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Excerpts from Maybank report
Analyst: Jarick Seet
ISOteam announced contract wins of SGD26.6m on 26 Jan 2026, bringing its orderbook up to SGD176.2m.
Management observed an increase in the pace of tenders being called and expects momentum to carry into 2026. |
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| Larger contracts to come |
Management is seeing a faster pace of contract awards, especially from the government sector and expects more to come.
We think that based on the historical rate, another SGD20-30m worth of orders could come in Mar 2026.
ISOTeam has an existing orderbook of SGD76.2m of which 80% is slated to be completed within the next 18 months.
| New drone testing to begin by 2Q26 |
ISOTeam is currently the only contractor with the drone solution locally, which could reduce costs by 30-40%.
This would position it well in terms of technology, lower labour use and costs as the Singapore government has long coveted the application of technology to reduce manpower.
ISOTeam will begin testing its AI drone-painting solution on an HDB site by 2Q26 and it will be rolled out to more estates, if successful.
We expect ISOTeam to report stronger FY26E profitability as several job recognitions have been delayed to 1H26E.  Jarick Seet, analyst
The speed of contracts wins also increased in recent months, which should contribute significantly to its FY26E earnings. |
→ Full report here
