{
 "company": "Soilbuild Construction Group Ltd",
 "ticker": "SGX:ZQM",
 "source_page": "https://smidresearch.com/companies/soilbuild-construction/",
 "information_cutoff": "24 September 2026",
 "licence": "Public evidence-library figures as filed by the issuer and recomputed by SMID Research; cite the page and its information cut-off. No rating, fair value, price target or recommendation is included. Not investment advice.",
 "tables": [
  {
   "index": 1,
   "section": "The order book and the award record",
   "caption": "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.",
   "headers": [
    "Reporting date",
    "Order book as announced",
    "Composition disclosed"
   ],
   "rows": [
    [
     "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$240m"
    ]
   ]
  },
  {
   "index": 2,
   "section": "The five-year record and the FY2025 turnaround",
   "caption": "Reported five-year record, S$ million unless stated. Sources: the FY2021 to FY2025 annual reports (audited) and the 1H2026 results announcement; the 1H2026 column is unaudited and unreviewed.",
   "headers": [
    "Line",
    "FY2021",
    "FY2022",
    "FY2023",
    "FY2024",
    "FY2025",
    "1H2026"
   ],
   "rows": [
    [
     "Revenue",
     "258.3",
     "248.4",
     "247.4",
     "391.8",
     "590.7",
     "290.6"
    ],
    [
     "Gross profit",
     "4.9",
     "(21.3)",
     "22.1",
     "46.5",
     "93.2",
     "52.7"
    ],
    [
     "Gross margin",
     "1.9%",
     "(8.6)%",
     "8.9%",
     "11.9%",
     "15.8%",
     "18.1%"
    ],
    [
     "Net profit",
     "(2.6)",
     "(31.7)",
     "7.3",
     "26.6",
     "63.6",
     "35.6"
    ],
    [
     "Operating cash flow",
     "(14.7)",
     "(1.0)",
     "3.1",
     "35.9",
     "157.0",
     "56.5"
    ],
    [
     "Total equity",
     "50.3",
     "17.4",
     "45.2",
     "82.7",
     "140.4",
     "159.6"
    ]
   ]
  },
  {
   "index": 3,
   "section": "Precast, Tuas and the group structure",
   "caption": "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.",
   "headers": [
    "Segment",
    "Revenue",
    "Result"
   ],
   "rows": [
    [
     "Singapore construction",
     "475.5",
     "57.1"
    ],
    [
     "Singapore precast",
     "111.7",
     "13.6"
    ],
    [
     "Malaysia precast (inter-segment supply)",
     "54.4",
     "7.7"
    ],
    [
     "Myanmar (construction and other)",
     "3.6",
     "(0.2)"
    ],
    [
     "Group",
     "590.7",
     "74.2"
    ]
   ]
  },
  {
   "index": 4,
   "section": "Share price record",
   "caption": "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.",
   "headers": [
    "#",
    "Session",
    "ZQM",
    "STI",
    "Peers",
    "Left over",
    "Control result",
    "What the evidence supports"
   ],
   "rows": [
    [
     "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"
    ]
   ]
  }
 ]
}