To Yik, Wee Hur’s worker’s dormitory segment remains a “key growth driver” with higher rental rates in FY2024 and a higher bed capacity expected to materialise by the end of FY2025. The group’s second purpose-built dormitory (PBD), Pioneer Lodge, is its second one with 10,500 beds. It is expected to be partly operational by 1Q2025 and fully operational by the end of this year.
PhillipCapital analyst Yik Ban Chong has initiated a “buy” call on Wee Hur Holdings (SGX:E3B
) with a target price of 62 cents.
The investment holding company was listed on the Mainboard in 2008. Its operating segments include building construction, workers’ dormitory, property development, fund management and purpose-built student accommodation (PBSA) operations. Building construction was the largest contributor to Wee Hur’s revenue in the 1HFY2024 ended June 30, 2024, at 41% followed by workers’ dormitory, which contributed 39%.
