[Obayashi] Asia — Singapore and Thailand Anchor ¥271.1bn

Note: This article is a factual summary based on Obayashi Corporation’s published IR material (Investors’ Guide, June 2026 edition). It is not a recommendation to buy or sell any security. Figures are as of the publication of the source material. Investment decisions are your own responsibility.

After North America, Asia is Obayashi’s second overseas growth engine — but the playbook has been different. Where North America expanded chiefly through acquisitions, Asia’s ¥271.1bn of FY2025 consolidated net sales was built the slow way: opening representative offices and standing up local subsidiaries market by market, over more than five decades. This page of the Investors’ Guide 2026 covers the region’s current footprint, the history behind it, and how that history compares with Obayashi’s other major overseas growth market.

The Asia business, company by company

Obayashi’s Asia business runs through five local group companies — in Singapore, Thailand, Indonesia, Taiwan, and Vietnam — plus the non-consolidated parent’s own direct work in the region, coordinated from the Asia-Pacific Regional Headquarters in Singapore. The company states that in Asia it seeks to strengthen local business foundations and differentiate its subsidiaries by developing collaborative cross-border mechanisms centered on that regional headquarters, with the explicit goal of securing stable earnings. FY2025 net sales by company were as follows.

Company	Main business	FY2025 net sales
Obayashi Singapore	Building construction and civil engineering	¥137.7bn
Thai Obayashi	Building construction and real estate business	¥82.9bn
Jaya Obayashi	Building construction	¥22.8bn
Taiwan Obayashi	Building construction	¥13.0bn
Obayashi Vietnam	Building construction	¥8.2bn
Obayashi Corporation (non-consolidated)	Building construction and civil engineering	¥7.8bn

Obayashi Singapore is the largest of the group by a clear margin, and — alongside the non-consolidated parent itself — one of only two entities in the region that combine both building construction and civil engineering work. Thai Obayashi is the only one with a real estate business line attached to its construction work. The accompanying map plots these operations across the region: five group-company locations (in Taiwan, Thailand, Vietnam, Singapore, and Indonesia) alongside additional branch and office locations feeding into them, all radiating out from the Asia-Pacific Regional Headquarters in Singapore.

From a Bangkok rep office to a regional headquarters

Obayashi’s presence in Asia goes back further than any of its other overseas markets. The company opened a representative office in Bangkok, Thailand in 1964 — its first overseas foothold anywhere — a year before it opened an office in Singapore. Over the following decades that early presence was converted, market by market, into permanent local operations.

• 1964 — Opened a representative office in Bangkok, Thailand
• 1965 — Opened the Singapore office
• 1972 — Established PT. Jaya Obayashi in Indonesia
• 1974 — Established Thai Obayashi Corporation Limited
• 2006 — Established Obayashi Vietnam Corporation
• 2007 — Commenced Taiwan Obayashi Corporation operations
• 2014 — Converted the Singapore building-construction division into a local subsidiary (Obayashi Singapore)
• 2019 — Established the Asia-Pacific Regional Headquarters in Singapore

The company describes its business scale in Asia as having steadily expanded, supported by the growth of these subsidiaries. Consolidated Asia business net sales moved as follows over the twenty years to FY2025.

	FY2005	FY2025
Asia business net sales (consolidated)	¥92.8bn	¥271.1bn

The climb wasn’t a straight line. The chart behind these two figures shows net sales dipping to their lowest point of the period around 2009, in the aftermath of the global financial crisis, before recovering — with a further shallow dip around 2020 — to reach ¥271.1bn by FY2025. Two footnotes on that chart are worth carrying over as well: the Asia figures exclude the Middle East, and they include some net sales from businesses other than the overseas construction business. A reference line converting the same series into US dollars is also shown, but the company labels it a simple translation at each fiscal year-end’s exchange rate, not an operating metric.

Organic growth, not M&A

It’s worth contrasting this with how North America reached its own — larger — FY2025 net sales of ¥564.7bn. That growth leaned heavily on acquisitions and new subsidiary formation packed into a much shorter window: Webcor (2007), Kenaidan (2011), J.E. Roberts Obayashi (2013), Kraemer (2014), MWH and E.W. Howell (2023), and GCON (2025). Asia’s expansion has no comparable acquisition list. Every company in the table above was either opened as a representative office or established as a new subsidiary by Obayashi itself, spread across five decades rather than concentrated in the last two. For investors comparing the two overseas regions, that difference in growth method — acquisitive scale-up in North America versus organic, market-by-market build-out in Asia — is as relevant as the revenue totals themselves.

Both regions sit inside the wider overseas construction business, which as a whole still runs at a thinner operating margin than domestic construction — see the company overview for how all of Obayashi’s segments compare, and the global network page for how Asia and North America fit into the group’s regional sales split.

This article is part of our complete breakdown of the Obayashi Investors’ Guide 2026. See the hub article for the full series.

Note: This article is a factual summary based on Obayashi Corporation’s published IR material (Investors’ Guide, June 2026 edition). It is not a recommendation to buy or sell any security. Figures are as of the publication of the source material. Investment decisions are your own responsibility.