OKP Holdings

[weijian]

Another win for OKP on this niche high margin project. Based on the 2024 ST article, LTA has tendered out 4 CPN projects since 2023 (inclusive of the current one for the east region AM205) and it seems OKP has won all 4! 

The prior 2023 wins provided a ballast since 2H23 and will be largely completed in 2025. This new one is much larger in size but will be spread out over a longer time (~6years compared to the 3years for the prior projects)

OKP’S WHOLLY-OWNED SUBSIDIARY SECURES RECORD S$258.3 MILLION CONTRACT FROM LTA FOR THE CONSTRUCTION OF NEW CYCLING PATHS FOR EAST REGION

- Sizeable contract encompasses design and construction of Cycling Paths for East Region (AM205)
- 72-month contract commenced in May 2025, and is expected to be completed by May 2031

OKP’s wholly-owned subsidiaries were awarded four LTA contracts for the construction of CPN, totalling S$617.8 million. This comprises the aforementioned S$258.3 million contract for the construction of new CPN in the East Region (AM205), a S$92.9 million contract for the construction of CPN in Western Singapore (AM201), a S$78.3 million contract covering the regions of Central, Kallang, Bukit Merah and Bukit Timah (AM202), and a S$188.3 million contract for works across seven towns in the East Region (AM120)

https://links.sgx.com/FileOpen/LTA%20Con...eID=847571

2024 ST article on CPN tendered out by LTA
https://www.straitstimes.com/singapore/t...st-by-2030

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OKP@94cents

Thanks WJ for sharing the news.

FY24, OKP won 5 tenders and we should expect more announcements.

I find that OKP website and annual reports contains quite a lot of information on it's business.

For those valuebuddies who are busy, hope that you could take some time to visit the 10 questions in SGX website:
(link to SGX)



Enjoy sheltered walkway umbrella free:


Gratitude!

[Big Toe]

I asked ChatGPT for the cost of all the Urban Cycling Path and PCN and this is what I get.
Total Estimated Cost (as of 2025)
Network Component Estimated Cost
Park Connector Network (PCN) S$500M–S$700M
Cycling Path Network (Urban) ~S$2B+
Total Combined Investment ~S$2.5B–S$3B+

Summary:
Each Singapore citizen is effectively “paying” S$700–S$830 for the full national cycling and PCN infrastructure.
This is a one-time cumulative cost over decades, not an annual tax.

To me, 700-800+ sounds reasonable as it is cumulative cost for such an extensive network.

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OKP@104cents

H1 result just released tonight: (link to OKP website)

Rev $104m +41%
GP  $ 32m  +54%
NP  $ 19m  +56%

Company Outlook and Order Book Update
Looking ahead, the Group is cognisant of the headwinds facing the global economy, given heightened trade tensions resulting in disruptions to supply chains and geopolitical risks.

Nevertheless, the Group remains focused in building a sustainable and resilient business to navigate challenges effectively.

Enjoy & compare to new BKK covered walkway



Gratitude!

[¯|_(ツ)_/¯]

OKP@112cents

Today, OKP announcement on selling two adjoining two-storey shophouse for $14,880,000 at a loss of $950,000 to be recorded in financial year ending 31 Dec 2025.

There should not be material impact to NTA or EPS and the proceed will be use for general working capital. 

(link)

Enjoy:


Gratitude!

[weijian]

There are multiple things to unpack here.

(A) It probably make sense to focus on Spore ops. I do remember AGT Partners cajoling local construction firms to use the current construction boom as a golden opportunity to expand overseas. Expansion is easy but profitability is much harder, and collecting payments is hardest. So I suppose it is better (and more comfortable) to position and benefit from SG gov contracts instead.

(B) As per AR24, the controlling shareholders own ~55% of the company and the 2nd largest shareholder CS International owns ~14%. So for any privatization to have a shot at success, CS International has to accept the offer. Google "CS International" and the infamous "88 Queensway Group" pops up (I just love how Gemini makes gathering information so much easier now). In the current construction boom and under current rules, it isn't going to be cheap. It might be better to continue to make money, pay salaries, pay out some of the surplus as dividends and use the remainder to diversify into properties. After all, the ~44% minorities are helping to build your property portfolio.

OKP poised to benefit from Singapore construction boom, backed by S$136.7 million in cash

He noted that until just recently,  OKP  : 5CF +0.6% never saw construction contracts with such high values being awarded in Singapore – an estimated S$50.5 billion in contracts were allotted in 2025. And in 2026, construction contracts worth S$47 billion to S$53 billion across the public and private sectors are slated to be awarded.

As at November 2025, the group’s order book stood at S$615.9 million. This includes a Land Transport Authority cycling path network project worth S$258.3 million that was awarded last May. “We want to have a war chest that allows us to do things that we want to do in the event opportunity arises,” said Or. He added that OKP has submitted several bids that are pending results, and plans to tender for additional projects.

For now, venturing abroad is off the table. The executive director said earlier attempts did not proceed, as OKP was wary of political and foreign exchange risks, as well as the loss of control that comes with subcontracting work overseas.

Citing the group’s “enjoyable” margins, he added: “To entice me to go (abroad), the margins would probably have to double, right? And (even if margins double), there’s no free lunch in this world.”

“The war chest that we have built over the decades allows us to stay very flexible when a crisis hits us, whether it is Covid, the Asian financial crisis, (the severe acute respiratory syndrome outbreak) or... the unfortunate incident that happened at PIE. Because of this, we are able to tide through.”

In the medium term, OKP needs cash to replace a factory whose lease is expiring; it currently houses a workshop and 150 workers.

As shareholders who were with OKP through the 2017 crisis might have realised, there is little risk that the group will be taken private, Or said, noting that while the company does not need to tap the capital markets at present, it prefers to stay listed.

“There are always people knocking on our doors (asking us) about privatisation. The bankers come and say: ‘Hey, I can finance your privatisation (for a low price)’... We are not interested. We listed in 2002; shareholders have been with us for so long.”

He added: “To (go) private at such a price wouldn’t be fair. We also don’t want to be seen as doing that. Remaining listed is not a bad thing.”

https://www.businesstimes.com.sg/opinion...llion-cash

[weijian]

SIAS's first question is probably the most important (and that on every OPMI's mind). OKP hasn't answered it directly - The absence of a direct answer itself is revealing, but I suppose the Ors know it at the back of their mind (and every night). So the lack of a direct response is probably because they are not foolish enough to attempt to publicly front-guess their biggest customer.

But since we have LLMs now, it is not too hard to get Gemini to estimate a probabilistic answer as italics below:

Upcoming ones:
East & North-East (Total) - 2030 (87km) / 2025 (55km)
Central / Bukit Merah / Timah - (Progressive by 2029) 60km
Western Sector - (From 2027) 40km
North-South Corridor - (From 2027) 21.5km

Remaining distance in early 2026 = 570km
Distance tendered but not built (based on Gemini) = 87 + 60 + 40 + 21.5 = 208.5
Est of distance that is still not tendered till 2030 completion = 570 - 208.5 ~ 360km.

The above estimate is for major distances and I believe the 1300km is inclusive of all the small ones as well. If we estimate anything from 50-100km for those minor ones, then we are probably looking at ~250-300km of CPN tenders left for OKP.

RESPONSE TO QUESTIONS FROM SIAS

Based on the CPN contracts already awarded by LTA, how much of the 1,300 km remains yet to be tendered?

Company’s response
Based on information available from LTA, there are currently more than 730 km of cycling paths in Singapore as at early 2026(1). This suggests that there is a remaining pipeline of approximately 570 km of cycling paths to be completed in order to meet the target of building 1,300 km of cycling paths in Singapore by 2030. However, as LTA has not publicly disclosed any specific details relating to the completed and uncompleted cycling paths, we are unable to comment on how much of the cycling paths have yet to be tendered.

https://links.sgx.com/FileOpen/Response%...eID=885046

[weijian]

An interesting merry-go-round of ownership...

First, CS International, a long time SSH of OKP sold ~10% to the Ors for 48.5cents per share. CS International reduced their stake to <5%.

Then the Ors acting as some sort of placement agent, placed out almost all the shares it bought from CS International for ~73.5cents to various parties. Their final stake post placement increased slightly from 54.91% to 55.33%. Great piece of business for the Ors!

AGT Partners has been disclosed as 1 of those parties who bought from the Ors at 73.5cents with their stake increasing >5%.

CS International sales: https://links.sgx.com/FileOpen/_From%203...eID=885185
The Or purchase and sales: https://links.sgx.com/FileOpen/_Form%203...eID=885181
AGT Partner increasing their stake: https://links.sgx.com/FileOpen/_eFORM3%2...eID=885187

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OKP@78cents

FY25 result was released two months ago on 24 Feb 2026 ( link )

Rev +22%
GPM +24%
NPM +33%
Div 2cents (consists of 0.7cents + 1.3cents special) Record date: 5pm 8 May 2026

Some notes:

• 3 for 4 bonus: On 12 February 2026, the Company issued 231,322,862 new shares pursuant to the bonus issue, the total number of issued shares of the Company increased from 308,430,594 shares to 539,753,456 shares.
  
• focus on building a sustainable and resilient business anchored on disciplined execution, prudent financial management and strong project delivery capabilities.
  
• In November 2025, secured a $22.6 million contract from JTC Corporation for infrastructure works at CleanTech Loop (Phase 2A) within the Jurong Innovation District. In May 2025, awarded a $258.3 million contract from the Land Transport Authority for the construction of new cycling paths for East Region in Singapore across 11 towns. As at 31 December 2025, the Group’s order book stood at $588.0 million, with projects extending till 2031.
  

Enjoy Mr Or sharing FY2025 results:
( link )

Gratitude !

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OKP@84cents

OKP SECURES S$165.3 MILLION CONTRACT FROM LTA (link to SGX)

Some notes:

• Design and construction of lift shafts at 30 existing POBs islandwide, as well as associated commuter infrastructure works, includes:
  lift lobbies, linkbridges, covered linkways and high covered linkways, roof covers to existing bridges,and other accessibility enhancements to improve connectivity for pedestrians and commuters.
• Enhancement works at certain existing POBs, addition and alteration works to existing lift shafts
  
• Construction of a new covered POB with lift access and covered linkways across the Tampines Expressway.
  
• The 48-month contract commenced on 25 May 2026.
  
• Group’s order book stands at S$760.7 million, with projects extending to 2031.
  

Gratitude!