OKP Holdings
How much reported margin survives changes in contract phase?
State: open
Evidence cutoff: 2026-08-13
Question reviewed: 2026-09-07
Mechanism: Self-performed work, tender pricing and certification versus cost timing can all change reported margin.
Best public test: Compare construction and maintenance margins, cost-by-nature notes and explanations of in-house versus subcontracted work in the next results.
Ideal disclosure: Whole-life project margins and a bridge for pricing, claims, variations and execution costs.
Limits: Segment tests do not establish project-level margins or forecast the next period.
Resolution requires: Comparable disclosures quantify the contribution of execution changes and contract phase; absent that split the question stays open.
Question ID: okp-holdings-margin-durability
Snapshot: smid-desk-08179cdc352783e2b654ea5d3dee2e4785eabe69a5333921aa3b1caf5e492cc8
Evidence:
https://smidresearch.com/companies/okp-holdings/#the-margin-question | src-okp-holdings-margin-durability-support | excerpt SHA-256 34ae1ba5963ae17b60c956d322a6028f067806ed92fa2445e9fb5185619cd516
https://smidresearch.com/companies/okp-holdings/#the-margin-question | src-okp-holdings-margin-durability-challenge | excerpt SHA-256 160ab6a729263c2cd4d3d89f8708baac4bcc269a0a2a012ed126b180f8fbb52d
Organised from published SMID research. A linked issuer document is not a new independent review.
No ratings, price targets or personalized recommendations.

OKP Holdings
Does the order book convert on schedule into certified cash?
State: open
Evidence cutoff: 2026-08-13
Question reviewed: 2026-09-07
Mechanism: Backlog becomes revenue through execution and certification, while collection and advances drive cash.
Best public test: Compare the prior disclosed recognition schedule with subsequent revenue, contract assets and operating cash flow.
Ideal disclosure: Vintage-preserved delivery schedules reconciled to revenue, contract assets and collections.
Limits: A lengthening book can lower a simple conversion ratio without proving weaker execution.
Resolution requires: A consistent schedule-vintage reconciliation explains slippage or rephasing and identifies collection separately from advances.
Question ID: okp-holdings-book-to-cash
Snapshot: smid-desk-08179cdc352783e2b654ea5d3dee2e4785eabe69a5333921aa3b1caf5e492cc8
Evidence:
https://smidresearch.com/companies/okp-holdings/#does-the-cash-arrive | src-okp-holdings-book-to-cash-support | excerpt SHA-256 a85e1585351b7c3ccb1c2a246f322661235d41f8c4d2c222ff0305a35316d9dd
https://smidresearch.com/companies/okp-holdings/#does-the-cash-arrive | src-okp-holdings-book-to-cash-challenge | excerpt SHA-256 7dd07a0ed28e60111dca1908ad95f26591706c22813fd5eefb69fa3b7620d29b
Organised from published SMID research. A linked issuer document is not a new independent review.
No ratings, price targets or personalized recommendations.

Revenue: S$113.8m | 1H2026 | as-filed | obs-okp-holdings-revenue
Definition: Revenue for OKP Holdings, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.
Source: https://smidresearch.com/companies/okp-holdings/#research-brief

Net profit: S$27.3m | 1H2026 | as-filed | obs-okp-holdings-net-profit
Definition: Net profit for OKP Holdings, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.
Source: https://smidresearch.com/companies/okp-holdings/#research-brief

Gross margin: 37.6% | 1H2026 | as-filed | obs-okp-holdings-gross-margin
Definition: Gross margin for OKP Holdings, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.
Source: https://smidresearch.com/companies/okp-holdings/#research-brief

Cash: S$186.95m | 2026-06-30 | as-filed | obs-okp-holdings-cash
Definition: Cash for OKP Holdings, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.
Source: https://smidresearch.com/companies/okp-holdings/#research-brief