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

<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

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

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

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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

Dealing, Product Financing and Custody Services, Tickrs

Tickrs

Dealing, Product Financing and Custody Services

Tickrs Financial Singapore Pte Ltd (TFS) obtained Capital Markets Services (CMS) License from the Monetary Authority of Singapore (MAS) in 2022. Product offering include stock trading services across 10 global markets, futures trading, fixed income and wealth management products offering.

<ul><li>Record Order Book Provides Multi-Year Revenue Visibility The recently awarded S$87.3 million LTA contract for the Jurong Region Line commuter infrastructure lifts OKP's net construction order book to S$627.2 million as of March 2026 (total order book including maintenance: S$672.2 million), with projects extending to 2031.</li><li>This equates to 2.8x FY2025 revenue, providing substantial forward earnings coverage.</li><li>Critically, the order book is heavily weighted toward public sector contracts with government agencies (LTA, PUB, JTC), which carry lower counterparty risk and more predictable payment profiles.</li></ul>

Record Order Book Provides Multi-Year Revenue Visibility The recently awarded S$87.3 million LTA contract for the Jurong Region Line commuter infrastructure lifts OKP's net construction order book to S$627.2 million as of March 2026 (total order book including maintenance: S$672.2 million), with projects extending to 2031.This equates to 2.8x FY2025 revenue, providing substantial forward earnings coverage.Critically, the order book is heavily weighted toward public sector contracts with government agencies (LTA, PUB, JTC), which carry lower counterparty risk and more predictable payment profiles.

OKP Holdings Update : Record Earnings, Record Order Book: The Infrastructure Upcycle Delivers

<ul><li>Earnings Visibility from Public Infrastructure Pipeline: OKP’s core competency in public sector civil engineering (roads, bridges, flyovers, etc.) positions it well for recurring government projects awarded by agencies like the Land Transport Authority (LTA), Public Utilities Board (PUB) and Building &amp; Construction Authority (BCA).</li><li>The group’s order book of S$648.3 million, comprising large multi-year public infrastructure contracts, underpins strong earnings visibility through 2031.</li><li>As these projects are typically on long-term recurring frameworks, OKP faces a low earnings risk profile despite macroeconomic fluctuations.</li></ul>

Earnings Visibility from Public Infrastructure Pipeline: OKP’s core competency in public sector civil engineering (roads, bridges, flyovers, etc.) positions it well for recurring government projects awarded by agencies like the Land Transport Authority (LTA), Public Utilities Board (PUB) and Building &amp; Construction Authority (BCA).The group’s order book of S$648.3 million, comprising large multi-year public infrastructure contracts, underpins strong earnings visibility through 2031.As these projects are typically on long-term recurring frameworks, OKP faces a low earnings risk profile despite macroeconomic fluctuations.

OKP Holdings Update : Reinforced Foundations, Elevated Outlook

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 - 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

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

OKP Holdings Update : Record Earnings, Record Order Book: The Infrastructure Upcycle Delivers

Record Order Book Provides Multi-Year Revenue Visibility The recently awarded S$87.3 million LTA contract for the Jurong Region Line commuter...

Tickrs

OKP Holdings Update : Reinforced Foundations, Elevated Outlook

Earnings Visibility from Public Infrastructure Pipeline: OKP’s core competency in public sector civil engineering (roads, bridges, flyovers, etc.)...

Tickrs

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