Tiong Seng (K2P.SG) +3.8% at $0.275, highest level since April listing, with construction and property development group latest to join recent rally among Singapore small caps. Volume also highest in 5 months, according to Dow Jones.

“Backed by an outstanding orderbook of US$1.1 billion ($1.5 billion), Tiong Seng’s construction business looks set to pick up momentum,” says Kim Eng Securities, which has no rating.

Notes orderbook, to be recognised over next 12-30 months, highest among peers, with Tiong Seng’s four residential projects in China further supporting earnings visibility as these developments scheduled to complete over next five years.

Despite current gains, stock still unchanged from $0.28 IPO price, as interest since listing mostly lackluster due to small market cap, short listing track record. Orderbook quotes suggest price may test $0.29.