Broker Name: Maybank Research Pte Ltd
Date of Report: January 27, 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- ISOTeam announced new contract wins totaling SGD26.6m, boosting its orderbook to SGD176.2m and expects continued strong momentum in government sector awards.
- The company will begin testing its AI drone-painting solution on HDB sites by 2Q26, which could reduce costs by 30-40% and position ISOTeam as a technology leader in Singapore’s maintenance and upgrading sector.
- ISOTeam anticipates stronger profitability in FY26 due to delayed job recognitions, faster contract wins, and the potential sale of non-core assets, which may enable special dividends for shareholders.
- ISOTeam maintains a core PATMI dividend policy, has improved margins post-Covid, and is enhancing its ESG profile through solar projects and improved governance.
- Maybank retains a BUY rating for ISOTeam with a target price of SGD0.100, pegged to 9x blended FY25/26E P/E.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website: https://www.maybank.com/investment-banking
