Broker: CGS International
Date of Report: March 4, 2026

Excerpt from CGS International report.

• Wee Hur Holdings Ltd reported FY25 core PATMI of S\$98.1m (+28% YoY), exceeding expectations due to fair value adjustments on investment properties, though revenue missed forecasts due to project delays.
• The group is poised to benefit from Singapore’s construction upcycle and strong demand for worker and student accommodation, aiming to expand its portfolio in Australia and Hong Kong.
• Management targets to win 1-2 construction projects, rebuild its PBSA (student accommodation) portfolio, and unlock value from its Australian property developments in FY26.
• Wee Hur’s ESG initiatives, including advanced worker accommodation standards and sustainability certifications, position it well for regulatory changes and long-term growth.
• CGS International reiterates an Add rating with a target price of S\$0.95, seeing a potential 25% upside; key risks include lease extension uncertainty and slower construction demand.

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