Soilbuild Construction Group Ltd is a Singapore-listed contractor and precast manufacturer: it builds industrial, port, residential and institutional projects under fixed-sum contracts and casts the concrete components those buildings need from a Singapore plant and a Johor plant.
Latest reported period
1H2026 (six months ended 30 June 2026)
Information cutoff
24 September 2026
Order book, 30 June 2026
About S$0.80bn (construction about S$560m; precast about S$240m)
FY2025 revenue
S$590.7m
FY2025 net profit
S$63.6m
Cash and total borrowings, 30 June 2026
S$185.2m against S$48.5m
Shares outstanding, 30 June 2026
661,864,184
Public float, 16 March 2026
13.81% of issued shares
Controlling shareholder
520,311,128 shares, 78.6% of the shares in issue
Last close, 24 September 2026
S$0.51 (exchange price record)
Public evidence is available below. The authenticated private research library contains a release-state record and any future source-bound research materials; it currently carries no rating, valuation, forecast or recommendation.
Investor snapshot
Business model
Soilbuild Construction Group Ltd is a Singapore contractor and precast manufacturer that builds industrial, port, residential and institutional projects under fixed-sum contracts and casts concrete components from a Singapore plant and a Pontian, Johor plant.
Latest figures
FY2025 revenue was S$590.7m with net profit of S$63.6m, the first half of 2026 ran at an 18.1 per cent gross margin with net profit of S$35.6m and operating cash flow of S$56.5m, and the order book was about S$0.80bn at 30 June 2026 against net cash of S$136.6m.
Main risk
The central risk is that the order book has fallen at each of the last three reporting dates, that about S$180m of new contracts secured since the year end trailed the S$290.6m recognised in the first half, and that the largest contract, Tuas Port, runs to 2027 while the adjudicated S$5.2m sits unresolved.
Next proof
The next test is the FY2026 results expected in late February 2027: the order book and the gross margin against 18.1 per cent, precast revenue against the design-and-planning half, operating cash flow against net profit, any further announcement on the adjudication and any definitive step on the precast spin-off.
Evidence balance
The live questionCan cash generation and the record margin hold while the order book falls and the adjudicated sum sits unresolved?The order book has fallen at each of the last three reporting dates, conversion outran replacement in the first half of 2026, and the largest contract runs to 2027.
What improved
FY2025 revenue and net profit were records, the first half of 2026 ran at an 18.1 per cent gross margin, and the group held net cash of S$136.6m with no covenant breaches disclosed in the periods read.
What became more demanding
The same disclosures show a book about 33 per cent below its June 2025 level, precast revenue of S$24.2m against S$59.4m, and operating cash that leans on a working-capital cycle whose payables direction reversed.
Strongest alternative explanation
A design-and-planning half for precast that later converts, a settlement path on the adjudication, and awards already secured could read the same evidence as timing rather than decline; the record does not yet separate the two.
The decisive missing fact
The FY2026 results, expected in late February 2027, will show the order book at 31 December 2026, the margin against 18.1 per cent, precast revenue, cash conversion and the dividend declaration.
Drawn from the evidence on this page: the improvement, the constraint, the benign reading and the fact that would settle it. It states no view on the shares.
Private working record
Private working materials are not published or available for sharing. This public page contains factual evidence and open questions only. Private research status records that no current decision authority is available.
On this page
Business anatomy · from inputs to customer value
Tenders, sites, precast plants and certified progress
The group prices fixed-sum contracts, builds them on site, casts precast components from Singapore and Pontian plants, and collects cash as work is certified.
Follow the operating chain from demand or inputs to customer outcome and cash.
Customer needTender
Win fixed-sum projects
What happensIndustrial, port, residential and institutional clients tender projects; the group prices a fixed sum and carries the build risk.
Commercial triggerAwarded work enters the order book, about S$0.80bn at 30 June 2026.
Company actionSite execution
Build under fixed sums
What happensSite teams coordinate design, subcontractors and plant to deliver the works while input costs sit with the builder.
Value createdConstruction revenue is recognised over time on certified progress, not at handover.
Customer deliveryPrecast
Cast and deliver components
What happensSingapore and Pontian plants cast precast and prefabricated components, delivering them to other builders and to group sites.
Revenue triggerPrecast revenue follows delivered components; the precast book held about S$240m at 30 June 2026.
Cash conversionCertification to cash
Certify, bill and collect
What happensCertified progress becomes receivables and then cash, while retention and the payment cycle hold part of the balance.
Cash triggerOperating cash flow was S$157.0m in FY2025 and S$56.5m in the first half of 2026.
Original SMID Research comic. AI-assisted, analyst-directed monochrome artwork depicts the evidenced operating steps of Soilbuild Construction Group; deterministic captions and dated mix figures state the economics using issuer disclosures available to 2026-09-24. The drawings are representative—not issuer artwork, an exact product or site design, a statement of scale, or a company forecast.
Investor translation
What matters after the operating picture
Four questions connect the business model to cash and balance-sheet risk. This is a factual reading aid, not a valuation or recommendation.
Value lever
Construction revenue recognised on certified progress across industrial, port, residential and institutional projects, plus precast components delivered from Singapore and Johor.
Cash bottleneck
Cash conversion leans on working capital: the FY2025 inflow came with receivables released and payables built, and the payables direction reversed in the first half of 2026.
Credit breakpoint
Fixed-sum contracts put input costs with the builder, and how much of the 18.1 per cent first-half margin came from work stage and end-of-project savings is undisclosed.
Next proof
The FY2026 results, expected in late February 2027: the order book, the margin against 18.1 per cent, precast revenue, cash conversion and the dividend.
Text version of this comic
Customer need · Win fixed-sum projects Industrial, port, residential and institutional clients tender projects; the group prices a fixed sum and carries the build risk. Commercial trigger: Awarded work enters the order book, about S$0.80bn at 30 June 2026.
Company action · Build under fixed sums Site teams coordinate design, subcontractors and plant to deliver the works while input costs sit with the builder. Value created: Construction revenue is recognised over time on certified progress, not at handover.
Customer delivery · Cast and deliver components Singapore and Pontian plants cast precast and prefabricated components, delivering them to other builders and to group sites. Revenue trigger: Precast revenue follows delivered components; the precast book held about S$240m at 30 June 2026.
Cash conversion · Certify, bill and collect Certified progress becomes receivables and then cash, while retention and the payment cycle hold part of the balance. Cash trigger: Operating cash flow was S$157.0m in FY2025 and S$56.5m in the first half of 2026.
The company and the record behind this page
Soilbuild Construction Group Ltd is a Singapore-listed contractor and precast manufacturer. It builds industrial, port, residential and institutional projects under fixed-sum contracts, and manufactures precast and prefabricated concrete components from a plant in Singapore and a plant in Pontian, Johor. The company was founded in 1976, and its FY2025 annual report marks 50 years of operation and the company's thirteenth annual general meeting as a listed company.
The reported record behind this page runs from FY2021 to FY2025 on the audited annual reports, and to the six months ended 30 June 2026 on interim statements. The documents read for it are the FY2021 to FY2025 annual reports, the results announcements and press releases for 1H2024 to 1H2026, the FY2025 and FY2026 dividend notices, the contract-award announcements, the share consolidation and share split announcements, the October 2025 announcement on a potential listing of the precast business, the 2026 adjudication pair, the board announcements of May 2026, and the exchange price record to 24 September 2026.
This page carries no rating, no valuation, no forecast and no recommendation for this company. It reports the evidence, the gaps and what a reader can watch. It does not say what the shares are worth.
Group structure matters for reading the numbers. The listed entity holds the construction business, the Singapore and Malaysia precast and prefabrication businesses, and the residual Myanmar operations. The controlling shareholder's private group, Soilbuild Group Holdings Ltd, is also a counterparty: the annual report discloses non-competition deeds given by the controlling shareholder and the group chief executive, and related-party contract revenue is disclosed separately in the notes.
The order book leads this business: construction revenue is recognised over time on certified progress against contracts that take years to build, and precast revenue follows delivered components. The group therefore reports contracted work not yet built at each results date, after including new orders secured since the balance date.
At 31 December 2024 the order book was about S$1.26bn, after the Tuas Port award took it beyond S$1.2bn for the first time. It was about S$1.19bn at 30 June 2025, about S$1.07bn at 31 December 2025, and about S$0.80bn at 30 June 2026 — of which about S$560m related to the construction business and about S$240m to precast and prefabrication. The book has therefore fallen at each of the last three reporting dates.
The first half of 2026 shows why. The group recognised S$290.6m of revenue in the half against about S$180m of new contracts secured since 31 December 2025: one construction contract, for the Seletar West project, and three precast supply and delivery contracts, mainly for Housing and Development Board public housing components and an industrial project. Conversion outran replacement in the half.
The largest contract in the record is the PSA Supply Chain Hub @ Tuas, awarded in June 2024 at S$647.5m to the wholly owned subsidiary SB Procurement Pte. Ltd. The award announcement said the project was expected to be completed by the third quarter of 2027, that it was the largest construction project won in the group's history, and that it took the group's order book to approximately S$1.23bn. No extension of time, delay or cost overrun on that contract has been announced in the sources read here; the FY2025 annual report's project table carries an expected year of completion of 2027.
The award announcements on the tape in this record include S$151.3m on 15 January 2025 and S$178.6m on 9 July 2025, with the most recent award announcement being S$158m on 11 February 2026, and the FY2025 annual report records four new construction contracts and fourteen new precast supply and delivery contracts valued at approximately S$0.5bn in total secured since 31 December 2024.
Two readers can hold different views of the same series: a book of about S$0.80bn against a FY2025 revenue base of S$590.7m is still a multi-year book, while a book 33 per cent below its June 2025 level, with the largest job running to 2027, is a falling series. Both statements are arithmetic on the same disclosures. What the record does not contain is the tender pipeline or the level at which management expects the book to stand at 31 December 2026.
The order book at each reporting date, as announced, after including orders secured since the balance date. Sources: FY2024 results (28 February 2025), 1H2025, FY2025 and 1H2026 results announcements.
Reporting date
Order book as announced
Composition disclosed
31 December 2024
About S$1.26bn
After the June 2024 Tuas Port award
30 June 2025
About S$1.19bn
Not split in the announcement read here
31 December 2025
About S$1.07bn
4 new construction and 14 precast contracts added since December 2024
30 June 2026
About S$0.80bn
Construction about S$560m; precast and prefabrication about S$240m
The five-year record is a rescue and then a step-up. FY2021 revenue was S$258.3m at a 1.9 per cent gross margin and a net loss of S$2.6m. FY2022 was the trough: revenue S$248.4m, a negative 8.6 per cent gross margin and a net loss of S$31.7m, which cut total equity to S$17.4m. FY2023 returned a small profit of S$7.3m on S$247.4m of revenue. FY2024 revenue rose 58.4 per cent to S$391.8m with net profit of S$26.6m. FY2025 was the record.
FY2025 revenue was S$590.7m, 50.8 per cent higher than FY2024, gross profit was S$93.2m at a 15.8 per cent gross margin, and net profit was S$63.6m, 139.4 per cent higher. The issuer attributes the year to higher construction activity and an improved gross margin, and the annual report attributes part of it to projects carried out on the group's yard.
The first half of 2026 continued the step-up: revenue S$290.6m, gross profit S$52.7m at an 18.1 per cent gross margin against 16.0 per cent in 1H2025, profit before tax S$43.5m, net profit S$35.6m — about 56 per cent of the whole of FY2025's profit in one half — and operating cash flow of S$56.5m. Precast and prefabrication revenue was S$24.2m against S$59.4m a year earlier, which the issuer describes as the design and planning phase for a number of significant projects.
Total equity rose from S$17.4m at the FY2022 trough to S$45.2m at FY2023, S$82.7m at FY2024, S$140.4m at FY2025 and S$159.6m at 30 June 2026. The table collects the reported lines used elsewhere on this page; every figure is as reported, and the interim column is neither audited nor reviewed.
The margin is the part of this record that carries the least contractual protection. Construction is priced on fixed-sum contracts, so input costs sit with the builder, and the gross margin has moved from 1.9 per cent to 18.1 per cent in five years. How much of the 1H2026 margin came from the stage of the work and end-of-project savings, rather than from the mix and from precast, is not disclosed.
Reported five-year record, S$ million unless stated. Sources: the FY2021 to FY2025 annual reports (audited) and the 1H2026 results announcement; the 1H2026 column is unaudited and unreviewed.
The balance sheet is the strongest part of this record. At 31 December 2025 the group reported cash and bank balances of S$153.3m against total borrowings of S$53.1m — bank borrowings of S$51.0m and lease liabilities of S$2.1m — a net cash position of S$100.2m. At 30 June 2026 cash was S$185.2m against total borrowings of S$48.5m, of which S$40.2m falls due beyond a year, a net cash position of S$136.6m. Borrowings are almost entirely secured bank facilities.
Cash generation, though, is not simply profit. Operating cash flow was S$157.0m in FY2025, which was 246.8 per cent of net profit, and S$56.5m in the first half of 2026, 158.7 per cent of net profit. The FY2025 figure leans on working capital: a S$29.9m release from receivables and a S$31.7m build in payables. In the first half of 2026 the payables direction reversed, with a S$17.6m fall. A conversion rate above profit is therefore a feature of the current cash cycle, not an established run rate.
Finance costs were S$2.3m in FY2025 and S$0.8m in the first half of 2026; interest received, as reported in the cash-flow statements, was about S$0.8m in FY2025 and S$0.6m in the half. The company states it has no formal dividend policy; the form, frequency and amount of dividends depend on earnings, financial position, capital needs and other factors the board considers appropriate.
The live legal item is an adjudication. On 21 May 2026 the group's wholly owned subsidiary SB Procurement Pte. Ltd. received a notice of intention to commence adjudication from one of its subcontractors, and on 22 May 2026 a letter from the Singapore Mediation Centre confirming that an adjudication application had been lodged on 21 May 2026. The application was in respect of a claim for approximately S$9.0m inclusive of Goods and Services Tax, and the company said it was resisting the application.
On 24 June 2026 SB Procurement received the adjudication determination: it is to pay the subcontractor approximately S$5.2m, inclusive of GST, within seven days of service of the determination, and the costs of the adjudication, approximately S$16,500, are to be borne 50 per cent by SB Procurement and 50 per cent by the subcontractor. The company stated that SB Procurement intends to seek recovery of the adjudicated amount and is working with its legal advisers to initiate the appropriate dispute resolution process. No payment, recovery or further announcement has been made in the sources read here, and the 30 June 2026 interim statements as read here carry no separate adjudication line.
An earlier chain in 2023 provides context rather than a precedent: a notice of adjudication against the group's Malaysian precast subsidiary claimed approximately S$2.1m, which a third-party quantity surveyor assessed below the claim, and the construction-side adjudications of 2023 reached determination and settlement. The annual report also discloses no pledges, no off-balance-sheet funding arrangements and no covenant breaches in the periods read here.
Four segments plus an elimination line carry the economics. In FY2025 Singapore construction earned external revenue of S$475.5m and a segment result of S$57.1m; Singapore precast earned external revenue of S$111.7m and a result of S$13.6m; the Malaysia precast plant earned a result of S$7.7m on S$54.4m of inter-segment supply with no external sales of its own; and the Myanmar operations were residual, S$3.6m of external revenue and a result of about negative S$0.2m. The group segment result was S$74.2m before the other and elimination lines. The table is the segment note's own presentation; the Malaysia line is eliminated inside the group total.
Precast is the mixer and the spin-off subject. On the note's arithmetic across the four operating segments, Singapore precast earned 17 per cent of the FY2025 segment result on 11 per cent of segment assets. Its first half of 2026 was a design-and-planning half: revenue fell to S$24.2m from S$59.4m as significant projects moved into design and planning, and the issuer said the reduction was a matter of timing, with the precast order book at about S$240m of the S$800m total. The plant's utilisation rates, effective capacity and the prices used between group companies are not disclosed, which is why the segment cannot be tested as a standalone business on this record.
Tuas sits in the construction segment and is the group's largest contract: the PSA Supply Chain Hub @ Tuas, awarded in June 2024 at S$647.5m, expected to be completed by the third quarter of 2027, with the construction order book at about S$560m at 30 June 2026. Projects of that size convert into revenue over years, so the disclosed book and the announced completion date are the timing evidence a reader has.
On 21 October 2025 the company announced that it was exploring a potential spin-off and listing of its precast and prefabrication business on the Mainboard of the SGX-ST. In the 1H2026 results it said it continues to evaluate the merits of the potential listing and is assessing the optimal timing, and it emphasised that the process remains exploratory, that no final decision has been taken on whether the listing will occur, that the details including timing, terms and manner are undecided, and that there is no certainty the listing will occur. No adviser, timetable, perimeter or structure has been announced in the sources read here.
The listed entity's own perimeter is therefore three operating arms plus a residual: a construction business whose project mix is industrial, port, residential and institutional; a precast and prefabrication business with a Singapore plant and a Johor plant; a Malaysia arm that supplies the group; and Myanmar, which is immaterial to the result but is carried in the accounts.
Reported segment revenue and result, FY2025, S$ million, as the segment note presents them; the Malaysia precast line is inter-segment supply and is eliminated in the group total. Source: FY2025 annual report segment note.
The FY2025 annual report's Statistics of Shareholders, taken at 16 March 2026, records 661,864,184 ordinary shares in issue with one vote per share and no treasury shares. Executive chairman Lim Chap Huat is recorded as a substantial shareholder with 518,398,940 shares held directly, 78.32 per cent, plus 1,912,188 shares deemed through his spouse, 0.29 per cent: 520,311,128 shares, or 78.6 per cent of the shares in issue. The same page states that 13.81 per cent of the issued share capital was held in the hands of the public as at 16 March 2026, and that the company complied with Rule 723 of the SGX-ST Listing Manual.
The public float is the constrained base for reading liquidity. Applying the disclosed 13.81 per cent to the 661,864,184 shares in issue gives 91,403,444 shares in public hands, and at the 24 September 2026 close of S$0.51 that is about S$46.6m of value. Traded value over the record is thin: the median daily traded value over the 250 sessions to 24 September 2026 was about S$0.30m, with 131 down sessions and two zero-volume sessions in that window. These are market facts; no conclusion about what they imply for any reader is drawn here.
The board comprised six directors as at the annual report date: two executive directors, four non-executive directors of whom three were independent, with non-executive directors making up a majority of the board. The renewal came in May 2026: non-executive independent director Ng Fook Ai Victor resigned and Tan Poh Hong was appointed, both effective 15 May 2026 and both announced on 12 May 2026. Mr Lim Han Ren has been an executive director since 1 January 2023 and group chief executive after the previous chief executive's resignation took effect on 31 May 2023; the annual report records his private-equity experience before joining the board and the family relationship with the executive chairman, who is his father and the controlling shareholder.
The 2026 share split and the 2024 consolidation are the two events that break the per-share history. Every one existing share was split into four new shares on 14 January 2026, adjusting the company's ordinary shares from 165,466,046 to 661,864,184, with prior-year per-share comparatives restated. Before that, a ten-into-one consolidation completed on 12 December 2024 collapsed the pre-2025 share count and reset the issued capital, which is why per-share figures for earlier years are not comparable as printed.
Dividends restarted with a 0.1 cent first-and-final dividend for FY2023, paid in 2024. FY2024 carried a total of 3 cents a share: a 0.1 cent interim, a 1.0 cent final and a 1.0 cent special dividend. FY2025 carried a 2.0 cent interim, paid in September 2025, and a 2.5 cent final, S$16,546,000, paid in May 2026: a payout ratio of 31.2 per cent of FY2025 profit, against 18.7 per cent for FY2024. The 1H2026 interim dividend was 1.6 cents a share, S$10,590,000, paid in September 2026. Because the split falls between the FY2025 interim and the FY2025 final, the cents are not comparable across the year and the payout ratio is the more consistent reading. The company states it has no formal dividend policy, so the ratio, not the cents, is what the record supports.
Two governance facts sit earlier in the tape and remain part of the record. An SGX-ST waiver from Rule 1311 watch-list application covered the period from 1 December 2022 to 31 May 2023, granted on the basis of pre-tax losses across FY2020 to FY2022 and an average daily market capitalisation of S$35.4m, at a time when the company set out a plan to lift market capitalisation above S$40m. And related-party contract revenue has fallen as a share of the annual total — 61.9 per cent of FY2021 revenue against 15.6 per cent of FY2025 revenue, S$92.3m of S$590.7m — while the 1H2026 interim note records related-party construction revenue of S$58.7m against S$34.1m a year earlier, so the annual and interim presentations point in different directions.
Click a quarter — on the chart or in the return strip under it — to read its filings beside its large moves.
Key: Soilbuild Construction Group Ltd (ZQM) as a solid line; Straits Times Index rebased, dashed; peer median rebased, dotted; filing ticks above the axis; ex-dividend ticks on it; numbered pins are moves with a written note; plain dots are other detected moves.
Each move is shown next to the market over the same days (and peers, where shown). News published nearby is in the quarter view; it does not mean the news caused the move.
Index: Straits Times Index. Peers: the median of five listed companies used as a sector check; the notes name them and their limits.
Q3 2023
25 Sep 2023 – 29 Sep 2023 (part quarter)
ZQM −8.8%STI +0.1%Peer median −0.4%Range S$0.08–S$0.09Close S$0.08
Large price moves
129 Sep 2023 · −9% · index 0% · peers 0%
Q4 2023
2 Oct 2023 – 29 Dec 2023
ZQM −3.2%STI +0.7%Peer median +2.9%Range S$0.07–S$0.09Close S$0.07
Large price moves
216 Oct 2023 · +19% · index −1% · peers +1%
3week to 20 Oct 2023 · +19% · index −3% · peers −1%
424 Oct 2023 · −19% · index +1% · peers −1%
5week to 27 Oct 2023 · −19% · index −1% · peers −1%
Q1 2024
2 Jan 2024 – 28 Mar 2024
ZQM +0.0%STI −0.5%Peer median +5.3%Range S$0.07–S$0.09Close S$0.07
The contract is for building works on a 5-storey industrial building at New Industrial Road, Singapore, awarded by SB (29NIR) Investment Pte. Ltd. as a mandated interested-person transaction under the IPT mandate. The order book figure is stated as of end-December 2023 and includes new orders secured since.
The board based the guidance on a preliminary assessment of unaudited management accounts and attributed the expected improvement to the recovery of the group's operations from the prior years' COVID-19 impact. The announcement said the figures had not been audited or reviewed.
Guidance: FY2023 unaudited consolidated financial results expected to be released on 28 February 2024; shareholders were advised to exercise caution when dealing in the shares.Same session: ZQM +0.0% · STI +0.1% · peers +0.0%
The group returned to profit for the full year and declared a first and final tax-exempt one-tier dividend of 0.1 cents per share (S$1.47 million), its first dividend since the recovery. The audited figures are quoted from the FY2023 annual report; the results announcement itself is not in the retained source set, and the results were released on 28 February 2024 as the 19 February profit guidance said.
Same session: ZQM +0.0% · STI −0.6% · peers −0.3%
Large price moves
610 Jan 2024 · +21% · index −1% · peers 0%
729 Jan 2024 · −17% · index −1% · peers −1%
830 Jan 2024 · +17% · index 0% · peers 0%
92 Feb 2024 · −15% · index +1% · peers −1%
10week to 2 Feb 2024 · −17% · index +1% · peers −1%
1126 Mar 2024 · −12% · index +1% · peers −1%
Q2 2024
1 Apr 2024 – 28 Jun 2024
ZQM +219.7%STI +3.4%Peer median +14.7%Range S$0.07–S$0.28Close S$0.23
SB Procurement Pte. Ltd. is to build warehouse buildings, gate buildings, a main intake substation and ancillary buildings at Tuas Port, to Green Mark Platinum Super Low Energy specifications, for completion by the third quarter of 2027. The group's own statement called it the largest construction project won in its history and said the order book would reach approximately S$1.23 billion.
Same session: ZQM +9.1% · STI +0.5% · peers +0.0%
Large price moves
1213 Jun 2024 · +9% · index +1% · peers 0%
1314 Jun 2024 · +147% · index −1% · peers 0%
14week to 14 Jun 2024 · +170% · index −1% · peers 0%
1518 Jun 2024 · +28% · index 0% · peers 0%
Q3 2024
1 Jul 2024 – 30 Sep 2024
ZQM −9.7%STI +7.6%Peer median +16.6%Range S$0.18–S$0.26Close S$0.21
Gross profit rose 98.2% to S$14.8 million. Construction revenue grew 6.4% to S$120.3 million and precast and prefabrication 114.9%. Operating cash flow was S$18.6 million and cash and cash equivalents S$25.7 million at 30 June 2024, with an order book of approximately S$1.18 billion of pipeline projects. The 0.1-cent interim dividend equates to 1 cent per share on the post-consolidation basis, after the 10-into-1 consolidation of 12 December 2024.
Guidance: The group said the order book would improve revenue visibility, that it aimed to improve margins through its operating model and to pursue larger-scale projects, and that it would continue to tender for public and private sector projects.Same session: ZQM +5.4% · STI +0.7% · peers +1.8%
As at the date of the announcement the company had an issued and paid-up share capital of S$107,867,163.64 comprising 1,654,660,687 shares, with no treasury shares, no subsidiary holdings and no outstanding share options, share awards or convertible securities. Shareholders approved the consolidation at an extraordinary general meeting held on 25 November 2024, and it was completed and effective as at 9.00 a.m. on 12 December 2024; as at 5.00 p.m. that day the company had an issued share capital of S$107,867,163.64 comprising 165,466,046 consolidated shares, after disregarding fractional entitlements.
Same session: ZQM −1.1% · STI −0.2% · peers +0.0%
Large price moves
1624 Sep 2024 · +10% · index 0% · peers 0%
Q4 2024
1 Oct 2024 – 31 Dec 2024
ZQM −8.4%STI +5.6%Peer median +11.6%Range S$0.18–S$0.21Close S$0.19
Large price moves
173 Dec 2024 · +8% · index +1% · peers 0%
1818 Dec 2024 · +10% · index −1% · peers 0%
Q1 2025
2 Jan 2025 – 28 Mar 2025
ZQM +3.3%STI +4.9%Peer median +16.2%Range S$0.19–S$0.22Close S$0.20
Two contracts awarded to SB Procurement Pte. Ltd.: a single-user multi-storey industrial complex at Loyang Way, for completion by the second quarter of 2027, and additions-and-alterations works to an existing multi-storey single-user industrial development at Changi North, for completion by the fourth quarter of 2025. The order book figure is stated as of 30 November 2024 and includes new orders secured since.
Construction revenue grew 53.1% and precast and prefabrication 87.1%. Total FY2024 dividends came to 3 cents per share - a 1-cent interim, a proposed 1-cent final and a 1-cent special dividend - against 0.1 cents for FY2023. Operating cash flow was S$35.9 million, total equity S$82.7 million and cash and cash equivalents S$30.6 million at 31 December 2024, with an order book of approximately S$1.26 billion.
Guidance: The group said revenue would be recognised according to the progress of the project contracts and that it would continue to tender for new public and private sector projects; it cited the Ministry of Trade and Industry's 1.0 to 3.0 per cent GDP growth forecast for 2025.Same session: ZQM −1.2% · STI −0.7% · peers −1.2%
Q2 2025
1 Apr 2025 – 30 Jun 2025
ZQM +12.9%STI −0.2%Peer median +8.9%Range S$0.18–S$0.22Close S$0.22
The group said its Myanmar operations are in Yangon, in the south of the country and at some distance from the Sagaing region epicentre, that its employees were safe and that its facilities and operations in Myanmar were largely unaffected by the seismic activity.
Large price moves
197 Apr 2025 · −8% · index −8% · peers −8%
2010 Apr 2025 · +13% · index +5% · peers +3%
Q3 2025
1 Jul 2025 – 30 Sep 2025
ZQM +230.0%STI +8.5%Peer median +27.0%Range S$0.21–S$0.75Close S$0.71
Soil-Build (Pte.) Ltd. is to build a 10-storey multiple-user industrial development at Lok Yang Way, for completion by the first quarter of 2027, and Precast Concrete Pte. Ltd. won supply-and-delivery contracts including a Housing and Development Board term contract and components for HDB projects in Pasir Ris and Queenstown, for completion by the first quarter of 2028. The order book figure is stated as of 31 May 2025 and includes new orders secured since.
Gross profit rose 193.5% to S$43.6 million. Construction revenue grew 76.7% and precast and prefabrication 77.3%. Operating cash flow was S$47.1 million and cash and cash equivalents S$58.4 million at 30 June 2025, with an order book of approximately S$1.19 billion.
Guidance: The group said it would continue to strengthen its order book, enhance margins and optimise cash flow, and aim to build on the momentum.Same session: ZQM +0.0% · STI −0.3% · peers +0.0%
Large price moves
2110 Jul 2025 · +8% · index 0% · peers +4%
22week to 11 Jul 2025 · +12% · index +2% · peers +12%
2314 Jul 2025 · +6% · index +1% · peers 0%
2415 Jul 2025 · +8% · index 0% · peers +2%
2516 Jul 2025 · +6% · index 0% · peers +1%
26week to 18 Jul 2025 · +17% · index +3% · peers +4%
2724 Jul 2025 · +7% · index +1% · peers +4%
28week to 25 Jul 2025 · +17% · index +2% · peers +6%
2931 Jul 2025 · +7% · index −1% · peers −2%
3014 Aug 2025 · +12% · index 0% · peers −1%
31week to 15 Aug 2025 · +30% · index 0% · peers −2%
325 Sep 2025 · +10% · index 0% · peers −1%
Q4 2025
1 Oct 2025 – 31 Dec 2025
ZQM +19.4%STI +8.0%Peer median +4.1%Range S$0.72–S$0.91Close S$0.84
The company said the process was at an exploratory or early stage and that no final decision had been taken on whether the listing would occur or on its timing, terms or manner. Any listing would be subject to market conditions, commercial negotiations, approvals including from SGX-ST, and definitive agreements.
Guidance: No certainty or assurance that the potential listing will occur; further announcements as appropriate should there be material developments.Same session: ZQM +6.7% · STI +1.2% · peers +2.7%
The company had 165,466,046 shares in issue and an issued and paid-up capital of S$107,867,163.64, with no treasury shares, no subsidiary holdings and no outstanding options, awards or convertible securities. An additional 496,398,138 shares would be issued, taking the total to 661,864,184 shares, with shareholders' approval to be sought at an extraordinary general meeting.
Same session: ZQM +1.9% · STI +0.1% · peers +1.8%
Large price moves
337 Oct 2025 · +11% · index +1% · peers 0%
34week to 10 Oct 2025 · +18% · index 0% · peers 0%
Q1 2026
2 Jan 2026 – 31 Mar 2026
ZQM +11.2%STI +5.1%Peer median −3.6%Range S$0.84–S$1.12Close S$0.94
Every one share registered on the record date was split into four. The split was approved at the extraordinary general meeting held on 5 January 2026, and as at 5.00 p.m. on the effective date the company had an issued share capital of S$107,867,163.64 comprising 661,864,184 shares, with shares trading in board lots of 100 after the split.
Soil-Build (Pte.) Ltd. is to build an 8-storey multiple-user general industry factory at Seletar West, for completion by the first quarter of 2029, and Precast Concrete Pte. Ltd. won supply-and-delivery contracts for an HDB public housing project in Redhill and a dormitory project in Tuas, for completion by the fourth quarter of 2028. The order book figure is stated as of 31 December 2025 and includes new orders secured since.
Construction revenue grew 49.2% and precast and prefabrication 54.4%, with gross margin at 15.8%. Operating cash flow was S$157.0 million, total assets S$408.8 million and cash and cash equivalents S$153.3 million at 31 December 2025, with an order book of approximately S$1.07 billion. The final dividend brought the FY2025 payout ratio to 31.2% of net profit, against 18.7% for FY2024.
Guidance: The group said an order book of over S$1.0 billion highlights its growth momentum, and that it would continue to focus on safety, disciplined cost management, efficiency and innovation.Same session: ZQM −1.9% · STI −0.9% · peers +0.0%
Large price moves
3523 Jan 2026 · +6% · index +1% · peers 0%
363 Feb 2026 · +7% · index +1% · peers +1%
3719 Feb 2026 · +6% · index +1% · peers +2%
Q2 2026
1 Apr 2026 – 30 Jun 2026
ZQM −26.7%STI +5.8%Peer median −10.9%Range S$0.67–S$1.08Close S$0.67
Mr Ng ceased to be chairman of the remuneration committee and a member of the audit and nominating committees; Ms Tan became chairman of the remuneration committee and a member of the audit and nominating committees. The reconstituted board is Mr Lim Chap Huat (executive chairman), Mr Lim Han Ren (executive director and group chief executive officer), Ms Lim Cheng Hwa (non-executive director), Mr Chee Wee Kiong (lead independent director), Mr Chiam Tao Koon and Ms Tan Poh Hong (independent directors). The resignation filing was broadcast at 17:44 and the appointment filing at 17:46 Singapore time.
SBPR received a notice of intention to commence adjudication on 21 May 2026 and a Singapore Mediation Centre letter on 22 May 2026 stating that the application had been lodged on 21 May 2026. SBPR submitted its adjudication response on 29 May 2026 resisting the application, and the company said it is working with its legal advisers on the matter.
Guidance: Further announcements when there are material developments.Same session: ZQM +2.6% · STI +1.0% · peers +0.0%
The determination, dated 24 June 2026, was received from the Singapore Mediation Centre. The costs of the adjudication, approximately S$16,500, are to be borne 50% by SBPR and 50% by the subcontractor. SBPR said it intends to seek recovery of the adjudicated amount from the subcontractor and is working with its legal advisers to initiate the appropriate dispute-resolution process.
Same session: ZQM −0.7% · STI +0.2% · peers +0.0%
Large price moves
3815 Jun 2026 · +7% · index +1% · peers +1%
Q3 2026
1 Jul 2026 – 24 Sep 2026
ZQM −21.8%STI +9.9%Peer median −4.9%Range S$0.51–S$0.69Close S$0.51
Gross profit rose 21.0% to S$52.7 million with gross margin at 18.1% (1HFY2025: 16.0%). Construction revenue grew 24.8% to S$265.5 million. Operating cash flow was S$56.5 million and cash and cash equivalents S$185.2 million at 30 June 2026, with net assets of S$159.6 million and an order book of approximately S$800 million. The interim dividend amounts to approximately S$10.6 million, a payout ratio of about 30%, against 2.0 cents (approximately S$3.3 million) for 1HFY2025.
Guidance: The group said it remained focused on delivering its projects safely and efficiently while pursuing quality opportunities that support margin resilience.Same session: ZQM −0.8% · STI −0.0% · peers +0.0%
Large price moves
3914 Aug 2026 · +10% · index 0% · peers 0%
Notes and sources
Share price record
How this section was built
This is a 36-month record of Soilbuild Construction Group's share price to 24 September 2026: the traded close, the Straits Times Index control and the same-session median of its listed construction peers, beside the filings the issuer made in the window. It records what the price did and what was filed; it does not infer a cause from proximity to a filing.
Large moves were detected mechanically before any news was read. The register retains all 39 detected moves — 30 single sessions and nine weekly windows. “Left over” is the move less the same-session peer median; the Straits Times Index return sits in its own column. The filing record is the issuer's own announcement stream, 215 announcements enumerated for 25 September 2020 to 13 August 2026, from which the window's information-carrying filings are selected. Broker research, block trades and substantial-shareholder timing, trade press and index reviews were not examined.
How to read the tags.Market-wide and Sector-wide mean the index or the peer median moved with the share over the same session or week; Residual means the move is still large after both are subtracted. A residual is what is left over, not a cause: it does not establish that the company’s own news moved the price, and a thin session where a few thousand shares set the print is still a residual. Returns use the dividend-adjusted close; a filing released after the 09:00 Singapore open is read against the next session, and a date-only filing is read against its own session with the order within the session not established.
Yahoo Finance daily closes for ZQM.SI from 25 September 2023 to 24 September 2026 (756 sessions), from the Yahoo Finance chart API and retrieved 24 September 2026; no independent price cross-check is recorded for the series. Returns and thresholds use the split- and dividend-adjusted series, so ex-dividend and split mechanics are not counted as price moves. The Straits Times Index is the market control; the sector control is the same-session median return of Tiong Seng, Hock Lian Seng, Wee Hur and Pan-United, with Civmec from September 2024 - four to five peers per move, and a coarse instrument. The filing record is the issuer's own announcement stream, 215 announcements enumerated for 25 September 2020 to 13 August 2026. No company-causation claim is made.
The market series is Yahoo Finance daily data for ZQM.SI, retrieved 24 September 2026, and no independent price cross-check is recorded for it. The window contains a 10-into-1 share consolidation (effective 12 December 2024) and a 4-into-1 share split (effective 14 January 2026); because returns and thresholds use the split- and dividend-adjusted series, neither mechanic is counted as a price move. The filing record is the issuer's own newsroom enumeration, entries 1170 to 1385 covering 25 September 2020 to 13 August 2026, re-checked on 24 September 2026 with no later issuer filing found. It is the issuer's selected announcement stream rather than a complete SGX register — nothing before 25 September 2020 is enumerated and the stream is recorded as gapped. The stream carries broadcast dates; a broadcast time is held for only the two 12 May 2026 board filings (17:44 and 17:46 Singapore time), so every other filing is read against its own session with the order within the session not established. Where a filing is shown beside a move, that is sequence, not cause.
A quarter shows only the columns it has. An empty developments column means: No selected filing carried information this quarter. An empty moves column means: No session cleared the large-move threshold this quarter.
The full move register — every large move and its market and sector controls
Every threshold-detected move in the 36-month window, all retained from the price-driver map: 39 moves - 30 single sessions and nine weekly windows. Left over is the move less the same-session peer median, in percentage points, and is not a causal estimate; the Straits Times Index return is shown beside it. Rows carrying a written note are numbered on the chart; the rest are the same arithmetic without a story attached.
#
Session
ZQM
STI
Peers
Left over
Control result
What the evidence supports
1
29 Sep 2023
−8.8%
+0.3%
+0.0%
−8.8%
Residual
No announced cause identified: no issuer filing falls in the window; the session traded 0.37x median volume. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +1.6 · Hock Lian Seng +0.0 · Wee Hur +0.0 · Pan-United −1.3
2
16 Oct 2023
+19.4%
−0.7%
+1.0%
+18.4%
Residual
No announced cause identified: the session is a single 80-share print (0.0x median volume); the same-day item is the EGM convening notice for the Performance Share Plan 2023, a governance filing. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +0.0 · Hock Lian Seng +2.0 · Wee Hur −1.6 · Pan-United +2.6
3
week to 20 Oct 2023
+19.4%
−3.4%
−0.7%
+20.0%
Residual
Weekly window 13-20 October 2023: no announced cause identified; the week contains the EGM notice for the Performance Share Plan 2023 (16 October), a governance filing; the move is a thin-trade print. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +0.0 · Hock Lian Seng +0.0 · Wee Hur −2.2 · Pan-United −1.3
4
24 Oct 2023
−18.9%
+1.0%
−1.3%
−17.6%
Residual
No announced cause identified: a 4,000-share print (0.01x median volume); no issuer filing falls in the window. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng −7.7 · Hock Lian Seng +0.0 · Wee Hur +0.0 · Pan-United −2.6
5
week to 27 Oct 2023
−18.9%
−0.5%
−0.6%
−18.4%
Residual
Weekly window 20-27 October 2023: no announced cause identified; no issuer filing falls inside the window; the week is a thin-trade print. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +0.0 · Hock Lian Seng +0.0 · Wee Hur −1.1 · Pan-United −1.3
6
10 Jan 2024
+20.7%
−0.6%
+0.0%
+20.7%
Residual
Associated with the contract-award filing of 10 January 2024 (new contracts worth S$24.3m), the same session; release order within the session not established; 0.29x median volume. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +0.0 · Hock Lian Seng −1.9 · Wee Hur +0.0 · Pan-United +0.0
7
29 Jan 2024
−17.1%
−0.6%
−0.9%
−16.2%
Residual
No announced cause identified: a 600-share print (0.0x median volume); the nearest filing is the 10 January 2024 contract award, nineteen days before this session. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +3.3 · Hock Lian Seng −1.9 · Wee Hur +0.0 · Pan-United −2.6
8
30 Jan 2024
+17.2%
+0.3%
+0.0%
+17.2%
Residual
No announced cause identified: a 12,640-share print (0.05x median volume); no issuer filing falls in the window. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +0.0 · Hock Lian Seng +0.0 · Wee Hur +2.1 · Pan-United +0.0
9
2 Feb 2024
−14.7%
+1.2%
−0.8%
−13.9%
Residual
No announced cause identified: the only nearby filing is the S$135.1m contract award of 1 February 2024; a decline is not attributed to a positive award, and no negative filing falls in the session's window. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng −3.1 · Hock Lian Seng +0.0 · Wee Hur −1.5 · Pan-United +0.0
10
week to 2 Feb 2024
−17.1%
+0.6%
−0.9%
−16.2%
Residual
Weekly window 26 January - 2 February 2024: no announced cause identified; the week's only material filing is the S$135.1m contract award (1 February); the decline is not attributed to it. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +3.3 · Hock Lian Seng −1.9 · Wee Hur +0.0 · Pan-United −2.6
11
26 Mar 2024
−11.8%
+1.1%
−0.5%
−11.2%
Residual
No announced cause identified: an 8,000-share print (0.03x median volume); no issuer filing falls in the window. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +0.0 · Hock Lian Seng −4.3 · Wee Hur −1.1 · Pan-United +0.0
12
13 Jun 2024
+9.1%
+0.5%
+0.0%
+9.1%
Residual
Associated with the S$647.5m Tuas Port contract award filed 13 June 2024, the same session; release order within the session not established. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +0.0 · Hock Lian Seng +1.7 · Wee Hur +0.0 · Pan-United +0.0
13
14 Jun 2024
+147.2%
−0.8%
+0.0%
+147.2%
Residual
Followed the S$647.5m Tuas Port contract award filed 13 June 2024; +147.2% on 101x median volume against a flat index (-0.8%) and peer median (0.0%). The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +0.0 · Hock Lian Seng +0.0 · Wee Hur −2.3 · Pan-United +0.0
14
week to 14 Jun 2024
+169.7%
−1.0%
+0.0%
+169.7%
Residual
Weekly window 7-14 June 2024: associated with the S$647.5m Tuas Port contract award filed 13 June 2024 inside the week; +169.7% for the week on 90x median volume. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +0.0 · Hock Lian Seng +0.0 · Wee Hur −2.3 · Pan-United +0.0
15
18 Jun 2024
+28.1%
+0.1%
+0.0%
+28.1%
Residual
Followed the S$647.5m Tuas Port contract award (13 June 2024); the session coincided with the notice of warrant expiry of 18 June; 71x median volume. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +0.0 · Hock Lian Seng −3.3 · Wee Hur +7.1 · Pan-United +0.0
16
24 Sep 2024
+9.6%
−0.4%
+0.0%
+9.6%
Residual
No announced cause identified: +9.6% on 38x median volume with no issuer filing in the window; the peer median was flat (0.0%). Channels not examined: broker notes, block trades, index reviews. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +12.3 · Civmec +1.0 · Hock Lian Seng −1.4 · Wee Hur −1.4 · Pan-United +0.0
17
3 Dec 2024
+8.3%
+0.9%
+0.0%
+8.3%
Residual
No announced cause identified: +8.3% on 3.2x median volume; the window's only filing is the share-consolidation replacement notice of 3 December, a mechanical step completed 12 December 2024. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +0.0 · Civmec +1.8 · Hock Lian Seng −2.9 · Wee Hur +6.7 · Pan-United +0.0
18
18 Dec 2024
+9.7%
−0.5%
+0.0%
+9.7%
Residual
No announced cause identified: no material issuer filing in the window; 0.8x median volume. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +0.0 · Civmec +0.0 · Hock Lian Seng +0.0 · Wee Hur +0.0 · Pan-United −0.9
19
7 Apr 2025
−7.6%
−7.5%
−8.0%
+0.4%
Market-wide
In line with the market: -7.6% against -7.5% for the index and -8.0% for the peer median; a 0.4-point residual. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng −17.3 · Civmec −6.7 · Hock Lian Seng −6.3 · Wee Hur −10.4 · Pan-United −8.0
20
10 Apr 2025
+12.9%
+5.4%
+2.5%
+10.4%
Residual
No announced cause identified: +12.9% against +5.4% for the index and +2.5% for the peer median; no issuer filing in the window. Channels not examined: broker notes, index flows. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +1.1 · Civmec +2.2 · Hock Lian Seng +2.7 · Wee Hur +5.9 · Pan-United +2.5
21
10 Jul 2025
+7.5%
+0.4%
+4.2%
+3.3%
Residual
Followed the S$178.6m contract award filed 9 July 2025; +7.5% on 12x median volume; the session also moved with a construction-sector rally (peer median +4.2%). The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +0.0 · Civmec −0.5 · Hock Lian Seng +4.2 · Wee Hur +5.0 · Pan-United +6.1
22
week to 11 Jul 2025
+12.3%
+1.9%
+11.5%
+0.8%
Residual
Weekly window 4-11 July 2025: associated with the S$178.6m contract award filed 9 July 2025 inside the week; +12.3% for the week against a +11.5% peer median. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +8.0 · Civmec +0.5 · Hock Lian Seng +20.5 · Wee Hur +11.6 · Pan-United +11.5
23
14 Jul 2025
+6.2%
+0.5%
+0.0%
+6.2%
Residual
Followed the S$178.6m contract award filed 9 July 2025; +6.3% on 9.1x median volume against a flat peer median (0.0%). The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng −1.1 · Civmec +0.0 · Hock Lian Seng −2.0 · Wee Hur +6.6 · Pan-United +2.1
24
15 Jul 2025
+7.8%
+0.3%
+1.8%
+6.1%
Residual
Followed the S$178.6m contract award filed 9 July 2025; +7.8% on 7.9x median volume against a +1.8% peer median. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +4.3 · Civmec +0.5 · Hock Lian Seng +3.1 · Wee Hur +1.8 · Pan-United −1.5
25
16 Jul 2025
+6.4%
+0.3%
+0.9%
+5.5%
Residual
No announced cause identified: +6.4% on 8.1x median volume; no filing inside the window; the session extends the run that followed the 9 July contract award. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng −7.1 · Civmec +0.0 · Hock Lian Seng +1.0 · Wee Hur +0.9 · Pan-United +2.1
26
week to 18 Jul 2025
+16.7%
+2.5%
+4.2%
+12.5%
Residual
Weekly window 11-18 July 2025: no announced cause identified; no filing inside the week; the move extends the run that followed the 9 July contract award. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +4.2 · Civmec −1.1 · Hock Lian Seng +1.0 · Wee Hur +10.4 · Pan-United +7.2
27
24 Jul 2025
+6.9%
+1.0%
+4.1%
+2.8%
Sector-wide
Tracked the sector: +6.9% against a +4.1% peer median and a +1.0% index; about 2.8 points left over, on 6.7x median volume. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +4.1 · Civmec +5.3 · Hock Lian Seng +1.0 · Wee Hur +5.4 · Pan-United +0.0
28
week to 25 Jul 2025
+17.0%
+1.7%
+6.0%
+11.0%
Residual
Weekly window 18-25 July 2025: no announced cause identified; no filing inside the week; the move extends the run that followed the 9 July contract award. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +7.1 · Civmec +5.9 · Hock Lian Seng −2.0 · Wee Hur +21.4 · Pan-United +2.9
29
31 Jul 2025
+6.8%
−1.1%
−2.0%
+8.8%
Residual
No announced cause identified: +6.8% on 3.5x median volume; the last filing remains the 9 July 2025 contract award. Channels not examined: broker notes, index reviews. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng −3.8 · Civmec −1.0 · Hock Lian Seng −5.2 · Wee Hur −1.5 · Pan-United −2.0
30
14 Aug 2025
+12.1%
−0.4%
−1.2%
+13.2%
Residual
Followed the 1H2025 results and interim dividend filed 12 August 2025; +12.1% on 23x median volume as the post-results run continued. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +0.0 · Civmec −0.5 · Hock Lian Seng −1.2 · Wee Hur −1.4 · Pan-United −6.1
31
week to 15 Aug 2025
+30.1%
−0.2%
−2.4%
+32.4%
Residual
Weekly window 8-15 August 2025: associated with the 1H2025 results and interim dividend filed 12 August 2025 inside the week; +30.1% for the week on 16x median volume. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng −13.3 · Civmec −3.6 · Hock Lian Seng −2.4 · Wee Hur +1.4 · Pan-United +5.6
32
5 Sep 2025
+10.0%
+0.2%
−0.5%
+10.5%
Residual
No announced cause identified: +10.0% on 11.6x median volume; the last filing remains the 1H2025 results of 12 August. Channels not examined: broker notes, index flows. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +0.0 · Civmec −0.5 · Hock Lian Seng −1.1 · Wee Hur +0.7 · Pan-United −2.5
33
7 Oct 2025
+11.3%
+1.1%
+0.0%
+11.3%
Residual
No announced cause identified: +11.3% on 18x median volume with no filing in the window; the spin-off exploration announcement followed on 21 October 2025. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +0.0 · Civmec −0.9 · Hock Lian Seng +0.0 · Wee Hur +2.7 · Pan-United +1.7
34
week to 10 Oct 2025
+18.1%
+0.3%
+0.0%
+18.1%
Residual
Weekly window 3-10 October 2025: no announced cause identified; no filing inside the week; the spin-off exploration announcement followed on 21 October 2025. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +1.1 · Civmec +0.0 · Hock Lian Seng +0.0 · Wee Hur +0.0 · Pan-United −0.8
35
23 Jan 2026
+6.1%
+1.3%
+0.0%
+6.1%
Residual
No announced cause identified: +6.1% on 10x median volume; no material filing in the window; the session sits after the share split completed 14 January 2026. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +1.0 · Civmec +0.0 · Hock Lian Seng +1.1 · Wee Hur −1.1 · Pan-United +0.0
36
3 Feb 2026
+7.3%
+1.1%
+0.6%
+6.7%
Residual
No announced cause identified: +7.3% on 3.6x median volume; no filing in the window (the FY2025 results followed on 26 February 2026). The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +0.0 · Civmec +0.7 · Hock Lian Seng +3.4 · Wee Hur +0.6 · Pan-United +0.0
37
19 Feb 2026
+5.7%
+1.3%
+1.5%
+4.2%
Residual
No announced cause identified: +5.7% on 3.3x median volume; the nearest filing, the S$158m contract award of 11 February 2026, predates the session by eight days. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +2.0 · Civmec +1.5 · Hock Lian Seng +0.0 · Wee Hur +1.1 · Pan-United +1.7
38
15 Jun 2026
+6.6%
+1.0%
+1.4%
+5.2%
Residual
No announced cause identified: +6.6% on 2.7x median volume; the session sits between the adjudication application (29 May 2026) and the determination (24 June 2026), neither timestamped to it. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng +0.0 · Civmec +3.1 · Hock Lian Seng +1.4 · Wee Hur +4.6 · Pan-United +1.4
39
14 Aug 2026
+10.2%
+0.4%
+0.0%
+10.2%
Residual
Followed the 1HFY2026 results and the 1.6-cent interim dividend filed 13 August 2026; +10.2% on 4.2x median volume. The Straits Times Index return and the same-session peer median are shown beside the move; neither is a cause. Tiong Seng −1.4 · Civmec −0.6 · Hock Lian Seng +0.0 · Wee Hur +0.0 · Pan-United +1.3
Key developments: sources, timing and notes
1 Feb 2024 · Award of new contracts worth S$135.1 million, taking the order book to approximately S$621.7 million.Contract awardReaction (same session, order not established): ZQM +0.0% · STI −0.3% · peers +0.0%Source: Issuer newsroom entry 1307, 1 Feb 2024
19 Feb 2024 · Profit guidance: the group expected to report a net profit after tax for FY2023, against an audited net loss for FY2022.Profit guidanceReaction (same session, order not established): ZQM +0.0% · STI +0.1% · peers +0.0%Source: Issuer newsroom entry 1308, 19 Feb 2024
28 Feb 2024 · FY2023 results: revenue S$247.4 million, gross profit S$22.1 million and net profit after tax of S$7.3 million, against a net loss in FY2022.ResultsReaction (same session, order not established): ZQM +0.0% · STI −0.6% · peers −0.3%Source: Issuer annual report FY2023 (audited figures)
13 Jun 2024 · Award of a S$647.5 million construction contract for the PSA Supply Chain Hub @ Tuas, taking the order book beyond S$1.2 billion for the first time.Contract awardReaction (same session, order not established): ZQM +9.1% · STI +0.5% · peers +0.0% · 13.7× median volumeSource: Issuer newsroom entry 1321, 13 Jun 2024
13 Aug 2024 · 1H2024 results: revenue up 19.5% to S$153.9 million and net profit of S$7.4 million, above the whole of FY2023's S$7.3 million; interim dividend of 0.1 cents per share.ResultsReaction (same session, order not established): ZQM +5.4% · STI +0.7% · peers +1.8% · 0.9× median volumeSource: Issuer newsroom entry 1328, 13 Aug 2024 · Issuer press release, 13 Aug 2024
27 Sep 2024 · Proposed 10-into-1 share consolidation announced: every ten shares held on the record date to be consolidated into one.Capital actionReaction (same session, order not established): ZQM −1.1% · STI −0.2% · peers +0.0% · 0.4× median volumeSource: SGXNet announcement, 27 Sep 2024
15 Jan 2025 · Award of new contracts worth S$151.3 million; order book approximately S$1.32 billion.Contract awardReaction (same session, order not established): ZQM +0.0% · STI −0.4% · peers +0.9% · 0.0× median volumeSource: SGXNet announcement, 15 Jan 2025
28 Feb 2025 · FY2024 results: revenue up 58.4% to S$391.8 million, gross profit up 110.3% to S$46.5 million and net profit S$26.6 million, up 263.3%.ResultsReaction (same session, order not established): ZQM −1.2% · STI −0.7% · peers −1.2% · 0.4× median volumeSource: SGXNet announcement, 28 Feb 2025
1 Apr 2025 · Myanmar operations largely unaffected by the 28 March 2025 earthquake.Business updateSource: SGXNet announcement, 1 Apr 2025
9 Jul 2025 · Award of new contracts worth S$178.6 million; order book approximately S$1.21 billion.Contract awardReaction (same session, order not established): ZQM +1.2% · STI +0.2% · peers +1.6% · 2.9× median volumeSource: SGXNet announcement, 9 Jul 2025
12 Aug 2025 · 1H2025 results: revenue up 77.3% to S$272.8 million and net profit S$28.3 million, above the whole of FY2024's S$26.6 million; interim dividend doubled to 2 cents per share.ResultsReaction (same session, order not established): ZQM +0.0% · STI −0.3% · peers +0.0% · 3.4× median volumeSource: SGXNet announcement, 12 Aug 2025
21 Oct 2025 · Exploration of a potential spin-off and Main Board listing of the precast and prefabrication business.Capital actionReaction (same session, order not established): ZQM +6.7% · STI +1.2% · peers +2.7% · 1.3× median volumeSource: SGXNet announcement, 21 Oct 2025
20 Nov 2025 · Proposed share split of every one existing share into four.Capital actionReaction (same session, order not established): ZQM +1.9% · STI +0.1% · peers +1.8% · 0.4× median volumeSource: SGXNet announcement, 20 Nov 2025
14 Jan 2026 · Share split completed and effective at 9.00 a.m. on 14 January 2026.Capital actionReaction (same session, order not established): ZQM −1.7% · STI +0.1% · peers −0.8% · 1.4× median volumeSource: SGXNet announcement, 14 Jan 2026
11 Feb 2026 · Award of new contracts worth S$158 million; order book approximately S$1.07 billion.Contract awardReaction (same session, order not established): ZQM −0.5% · STI +0.4% · peers +0.0% · 0.5× median volumeSource: SGXNet announcement, 11 Feb 2026
26 Feb 2026 · FY2025 results: revenue up 50.8% to S$590.7 million, gross profit doubled to S$93.2 million and net profit S$63.6 million, up 139.4%; final dividend of 2.5 cents per share.ResultsReaction (same session, order not established): ZQM −1.9% · STI −0.9% · peers +0.0% · 5.4× median volumeSource: SGXNet announcement, 26 Feb 2026 · Issuer press release, 26 Feb 2026
29 May 2026 · Receipt of an adjudication application: a subcontractor claims approximately S$9.0 million (including GST) from SB Procurement Pte. Ltd.AdjudicationReaction (same session, order not established): ZQM +2.6% · STI +1.0% · peers +0.0% · 2.1× median volumeSource: SGXNet announcement, 29 May 2026
24 Jun 2026 · Adjudication determination: SBPR is to pay approximately S$5.2 million (including GST) within seven days and intends to seek recovery.AdjudicationReaction (same session, order not established): ZQM −0.7% · STI +0.2% · peers +0.0% · 0.6× median volumeSource: SGXNet announcement, 24 Jun 2026
13 Aug 2026 · 1HFY2026 results: revenue up 6.5% to S$290.6 million and record net profit of S$35.6 million, up 25.8%; interim dividend of 1.6 cents per share.ResultsReaction (same session, order not established): ZQM −0.8% · STI −0.0% · peers +0.0% · 0.8× median volumeSource: SGXNet announcement, 13 Aug 2026 · Issuer press release, 13 Aug 2026
What is not established
This page carries no rating, no fair value, no price target, no expected return and no recommendation, and nothing on it is a conclusion about what the shares are worth.
The record is silent, or thin, on the questions that decide the next two years. How much of the Tuas contract value remained to be recognised at 30 June 2026 is not disclosed, nor is the retention-release timing. The order book's related-party share is not disclosed. Precast utilisation, effective capacity and inter-segment pricing are not disclosed, so the precast business cannot be tested at arm's length from the group. The accounting treatment of the adjudicated S$5.2m in the 30 June 2026 statements, and any recovery of it, are not separately disclosed. How much of the 1H2026 gross margin came from end-of-project savings, rather than from the contract mix and precast, is not disclosed. And there is no tender-pipeline disclosure, so replacement of the book is observable only through award announcements.
The source base for this page is the issuer's own documents: five audited annual reports, three half-year statements and the announcement tape from 2021 to the information cutoff. The FY2025 statements carry an Independent Auditor's Report by PricewaterhouseCoopers LLP giving a true and fair view of the group's financial position; the half-year figures are neither audited nor reviewed. Announcements that exist only on third-party platforms, peer comparators, and any research published by others were not enumerated for this page, and none of their conclusions are reproduced.
What the next twelve months will settle: the FY2026 results, expected in late February 2027, will show the order book at 31 December 2026 against the about S$0.80bn reported at 30 June 2026, the gross margin against 18.1 per cent, precast revenue against the design-and-planning half, operating cash flow against net profit, and the FY2026 dividend declaration against the FY2025 payout. Further award announcements test whether wins keep pace with conversion. Any further announcement on the adjudication tests whether the S$5.2m is recovered, absorbed or followed by other claims. Any definitive step on the precast spin-off — an application, a circular, an adviser or an explicit termination — tests a process that has been exploratory for eleven months. The monthly steel-bar series and the quarterly building tender price index are the cost evidence to watch between results.
Every other test on this page waits for the company to file. These do not. Each row is a series you can look up yourself, free, today — with the level this reading was built against, the levels that would put it in question, and what the series cannot tell you.
On the BCA Key Construction Information page open the PDF 'Construction Demand, Tender Price Index & Construction Materials' and read the Tender Price Index row for the latest quarter. Building & Construction Authority (BCA), Singapore
Last recorded
142 index points (2010 = 100), 2026-06-30
What the reading assumes
139 index points (2010 = 100) (the FY2025 annual average of the index, the tender price level at which FY2026 work was let going into the year, FY2025)
Watch / alert
138 and 131 index points (2010 = 100), on a move below — currently at or better than the level the reading assumed
How often to look
Quarterly, after BCA's next update (about November 2026 for 3Q2026). (the series prints quarterly)
What it points to. Tender prices are the level at which building work is re-priced: a sustained decline caps the value of new awards and can freeze cost escalation already in the book, pressuring construction margins a quarter or two before the effect shows in awards.
Direction only — this pack does not carry a coefficient from this series to reported earnings.
What it cannot tell you. The index measures the market's price level for building works generally, not the mix, size, risk allocation or margin of the projects Soilbuild itself wins; winning work in a rising market says nothing about the terms on which it was taken.
Settled by new contract award announcements and the order-book sentence in the FY2026 results, due 2027-02-28. Lead time: Leading: tender pricing precedes awards and revenue recognition by one to three quarters..
Open the latest results announcement from the SGX company page (or the issuer's website) and read the order-book sentence in the financial highlights or outlook section. Soilbuild Construction Group Ltd (SGX announcements and issuer website)
Last recorded
800 S$ million, 2026-06-30
What the reading assumes
1,070 S$ million (the order book at 31 December 2025 (about S$1.07 billion, after new orders secured since), the level the FY2026 programme and revenue base were set against, FY2025 (31 December 2025))
Watch / alert
963 and 749 S$ million, on a move below — currently past the watch level
How often to look
At each results announcement (about late February and mid August) and on any contract-award announcement. (the series prints event)
What it points to. A falling book foreshortens the revenue the construction division converts in later periods: the pipeline is being consumed faster than it is replaced, which shows up as slower revenue growth and thinner tender selectivity before it shows up in any single margin.
Direction only — this pack does not carry a coefficient from this series to reported earnings.
What it cannot tell you. The book aggregates project values and cannot say where margin sits, how concentrated it is in slow civil works, or what stage of completion each remaining dollar is at; the group does not publish project-level profit.
Settled by the order-book sentence in the FY2026 full-year results announcement, due 2027-02-28. Lead time: Contemporaneous: disclosed with each results announcement, about two months after each half-year end; the book itself moves with every award or completion..
Divide the gross profit line by the revenue line in the latest results announcement's income statement (both are in the highlights table and the financial statements). Soilbuild Construction Group Ltd (SGX announcements and issuer website)
Last recorded
18.1 per cent, 2026-06-30
What the reading assumes
15.8 per cent (the FY2025 audited group gross margin (gross profit 93,227 S$000 on revenue 590,712 S$000), the level FY2026 margins are measured against, FY2025)
Watch / alert
13.8 and 11.9 per cent, on a move below — currently at or better than the level the reading assumed
How often to look
At each results announcement (about late February and mid August). (the series prints event)
What it points to. Gross margin is the residual after site costs, subcontractor pricing, materials and labour, so a lower print compresses pre-tax profit on the same revenue before any offset; it is the cleanest half-yearly read on whether tendered margins are being earned or consumed.
Direction only — this pack does not carry a coefficient from this series to reported earnings.
What it cannot tell you. The group margin blends two divisions with different economics (construction project margins and precast utilisation); a stable group print can conceal deterioration in either, and segment detail arrives only in the full-year statements.
Settled by the gross profit and revenue lines of the FY2026 full-year results announcement, due 2027-02-28. Lead time: Contemporaneous: prints about two months after each half-year end..
Read the last close on the ZQM quote on the SGX website (or any free quote service) and compare it with the NAV per share in the latest results highlights. Singapore Exchange (SGX) close data; NAV per share from issuer results
Last recorded
0.51 S$ per share, 2026-09-24
What the reading assumes
0.241 S$ per share (group net asset value per share at 30 June 2026 (net assets 159,593 S$000 over 661,864,184 shares = 24.1 cents), the residual claim the price trades against, 1H2026 (30 June 2026))
Watch / alert
0.362 and 0.241 S$ per share, on a move below — currently at or better than the level the reading assumed
How often to look
Every session; the NAV leg after each results announcement. (the series prints daily)
What it points to. The multiple to NAV measures what the market capitalises above the audited residual claim: moving through these levels marks a change in the market's read of the franchise rather than of the assets, and it is the fastest check of whether the market is still paying for the earnings path.
Direction only — this pack does not carry a coefficient from this series to reported earnings.
What it cannot tell you. The close embeds every piece of market information at once and attributes a move to nothing; NAV rolls with retained earnings and can fall as well as rise, and a thinly traded line can print a close away from any size a holder could actually deal on.
Settled by the NAV per share in the FY2026 full-year results highlights, due 2027-02-28. Lead time: Real time: the close updates every session; NAV updates twice a year..
In the same BCA statistics PDF, read the 'Steel Bars (16-32mm High Tensile)' column of the 'Construction Material Market Prices' table for the latest month. Building & Construction Authority (BCA), Singapore
Last recorded
675 S$ per tonne, 2026-08-31
What the reading assumes
690 S$ per tonne (the 2025 calendar-year average of the delivered steel-bar market price (BCA annual series on data.gov.sg), the input level FY2026 work was priced against, 2025)
Watch / alert
759 and 828 S$ per tonne, on a move above — currently at or better than the level the reading assumed
How often to look
Monthly, after BCA's next update (about early October 2026 for September 2026). (the series prints monthly)
What it points to. Steel is a core input to precast elements and cast-in-place structures: a sustained rise in the delivered bar price raises materials cost on both divisions and, absent pass-through terms or substitution, compresses margin as the work is executed.
Direction only — this pack does not carry a coefficient from this series to reported earnings.
What it cannot tell you. The series is a delivered-to-site market assessment for standard 16-32mm high-tensile bar, not the group's contracted prices; supply contracts, fixed-price periods, cut-and-bend surcharges and the mix of precast versus cast-in-place consumption all sit between this number and the group's cost line.
Settled by the FY2026 results commentary on materials costs and gross margin (segment note and management commentary), due 2027-02-28. Lead time: Contemporaneous to lagging: input prices reach the cost line as work is executed, after purchase and fabrication..
Watchlist reviewed on 2026-09-24; each observation has its own date above. This watchlist date does not change the company research cutoff. A series moving past a level is a reason to re-read the case, not a recommendation. The same series across every company covered: what you can watch.
This page is compiled from the issuer's own filings. The FY2021 to FY2025 annual reports supply the audited annual record, the segment notes, the borrowings and dividend notes, the Statistics of Shareholders and the audit opinion. The 1H2024 to 1H2026 results announcements and press releases supply the interim record, the order book and its composition, and the current-year commentary. The award, dividend, capital-reorganisation, spin-off, board and adjudication announcements supply the dated events. The exchange record supplies the closing price cited. Filing identifiers, retrieval dates and the hash-registered source list are held in the private research record.
Corrections are welcome through the contact address. A corrected figure replaces the figure in place, with the correction noted on this page, and the information cutoff above states what the page does and does not include. Where the record is silent, this page says so rather than filling the gap, and no figure on it is estimated by the estate.
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Behind the lock
The authenticated research library currently holds a release-state record only. It carries no current rating, fair value, forecast, issuer-credit opinion or investment action for this company. The public page retains reported evidence and open questions.
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