Fund Manager, Privium Funds

Privium Fund Management

Fund Manager

Privium Funds

Privium Fund Management (Singapore) Pte Ltd is an MAS regulated Fund Manager holding a CMS License with a proven track record in providing Fund Management solutions for traditional and alternative asset portfolios.

Equity Bottom-Up

<ul><li>OKP Holdings (OKP) is a cash-rich, execution-led play on Singapore's public infrastructure pipeline.</li><li>A decade of specialising in LTA commuter and cycling path works has lifted gross margins from single digits to above 30%, and the order book reached S$797.9m, ~3.4x trailing revenue.</li><li>The shares have re-rated sharply since 2024, but ~S$172.3m of net cash as at 30 June 2026 still underpins modest valuations, ex-cash.</li></ul>

OKP Holdings (OKP) is a cash-rich, execution-led play on Singapore's public infrastructure pipeline.A decade of specialising in LTA commuter and cycling path works has lifted gross margins from single digits to above 30%, and the order book reached S$797.9m, ~3.4x trailing revenue.The shares have re-rated sharply since 2024, but ~S$172.3m of net cash as at 30 June 2026 still underpins modest valuations, ex-cash.

OKP Holdings Limited: Initiation Research (28 September 2026)

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/okp-holdings-limited" target="_blank" data-smartkarma-citation="entities:13193:1" rel="noopener">OKP (OKP SP)</a> is an SGX Mainboard-listed civil engineering and infrastructure group specialising in public-sector transport and commuter infrastructure. It holds an A1 grade civil engineering status.</li>
<li>The group's work spans expressways, flyovers, vehicular bridges, urban and arterial roads, airport infrastructure and oil-and-gas-related infrastructure.</li>
<li>OKP reported its 1H26 results on 11th Aug 26. We maintain our BUY on OKP with a TP of S$0.98/share, based on 5.5x FY26E EV/EBITDA.</li>
</ul>



OKP (OKP SP) is an SGX Mainboard-listed civil engineering and infrastructure group specialising in public-sector transport and commuter infrastructure. It holds an A1 grade civil engineering status.
The group's work spans expressways, flyovers, vehicular bridges, urban and arterial roads, airport infrastructure and oil-and-gas-related infrastructure.
OKP reported its 1H26 results on 11th Aug 26. We maintain our BUY on OKP with a TP of S$0.98/share, based on 5.5x FY26E EV/EBITDA.


OKP Holdings - 1H26 Earnings Update - Order Book and Margins at Peak but De-Rating Overdone

<ul>
<li>
<a href="https://www.smartkarma.com/entities/okp-holdings-limited" target="_blank" data-smartkarma-citation="entities:13193:1" rel="noopener">OKP (OKP SP)</a> is an SGX Mainboard-listed civil engineering and infrastructure group specialising in public-sector transport and commuter infrastructure. It holds an A1 grade civil engineering status.</li>
<li>The group's work spans expressways, flyovers, vehicular bridges, urban and arterial roads, airport infrastructure and oil-and-gas-related infrastructure.</li>
<li>We initiate coverage on OKP Holdings with a BUY rating and a TP of S$0.98/share</li>
</ul>



OKP (OKP SP) is an SGX Mainboard-listed civil engineering and infrastructure group specialising in public-sector transport and commuter infrastructure. It holds an A1 grade civil engineering status.
The group's work spans expressways, flyovers, vehicular bridges, urban and arterial roads, airport infrastructure and oil-and-gas-related infrastructure.
We initiate coverage on OKP Holdings with a BUY rating and a TP of S$0.98/share


OKP Holdings Initiation - Staying Prudent While Riding The Construction Upcycle

Investment Management, 8VantEdge

8VantEdge

Investment Management

8VantEdge offers a hybrid fundamental stock picking combined with algorithmic rules based on human psychology.

Thematic (Sector/Industry)

<ul><li>Coastal protection in Singapore has moved from contingency planning to a funded and legislated national programme, establishing a long-duration investment theme.</li><li>Three structural drivers underpin this investment case: (1) Physical exposure: around 30% of the island sits less than 5 metres above the mean sea level, creating a need for coastal protection; (2) Government funding commitment: a multi-decade investment programme estimated at around S$100 billion; and (3) Regulatory mandate: new legislation makes protection works a compliance obligation rather than discretionary spending.</li><li>Together, these drivers convert climate risk into a durable pipeline of engineering and construction demand.</li></ul>

Coastal protection in Singapore has moved from contingency planning to a funded and legislated national programme, establishing a long-duration investment theme.Three structural drivers underpin this investment case: (1) Physical exposure: around 30% of the island sits less than 5 metres above the mean sea level, creating a need for coastal protection; (2) Government funding commitment: a multi-decade investment programme estimated at around S$100 billion; and (3) Regulatory mandate: new legislation makes protection works a compliance obligation rather than discretionary spending.Together, these drivers convert climate risk into a durable pipeline of engineering and construction demand.

Defending the Coastline: Singapore’s Coastal Protection Opportunity

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>Multi-year infrastructure upcycle supports orderbook replenishment.</li><li>OKP is well positioned to benefit from Singapore’s sustained infrastructure investment cycle, supported by public sector projects in civil engineering, transport connectivity, roads, drainage, commuter infrastructure and active-mobility networks.</li><li>The structural nature of these projects provides a supportive tender pipeline and reinforces OKP’s role as a niche public-infrastructure contractor.</li></ul>

Multi-year infrastructure upcycle supports orderbook replenishment.OKP is well positioned to benefit from Singapore’s sustained infrastructure investment cycle, supported by public sector projects in civil engineering, transport connectivity, roads, drainage, commuter infrastructure and active-mobility networks.The structural nature of these projects provides a supportive tender pipeline and reinforces OKP’s role as a niche public-infrastructure contractor.

OKP Holdings Limited: Growing Order Book Amidst an Infrastructure Upcycle

Singapore

OKP Holdings Limited is a leading transport infrastructure and civil engineering group in Singapore, specializing in the construction of airport runways, expressways, vehicular bridges, urban roads, and oil and gas-related infrastructure. The Group also undertakes maintenance works for roads and road-related facilities, and has expanded into property development and investments. Headquartered in Singapore, the company traces its origins to a sole proprietorship established in 1966.

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OKP (OKP SP)

OKP Holdings Limited: Initiation Research (28 September 2026)

OKP Holdings (OKP) is a cash-rich, execution-led play on Singapore's public infrastructure pipeline. A decade of specialising in LTA commuter...

Privium Fund Management

OKP Holdings - 1H26 Earnings Update - Order Book and Margins at Peak but De-Rating Overdone

OKP reported its 1H26 results on 11th Aug 26. We maintain our BUY on OKP with a TP of S$0.98/share, based on 5.5x FY26E EV/EBITDA.

Evolve Capital Advisory Pte Ltd

OKP Holdings Initiation - Staying Prudent While Riding The Construction Upcycle

OKP (OKP SP) is an SGX Mainboard-listed civil engineering and infrastructure group specialising in public-sector transport and commuter...

Evolve Capital Advisory Pte Ltd

Defending the Coastline: Singapore’s Coastal Protection Opportunity

Coastal protection in Singapore has moved from contingency planning to a funded and legislated national programme, establishing a long-duration...

8VantEdge

OKP Holdings Limited: Growing Order Book Amidst an Infrastructure Upcycle

Multi-year infrastructure upcycle supports orderbook replenishment. OKP is well positioned to benefit from Singapore’s sustained infrastructure...

KGI Securities

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