Broker: Equity Explorer

Date of Report: 01 Dec 2025

Excerpt from Equity Explorer report.

• Report Summary:
• Bukit Sembawang Estates is highlighted as a potential dividend powerhouse due to its significant landbank (>1.5mn sqft, GDV of SGD2.5bn) and fortress balance sheet (SGD2.25/share in cash, zero debt), supporting strong dividend potential and strategic growth.
• The report sees a special dividend of up to SGD1.00/share as achievable in the near term, with fair value pegged at SGD5.88 (45% RNAV discount), citing multi-year income visibility and financial flexibility as key catalysts for a stock re-rating.

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