Recommendation: Our valuation is based on GDS Global’s 1-year forward EPS of S¢1.0, applied to the mean forward PER of 13.2x from its industrial door, shutter, and building materials peers. Given GDS's smaller scale, thinner trading liquidity, and shorter track record of profitability relative to larger, more established peers, we apply a 45% discount to the peer mean forward PER. We initiate coverage on GDS Global Limited with a BUY recommendation and a target price of S¢8.0, representing a 41% upside from the current price.

*HAPPENING TODAY*

*Dear Valued Clients,*

You are cordially invited to attend our following Webinar:


*Corporate Insights by KIN Global*

Webinar Detail
Date: Wed 29 Jul 2026
Time: 1pm –2pm

Register: https://poems-sg.zoom.us/webinar/register/6917836024659/WN_9lbXOfEoTra0mqjNjsTG5w#/registration

Coal remains the world’s largest source of electricity generation, even as countries invest heavily in renewable energy.

This graphic ranks countries by coal consumption in 2025, revealing the scale of Asia’s influence on global demand.

https://www.visualcapitalist.com/the-countries-that-consume-the-most-coal/

The Edge Singapore | China’s coal demand gets boost as heatwave lifts aircon use
https://www.theedgesingapore.com/news/news/chinas-coal-demand-gets-boost-heatwave-lifts-aircon-use

GDS Global Secures New Supply Contract of its Proprietary Blast-Mitigating Shutter to a Major Oil & Gas Facility in Qatar
• Marks the first overseas deployment of its proprietary Blast-Mitigating Shutter in the Middle East, underscoring its strategy to expand its premium range of shutters into international markets and reinforcing its position as the inventor of the world's first blast-mitigating shutter.
• Under the new supply contract, the Group is expected to deliver various BlastMitigating Shutters by September 2026 for a major oil and gas industrial project in Qatar.
• Against a backdrop of heightened geopolitical tensions and increasing investment in critical infrastructure protection, the Group aims to capitalise on a growing global market for specialised defence and protective solutions across critical infrastructure and high-security facilities.

Lincotrade Secures New Contracts Worth S$112.7 Million, Including the Largest Single Contract of Approximately S$70.0 Million for Addition and Alteration and Office Fit-Out Works at an Educational Institution

• The S$70.0 million contract secured in July 2026 marks the largest single
contract secured by the Group in its history, exceeding its previous record
contract value of S$35.0 million awarded in January 2023.

• S$42.7 million of new contracts were secured in 4Q2026, the majority of which comprise commercial projects in Singapore that are expected to be completed over the next two years.

☝🏻This is Singapore largest outdoor LED Globe so far build by SGX-listed Kin Global in record time. Diameter of LED Globe is 4m.