Across the Board: Singapore's Construction Stocks See Widespread YTD Rises

Singapore's construction industry is gearing up for a strong comeback, according to a recent report from UOB Kay Hian.

Titled "Concrete Gains Ahead," the update highlights booming demand for ready-mix concrete (RMC), the pre-mixed stuff used in building everything from homes to airports.

Deliveries jumped from 1.042 million cubic meters in March 2025 to 1.113 million in April, with overall demand expected to hit 13.9 million cubic meters this year—up from 13.4 million in 2024.

It possibly will reach 14.5 million by 2026.

ChangiT5 construct

What's driving this surge?

Massive public projects like the Cross Island MRT line, Changi Airport's Terminal 5 expansion, Tuas Port upgrades, and new HDB housing developments.

Company	YTD Gain (%)
BRC Asia	36.21
Hong Leong Asia	90.97
Pan-United	88.16
Tiong Woon	14.75
Wee Hur	27.38
OKP	212.46
Hock Lian Seng	52.83
Koh Brothers Eco	45.45
KSH	30.23
Soilbuild Construction	30.74
Lum Chang	43.30
GRC	55.56
Ley Choon	53.19
Nam Lee	48.39
Sin Heng	33.99
Isoteam	44.07
Huationg	161.86
Hor Kew	108.76
CSC	10.00
HG Metal	36.36
Tai Sin Electric	23.78
Source: Yahoo!

Private residential and commercial builds are also keeping things busy. On top of that, supply shortages are pushing the sector forward, creating a healthy pipeline for companies involved.

Good news on costs too: Steel rebar prices dropped 14% year-over-year to about S$697 per tonne, cement fell 6% to S$104 per tonne, and RMC held steady at S$120 per cubic meter.

This stability means better profit margins for builders and suppliers.

The UOB Kay Hian report keeps an "OVERWEIGHT" rating on the sector with top picks include Hong Leong Asia (HLA) and Pan-United Corporation.

HLA, with a target price of S$1.93, holds about 20% of Singapore's RMC market and is expanding in Malaysia, where projects like MRT3 are fueling growth.

Pan-United (S$1.06 target) is poised to ride the same wave of infrastructure booms. Catalysts for share price boosts?

Higher dividends or surprise earnings from strong sales.

The list of construction beneficiaries in the UOB Kay Hian report is by no means exhaustive.

Not mentioned are HG Metal Manufacturing and Tai Sin Electric when they too have year-to-date gains along with their peers and profit growth.

"The revenue increase in Singapore was driven by growth in public sector construction activities and data center developments" --
Tai Sin Electric 1HFY25 results.• Tai Sin Electric, a leading cable maker, benefits by supplying electrical wiring for buildings, data centers, and public works amid Singapore's push for green and digital infrastructure.

Its H1 FY2025 (ended Dec 2024) saw revenue up 20% to S$235.1 million and net profit soaring 126% to S$15.9 million, driven by public construction and data center booms.

(There was also a S$2.2 million gain on disposal of a Cambodian subsidiary).

• HG Metal is a key steel supplier providing bars, plates, and beams for construction projects. It stands to gain from heightened steel demand in mega infrastructure like Changi T5 and MRT expansions.

In FY2024 (ended Dec 2024), revenue rose 5% to S$157.9 million, with net profit turning around to S$8.6 million from a prior loss, thanks to improved margins and sector growth.

Overall, with steady costs and big projects ahead, Singapore's construction scene looks solid—literally-- and the momentum continues to build.

Full report here.

Across the Board: Singapore's Construction Stocks See Widespread YTD Rises

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