- Wee Hur's 1H25 revenue and adjusted PATMI exceeded our expectations, at 70%/58% of our FY25e forecasts. This was driven by a 158% y-o-y increase in property development sales, as Wee Hur’s 115-unit Bartley Vue condominium sold its remaining units in 2Q25. Gross profit was up 89% y-o-y in 1H25, driven by a ~S$36.5mil gain on disposal of its PBSA Fund I in April 2025.
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The Positives
Record order book in constructionsegment.
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Upcoming worker dormitories increase recurring income.
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