Broker: SGX Research
Date of Report: 23 July 2026
Excerpt from SGX Research report.
Report Summary
- Sector Focus: Singapore’s construction sector remains a key beneficiary of national infrastructure investments, with 2026 construction demand forecasted at S\$47–53 billion and annual demand expected to remain robust at S\$39–46 billion from 2027–2030.
- Top Performing Stocks: Among the 20 largest Singapore-listed construction value chain stocks, share prices have gained an average of 56% over the past 12 months, and trading activity has increased nearly fourfold.
- Key Actionables:
- Koh Brothers Eco Engineering (5HV): Significant order book of S\$1.13 billion as of Dec 2025; proposed transfer to SGX Mainboard. Share price up 100% over 12 months, indicating strong momentum.
- International Cement Group (KUO): Share price surged 252.6% in 12 months, benefiting from capacity expansion in Central Asia.
- GRC (S3N): Share price up 175.6% in 12 months, following acquisition of Chip Eng Seng Construction to broaden capabilities.
- Other notable movers: Soilbuild Construction (ZQM) up 128.6%, Huationg Global (41B) up 89.6% in 12 months.
- Strategic Developments: Volare Group AG increased its stake in BBR Holdings (KJ5) to 14.69% via off-market acquisitions, signaling confidence in BBR’s participation in Singapore’s ongoing infrastructure projects.
- Earnings Updates: EnGro Corporation (S44) guided for higher 1H26 net profit, while Hock Lian Seng Holdings (J2T) expects an operating loss due to higher costs.
- Implications: Investors may focus on top-performing stocks with strong momentum and project pipelines (e.g. Koh Brothers Eco Engineering, International Cement Group, GRC), as well as companies benefiting from strategic investments and order book expansions.
Above is an excerpt from a report by SGX Research. Clients of SGX Research can be the first to access the full report from the SGX website : https://www.sgx.com
