Singapore SMID Caps Huationg Global

Research evidence excerpt

Singapore SMID Caps Huationg Global

11 June 2026

Singapore SMID Caps EquitiesSingapore

Huationg Global Singapore

◆ Huationg expects to double its order book to SGD1bn from Danelle Teo*

SGD535m today, with three to five expected project wins Associate,The HongkongASEANand ShanghaiEquity ResearchBanking Corporation Limited,

Singapore Branch

◆ Higher material costs largely contained due to the cost- danelle.t.y.teo@hsbc.com.sg

+65 66585497

sharing scheme with the government till July 2026

Joy Wang*

Head of ASEAN Equity Research and ASEAN Property

◆ Replenishing its high-margin dormitory business, with The Hongkong and Shanghai Banking Corporation Limited,

sufficient cash to pursue more opportunities joy.wang@hsbc.com.sg

+65 6658 0606

We hosted Huationg Global for a group investor meeting on 3 June 2026, attended

by the CEO, Patrick Ng, CFO, Tee Siow Hui and Douglas Ng, Business Manager. * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

We do not cover the stock; therefore we do not have a rating, nor are we commenting

on the investment merit of the company’s securities.

Beyond an A1 civil-engineering firm. Huationg’s core business is civil engineering

(93% of FY25 revenue), while it also ventures into inland logistics support (5%) ,

sales of construction materials (1%), and dormitory operation. The company has

moved away from low- to negative-margin MRT projects towards roads, earthworks

and drainage, where it targets 8-9% net margins. 95% of its projects are in the public

sector, with 5% from inland transport logistics. Its multidisciplinary approach and

vertical integration across raw materials and equipment position it well to bid for a

wide range of projects in Singapore.