Broker: Maybank Research Pte Ltd
Date of Report: April 21, 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- Stock: ISOTeam (ISO SP)
- Action: BUY (Maintain)
- Target Price: SGD 0.12 (+43% upside from current price SGD 0.084)
- Most Important Idea: ISOTeam secured SGD30.1m in new contracts, beating expectations and bringing its orderbook to SGD186.5m. The company is the only local contractor with drone solutions, expected to reduce costs by 30-40%, and pilot projects start by June 2026. More order wins are anticipated, supported by Singapore’s robust public infrastructure and housing pipeline.
- Key Highlights:
- Orderbook at SGD186.5m after latest contract wins, with more expected in the next 3 months.
- Drone-painting technology could significantly lower costs and drive a re-rating if successful.
- Potential asset sales (~SGD7-10m) may lead to special or higher dividends.
- Valuation based on 11x FY26/27E P/E, with improving profitability and strong pipeline seen ahead.
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
