuvenation, with enhancements to its beaches and waterfront and improved public access to parts of its western coastline. Following the relocation of port operations, Pulau Brani will be transformed with new attractions, including NTUC’s Downtown South resort. Reclamation and new transport links will better connect Pulau Brani and Sentosa, creating an integrated leisure and tourism destination. Meanwhile, Pulau Tekong could undergo further reclamation along its southern coast, while the government is studying a permanent connection to mainland Singapore, potentially through an undersea tunnel to avoid obstructing shipping channels.
Our view.
These developments should provide a sustained pipeline of reclamation, marine engineering and infrastructure projects, reinforcing visibility beyond the current construction upcycle and easing investor concerns over a potential slowdown in contract awards from 2027 onwards. With expected multi-year construction works in the offing, we believe that early beneficiaries from this 2026 will likely those specialised civil-engineering contractors. Amongst our scan of such players, we note that Hock Lian Seng (Non-rated) appears to a primary direct beneficiary given its track record and focus on dredging works, reclamation and seawall construction, unrestricted BCA A1 civil-engineering licence. Centurion (BUY, TP SGD 1.86), Wee Hur (BUY, TP SGD 0.90) and CAREIT (BUY, TP SGD 1.30) are also early beneficiaries, gaining from initial reclamation and marine-engineering works and higher worker-accommodation demand as contractors mobilise labour. ASL Marine (Non-Rated) could benefit through its fleet of barges, which are used to transport materials, including sand, for reclamation projects. In the medium term, material providers Pan-United (BUY, TP SGD 1.88) and Hong Leong Asia (BUY, TP SGD 5.40) should benefit later as construction progresses to the more concrete-intensive development of seawalls, tunnels, transport links, utilities and buildings. While timelines and project values have yet to be announced, the plans strengthen the sector’s medium- to long-term order-book outlook.
From: DBS Insights Direct 24 Aug 2026
Singapore Construction: Extending the building boom from NDP26
The government unveiled major offshore development plans spanning a new western industrial island, the rejuvenation of Sentosa and Pulau Brani, further reclamation at Pulau Tekong and new transport links
These developments should provide a sustained pipeline of projects, reinforcing visibility beyond the current construction upcycle and easing concerns over a potential slowdown in contract awards
Early beneficiaries include Wee Hur, Centurion Corp and CAREIT from accommodation demand as contractors mobilise labour ; Hock Lian Seng (NR) for its speciality on land reclamation; ASL Marine (NR) as they own and operates barges that are used to transport materials including sand
In the medium term, Pan Utd and Hong Leong Asia will see heightened demand for their concrete solutions as construction dials up.
What has happened?
In the National Day Rally 2026 (NDP26), the government unveiled further insights into Singapore’s longer term growth plans. Amongst them, in the longer term, a new western island to support a new generation of industries, including advanced manufacturing and power-generation infrastructure, as well as facilities for the Singapore Armed Forces. A new transport link will connect Jurong Island to the proposed island. Sentosa is also set to undergo another major rejuvenation, with enhancements to its beaches and waterfront and improved public access to parts of its western coastline. Following the relocation of port operations, Pulau Brani will be transformed with new attractions, including NTUC’s Downtown South resort. Reclamation and new transport links will better connect Pulau Brani and Sentosa, creating an integrated leisure and tourism destination. Meanwhile, Pulau Tekong could undergo further reclamation along its southern coast, while the government is studying a permanent connection to mainland Singapore, potentially through an undersea tunnel to avoid obstructing shipping channels.
Our view.
These developments should provide a sustained pipeline of reclamation, marine engineering and infrastructure projects, reinforcing visibility beyond the current construction upcycle and easing investor concerns over a potential slowdown in contract awards from 2027 onwards. With expected multi-year construction works in the offing, we believe that early beneficiaries from this 2026 will likely those specialised civil-engineering contractors. Amongst our scan of such players, we note that Hock Lian Seng (Non-rated) appears to a primary direct beneficiary given its track record and focus on dredging works, reclamation and seawall construction, unrestricted BCA A1 civil-engineering licence. Centurion (BUY, TP SGD 1.86), Wee Hur (BUY, TP SGD 0.90) and CAREIT (BUY, TP SGD 1.30) are also early beneficiaries, gaining from initial reclamation and marine-engineering works and higher worker-accommodation demand as contractors mobilise labour. ASL Marine (Non-Rated) could benefit through its fleet of barges, which are used to transport materials, including sand, for reclamation projects. In the medium term, material providers Pan-United (BUY, TP SGD 1.88) and Hong Leong Asia (BUY, TP SGD 5.40) should benefit later as construction progresses to the more concrete-intensive development of seawalls, tunnels, transport links, utilities and buildings. While timelines and project values have yet to be announced, the plans strengthen the sector’s medium- to long-term order-book outlook.
From OCBC - Singapore Equities – Readying Singapore for the next 50 years
We view these developments as positive for the construction and building materials industry, as they reduce the perceived risk of a demand cliff by extending the pipeline of large public sector civil works into the next decade.
Building materials suppliers like Hong Leong Asia [HLA SP; FV: SGD4.30], BRC Asia (unrated), and Pan-United Corporation (unrated) will likely be early-stage beneficiaries as land reclamation works are being carried out, given their exposure to concrete/cement and steel rebars, alongside ASL Marine Holdings (unrated) which operates a fleet of over 180 vessels specifically chartered to support marine infrastructure, dredging, and land reclamation projects.
These suppliers, as well as downstream builders like Boustead Singapore [BOCS SP; FV: SGD2.67], Huationg Global (unrated), Soilbuild Construction (unrated), Reclaims Global (unrated), Tiong Woon Corporation (unrated), OKP Holdings (unrated), and Tiong Seng Holdings (unrated) may eventually benefit from an enlarged pipeline of public sector infrastructure tenders, but these will likely take time to convert into order books and revenue visibility, given time taken to carry out feasibility studies and reclaim land.
We view these developments as positive for the construction and building materials industry, as they reduce the perceived risk of a demand cliff by extending the pipeline of large public sector civil works into the next decade.
Building materials suppliers like Hong Leong Asia [HLA SP; FV: SGD4.30], BRC Asia (unrated), and Pan-United Corporation (unrated) will likely be early-stage beneficiaries as land reclamation works are being carried out, given their exposure to concrete/cement and steel rebars, alongside ASL Marine Holdings (unrated) which operates a fleet of over 180 vessels specifically chartered to support marine infrastructure, dredging, and land reclamation projects.
These suppliers, as well as downstream builders like Boustead Singapore [BOCS SP; FV: SGD2.67], Huationg Global (unrated), Soilbuild Construction (unrated), Reclaims Global (unrated), Tiong Woon Corporation (unrated), OKP Holdings (unrated), and Tiong Seng Holdings (unrated) may eventually benefit from an enlarged pipeline of public sector infrastructure tenders, but these will likely take time to convert into order books and revenue visibility, given time taken to carry out feasibility studies and reclaim land.
KIN Global: All four co-founders increase shareholdings; reinforcing confidence in growth strategy and long-term prospects
• The four co-founders acquired an aggregate of 190,200 shares through open-market purchases between 19 June 2026 and 21 August 2026 for an aggregate consideration of approximately S$33,674 at a volume weighted average price (“VWAP”) 1 of S$0.177.
• These open market purchases reflect the co-founders’ continued confidence in the Group’s business fundamentals and long-term growth ambitions within the broader events tourism industry.
Mr. Vincent Chai (谢青丰), Executive Director and Chief Executive Officer of Kin Global, commented on behalf of the four co-founders: “As co-founders, we are building Kin Global with a long-term view and remain fully committed to its next phase of growth.
Our decision to increase our personal investments in the Company reflects our continued confidence in the Group’s business fundamentals, strategic direction and the opportunities ahead.
We remain focused on disciplined execution as we strengthen our core capabilities and develop additional growth pillars that align with our ambitions within the broader events tourism industry. By increasing our shareholdings, we are further demonstrating our commitment to building sustainable value alongside our fellow shareholders.”
See link for full media release: https://www.kin.net/sgx-announcements
• The four co-founders acquired an aggregate of 190,200 shares through open-market purchases between 19 June 2026 and 21 August 2026 for an aggregate consideration of approximately S$33,674 at a volume weighted average price (“VWAP”) 1 of S$0.177.
• These open market purchases reflect the co-founders’ continued confidence in the Group’s business fundamentals and long-term growth ambitions within the broader events tourism industry.
Mr. Vincent Chai (谢青丰), Executive Director and Chief Executive Officer of Kin Global, commented on behalf of the four co-founders: “As co-founders, we are building Kin Global with a long-term view and remain fully committed to its next phase of growth.
Our decision to increase our personal investments in the Company reflects our continued confidence in the Group’s business fundamentals, strategic direction and the opportunities ahead.
We remain focused on disciplined execution as we strengthen our core capabilities and develop additional growth pillars that align with our ambitions within the broader events tourism industry. By increasing our shareholdings, we are further demonstrating our commitment to building sustainable value alongside our fellow shareholders.”
See link for full media release: https://www.kin.net/sgx-announcements
www.kin.net
SGX Announcements | KIN Global, Singapore
KIN Investor Relations — filings with the SGX.
UOB KH Strategy - Singapore | OVERWEIGHT
Financial Conditions Have Tightened
Our STI target of 6,682 is based on an equity risk premium of 3.0%, which is 1x SD below the long-term mean, and risk-free rate at 2.5%. The target represents a fair 2026F PE of 18.2x and upside of 18% for the STI.
We position defensively due to near-term headwinds from fiscal strains in the US and Japan and elevated inflation from a prolonged conflict in the Middle East. Our investment themes: a) beneficiaries of higher bond yields: OCBC (Target: S$32.50); b) value creation through asset recycling and monetisation: Keppel (Target: S$13.26), SingTel (Target: S$5.50) and CityDev (Target: S$11.50); c) growth from Singapore as an Aviation Hub: SATS (Target: S$5.00) and SIA Engineering (Target: S$3.75); d) S-REITs with yields significantly above government bonds: NTT DC REIT (Target: S$1.31) and UI Boustead REIT (Target: S$1.16); e) value-oriented technology picks: Venture Corp (Target: S$21.10) and Valuetronics (Target: S$1.88); and f) SMID Gems: Beng Kuang (Target: S$0.75) and BRC Asia (Target: S$5.30).
https://research.uobkayhian.com/content_download.jsp?id=92278&h=e4167ecc39403a361d445849dc87bfc4&utm_medium=email&_hsenc=p2ANqtz-_WgJ69J8EhS1--8S-jTrzhMLrjpY2NunSZqJC-99HwbCJO5XcYEdY69gGr7YxdPFr04bQtxqECPQKvjat1Feeube8o6w&_hsmi=2&utm_source=hs_email
Financial Conditions Have Tightened
Our STI target of 6,682 is based on an equity risk premium of 3.0%, which is 1x SD below the long-term mean, and risk-free rate at 2.5%. The target represents a fair 2026F PE of 18.2x and upside of 18% for the STI.
We position defensively due to near-term headwinds from fiscal strains in the US and Japan and elevated inflation from a prolonged conflict in the Middle East. Our investment themes: a) beneficiaries of higher bond yields: OCBC (Target: S$32.50); b) value creation through asset recycling and monetisation: Keppel (Target: S$13.26), SingTel (Target: S$5.50) and CityDev (Target: S$11.50); c) growth from Singapore as an Aviation Hub: SATS (Target: S$5.00) and SIA Engineering (Target: S$3.75); d) S-REITs with yields significantly above government bonds: NTT DC REIT (Target: S$1.31) and UI Boustead REIT (Target: S$1.16); e) value-oriented technology picks: Venture Corp (Target: S$21.10) and Valuetronics (Target: S$1.88); and f) SMID Gems: Beng Kuang (Target: S$0.75) and BRC Asia (Target: S$5.30).
https://research.uobkayhian.com/content_download.jsp?id=92278&h=e4167ecc39403a361d445849dc87bfc4&utm_medium=email&_hsenc=p2ANqtz-_WgJ69J8EhS1--8S-jTrzhMLrjpY2NunSZqJC-99HwbCJO5XcYEdY69gGr7YxdPFr04bQtxqECPQKvjat1Feeube8o6w&_hsmi=2&utm_source=hs_email
Maintain BUY with target price of S$0.88. While Soilbuild's order book has fallen below management's own S$1 billion target, management is taking a disciplined approach to tendering rather than competing on price, and is seeing a pick-up in private-sector construction tenders compared to a year ago.
Valuations are also not expensive, in our view. This implies 35.4% upside from Soilbuild's closing price of S$0.65 on 17 Aug 2026. At our target price, Soilbuild would trade at 9.7x 2026 P/E and offer a 4.1% 2026 dividend yield.
https://growbeansprout.com/soilbuild-construction-1h26-profit-dividend
Valuations are also not expensive, in our view. This implies 35.4% upside from Soilbuild's closing price of S$0.65 on 17 Aug 2026. At our target price, Soilbuild would trade at 9.7x 2026 P/E and offer a 4.1% 2026 dividend yield.
https://growbeansprout.com/soilbuild-construction-1h26-profit-dividend
Growbeansprout
Soilbuild Construction - Record margins with order book in focus
Soilbuild Construction's revenue grew 6.5% year-on-year to S$290.6 million, while net profit attributable to shareholders increased 25.8% to S$35.6 million.
Beng Kuang Marine’s (BKM) 1HFY26’s revenue were broadly in line with our expectations although underlying profitability was softer on a yoy basis as a result of the timing and mix of project execution, with delayed access to higher-margin offshore work in the West Africa Basin and a greater contribution from early-stage shipbuilding projects. However, these projects have now commenced and we expect a materially stronger 2HFY26 as offshore activity ramps up and ASOM’s earnings become fully attributable to BKM. Commercial momentum also remains health with BKM securing c.S$85.2mln of new contract during 1H26 and outstanding contracted work stood at S$70.7mln, providing improved revenue visibility heading into
2HFY26.
With BKM trading below the recent S$0.48 institutionalplacement price, we believe the risk-reward remains attractive given the expected 2H earnings ramp and FY2027 consolidation uplift. We maintain our BUY recommendation with an unchanged TP of S$0.535, pegged to 12.0x blended FY26F/FY27F P/E.
2HFY26.
With BKM trading below the recent S$0.48 institutionalplacement price, we believe the risk-reward remains attractive given the expected 2H earnings ramp and FY2027 consolidation uplift. We maintain our BUY recommendation with an unchanged TP of S$0.535, pegged to 12.0x blended FY26F/FY27F P/E.