Think of Kin Global as an event management company and they specifically do sports event. It helps its clients organise events from end to finish, and also design and build structures and fixtures to enhance the value and appeal of the events.

Most of its revenue is derived from Singapore, where it makes up 98.6%. However, they also provide services to the United Kingdom, Ireland, Denmark and others.

It has successfully organised events such as:

The company has undergone some interesting changes in their business strategy in the past year (2025).

Firstly, Kin traditionally, was purely an events delivery and management company before 2024. However, it has gone up the value chain by offering design and build services for clients who are interested to enhance the value of their events further.

Two of its projects are from the World Aquatics Championship Singapore 2025.

Why is this important?

Kin’s design and build segment drove most of the increase in its revenue in the first 9 months of 2025. Revenue grew by 8 times from SG$6.5 million in 2024 to SG$48.9 million in 9M 2025.

Most importantly, this helped to buffer Kin from a downturn in its event planning and management side of the business.

So, it is not accurate to think of Kin as purely an event management company now. We need to think of it as a partner delivery partner that provides event enhancement services to its clients through designing and building new structures and fixtures.

Kin is planning to raise up to SG$9.2 million from its IPO. Most of it will be used for mergers and acquisitions, and joint ventures.

How is Kin approaching its M&A, joint ventures and strategic alliances?

There are two important points to take note here.

Firstly, its shift to the design and build segment means that it also intends to be owner (or joint owners) of sports-related intellectual property. The most efficient way to do this is to collaborate or merge with other players in the industry to take on larger scale projects.

Secondly, it is also trying to broaden the its service offerings to other sectors in the MICE, entertainment and content producing industries.

It will be pursuing its M&A, JV and strategic alliances activities according to these principles here.

2025 is undoubtedly the best year for Kin. In the 9 months of 2025, Kin’s revenue has already nearly tripled to SG$56.4 million. Meanwhile, profits also more than doubled to SG$4.0 million.

Most of this increase was driven by its design and built segment, where Kin’s traditional event management segment has seen a downturn.

2025 results need further context …

However, there is more to the story. While its revenue growth was impressive in 2025, this was driven mainly by the two big projects it is doing for the World Aquatics Championship Singapore.

This client contributed 76.5% of Kin’s revenue in 9M 2025. It is unclear whether this client will be a consistent contributor to Kin’s long-term revenue.

At the moment, Kin has two major clients - World Aquatics Championship Singapore (Customer A) and Singapore’s national authority (Customer C) that manages museums.

This will be an important risk to consider for Kin, as it focuses more of its resources to be a design and build company.

How sustainable will be its orderbook for new and existing clients? We will look at this in the risks section later on.

It’s hard to analyse its operational metrics at this point as it now has two different business segments with vastly different cost structures.

It depends on how you look at the trade-off between its revenue potential and profit margins.

As a result, Kin’s gross profit margin as a whole has declined from its peak of 31.8% in 2022 to 16.3% in 2025. However, it has achieved a CAGR growth of 94.4% in the same period.

How to make sense of this?

The trade-off between revenue growth and profit margins is straightforward if we look at its from the perspective of a growing or mature company.

A mature company typically focuses on profitability and profit margins as its revenue growth stage is already past. It’s time to focus on consolidating its position in the market and maximise its value to investors.

However, if it is a growing company, the choice is simple - revenue growth to grab market share. It is common for these companies to pursue aggressive expansion plans and grow their revenue in the short-term.

Kin Global in our opinion, is a growing company. Its expansion plans are clear from its use of its IPO proceeds (mainly for M&A and joint ventures for new opportunities). The strong revenue growth from its design and build segment in 2025 serves as an important benchmark of how Kin is planning to grow its business.

Let’s talk about size and Kin’s market position first. According to its prospectus, Kin is the largest sports event management company in Singapore with an estimated 17% market share in 2024.

As the prospectus didn’t reveal what companies there are, we have compiled a list of event management companies (regardless of sectors) in Singapore that we think are the closest listed competitors to Kin. They include:

Kin’s revenue growth from 2022 to 2025 and profit margins seemed to be higher than its competitors here.

Kin’s bread and butter is still within the sports event management industry. And it is projected to grow by a CAGR of 5.7% from US$110 million in 2025 to US$137 million by 2030.

The sports event industry in Singapore is ultimately tied to the prospects of inbound tourism spending. They form the core audience for spectator sports and live entertainment, and is projected to grow at a CAGR of 7.7% from 2025 to 2029.

There are some key government policies that will directly influence the development of the sports event industry such as:

Kin Global has three main risks that investors should be aware of.

Firstly, Kin’s strategy to shift to design and build will come with execution risks. While its 2025 projects in World Aquatics Championship Singapore contributed to revenue significantly, they are of lower profit margins compared to their bread and butter, event management services.

These projects, in our view, are one-off for now, and requires Kin to actively scour for new clients and bid for new projects. There could be years that revenue and profits are down while it bid for new projects.

Kin’s prospectus flagged this risk as

“Generally, our business is primarily project-based, and most of the contracts that are awarded to our Group are for one-off projects, and not multi-year recurring projects. Consequently, our earnings may be uneven or lumpy depending on the timing and scale of projects completed in any given financial period.”

Secondly, Kin’s execution of its projects depend heavily on its management and executive directors expertise and network.

Thirdly, its design and build segment is exposed to the risks of project cost overruns, that its event management segment is not so exposed to. It would need to work with multiple stakeholders for bigger projects, and could also be exposed to reputational risks from its partners.

Kin Global represents an opportunity for investors to ride its high-growth but also high-risk prospects in the sports event management industry. It has also cited potential expansion into other industries such as MICE and entertainment, that could diversify its revenue sources.

As Singapore is emphasizing event-driven tourism, Kin Global could potentially benefit from this trend if it is able to do the right deals with the right partners to bid for larger projects.

However, there are risks. Design and build projects are prone to cost overruns and lower profit margins, and Kin’s ability to execute is tied closely to its management and executive directors’ experience and expertise.