The company has secured some $1.21 billion in orders which will provide revenue visibility till 1HFY2027.
"We remain excited on the group’s construction as well as prefabricated and precast supply segments, with them expected to continue seeing strong visibility on the back of Singapore’s infrastructure and building work," according to the DBS.
In her separate report, Lim Siew Khee of CGS International has kept her "add" call and $4.21 target price on the company, as she reiterates her view that favourable construction tailwinds and precast growth in Singapore.
Besides the construction orders, Soilbuild has a significant business in precast manufacturing, which is seen as a "key growth engine", according to Lim, citing the management.
Her target price of $4.21 is based on 10x FY2026 earnings.
Lim believes that re-rating catalysts can come from order wins, stronger-than-expected margins or corporate actions.
