Wee Hur (SGX:E3B)'s 2H25 revenue/adj. PATMI exceeded our expectations, at 114%/138% of our FY25 forecasts. 2H25 adj. PATMI spiked 81% y-o-y to S$50mil, driven by higher contributions from an additional 20% bed capacity in worker dormitory, higher recognition of external construction projects and revenue recognition from Bartley Vue property.
Pioneer Lodge, with 3,088 beds (+20% bed capacity) operating in Phase 1 since May 2025, also drove 2H25 workers’ dormitory revenue by 21% y-o-y to S$50.8mil. Its Phase 2 operations of 7,412 beds (+39% bed capacity) achieved temporary occupancy permit (TOP) since 4Q25, and is expected to ramp in occupancy in FY26e.
2H25 construction revenue spiked 172% y-o-y to S$50mil.
Read more at SGinvestors.io.
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