🔥 Deluge IPO: Strong Demand,

🔥 Deluge IPO: Strong Demand, but Can Profits Recover?

$Deluge Corporation Limited(9DC.SI)$ attracted strong IPO demand, with its public tranche oversubscribed 11.97 times. However, the real question is whether it can turn orders into sustainable profits.

Deluge reported approximately S$433 million in outstanding orders, around 3.7 times FY2026 revenue. This provides visibility, but project costs and delayed payments could pressure cash flow.

FY2026 revenue declined 16.5% to S$116.66 million, while attributable profit fell 42.4% to S$8.68 million. Encouragingly, gross margin improved from 30.4% to 33.2%.

At S$0.60, the IPO price implies roughly 10 times historical earnings. I remain cautiously optimistic, but would prioritise earnings recovery and cash flow over IPO hype.

Strong orders attract attention; consistent profits create lasting shareholder value.

@SGX_Stars [龇牙]

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However, the real question is whether it can turn orders into sustainable profits.\nDeluge reported approximately S$433 million in outstanding orders, around 3.7 times FY2026 revenue. This provides visibility, but project costs and delayed payments could pressure cash flow.\nFY2026 revenue declined 16.5% to S$116.66 million, while attributable profit fell 42.4% to S$8.68 million. Encouragingly, gross margin improved from 30.4% to 33.2%.\nAt S$0.60, the IPO price implies roughly 10 times historical earnings. I remain cautiously optimistic, but would prioritise earnings recovery and cash flow over IPO hype.\nStrong orders attract attention; consistent profits create lasting shareholder value.\n<a href=\"https://ttm.financial/U/3527667673047996\"> @SGX_Stars </a> [龇牙]</body></html>","htmlText":"<html><head></head><body>🔥 Deluge IPO: Strong Demand, but Can Profits Recover?\n\n$Deluge Corporation Limited(9DC.SI)$ attracted strong IPO demand, with its public tranche oversubscribed 11.97 times. However, the real question is whether it can turn orders into sustainable profits.\nDeluge reported approximately S$433 million in outstanding orders, around 3.7 times FY2026 revenue. This provides visibility, but project costs and delayed payments could pressure cash flow.\nFY2026 revenue declined 16.5% to S$116.66 million, while attributable profit fell 42.4% to S$8.68 million. 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