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/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

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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

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<li>On 15th May 2025, 3HA Capital (a consortium formed by HHH Group,Hanwa Co, AYS and Thor Capital) launched a takeover offer for <a href="https://www.smartkarma.com/entities/cosmosteel-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15964:1" rel="noopener">Cosmosteel Holdings (CSMS SP)</a> at S$0.20/share.</li>
<li>After the offer was deemed unfair but unreasonable, 3HA Capital revised the offer upwards to S$0.25/share on 23rd Jun 2025 but also announced that it was final.</li>
<li>We opine it would not be in the minority shareholders’ interests to continue holding onto their stakes.  <strong>We advise shareholders to accept the deal or sell in the open market.</strong>
</li>
</ul>


On 15th May 2025, 3HA Capital (a consortium formed by HHH Group,Hanwa Co, AYS and Thor Capital) launched a takeover offer for Cosmosteel Holdings (CSMS SP) at S$0.20/share.
After the offer was deemed unfair but unreasonable, 3HA Capital revised the offer upwards to S$0.25/share on 23rd Jun 2025 but also announced that it was final.
We opine it would not be in the minority shareholders’ interests to continue holding onto their stakes.  We advise shareholders to accept the deal or sell in the open market.



Cosmosteel Holdings Special Report - Decent Premium Above the 10Y Average

Singapore

Pan-United is a technology company specializing in concrete solutions and logistics, and is Singapore's largest supplier of ready-mix concrete and cement. It provides a wide range of sustainable concrete products, aggregates, and refined petroleum products to the construction industry. The company was founded in 1958 and is headquartered in Singapore.

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Pan-United (PAN 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

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

Cosmosteel Holdings Special Report - Decent Premium Above the 10Y Average

3HA Capital's final offer for the takeover of CosmoSteel Holdings is at S$0.25 / share. We advise shareholders to accept the deal or sell in the...

Evolve Capital Advisory Pte Ltd

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