Excerpt from CGS International Securities report.

Report Summary

• Lum Chang Creations (LUCC) secured S\$63.4m in new contract wins, bringing its orderbook to S\$160m and meeting 45% of the FY26 order win target.
• Revenue for FY26 is expected to be back-loaded, with lower 1HFY26 revenue due to slower order book recognition; the FY26-27 revenue and earnings forecasts have been cut by 10-16%.
• The target price is lowered to S\$0.72 (from S\$0.81), but the Add rating is maintained, supported by LUCC’s strong orderbook, high ROE, and sector tailwinds from investor interest in interior fit-out companies.
• Downside risks include competitive pricing, skilled workforce shortages, government policy changes, and potential project defects.
• LUCC is a leader in urban revitalisation in Singapore, with a strong ESG profile, zero workplace fatalities since 2018, and a growing presence in both conservation and retail fit-out projects.

above is an excerpt from a report by CGS International Securities. Clients of CGS International Securities can be the first to access the full report from the CGS International Securities website : https://www.cgs-cimb.com