• Construction-related companies rose on average 26% over the past three months till 11 Feb 2026, with Lum Chang Creations (+74%) as the biggest gainer due to its positive CY2H25e profit guidance. Infrastructure companies (+35%) led the construction sector over the past three months, as investors rotated into relatively undervalued stocks with lower PE ratios than their peers. Infrastructure companies are trading at a PE of 11.9x, compared to its peers’ average of 18x.
• The Building and Construction Authority (BCA) projected total construction demand to be S$47-53bn in 2026e, 61% higher than the 20-year historical average annual contract value of S$31bn. Demand in 2026e is expected to be supported by Changi Airport T5, MBS Integrated Resort (IR) expansion, New Tengah General & Community Hospital, HDB BTO, Downtown Line 2 Extension, and Thomson-East Coast Line Extension.
• We are OVERWEIGHT on construction-related companies. Demand for Ready-mixed concrete (RMC) increased by 17% YoY in Nov 2025, the highest increase since Jan 2024. The strong demand for RMC drove its price up 3% YoY to S$124 / cubic metre, the highest levels since 2008. We believe Pan-United will be a major beneficiary of RMC’s volume expansion and price increase, given its ~40% market share in RMC.

Overview The company is committed to building a clean energy-centric business portfolio, spanning four key sectors: Energy Development, Energy Equipment, Energy Services, and Energy Applications. In Energy Development, the company focuses on in-depth localized clean energy resource development and management. This empowers regional energy structure optimization and delivers efficient, secure energy asset management services. In Energy Equipment, adhering to stringent intelligent manufacturing quality control standards and a green supply chain management system, the company provides smarter, more reliable, and cost-effective...
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Updates Net Profit Attributable to Shareholders Surpassed 20 billion Yuan Mark for First Time CMOC Group has released its 2025 performance forecast. The company expects to achieve a net profit attributable to shareholders of the parent company in the range of 20.0 billion to 20.8 billion yuan (RMB, same below) for the full year, representing a year-on-year increase of 47.80% to 53.71%. After deducting non-recurring gains and losses, the net profit attributable to shareholders is projected to be between 20.4...
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