Broker Name: CGS International
Date of Report: October 1, 2025
Excerpt from CGS International report.
Report Summary
- KSH Holdings Ltd is a Singapore-based construction and property group, listed since 2007, with a strong focus on local opportunities and a S\$315m order book as of August 2025.
- The group narrowed its FY25 net loss to S\$5.9m, with construction contributing 97.4% of revenue, and the segment returning to profitability after pandemic-related challenges; management remains positive on the Singapore construction outlook and is targeting laboratory and research building projects.
- KSH’s property development is mainly via joint ventures in Singapore and China, but it is slowing its China projects due to a challenging market and is exploring options to exit once remaining units are sold.
- KSH maintains a net cash position and has paid dividends over the past three years, with the stock trading below historical book value and a 3.38% dividend yield based on FY25 numbers.
- The company also invests in yield-generating assets, including hotels overseas and a major retail-office complex in Tianjin, China.
- In August 2025, KSH placed out treasury shares to raise S\$8.7m for working capital, with its four major shareholders holding a combined 58.7% stake post-placement.
Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website: https://www.cgs-cimb.com/en/home
