Broker Name: CGS International
Date of Report: November 25, 2025

Excerpt from CGS International report.

Report Summary

• Wee Hur Holdings Ltd (WHUR) is experiencing strong momentum in contract wins, with its construction orderbook expected to reach approximately S\$950 million by end-FY25 and a forecasted S\$1.3 billion by FY26, benefitting from Singapore’s construction upcycle and robust demand for worker and student accommodations.
• WHUR is diversifying its income streams by investing in hospitality and education sectors, including joint ventures in Wycombe Abbey School and the DoubleTree by Hilton hotel, while also growing its fund management segment through asset recycling strategies.
• The company recently won a government land sale for Upper Thomson Road Parcel A with a disciplined bid, potentially delivering developer margins in the low-20% range, and is expected to undertake the construction in-house.
• Financial forecasts have been adjusted upward, raising the sum-of-parts target price to S\$0.95, reflecting higher orderbook expectations and landbank replenishment, although downside risks include non-extension of key dormitory leases and slower construction demand.
• WHUR maintains strong ESG practices, aligning with government requirements and global standards, and has received a Green Star 5-star rating for its accommodation projects.

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.cgsi.com