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.
Lincotrade_PR_FY2026.pdf
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Lincotrade Achieves Record FY2026 Results with Net Profit More than Tripling to S$8.1 Million; Proposed Final Dividend of 0.90 Singapore Cents Per Share, Dividend Payout of 40% for FY2026
• Revenue increased 75.8% to S$129.5 million with profit before tax surging 243.7% to S$10.3 million in FY2026.
• Order book of S$106.2 million (as at 30 June 2026) expected to be boosted by the recent largest single contract of approximately S$70.0 million secured in July 2026
• The proposed final dividend of 0.90 Singapore cents per share brings the total dividend for FY2026 to 1.78 Singapore cents per share, representing a dividend payout ratio of 40% of net profit attributable to owners of the Company excluding non-recurring, one-off and exceptional income, as committed.
• Revenue increased 75.8% to S$129.5 million with profit before tax surging 243.7% to S$10.3 million in FY2026.
• Order book of S$106.2 million (as at 30 June 2026) expected to be boosted by the recent largest single contract of approximately S$70.0 million secured in July 2026
• The proposed final dividend of 0.90 Singapore cents per share brings the total dividend for FY2026 to 1.78 Singapore cents per share, representing a dividend payout ratio of 40% of net profit attributable to owners of the Company excluding non-recurring, one-off and exceptional income, as committed.
Geo Energy Resources' MBJ road and jetty project has been operational since July and coal from the massive TRA mine is being efficiently moved.
The next major catalyst is evidence showing its value.
A key validation is expected to come soon from Resource Invest AG (ResInvest), a reputable Swiss investment firm, based on a 1H2026 results briefing this week.
ResInvest is in advanced talks to buy a partial MBJ stake from Geo Energy at the US$1.5 billion MBJ valuation agreed to in a May 2026 term sheet.
The transaction not only monetises part of Geo's 71.3% MBJ stake but, more importantly, establishes an external price for what Geo still owns
https://www.nextinsight.net/story-archive-mainmenu-60/949-2026/16855-geo-energy-mbj-is-up-and-running-will-a-resinvest-deal-change-how-the-market-values-geo
The next major catalyst is evidence showing its value.
A key validation is expected to come soon from Resource Invest AG (ResInvest), a reputable Swiss investment firm, based on a 1H2026 results briefing this week.
ResInvest is in advanced talks to buy a partial MBJ stake from Geo Energy at the US$1.5 billion MBJ valuation agreed to in a May 2026 term sheet.
The transaction not only monetises part of Geo's 71.3% MBJ stake but, more importantly, establishes an external price for what Geo still owns
https://www.nextinsight.net/story-archive-mainmenu-60/949-2026/16855-geo-energy-mbj-is-up-and-running-will-a-resinvest-deal-change-how-the-market-values-geo
nextinsight.net
GEO ENERGY: MBJ Is Up and Running — Will A ResInvest Deal Change How the Market Values Geo?
a hub for serious investors
The Edge Singapore | Raffles Education aims to be debt-free and resume dividends; eyes further operational improvements
https://www.theedgesingapore.com/news/corporate-moves/raffles-education-aims-be-debt-free-and-resume-dividends-eyes-further
https://www.theedgesingapore.com/news/corporate-moves/raffles-education-aims-be-debt-free-and-resume-dividends-eyes-further
The Edge Singapore
Raffles Education aims to be debt-free and resume dividends; eyes further operational improvements | The Edge Singapore
For the upcoming financial year (FY2027), Raffles Education plans to invest significant resources in Bangkok and Jakarta.
Reclaims Global: Profit Guidance - Significant improvement in net profit for 1H2027
Based on a preliminary review of the Group’s unaudited consolidated financial results for the financial period ended 31 July 2026 (“1H2027”), the Group expects to report a significant improvement in net profit for 1H2027, as compared to the financial period ended 31 July 2025.
The improvement is driven by an increase in revenue from all segments, attributed to stronger market demand for the Group’s services which resulted in several new project wins.
Further details of the Group’s financial performance will be disclosed when the Company announces the unaudited consolidated financial results for 1H2027, which will be released on or before 14 September 2026.
https://links.sgx.com/FileOpen/RGL%20-%20Profit%20Guidance%201H2027.ashx?App=Announcement&FileID=903552
Based on a preliminary review of the Group’s unaudited consolidated financial results for the financial period ended 31 July 2026 (“1H2027”), the Group expects to report a significant improvement in net profit for 1H2027, as compared to the financial period ended 31 July 2025.
The improvement is driven by an increase in revenue from all segments, attributed to stronger market demand for the Group’s services which resulted in several new project wins.
Further details of the Group’s financial performance will be disclosed when the Company announces the unaudited consolidated financial results for 1H2027, which will be released on or before 14 September 2026.
https://links.sgx.com/FileOpen/RGL%20-%20Profit%20Guidance%201H2027.ashx?App=Announcement&FileID=903552
https://www.youtube.com/watch?v=fpXuR1TKJRQ
Soilbuild X Beansprout podcast video has been posted on their YouTube Channel.
Soilbuild X Beansprout podcast video has been posted on their YouTube Channel.