Broker Name: Lim & Tan Securities
Date of Report: 19 February 2026
Excerpt from Lim & Tan Securities report.
- KSH Holdings delivered a strong turnaround in 1HFY26, with revenue rising 20% year-on-year and net profit at S\$5.3 million, aided by higher construction revenue, improved margins, and reduced JV losses.
- The company’s order book more than doubled to over S\$500 million, supported by robust construction demand in Singapore and successful bids for new projects; management maintained dividends and a positive outlook, with a target price of S\$0.51 indicating 46% upside.
Report Summary
- KSH Holdings rebounded to profitability in 1HFY26, with significant improvements in both revenue and margins as it completed legacy lower-margin projects and ramped up new developments.
- The order book has more than doubled since early 2025 and currently exceeds S\$500 million, with the company well-positioned to win further contracts amid a strong construction market outlook in Singapore.
- JV property development losses narrowed and are expected to contribute positively in 2H, with S\$168 million in unrecognised attributable revenue from sold units to be progressively booked.
- KSH is backed by a strong net cash position (S\$53.4 million, 27% of market cap); the broker maintains its “Accumulate” rating and a S\$0.51 target price, based on SOTP valuation.
- Dividend yields are attractive, and KSH’s quality assets, financial strength, and sector recovery are expected to drive further upside.
Above is an excerpt from a report by Lim & Tan Securities. Clients of Lim & Tan Securities can be the first to access the full report from the Lim & Tan Securities website: https://www.limtan.com.sg
