Wee Hur - Phillip Securities 2026-01-05: Multiple Growth Drivers

• Worker dormitory beds are in short supply, and we still expect high demand for migrant labour due to the high amount of construction projects awarded (7% higher y-o-y in Oct 2025).

Company Background

• Established in 1980 and listed on the SGX Main Board in 2008, Wee Hur (SGX:E3B) is an investment holding company. Its operating segments include
  1. - Read this at SGinvestors.io -
  2. Workers’ Dormitory,
  3. Property Development,
  4. Fund Management, and
  5. PBSA Operations.
• We believe the most significant contributing segments to Wee Hur’s 2026 revenue would be the workers’ dormitory (27% of 1H25 revenue) and building construction (16%).

Investment Merits/Outlook

Record order book in the construction segment.

• Wee Hur secured S$439mil worth of HDB BTO contracts in 2025, spiking its construction order book up by 2.3x to a record S$629mil. The projects in the order book are estimated to last till 4Q29e.

Spike in worker dormitories expected by 4Q25e.

• - Read this at SGinvestors.io -

Healthy pipeline of upcoming projects/developments.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Previous report by Phillip:
2025-08-25 Wee Hur - Firing From Multiple Cylinders.

Price targets by other brokers at Wee Hur Target Prices.

Listing of research reports at Wee Hur Analyst Reports.

Relevant links:
Wee Hur Share Price History,
Wee Hur Announcements,
Wee Hur Dividend Payout Dates & Corporate Actions,
Wee Hur News