{"id":87923,"date":"2026-04-17T15:21:39","date_gmt":"2026-04-17T07:21:39","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=87923"},"modified":"2026-04-17T15:21:39","modified_gmt":"2026-04-17T07:21:39","slug":"company-report-kin-global-limited-kin-sp-kin-si","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/researchstg\/company-report-kin-global-limited-kin-sp-kin-si\/","title":{"rendered":"Company Report: Kin Global Limited. (KIN SP\/KIN.SI)"},"content":{"rendered":"\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\">Company Update: 17 April 2026<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Capturing Kinetic Growth in Singapore Sports Events<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Market leadership underpins the core earnings base. <\/strong>Kin is Singapore\u2019s largest sports events management company, with an estimated 17.3% market share in 2024 and a strong track record across high-profile international events. Its repeat-customer and repeat-event exposure supports earnings visibility and reinforces its position as a trusted execution partner in a project-driven industry.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">Strong Growth in 9M25<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Kin delivered revenue of S$56.5mn in 9M25, up materially from S$19.6mn in FY24, driven by strong momentum in the D&B segment. While this supports the case for a broader revenue base and larger project scope, it also introduces greater execution, margin and working-capital complexity due to milestone-based project delivery.<\/p>\n\n\n\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\"><strong>Favourable Business Environment<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Singapore continues to strengthen its position as a premium destination for sports, entertainment and business events, supported by tourism growth, venue expansion and a robust pipeline of major developments. Against this backdrop, Kin is well placed to benefit from both sector tailwinds and a broader internal project mix, with design-and-build complementing its established sports-event execution base.<\/p>\n\n\n\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">Valuation & Action<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">We initiate an <strong>OUTPERFORM<\/strong> rating on KIN with a target price of <strong>S$0.28<\/strong>\/share, based on a blended multiples valuation framework FY28 EV\/EBITDA, EV\/OI and forward P\/E, discounted back at a 10.0% WACC. Our valuation gives Kin credit for its leadership in Singapore sports event delivery and the scaling potential of its design-and-build segment, while remaining disciplined given its project-based earnings profile and limited recurring revenue. In our view, Kin\u2019s market leadership, net cash position and broader events exposure support an attractive medium-term return profile.<\/p>\n\n\n\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">Risks<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Project-based revenue volatility, execution and margin risk in design-and-build, working-capital intensity, dependence on subcontractors and external partners, event postponement\/cancellation risk, and slower-than-expected commercial returns from strategic investments such as IMBA.\u00a0<\/p>\n\n\n\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-luminous-vivid-orange-background-color has-background wp-element-button\" href=\"https:\/\/www.kgieworld.sg\/securities\/resources\/ck\/files\/docs\/research\/KIN%20PRODUCTION_INITIATION%20(1).pdf\" target=\"_blank\" rel=\"noreferrer noopener\"> Read Full Report<\/a><\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/t.me\/kgisg\"><img fetchpriority=\"high\" decoding=\"async\" width=\"760\" height=\"208\" src=\"https:\/\/www.kgieworld.sg\/researchstg\/wp-content\/uploads\/2021\/04\/subscribegif.gif\" alt=\"Subscribe Now\" class=\"wp-image-3937\"\/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market leadership underpins the core earnings base. Kin is Singapore\u2019s largest sports events management company, with an estimated 17.3% market share in 2024 and a strong track record across high-profile international events. Its repeat-customer and repeat-event exposure supports earnings visibility and reinforces its position as a trusted execution partner in a project-driven industry.<\/p>\n","protected":false},"author":1,"featured_media":87924,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[14],"tags":[],"class_list":["post-87923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-reports"],"aioseo_notices":[],"uagb_featured_image_src":{"full":["https:\/\/www.kgieworld.sg\/researchstg\/wp-content\/uploads\/2026\/04\/Kin-Global-Limited.-KIN-SPKIN.SI-Logo.png?wsr",1024,555,false],"thumbnail":["https:\/\/www.kgieworld.sg\/researchstg\/wp-content\/uploads\/2026\/04\/Kin-Global-Limited.-KIN-SPKIN.SI-Logo-150x150.png?wsr",150,150,true],"medium":["https:\/\/www.kgieworld.sg\/researchstg\/wp-content\/uploads\/2026\/04\/Kin-Global-Limited.-KIN-SPKIN.SI-Logo-300x163.png?wsr",300,163,true],"medium_large":["https:\/\/www.kgieworld.sg\/researchstg\/wp-content\/uploads\/2026\/04\/Kin-Global-Limited.-KIN-SPKIN.SI-Logo-768x416.png?wsr",768,416,true],"large":["https:\/\/www.kgieworld.sg\/researchstg\/wp-content\/uploads\/2026\/04\/Kin-Global-Limited.-KIN-SPKIN.SI-Logo.png?wsr",800,434,false],"1536x1536":["https:\/\/www.kgieworld.sg\/researchstg\/wp-content\/uploads\/2026\/04\/Kin-Global-Limited.-KIN-SPKIN.SI-Logo.png?wsr",1024,555,false],"2048x2048":["https:\/\/www.kgieworld.sg\/researchstg\/wp-content\/uploads\/2026\/04\/Kin-Global-Limited.-KIN-SPKIN.SI-Logo.png?wsr",1024,555,false]},"uagb_author_info":{"display_name":"admin","author_link":"https:\/\/www.kgieworld.sg\/researchstg\/author\/admin\/"},"uagb_comment_info":0,"uagb_excerpt":"Market leadership underpins the core earnings base. Kin is Singapore\u2019s largest sports events management company, with an estimated 17.3% market share in 2024 and a strong track record across high-profile international events. Its repeat-customer and repeat-event exposure supports earnings visibility and reinforces its position as a trusted execution partner in a project-driven industry.","_links":{"self":[{"href":"https:\/\/www.kgieworld.sg\/researchstg\/wp-json\/wp\/v2\/posts\/87923","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kgieworld.sg\/researchstg\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kgieworld.sg\/researchstg\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/researchstg\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/researchstg\/wp-json\/wp\/v2\/comments?post=87923"}],"version-history":[{"count":0,"href":"https:\/\/www.kgieworld.sg\/researchstg\/wp-json\/wp\/v2\/posts\/87923\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/researchstg\/wp-json\/wp\/v2\/media\/87924"}],"wp:attachment":[{"href":"https:\/\/www.kgieworld.sg\/researchstg\/wp-json\/wp\/v2\/media?parent=87923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/researchstg\/wp-json\/wp\/v2\/categories?post=87923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/researchstg\/wp-json\/wp\/v2\/tags?post=87923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}