FBGL | Market Cap: $8.0M (07/13/26)
Industry:
Commercial Services
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DESCRIPTION

Finebuild Systems (operating as FBS Global) is a Singapore-based interior fit-out and construction contractor with over 20 years of operating history. The company's core work is interior fit-out — primarily drywall partition systems, false ceilings, and related finishing works — for hospitals, commercial developments, and public infrastructure. Finebuild also takes on broader construction work as a main contractor, including additions and alterations and retrofitting of existing structures. The company positions itself as a "green contractor," pursuing projects that qualify for Singapore's BCA Green Mark certification, which helps Finebuild qualify for government and institutional tenders. Finebuild wins work through competitive tenders, operating either as a subcontractor to large main contractors or directly as a main contractor. Customer concentration is notable — in FY2025, Penta-Ocean Construction and Hyundai Engineering & Construction together accounted for roughly 84% of revenue. Revenue is recognized on a percentage-of-completion basis under fixed-price contracts, with customers paying progress payments as work advances. Margins are inherently lumpy given the project-based nature of the business. Between September 2024 and February 2026, Finebuild was awarded eight contracts with a combined value of S$104.8M. Finebuild completed a Nasdaq IPO in February 2025 and is pursuing geographic expansion into Hong Kong, Macau, and mainland China through a planned acquisition, though that transaction had not yet closed as of the most recent filing.

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