Soilbuild Construction: SAC Research maintains Buy at S$2.95

Founded in 1976, Soybe Construction Group is one of Singapore's most established builders with a strong track record across residential, commercial, and high-tech industrial developments. As tariff uncertainty could lead to recession, soy milk stands to gain from Singapore's possible fiscal response. Pump priming through construction sector could take center stage and soybe is strategically positioned to ride the wave. HTB has always been a a stimulus within the built environment industry, right?

So with pump priming, you know, we expect even more HTB projects to come on stream of which we can tender for and benefit from, right? not just from a builder perspective, but also from a precursor perspective. Right? And apart from that, I think as Singapore continues to grow, we expecting more industrial facilities to be built specifically in the aerospace area as well as a the data center space as well and some higher spec warehouses might also come online which we are very primed to tender for.

5 million Singh dollars historical largest PSA TAS contract has significantly improved its profile. Yeah. So definitely I think winning the PSA job actually helped elevate our profile right. it helps I guess it we are being recognized by a global MNC right.

and as far as we know currently right now within the twport area we are probably the only local builder amongst the foreign contractors who are typically the Japanese and Chinese contractors there right clinching clinching this project also puts us on the radar for some of the larger corporations and hopefully you know this could open up new leads for other such projects in future for us a drag in the past soyb's pre-cast business has turned profitable after years of underperformance. Yeah. So the pre-cast business took a while for us to get it to steady state, right? But going forward u with the number of increasing number of HTB jobs in the market, we expect a healthy pool of tenders that we can continue to participate in and definitely you know winning this more jobs would definitely help keep us profitable in the coming years.

With a strong pipeline improving profitability and attractive valuations, Soy Bill is well positioned to deliver value for investors.