Wee Hur Holdings Ltd. (E3B) AI Stock Analysis

• Market Cap: S$671.05M
• Dividend Yield: 11.07%
• Average Volume (3M): 6.31M
• Price to Earnings (P/E): 10.0
• Beta (1Y): 1.57
• Revenue Growth: 5.49%
• EPS Growth: -86.00%
• Country: SG
• Employees: 217
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 0.03
• Shares Outstanding: 935,916,100
• 10 Day Avg. Volume: 5,839,470
• 30 Day Avg. Volume: 6,311,136
• PEG Ratio: 0.38
• Price to Book (P/B): 1.06
• Price to Sales (P/S): 2.32
• P/FCF Ratio: 1.94
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.06
• Revenue Forecast (FY): S$307.36M

• Rating: 70 Outperform
• Price Target: S$0.88 ▲(18.24% Upside)
• Action: Upgraded Date: 03/02/26
• Date: Action: Upgraded 03/02/26

The score is driven primarily by strong 2025 financial performance—especially exceptional free cash flow and solid profitability—supported by a reasonable P/E and very high dividend yield. These positives are partially offset by weak near-term technical momentum and the risk signal from historically volatile results and recently higher leverage.

Positive Factors

Cash generation

Exceptional 2025 operating and free cash flow, with free cash flow roughly equal to net income, indicates high earnings quality and strong internal funding capacity. Durable cash generation supports capex, debt servicing and shareholder returns, boosting strategic flexibility over coming quarters.

Profitability and revenue re-acceleration

Marked improvement in 2025 margins and re-accelerating revenue reflect better execution, pricing or mix advantages. Sustained higher operating and net margins increase return on capital and cash flow potential, strengthening the company's ability to fund projects and withstand near-term volatility.

Sizeable equity base and moderate leverage

A sizeable equity base combined with moderate leverage provides a capital buffer and preserves borrowing capacity. This structure supports ongoing development and construction activities and gives management room to fund growth or absorb project timing swings without immediate recapitalization.

Negative Factors

Rising leverage

A sharp year-over-year increase in debt elevates refinancing, interest cost and covenant risks. If project cash flows or property markets soften, higher leverage can limit financial flexibility, force deleveraging actions, and constrain capital allocation for growth or shareholder returns.

Earnings and cash conversion volatility

Multi-year swings—from losses to unusually high margins—show earnings and cash conversion are project- and timing-sensitive. Such volatility undermines predictability of free cash flow, complicates long-term planning for debt reduction, dividends and reinvestment, and raises execution risk.

Cyclical end-market exposure

Core exposure to property development, construction and hospitality ties performance to real estate and macro cycles. Structural sensitivity means demand, pricing and project timing can swing materially, pressuring backlog, margins and cash when sector conditions deteriorate.

Wee Hur Holdings Ltd. Business Overview & Revenue Model

Company Description

Wee Hur Holdings Ltd., an investment holding company, engages in building construction, workers' dormitory, property development, and fund management businesses in Singapore and Australia. The company operates through eight segments: Building Construction, Workers' Dormitory, Property Development, Corporate, PBSA, Fund Management, Venture Capital, and PBSA Operation. It develops and sells residential, industrial, commercial, or mixed developments; and leases office and commercial properties. The company also provides various construction services, including new construction, additions and alterations, refurbishment and upgrading, and restoration and conservation of heritage and conservation buildings. Its construction projects comprise residential, commercial, industrial, institutional, religious, restoration, and conservation projects. In addition, the company builds and operates dormitory complexes for foreign workers in construction, marine, process, and manufacturing industries. Further, it builds, operates, and manages student accommodation for local and foreign students; and engages in the business of carrying out venture capital activities. Wee Hur Holdings Ltd. was founded in 1980 and is headquartered in Singapore.

How the Company Makes Money

Wee Hur Holdings generates revenue primarily through its construction services, which encompass both public and private sector projects. The company earns income from contracts awarded for the construction of buildings and infrastructure. Additionally, revenue is derived from property development activities, where Wee Hur develops residential and commercial properties for sale or lease. The company also benefits from rental income through its investment properties. Key revenue streams include project contracts, sale of developed properties, and rental income. Partnerships with government agencies and private developers play a significant role in securing contracts and expanding its project portfolio, contributing to the overall earnings of the company.

Wee Hur Holdings Ltd. Financial Statement Overview

Summary

Overall fundamentals are solid on the provided statements: strong 2025 profitability and re-accelerating revenue growth support the Income Statement score (78), and cash generation is a major strength with very strong 2025 operating/free cash flow and good earnings quality (Cash Flow score 84). Offsetting this are multi-year volatility in margins/cash conversion and a balance sheet that, while moderate in leverage today, has seen debt rise sharply year-over-year (Balance Sheet score 62).

Income Statement

Profitability has strengthened meaningfully in the most recent annual period (2025), with strong operating profitability (EBIT margin ~31%) and solid net profitability (~23%). Revenue growth re-accelerated in 2025 (+19.3%) after a slight decline in 2024, indicating improving demand/execution. Offsetting this, results have been volatile over the cycle (negative operating profitability in 2021–2022 and unusually high margins in 2023), which raises questions about earnings consistency and mix/one-off sensitivity.

Balance Sheet

The balance sheet is supported by a sizeable equity base (2025 equity ~648m vs. debt ~415m), and leverage remains moderate in 2025 (debt-to-equity ~0.64). Return on equity improved versus 2024, but sits at a mid-level (~10.6%) rather than best-in-class. The key watch-out is leverage expansion over the last year (debt rising sharply from 2024 to 2025), and a history of elevated leverage earlier in the period (2020–2021), which suggests the capital structure can swing with the business cycle.

Cash Flow

Cash generation is a standout in 2025, with very strong operating cash flow (~355m) and free cash flow (~354m), and a major step-up in free cash flow growth (+263%). Free cash flow closely tracks reported earnings (free cash flow to net income ~1.0), supporting earnings quality. The main weakness is variability: operating cash flow coverage was much weaker in prior years (notably 2022–2024), implying cash conversion can fluctuate materially with working capital/project timing.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	247.64M	295.44M	200.79M	224.84M	215.89M	188.62M
Gross Profit	117.58M	133.92M	77.99M	53.60M	25.36M	5.59M
EBITDA	89.62M	94.85M	49.09M	175.88M	-20.63M	-18.19M
Net Income	26.19M	68.43M	54.03M	98.57M	67.92M	662.00K
Balance Sheet
Total Assets	1.04B	1.22B	1.03B	973.77M	1.39B	1.37B
Cash, Cash Equivalents and Short-Term Investments	277.12M	253.70M	101.85M	107.57M	38.77M	55.19M
Total Debt	244.90M	415.01M	215.69M	221.08M	115.85M	624.15M
Total Liabilities	410.88M	579.20M	369.76M	344.93M	688.79M	758.04M
Stockholders Equity	620.35M	648.36M	653.49M	606.14M	490.04M	449.09M
Cash Flow
Free Cash Flow	97.38M	353.68M	79.73M	83.66M	41.77M	10.05M
Operating Cash Flow	97.76M	354.92M	80.60M	84.76M	42.15M	10.74M
Investing Cash Flow	77.34M	-310.56M	-84.98M	-28.68M	-18.59M	-116.54M
Financing Cash Flow	-23.91M	103.81M	7.46M	-2.21M	-29.57M	102.92M

Wee Hur Holdings Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.74
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:E3B, the sentiment is Negative. The current price of 0.74 is below the 20-day moving average (MA) of 0.86, below the 50-day MA of 0.84, and above the 200-day MA of 0.69, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 24.96 is Positive, neither overbought nor oversold. The STOCH value of 3.30 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:E3B.

Wee Hur Holdings Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
E3B	70 Outperform	S$671.05M	10.01	4.06%	11.07%	5.49%	-86.00%
S56	66 Neutral	S$597.22M	6.44	16.35%	7.98%	16.82%	62.71%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
F83	60 Neutral	S$515.03M	68.26	1.18%	―	6.34%	160.00%
J2T	60 Neutral	S$217.64M	12.46	7.27%	4.29%	-4.42%	-46.97%
ER0	50 Neutral	S$205.64M	―	2.01%	3.47%	62.31%	―

Wee Hur Holdings Ltd. Corporate Events

Wee Hur’s FY2025 Profit Climbs on Broad-Based Growth and Strong Orderbook

Wee Hur Holdings reported a 27% rise in attributable net profit to S$68.4 million for FY2025, as revenue jumped 47% to S$295.4 million on stronger contributions from its property, construction, workers’ dormitory and management platform segments. Adjusted net profit more than doubled to S$105.5 million on improved margins and core operating performance.

The group’s medium-term visibility was bolstered by major project wins that expanded its construction orderbook to about S$672.5 million, extending project coverage through FY2029. Recurring income also strengthened with a 66% increase in capacity at its Pioneer Lodge workers’ dormitory, and the board proposed a final tax-exempt dividend of S$0.01 per share, bringing total FY2025 dividends to S$0.015 per share.

The most recent analyst rating on (SG:E3B) stock is a Buy with a S$0.99 price target. To see the full list of analyst forecasts on Wee Hur Holdings Ltd. stock, see the SG:E3B Stock Forecast page.

Wee Hur Places Dormant Associated Company Fernvale Green Into Voluntary Liquidation

Wee Hur Holdings Ltd. has placed its dormant associated company, Fernvale Green Pte. Ltd., into members’ voluntary liquidation under Singapore’s Insolvency, Restructuring and Dissolution Act 2018, via its wholly owned subsidiary Wee Hur Property Pte. Ltd. The company stated that the winding up of this non-operating entity is not expected to have any material impact on the Group’s net tangible assets or earnings per share for the financial year ending 31 December 2025, and that none of its directors or controlling shareholders has any interest in the liquidation beyond their shareholdings in Wee Hur.

The most recent analyst rating on (SG:E3B) stock is a Hold with a S$1.00 price target. To see the full list of analyst forecasts on Wee Hur Holdings Ltd. stock, see the SG:E3B Stock Forecast page.

Wee Hur Completes Grenfell PBSA Disposal, Retains 20.16% Indirect Stake via Fund Structure

Wee Hur Holdings has completed the disposal of its Grenfell Property in Australia by its subsidiary ACUD to Grenfell Trust, as part of its broader PBSA fund platform strategy involving Wee Hur PBSA Fund III A (WHF3A) and Wee Hur PBSA Fund III B (WHF3B). The total consideration, to be received in two tranches combining cash and promissory notes, amounts to A$16.83 million, with the first tranche paid upon completion on 17 December 2025 and the second tranche due by 31 January 2026; legal title to the property is expected to pass to Grenfell Trust upon registration. Following subscriptions into WHF3A and WHF3B and the completion of this disposal, Wee Hur will retain an indirect 20.16% stake in the underlying head trust that owns the asset, enabling the group to recycle capital while maintaining a meaningful ongoing exposure to the PBSA asset and associated income streams.

The most recent analyst rating on (SG:E3B) stock is a Hold with a S$1.00 price target. To see the full list of analyst forecasts on Wee Hur Holdings Ltd. stock, see the SG:E3B Stock Forecast page.