- We initiate coverage on Soon Hock Enterprise with BUY and a target price of S$0.68. With Soon Hock's share price trading at 0.9x 2026F P/B, it offers decent 5.5%/10% yields for 2025/26.
Established industrial developer with user-centric edge.
- - Read this at SGinvestors.io -
- - Read this at SGinvestors.io -
Strong earnings visibility from S$1b pipeline.
- After a lull in 2024 due to the absence of project Temporary Occupation Permits (TOP), earnings are poised to rebound strongly as Stellar@Tampines (GDV S$326m) achieves partial completion in 2025, followed by Skye@Tuas (GDV S$354m) in 2026-27. These two 30-year leasehold projects underpin a 3-year revenue CAGR of 178% and net profit CAGR of 124% over 2024-27.
- Strong pre-sales and the redevelopment of 20 Shaw Road (GDV S$235m) extend growth visibility beyond 2027.
Strengthened balance sheet.
- Read more at SGinvestors.io.
