SAC Capital

Independent Insight Provider

Equity Bottom-Up

Soilbuild Construction / Equity Bottom-Up

<ul><li>Soilbuild delivered a stellar financial performance in 1HFY25.</li><li>The Group’s 1HFY25 net profit surged 282.9% YoY to S$28.3 million, exceeding FY24 full year net profit of $26.6 million.</li><li>1HFY25 revenue increased 77.3% YoY to S$272.8 million, while gross profit jumped 193.5% YoY to S$43.6 million, reflecting strong execution and margin improvements across both construction and precast operations.</li></ul>

Soilbuild delivered a stellar financial performance in 1HFY25.The Group’s 1HFY25 net profit surged 282.9% YoY to S$28.3 million, exceeding FY24 full year net profit of $26.6 million.1HFY25 revenue increased 77.3% YoY to S$272.8 million, while gross profit jumped 193.5% YoY to S$43.6 million, reflecting strong execution and margin improvements across both construction and precast operations.

SoilBuild Construction Group Limited: Soilbuild’s 1HFY25 Earnings Soar Past FY24

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Soilbuild Construction's revenue surged 58.4% in FY2024, driven by a S$647.5 million PSA Supply Chain Hub contract.</li><li>The Construction division contributed 81.5% to total revenue, while Precast and Prefabrication grew by 87.1% in FY2024.</li><li>Soilbuild Construction generated S$35.9 million in operating cash flow in FY2024, improving liquidity for ongoing projects.</li></ul>

Soilbuild Construction's revenue surged 58.4% in FY2024, driven by a S$647.5 million PSA Supply Chain Hub contract.The Construction division contributed 81.5% to total revenue, while Precast and Prefabrication grew by 87.1% in FY2024.Soilbuild Construction generated S$35.9 million in operating cash flow in FY2024, improving liquidity for ongoing projects.

10 in 10 with Soilbuild Construction - Rooted in tradition, leading in green building

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>DBS and CGS International keep 'hold' rating on Aztech Global.</li><li>DBS reports public transport fare hikes are lower than anticipated.</li><li>JP Morgan notes Keppel's continued asset monetisation in their update.</li></ul>

DBS and CGS International keep 'hold' rating on Aztech Global.DBS reports public transport fare hikes are lower than anticipated.JP Morgan notes Keppel's continued asset monetisation in their update.

Singapore Market Roundup (16-Oct-2025): DBS and CGS maintain 'hold' on Aztech Global stock.

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>Singapore's stellar performance has been propelled primarily by large caps. We think investors should focus on SMID now, as MAS's S$5bn EQDP incentivizes fund managers to look outside index stocks.</li>
<li>We screen SMID stocks in SGX with above-market forecast earnings growth, EPS estimate upgrades over past 6 months, low leverage and reasonable growth adjusted valuations (PEG&lt;1.4x).</li>
<li>Eight SMID stocks come up on our screen, spread across various sectors, but tilted towards Energy and Minerals and Mining. Most are net cash companies with ROEs higher than COEs.</li>
</ul>


Singapore's stellar performance has been propelled primarily by large caps. We think investors should focus on SMID now, as MAS's S$5bn EQDP incentivizes fund managers to look outside index stocks.
We screen SMID stocks in SGX with above-market forecast earnings growth, EPS estimate upgrades over past 6 months, low leverage and reasonable growth adjusted valuations (PEG&lt;1.4x).
Eight SMID stocks come up on our screen, spread across various sectors, but tilted towards Energy and Minerals and Mining. Most are net cash companies with ROEs higher than COEs.


Asian Equities: A Few Singapore Small and Mid-Cap Jewels

<ul><li>UOBKH predicts Banyan Tree's residences will boost growth in 2027.</li><li>RHB's Natarajan calls Stoneweg European Stapled Trust a 'buy' for data centre growth.</li><li>Maybank upgrades Lendlease REIT to 'buy' due to lower funding costs and positive factors.</li></ul>

UOBKH predicts Banyan Tree's residences will boost growth in 2027.RHB's Natarajan calls Stoneweg European Stapled Trust a 'buy' for data centre growth.Maybank upgrades Lendlease REIT to 'buy' due to lower funding costs and positive factors.

Singapore Market Roundup (07-Oct-2025): UOBKH forecasts Banyan Tree residences will drive growth

Singapore

Soilbuild Construction Group Ltd is involved in in general building and construction.  The Company is principally engaged in building works in Singapore in which they act as the main contractor. In addition, they are also engaged in architectural works in Singapore in which they act as a direct contractor, and project management services.

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Soilbuild Construction (SOIL SP)

SoilBuild Construction Group Limited: Soilbuild’s 1HFY25 Earnings Soar Past FY24

Soilbuild delivered a stellar financial performance in 1HFY25. The Group’s 1HFY25 net profit surged 282.9% YoY to S$28.3 million...

SAC Capital

10 in 10 with Soilbuild Construction - Rooted in tradition, leading in green building

Soilbuild Construction's revenue surged 58.4% in FY2024, driven by a S$647.5 million PSA Supply Chain Hub contract. The Construction division...

Singapore Exchange Ltd (SGX)

Singapore Market Roundup (16-Oct-2025): DBS and CGS maintain 'hold' on Aztech Global stock.

DBS and CGS International maintain 'hold' on Aztech Global. DBS notes lower-than-expected public transport fare hikes; JP Morgan highlights...

Singapore Market Roundup

Asian Equities: A Few Singapore Small and Mid-Cap Jewels

SG investors should focus on SMID stocks with strong growth potential & attractive valuations, as MAS's EQDP incentivizes fund managers to look...

Manishi Raychaudhuri

Singapore Market Roundup (07-Oct-2025): UOBKH forecasts Banyan Tree residences will drive growth

UOBKH forecasts Banyan Tree's residences will drive growth in 2027. RHB recommends Stoneweg European Stapled Trust as a 'buy' for data centers....

Singapore Market Roundup

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Market Cap (USDm)

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SoilBuild Construction Group Limited: Soilbuild’s 1HFY25 Earnings Soar Past FY24

Soilbuild delivered a stellar financial performance in 1HFY25. The Group’s 1HFY25 net profit surged 282.9% YoY to S$28.3 million...

SAC Capital

10 in 10 with Soilbuild Construction - Rooted in tradition, leading in green building

Soilbuild Construction's revenue surged 58.4% in FY2024, driven by a S$647.5 million PSA Supply Chain Hub contract. The Construction division...

Singapore Exchange Ltd (SGX)

Singapore Market Roundup (16-Oct-2025): DBS and CGS maintain 'hold' on Aztech Global stock.

DBS and CGS International maintain 'hold' on Aztech Global. DBS notes lower-than-expected public transport fare hikes; JP Morgan highlights...

Singapore Market Roundup

Asian Equities: A Few Singapore Small and Mid-Cap Jewels

​SG investors should focus on SMID stocks with strong growth potential & attractive valuations, as MAS's EQDP incentivizes fund managers to look...

Manishi Raychaudhuri

Singapore Market Roundup (07-Oct-2025): UOBKH forecasts Banyan Tree residences will drive growth

UOBKH forecasts Banyan Tree's residences will drive growth in 2027. RHB recommends Stoneweg European Stapled Trust as a 'buy' for data centers....

Singapore Market Roundup

SG investors should focus on SMID stocks with strong growth potential & attractive valuations, as MAS's EQDP incentivizes fund managers to look...