ATTIKA SP / 53W.SI
Scaling into data centres and public-sector infrastructure
Construction & Engineering
Attika is moving beyond conventional office fit-out into data centres, clean rooms, public infrastructure and larger commercial packages. FY26E revenue is forecasted to rebound 46.3% YoY to S$54.9m, supported by c.S$76m of order book Feb’26.
The c.S$20.8m data-centre fit-out award gives Attika a more relevant reference base in mission-critical interiors and MEP-linked packages. We estimate data-centre revenue rises to S$20.8m in FY26E, with project margins above standard fit-out work.
The L6 interior decoration workhead removes public-sector tender value limits, while Attika’s in-house carpentry, metal fabrication and MEP execution improve control over quality, scheduling and cost leakage. This underpins our assumption that gross margin can hold around 20-21% despite larger project scale.
We initiate coverage on Attika Group with an OUTPERFORM rating and a 12-month target price of S$0.312, derived from a DCF-based fair value. Our DCF assumes an enterprise value of S$91.4m and equity value of S$84.2m, implying 89.2% upside from the current share price of S$0.165. Peer multiples are used as a secondary check given Attika’s short-listing history, micro-cap liquidity and project-based revenue recognition.
Key downside risks include (i) execution delays or rework on larger commercial, data centre and clean-room projects; (ii) margin compression from tender competition, labour inflation, subcontractor pricing or fixed-price procurement risk; (iii) slower order replenishment after the FY26-27E pipeline converts; and (iv) small-cap liquidity, customer/project concentration and working-capital drag from receivables, contract assets and retention balances.
