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uSMART Securities

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uSMART Securities Pte Ltd

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

Equity Bottom-Up

<ul>
<li>Soon Hock Enterprise is a Singapore-listed pure-play strata industrial developer with a 50-year operating heritage and a visible development pipeline of approximately S$979m in GDV extending to FY29.</li>
<li>The Group combines a project development engine—driven by strata unit sales—with a recurring income base from 2F Jalan Papan, a mixed-use workers' dormitory and industrial asset.</li>
<li>FY2025 marked a decisive inflection. Revenue surged to S$227.9m and net profit reached S$37.9m following Stellar@Tampines TOP, while operating cash flow of S$103.8m substantially exceeded reported earnings.</li>
</ul>


Soon Hock Enterprise is a Singapore-listed pure-play strata industrial developer with a 50-year operating heritage and a visible development pipeline of approximately S$979m in GDV extending to FY29.
The Group combines a project development engine—driven by strata unit sales—with a recurring income base from 2F Jalan Papan, a mixed-use workers' dormitory and industrial asset.
FY2025 marked a decisive inflection. Revenue surged to S$227.9m and net profit reached S$37.9m following Stellar@Tampines TOP, while operating cash flow of S$103.8m substantially exceeded reported earnings.


Soon Hock Enterprise Holding Ltd: Pure-Play Strata Industrial Developer Poised for Re-Rating on Skye@Tuas Launch

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/soon-hock-enterprise-holding-pte-ltd" target="_blank" data-smartkarma-citation="entities:45970:1" rel="noopener">Soon Hock Enterprise Holding (SHOCK SP)</a> is an established real estate developer that undertakes property development and property investment in Singapore.</li>
<li>The Group’s management has been involved in the launch of more than 1,200 units of strata-titled industrial properties in Singapore, achieving a total Gross Development Value (GDV) of S$1bn.</li>
<li>We revise our TP downwards on Soon Hock Enterprise based on a 20% discount to its RNAV of S$268.8m, representing an upside of 12.2%.</li>
</ul>



Soon Hock Enterprise Holding (SHOCK SP) is an established real estate developer that undertakes property development and property investment in Singapore.
The Group’s management has been involved in the launch of more than 1,200 units of strata-titled industrial properties in Singapore, achieving a total Gross Development Value (GDV) of S$1bn.
We revise our TP downwards on Soon Hock Enterprise based on a 20% discount to its RNAV of S$268.8m, representing an upside of 12.2%.


Soon Hock Enterprise - FY25 Earnings Update - Stellar Delivers, Skye Presales in Focus

<ul>
<li>
<a href="https://www.smartkarma.com/entities/soon-hock-enterprise-holding-pte-ltd" target="_blank" data-smartkarma-citation="entities:45970:1" rel="noopener">Soon Hock Enterprise Holding (SHOCK SP)</a> is an established real estate developer that undertakes property development and property investment in Singapore.</li>
<li>The Group’s management has been involved in the launch of more than 1,200 units of strata-titled industrial properties in Singapore, achieving a total Gross Development Value (GDV) of S$1bn.</li>
<li>We initiate coverage on Soon Hock Enterprise with a RNAV-based TP of S$0.74, representing an upside of 27.6%.</li>
</ul>



Soon Hock Enterprise Holding (SHOCK SP) is an established real estate developer that undertakes property development and property investment in Singapore.
The Group’s management has been involved in the launch of more than 1,200 units of strata-titled industrial properties in Singapore, achieving a total Gross Development Value (GDV) of S$1bn.
We initiate coverage on Soon Hock Enterprise with a RNAV-based TP of S$0.74, representing an upside of 27.6%.


Soon Hock Enterprise Initiation - Established Player with Consistent Execution

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>Institutions were net buyers of Singapore stocks with a net inflow of S$1.7 million from January 16-22, 2023.</li><li>Jardine Matheson Holdings repurchased 270,300 shares at US$74.57 each, continuing its share buyback program announced in November.</li><li>Soon Hock's development projects are substantially funded, with Stellar@Tampines pre-sold at 71%, ensuring strong cash flow visibility.</li></ul>

Institutions were net buyers of Singapore stocks with a net inflow of S$1.7 million from January 16-22, 2023.Jardine Matheson Holdings repurchased 270,300 shares at US$74.57 each, continuing its share buyback program announced in November.Soon Hock's development projects are substantially funded, with Stellar@Tampines pre-sold at 71%, ensuring strong cash flow visibility.

Jardine Matheson Buybacks & Soon Hock’s Tan Yeow Khoon Building Stake

Lincotrade & Associates / Equity Bottom-Up

<ul><li>Institutions were net sellers of Singapore stocks from Nov 21 to Nov 27, with a S$552 million outflow.</li><li>Engro Corporation Chairman Tan Cheng Gay increased his interest to 25.01% by acquiring 11,870,000 shares at S$0.725 each.</li><li>Sanli Environmental proposed a placement of up to 38,492,404 shares at S$0.260 each, raising up to S$10,008,025.</li></ul>

Institutions were net sellers of Singapore stocks from Nov 21 to Nov 27, with a S$552 million outflow.Engro Corporation Chairman Tan Cheng Gay increased his interest to 25.01% by acquiring 11,870,000 shares at S$0.725 each.Sanli Environmental proposed a placement of up to 38,492,404 shares at S$0.260 each, raising up to S$10,008,025.

Singtel Tops Buybacks; Soon Hock & Engro Chairs Boost Stakes; Sanli Eyes Growth with Placement

Singapore

Soon Hock Enterprise is an established real estate developer specializing in property development and investment in Singapore. The company develops, sells, and rents commercial and industrial projects, particularly strata-titled industrial properties, and also holds industrial properties for recurring income. It is headquartered in Singapore and was founded in 1960.

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Soon Hock Enterprise (SHOCK SP)

Soon Hock Enterprise Holding Ltd: Pure-Play Strata Industrial Developer Poised for Re-Rating on Skye@Tuas Launch

Soon Hock Enterprise is a Singapore-listed pure-play strata industrial developer with a 50-year operating heritage and a visible development...

uSMART Securities

Soon Hock Enterprise - FY25 Earnings Update - Stellar Delivers, Skye Presales in Focus

We revise our TP downwards on Soon Hock Enterprise based on a 20% discount to its RNAV of S$268.8m, representing an upside of 12.2%.

Evolve Capital Advisory Pte Ltd

Soon Hock Enterprise Initiation - Established Player with Consistent Execution

Soon Hock Enterprise Holding (SHOCK SP) is an established real estate developer that undertakes property development and property investment in...

Evolve Capital Advisory Pte Ltd

Jardine Matheson Buybacks & Soon Hock’s Tan Yeow Khoon Building Stake

Institutions were net buyers of Singapore stocks with a net inflow of S$1.7 million from January 16-22, 2023. Jardine Matheson Holdings...

Singapore Exchange Ltd (SGX)

Singtel Tops Buybacks; Soon Hock & Engro Chairs Boost Stakes; Sanli Eyes Growth with Placement

Institutions were net sellers of Singapore stocks from Nov 21 to Nov 27, with a S$552 million outflow. Engro Corporation Chairman Tan Cheng Gay...

Singapore Exchange Ltd (SGX)

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