With over 40 years in the shutter industry, GDS Global is embarking on a new phase of growth, bolstered by organic expansion and M&A strategies. Chairman Tang Hee Sung, appointed in 2023, reveals his approach to streamlining operations, scaling efficiently, and why he believes this overlooked Catalist stock is worth revisiting.
Despite its long-standing presence since 1982, GDS Global remains under the radar. No analyst coverage. Minimal media mentions. Yet if you’ve walked through Marina Bay Sands, Resorts World Sentosa or Seletar Aerospace Park, you’ve probably walked past GDS Global’s work without noticing it.
Listed in April 2013, GDS Global is a leading specialist provider of commercial and industrial door and shutter solutions in Singapore and Southeast Asia, where some of its major customers have been with them since the 1990s.
Operating under the brand name “Gliderol”, GDS Global runs one of the largest manufacturing facilities in Singapore (approximately 7,800 sqm). The facility is capable of producing between 2,000 and 4,000 doors and shutters annually, depending on the product type.
With over 40 years of operating history, the company has built a technology-driven edge through its in-house engineering capabilities. It is the first manufacturer in Singapore to offer steel-insulated fire shutters with an insulation value of up to 240 minutes.
GDS Global is also the developer of the world’s first blast-mitigating roller shutter door, which minimises hazardous debris during explosions, and a storm-resistant shutter capable of withstanding wind speeds exceeding 200km/h, comparable to Category 3 hurricanes.
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These premium engineered solutions set GDS Global apart from standard shutter manufacturers. Such premium shutter solutions are designed not just as access systems, but as protective infrastructure solutions.
In many countries, this distinction matters. Under Singapore’s Infrastructure Protection Act, owners of designated critical infrastructure, including energy facilities, transport nodes, data centres and certain industrial installations, must ensure that their property assets are resilient against security threats and physical hazards.
This has raised compliance standards across various sectors, particularly for fire-rated systems. GDS Global’s patented insulated fire shutters and blast-mitigating shutters are engineered to meet such stringent performance and safety requirements.
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In many ways, these access systems are invisible but essential infrastructures, quietly ensuring that buildings remain compliant, operational, and safe during emergencies.
Most recently, there has been a positive shift in momentum. The company’s revenue increased 70%, and its net cash from operating activities turned positive in its most recent financial year ended Sept 30, 2025. Organically, the group is gaining traction in its domestic and international expansion efforts.
As part of a wider growth strategy, it is now pursuing M&A acquisitions that will enhance financial performance and unlock opportunities to significantly increase revenue potential and order book.
After taking a strategic stake in GDS Global, Tang joined as Non-Executive Chairman in November 2023 and comes from the property and construction world, where he has spent over 16 years as CEO of Teambuild Land group of companies.
What drew him most to GDS Global was understanding the customer side: when contractors or consultants are specifying doors and shutters for a project, they care about reliability, compliance, and cost efficiency — areas where he knew GDS Global could improve.
In the 14 months since he took the chair, the work has been unglamorous but deliberate: redefining pricing strategy for different markets, improving operational efficiency, renegotiating supplier terms, consolidating procurement to get better pricing, and partnering with overseas manufacturers to handle larger projects without ballooning fixed costs.
“GDS Global has over 40 years of operating history, strong engineering capabilities, and patented premium shutter products that have established the group as a recognised specialist in the industry. However, its business performance has been affected by challenges in recent years, and thankfully, our improved results show that our efforts and strategy are on the right track to creating more positive momentum ahead,” he says.
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Technology edge
Distinct from its peers, GDS Global has a dedicated, in-house R&D team focusing on the innovation of industrial doors and shutters that caters to evolving demand trends. “We compete on product differentiation and compliance,” adds Tang. This creates a barrier to entry; competitors cannot just undercut on price if they do not meet the compliance standards.
Data centres, logistic hubs, aerospace facilities and coastal industrial installations increasingly require certified high-performance shutters rather than generic rolling doors. “These are not discretionary upgrades,” says Tang. “They are becoming compliance and risk management requirements.”
Strategic alliances
In addition to its domestic growth strategy, GDS Global is pursuing strategic alliances with world-class partners, leveraging global distribution networks to expand its international reach.
In October 2024, the group signed a partnership with Blast Resource Group to distribute GDS’s blast-mitigating shutters in the US. In February, the group recently signed an exclusive two-year distributorship agreement with ARA Manufacture Metalbilt, New Zealand’s leading industrial and commercial door system designer and manufacturer, to distribute Gliderol’s premium product range, including insulated fire shutters.
The maiden export of Gliderol Storm Shutters to Qatar Master Group W.L.L. in March. This marks the group’s first deployment of its high wind pressure-resistant storm shutters in the Middle East. These were installed at a semi-government shipyard in Qatar.
These partnerships underscore GDS Global’s strategy of collaborating with established local market leaders, rather than building overseas infrastructure from scratch.
“International expansion requires the right distribution partner and ensuring compliance with local standards,” says Tang. “As demand for premium shutters continues to grow globally, we believe that the group is well-positioned to work with our global partners to serve our targeted customers’ needs.”
Maintaining positive momentum
Despite its long history, consistent profitability has remained a challenge. For investors, it is the elephant in the room. Tang does not shy away from discussing it. He points to strong revenue growth of 70% and positive operating cash flow of $0.85 million in FY2025, calling it “a turnaround in progress.”
But he also acknowledges that achieving positive cash flow is different from maintaining consistent profitability. He points to specific targets: “Coupled with our organic business initiatives, with targeted acquisitions bringing defined profit targets of $3.16 million in FY2026 and $4.55 million in FY2027, we believe that the group’s business performance has strong potential to strengthen meaningfully over the next two years.”
With more than 40 years of relationships with contractors and blue-chip customers, Tang notes that approximately 15% of revenue comes from maintenance and servicing, providing recurring engagement rather than one-off project sales.
Acceleration of growth via M&A
GDS is also targeting two acquisitions — Integrated Aluminium and Asiabuild Metal Engineering — for $30 million. The goal: to transform GDS from a specialist shutter maker into a full-fledged solutions provider within Singapore’s construction sector.
Integrated Aluminium specialises in architectural aluminium products such as façade works, curtain walls and cladding systems, while Asiabuild focuses on structural steel and metal works products.
Tang sees this as the structural pivot. This is about building a more resilient business model rather than remaining a niche manufacturer. GDS Global aims to embed itself deeper into project value chains.
Rather than relying on a single product category, the company is integrating capabilities across adjacent engineering disciplines. This approach brings immediate earnings growth through defined profit targets, cross-selling opportunities, and enhanced economies of scale.
The investor pitch
Tang’s pitch is straightforward. “If you look at GDS Global today, you are not looking at a start-up story,” he says. “You are looking at a specialised 40-year-old business with innovative products that has turned around and is firmly back to profitability with a healthy balance sheet and zero borrowings.”
Tang continues to emphasise tighter cost discipline, refined pricing strategy, and a more scalable operating model. He says: “A long-established business, stronger operational discipline, scalable growth model organically, differentiated products, with inorganic growth initiatives to accelerate growth trajectory.”
“The focus now is disciplined execution: improving operations, scaling sustainably, and strengthening earnings quality over time.”
From his view, the next chapter of GDS Global is not about reinvention, but about smart, disciplined growth driven by engineering expertise, regulatory insight and seamless integration.
About GDS Global
GDS Global Limited (SGX: 5VP) is a Singapore-based, leading provider of customised commercial and industrial door and shutter solutions across Southeast Asia, established in 1982. They manufacture and install high-quality fire-rated shutters, security roller shutters, and hangar doors, serving sectors like manufacturing and logistics, including notable installations at Marina Bay Sands.
About kopi-C: The Company Brew
kopi-C is a regular column by SGX Research in collaboration with Beansprout, a MAS-licensed investment advisory platform, that features C-level executives of leading companies listed on SGX. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.
