Broker Name: Lim & Tan Securities
Date of Report: 26 January 2026
Excerpt from Lim & Tan Securities report
- Sing Holdings, a Singapore-listed property developer, is set for a significant earnings boost in FY2026, driven by the completion and full profit recognition of its North Gaia EC project, which is fully sold out and expected to deliver S\$105–110m in after-tax profit.
- The company’s share price does not yet fully reflect the imminent profit recognition from North Gaia, with pro-forma NAV estimated to exceed \$1 per share vs. the current \$0.62 share price, highlighting a compelling valuation case and potential for a special dividend.
- Infinity Development, another highlighted company, is attracting investor interest due to its high dividend yield (8-9%), low PE ratio (5-6x), and solid growth prospects (10-20% expected), with recent investor visits confirming positive management outlook.
- Major market indices and sector fund flows in Singapore show institutional investors net buying, especially in financial services, industrials, and real estate, while retail investors were net sellers in the same period.
- Macro news includes US manufacturing contraction, easing inflation pressures, and China’s Chery Automobile signing a technology supply deal with India’s JSW Group for new-energy vehicles, reflecting ongoing shifts in global automotive partnerships.
Report Summary
- Sing Holdings is poised for a step-change in profitability due to North Gaia EC project completion and profit recognition, possibly leading to special dividends and a re-rating of its share price.
- Infinity Development remains attractive for investors due to strong dividend yield, low valuations, and continued growth outlook.
- Institutional fund flows favor financials, industrials, and real estate sectors in Singapore; retail investors are net sellers.
- Key macro developments include US manufacturing slowdown and significant China-India EV technology partnership.
Above is an excerpt from a report by Lim & Tan Securities. Clients of Lim & Tan Securities can be the first to access the full report from the Lim & Tan Securities website: www.limtan.com.sg
