Broker: uSMART Research Institute
Date of Report: 20 April 2026
Excerpt from uSMART Research Institute report
Report Summary
- Stock Focus: Soon Hock Enterprise Holding Ltd (SHE.SI / SHOCK SP)
- Action: BUY (Initiation Coverage)
- Target Price: S\$0.72
- Potential Upside: +13.4% (12-month price upside), ~19% total return including projected FY26E dividend yield of 5.8%
- Key Idea: Soon Hock Enterprise is a pure-play strata industrial developer in Singapore with a strong, visible pipeline (~S\$979m GDV to FY29) and a fundamentally improved balance sheet. The next major catalyst is the launch and partial TOP of Skye@Tuas, a 313-unit project with S\$354m GDV, targeting sales in 2Q26.
- Valuation: Stock trades at 4.3x FY26E P/E and 1.0x FY26E book value, a discount to peers, with valuation based on a 30% discount to gross RNAV of S\$319.5m.
- Catalysts: Skye@Tuas sales launch and TOP, interim earnings updates, and the inclusion of freehold assets (20 Shaw Road, Senang Crescent, and Kewalram House) supporting earnings visibility to FY29.
- Risks: Execution risk on Skye@Tuas pre-sales and TOP timing, expiry of key leases, market cyclicality, and founder-led concentration.
Above is an excerpt from a report by uSMART Research Institute. Clients of uSMART Research Institute can be the first to access the full report from the uSMART website : www.usmart.com.sg
