• Wee Hur Holdings' stock (67.5 cents) has gained about 60% year-to-date, triggered by an unlocking of value from its long-time investment in student accommodation in Australia. The market recognition has been accompanied by analyst attention, the latest of which is from tickrs which initiated coverage. • It considers Wee Hur a business with steady earnings, smart management, and a sound balance sheet—all selling below what it’s worth. • Wee Hur has an impressive S$629 million construction order book, giving it clear earnings visibility for the years ahead. • Second, its dormitory business is expanding with a new and second dormitory, Pioneer Lodge, currently taking in migrant workers — a big plus in a market where bed spaces are in short supply.  • And third, Wee Hur is sitting on a strong S$277 million cash pile, giving it room to seize new opportunities. • Read excerpts of tickrs report below ..... |
Excerpts from tickrs report
Analyst: Jaimes Chao
| Our Buy thesis rests on three pillars: 1) Unprecedented earnings visibility from a S$629m construction order book, 2) Defensive growth from a 66% expansion in dormitory capacity into a tight market, and
We believe the market has yet to price in this multi-pronged growth story. We initiate coverage on Wee Hur Holdings Ltd. (‘Wee Hur’ or ‘the Group’) with a Buy recommendation and a Target Price of S$0.80, implying ~14% upside from the last close of S$0.70 (14 Oct). The company is uniquely positioned to capitalize on Singapore's robust construction cycle, driven by public housing and infrastructure demand, while having successfully monetized its overseas Purpose-Built Student Accommodation (PBSA) assets. This strategic pivot has fundamentally strengthened its balance sheet. |
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Mr Goh Yeow Lian -- Executive Chairman and Managing Director since 2007. He is one of the founders of Wee Hur.Wee Hur’s integrated business model spanning construction, property development, workers’ dormitories, and fund management, provides multiple, synergistic growth engines.
This is underpinned by a record S$629 million construction order book and the phased opening of Pioneer Lodge, which expands its dormitory capacity by 66%.
A key catalyst has been the strategic partial disposal of PBSA Fund I, which unlocked substantial value.
This transaction bolstered the balance sheet, with cash and bank balances rising to S$277.1 million, and facilitated a significant one-time special dividend of 7 cents per share, paid in 1H 2025.
The company has declared an interim dividend of 0.5 cents for FY2025.
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Metric |
Value |
Notes |
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Market & Valuation |
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Share Price (as of ~15 Oct 2025) |
S$0.700 |
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Target Price (12M) |
S$0.800 |
Analyst Estimate |
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Upside Potential |
14.3% |
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Market Capitalisation |
~S$650 million |
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Shares Outstanding (Issued) |
919.2 million |
1H2025 Report |
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Public Float |
35.17% |
As at 17 Mar 2025 (AR 2024) |
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Trailing P/E (T12M) |
25.1x |
Based on T12M EPS of S$0.03 |
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Price-to-Book (P/B) Ratio |
1.06 |
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Beta vs. STI |
1.26 |
More volatile than the benchmark |
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Ownership & Capital Structure |
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% Held by Insiders |
15.90% |
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% Held by Institutions |
43.30% |
13 institutions, 397.89M shares |
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Implied Free Float |
~40.8% |
100% - 15.9% - 43.3% |
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Largest Shareholder (GSC Holdings) |
37.98% |
Chairman Goh Yeow Lian has a deemed interest |
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Goh Family Aggregate Holding |
~16%+ |
Sum of individual family members |
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Debt/Assets |
23.5% |
As of 30 Jun 2025 |
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Current Ratio |
2.22 |
As of 30 Jun 2025 |
We expect core earnings growth to be driven by the high-visibility construction pipeline and new dormitory contributions.
Key catalysts include the accretive redeployment of its substantial cash reserves and continued strong performance in its worker dormitory segment.
Primary risks include construction cost pressures, project execution delays, and cyclical downturns in property and student accommodation demand.
Overall, Wee Hur offers a compelling investment case, combining defensive recurring income with cyclical growth drivers, all supported by a prudent management team with a 45-year track record.
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Metric |
Value |
Notes |
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Financial Performance & Dividends |
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FY2024 Revenue |
S$200.8 million |
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FY2024 Net Profit (to Equity) |
S$54.0 million |
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T12M EPS |
~S$0.03 |
(2H24 + 1H25) = -1.35 + 4.21 = 2.86 |
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FY2024 Total DPS |
S$0.082 |
S$0.012 (Ordinary) + S$0.070 (Special) |
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FY2024 Trailing Yield |
~11.7% |
S$0.082 / S$0.700 |
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Dividend Indicated Gross Yield |
1.83% |
Based on recurring dividends only |
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Last Declared Cash Dividend |
S$0.005 |
FY2025 Interim |
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Operational Assets & Pipeline |
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Construction Order Book |
S$629 million |
2 HDB contracts worth S$439.4m |
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Workers' Dormitory Beds |
26,244 |
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PBSA Portfolio (Australia) |
8 Properties |
6,071 Beds |
Wee Hur’s valuation is at a premium to peers on a P/B basis (1.1x vs. ~0.7x), which we argue is justified by its superior fundamentals: notably, a higher and more stable ROE (16.3% in FY2023 vs. low-single digits or losses for peers) and a strong net cash balance sheet, whereas most peers are leveraged.  Jaimes Chao, analystOn an earnings basis, the picture is more compelling. Adjusting for one-off gains, Wee Hur’s core P/E of ~12x (forward ~10x) is in line with Soilbuild and cheaper than the distorted multiples of loss-making peers. While peers like KSH offer higher dividend yields, their payouts may be less sustainable given their financial profiles. Wee Hur's demonstrated ability to pay a significant special dividend highlights its superior capital strength.
Overall, Wee Hur stands out as one of the better-capitalised and better-performing companies in its peer group. Our target price of S$0.80, implying ~1.2× P/B and ~13× forward P/E, is a fair reflection of this quality differential and is not demanding relative to its growth and asset prospects. On our FY2025E EBITDA estimates, Wee Hur trades at approximately 8× EV/EBITDA, versus Centurion at about 9–10× and Soilbuild near 10×, underscoring reasonable relative valuation. |
 → See full tickrs report here.
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