MAGH | Market Cap: $225.4M (12/05/25)
Industry:
Commercial Services
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DESCRIPTION

Magnitude International provides electrical installation services for construction projects in Singapore, operating through two subsidiaries: BNL, which focuses on greenfield electrical installations in new residential and public sector buildings, and Herlin, which specializes in brownfield alteration and addition (A&A) work — electrical upgrades and rewiring in existing buildings, particularly hotels, hospitals, and retail. Core services span the full project lifecycle, from design and planning through installation, testing, and certification of systems including power distribution, generators, transformers, switchgear, lightning protection, and fire alarms. Magnitude acts as the main electrical subcontractor, winning work through competitive tender or direct quotation from main contractors and property developers, then subcontracting the most labor-intensive installation work to third parties. Contracts are priced on a cost-plus basis, with revenue recognized progressively as work is completed. The business carries meaningful working capital demands — Magnitude fronts startup costs before receiving payment, and customers withhold a 5% retention sum released in stages after project completion. Revenue is concentrated and lumpy, with the top five customers typically accounting for around 76-88% of annual revenue and the single largest project representing roughly 17-25% of annual revenue. Magnitude's growth priorities include achieving a Grade L6 BCA license to bid on larger public sector contracts, expanding into recurring maintenance and repair services, and exploring regional expansion into markets like Malaysia and Cambodia.

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