Broker: DBS
Date of Report: 10 April 2026
Excerpt from DBS report.
Report Summary
- Stock: Wee Hur Holdings Ltd (Bloomberg code: WHUR SP Equity)
- Action: Initiate with BUY
- Target Price: SGD 0.90
- Key Idea: Wee Hur has evolved from a construction company into a diversified investment holding group with significant exposure to construction, property development, workers’ accommodation, and purpose-built student accommodation (PBSA).
- Highlights:
- Growth will be driven by the newly completed 10,500-bed Pioneer Lodge workers’ dormitory, representing a 67% increase in bed count and expected to contribute SGD 30-40mn in revenue uplift in FY26.
- The company operates over 25,000 beds in two major workers’ dormitories in Singapore and 6,779 student housing beds under the Y-Suites brand across five key Australian locations.
- High occupancy rates in dormitories (95% for Tuas View Dormitory in FY25; Pioneer Lodge expected to reach full occupancy by year-end).
- Proxy for construction growth in Singapore, underpinned by awarded major HDB contracts and recurring income from accommodation segments.
- Implication: The expansion in workers’ accommodation and PBSA segments positions Wee Hur for strong revenue growth, making it an attractive proxy for Singapore’s construction sector recovery.
above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website : https://www.dbs.com/insightsdirect/
