The first is from the successful tender of Upper Thomson Road Parcel A via government land sale (GLS) by Wee Hur itself and its controlling shareholder. The construction contract is likely to add $290 million.
Next, there is a potential contract for the construction of Wycombe Abby School, worth an estimated $150 million.
Last but not least, potential additions and alterations for DoubleTree by Hilton, the former Hotel Miramar, which will add another $15 to $30 million.
With these three orders, the company's construction orderbook for FY2026 is seen to reach $1.3 billion, from an earlier projection of $1 billion, the analysts say.
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Ong and Lim note that the Upper Thomson Road Parcel A was won with a bid of $613.9 million, or $1,061.56 psf ppr - beating the next highest bid by just 2%.
The analysts figure Wee Hur might be able to achieve margins in the low 20s range by developing this project and assuming a 40% stake, Wee Hur could enjoy a 5.55 cents per share gain to their valuation of this stock.
Elsewhere, Wee Hur is actively diversifying its revenue with investments in two new businesses — hospitality and education.
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Via a joint venture, Wee Hur is involved in Wycombe Abbey School.
It has also formed a partnership with fund Aravest and US-based hotel operator Hilton to refurbish and rebrand the former Hotel Miramar into Doubletree by Hilton.
"We believe these will allow Wee Hur to leverage on its partners’ expertise to enter new businesses, while securing contracts for its construction business.
In addition, the company is growing its student accommodation business too. It has already seeded another fund to hold 188 Grenfellin Australia, which is slated for completion in 2HFY2027.
There are also the two workers' dormitories Wee Hur already runs here in Singapore.
"We believe Wee Hur is a beneficiary of Singapore’s construction upcycle as well as strong demand for workers and students' accommodations," state Ong and Lim.
Wee Hur shares gained 4.38% to 72 cents as at 9.24 am, up 70.24% year to date.
