Lim & Tan Securities, Daily Review | 01 April 2026
Excerpt from Lim & Tan Securities report.
Report Summary
- Reclaims Global Limited (S\$0.215, unchanged): Strong FY2026 results with revenue up 4.8%, net profit up 23.0% to S\$6.8 million. Dividend payout significantly increased to 54% of net profit, with total dividends of 1.25 cents/share (yield: 5.8%). Market cap S\$65 million, P/E 9.5x, P/B 1.4x. Bloomberg consensus 1-year target price: 28-30 cents. Action: Constructive outlook, supported by strong net cash and positive construction demand. Call to action: Accumulate. Target price: 28-30 cents.
- City Developments Limited (CDL) (\$8.21, down 12 cents): FY2025 net profit tripled to \$629.7 million, revenue up 9.7%. Dividend policy enhanced, with total payout of 28 cents/share (40% payout ratio). Market cap S\$7.3 billion, trades at 18x forward PE, 0.8x PB, yield 3%. Consensus target price S\$10.28 (25.2% upside). Call to action: Upgrade to Accumulate. Target price: S\$10.28.
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