Broker Name: Maybank Research Pte Ltd
Date of Report: March 5, 2026

Excerpt from Maybank Research Pte Ltd report.

Report Summary
• Soon Hock Enterprise (SHOCK SP) is showing strong execution on its pipeline of industrial property development projects in Singapore, including Skye@Tuas (sales launch in 2Q26), Senang Crescent (TOP by end-FY27E), and a larger worker dormitory at 20 Shaw Road.
• Maybank raises its target price to SGD 0.78 (up 4%), citing greater revenue visibility and higher RNAV, with a BUY rating maintained as NPAT is forecast to peak in FY27E, and the company remains on the lookout for further landbank opportunities.

Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website : https://www.maybank.com/investment-banking