Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/isoteam-ltd" target="_blank" data-smartkarma-citation="entities:6201:1" rel="noopener">Isoteam Ltd (ISO SP)</a> is a SGX-Catalist listed company with a focus on Singapore’s building maintenance and estate upgrading industry, providing solutions across the entire lifecycle of buildings and infrastructure.</li>
<li>Since inception, the firm has completed over 900 projects on more than 7,500 buildings. Its projects are mainly based in Singapore, with approximately 70% derived from public sector contracts.</li>
<li>ISOTeam reported their 1H26 results on 11th Feb 2026. In this note, we talk about the updates.</li>
</ul>



Isoteam Ltd (ISO SP) is a SGX-Catalist listed company with a focus on Singapore’s building maintenance and estate upgrading industry, providing solutions across the entire lifecycle of buildings and infrastructure.
Since inception, the firm has completed over 900 projects on more than 7,500 buildings. Its projects are mainly based in Singapore, with approximately 70% derived from public sector contracts.
ISOTeam reported their 1H26 results on 11th Feb 2026. In this note, we talk about the updates.


ISOTeam - 1H26 Earnings Update - Execution Timing Continues to Weigh on Revenue

External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>As of 27 August 2025, ISOTeam’s order book expanded to S$181.1mn, up from S$161.9mn as of 30 June 2025, providing clear revenue visibility through FY27.</li><li>The Group remains well-positioned to capture recurring demand from public-sector upgrading, sustainability retrofits and infrastructure enhancement projects.</li><li>ISOTeam’s FY25 performance reflected near-term project delays, with revenue falling from S$130.2mn in FY24 to S$119.2mn in FY25.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

As of 27 August 2025, ISOTeam’s order book expanded to S$181.1mn, up from S$161.9mn as of 30 June 2025, providing clear revenue visibility through FY27.The Group remains well-positioned to capture recurring demand from public-sector upgrading, sustainability retrofits and infrastructure enhancement projects.ISOTeam’s FY25 performance reflected near-term project delays, with revenue falling from S$130.2mn in FY24 to S$119.2mn in FY25.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ISOTeam Ltd (ISO SP): Robust Order Book and BuildTech Upside Drive Medium-Term Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/isoteam-ltd" target="_blank" data-smartkarma-citation="entities:6201:1" rel="noopener">Isoteam Ltd (ISO SP)</a> is a SGX-Catalist listed company with a focus on Singapore’s building maintenance and estate upgrading industry, providing solutions across the entire lifecycle of buildings and infrastructure.</li>
<li>Since inception, the firm has completed over 900 projects on more than 7,500 buildings. Its projects are mainly based in Singapore, with approximately 70% derived from public sector contracts.</li>
<li>ISOTeam reported their FY25 results on 27th Aug 2025. In this note, we talk about the updates.</li>
</ul>



Isoteam Ltd (ISO SP) is a SGX-Catalist listed company with a focus on Singapore’s building maintenance and estate upgrading industry, providing solutions across the entire lifecycle of buildings and infrastructure.
Since inception, the firm has completed over 900 projects on more than 7,500 buildings. Its projects are mainly based in Singapore, with approximately 70% derived from public sector contracts.
ISOTeam reported their FY25 results on 27th Aug 2025. In this note, we talk about the updates.


ISOTeam - FY25 Earnings Update - FY25 Results Underscore Execution Risks Despite Large Order Book

<ul>
<li>
<a href="https://www.smartkarma.com/entities/isoteam-ltd" target="_blank" data-smartkarma-citation="entities:6201:1" rel="noopener">Isoteam Ltd (ISO SP)</a> is a SGX-Catalist listed company with a focus on Singapore’s building maintenance and estate upgrading industry, providing solutions across the entire lifecycle of buildings and infrastructure. </li>
<li>Since inception, the firm has completed over 900 projects on more than 7,500 buildings. Its projects are mainly based in Singapore, with approximately 70% derived from public sector contracts. </li>
<li>We initiate non-rated coverage on ISOTeam. Post-COVID, the firm's order book has rebounded and profitability is back in the black since FY23. </li>
</ul>



Isoteam Ltd (ISO SP) is a SGX-Catalist listed company with a focus on Singapore’s building maintenance and estate upgrading industry, providing solutions across the entire lifecycle of buildings and infrastructure. 
Since inception, the firm has completed over 900 projects on more than 7,500 buildings. Its projects are mainly based in Singapore, with approximately 70% derived from public sector contracts. 
We initiate non-rated coverage on ISOTeam. Post-COVID, the firm's order book has rebounded and profitability is back in the black since FY23. 


ISOTeam Initiation - Order Book Close to Record High

<ul>
<li>Since the Evolve Capital team began its foray into equity research in late 2024, we’ve been active in providing coverage within the small-mid cap space.</li>
<li>Singapore’s economy has outperformed expectations despite tariff-related headwinds. In light of this resilience, we remain constructive on Singapore’s prospects in the year ahead.  </li>
<li>In this note, we present our top ten picks within the SGX Catalist for 2026, which we have primarily selected through bottom-up analysis.</li>
</ul>


Since the Evolve Capital team began its foray into equity research in late 2024, we’ve been active in providing coverage within the small-mid cap space.
Singapore’s economy has outperformed expectations despite tariff-related headwinds. In light of this resilience, we remain constructive on Singapore’s prospects in the year ahead.  
In this note, we present our top ten picks within the SGX Catalist for 2026, which we have primarily selected through bottom-up analysis.


Singapore

ISOTeam is a leading player in Singapore's building maintenance and estate upgrading industry, offering services such as repairs, redecoration, addition and alteration, and specialist coating and painting. The company also provides green solutions, including renewable energy installation and eco-friendly building solutions. Headquartered in Singapore, ISOTeam was founded in 1998.

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ISOTeam (ISO SP)

ISOTeam - 1H26 Earnings Update - Execution Timing Continues to Weigh on Revenue

ISOTeam reported their 1H26 results on 11th Feb 2026. In this note, we talk about the updates and share our thoughts on the company.

Evolve Capital Advisory Pte Ltd

ISOTeam Ltd (ISO SP): Robust Order Book and BuildTech Upside Drive Medium-Term Growth

As of 27 August 2025, ISOTeam’s order book expanded to S$181.1mn, up from S$161.9mn as of 30 June 2025, providing clear revenue visibility through...

KGI Securities

ISOTeam - FY25 Earnings Update - FY25 Results Underscore Execution Risks Despite Large Order Book

Isoteam focuses on Singapore’s building maintenance and estate upgrading industry. They reported their FY25 results on 27th Aug 2025. In this note,...

Evolve Capital Advisory Pte Ltd

ISOTeam Initiation - Order Book Close to Record High

Isoteam is a SGX-Catalist listed company focusing on Singapore’s building maintenance and estate upgrading industry, providing solutions across the...

Evolve Capital Advisory Pte Ltd

Catalist GEMs Poised to Shine (2026)

In this note, we present our top ten picks within the SGX Catalist for 2026, which we have primarily selected through bottom-up analysis.

Evolve Capital Advisory Pte Ltd

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