- We maintain our FY25e revenue/PATMI forecasts for Soilbuild Construction but raised our valuations multiple to 7.5x FY26e P/E (previously 5.9x), to be more in line with its peers’ average P/E of 8.4x. Maintain BUY with higher Soilbuild Construction's target price of S$3.41 (previously S$2.68)
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- 2Q25 foreign direct investment into Singapore increased 34% y-o-y, showing increasing capital inflows from foreign entities into Singapore. The trailing-twelve-month (TTM) private contracts awarded also increased by 62% y-o-y in July 2025. Based on its strong track record, we believe Soilbuild Construction can secure additional contracts in the private sector in 4Q25.
Highlights
Favourable industry catalysts.
- - Read this at SGinvestors.io -
- Based on its strong track record, we believe Soilbuild Construction can secure additional contracts in the private sector by FY25e.
Growth upside potential from the precast segment.
- Read more at SGinvestors.io.
