Broker Name: CGS International
Date of Report: February 13, 2026
Excerpt from CGS International report.
Report Summary:
- BRC Asia Ltd posted strong 1QFY26 results, with PATMI of S\$28.8m (+48% yoy), driven by higher sales volumes, economies of scale, and lower finance costs.
- The company’s orderbook reached a record S\$2.2bn as of Dec 2025, positioning BRC as a key beneficiary of Singapore’s ongoing construction upcycle, with earnings expected to peak in FY27F/28F.
- BRC actively manages project concentration risk by diversifying its project mix and reducing exposure to large projects, enhancing earnings resilience.
- The analyst reiterates an “Add” rating, with a target price raised to S\$5.40, citing trading revenue growth, improved sales forecasts, and positive sector outlook as key catalysts.
- Risks include construction delays, counterparty credit risk, and a potential economic slowdown impacting demand.
- BRC maintains strong ESG practices and productivity enhancements, benefiting from Singapore government policies supporting local workforce and industry innovation.
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
