Broker: Lim & Tan Securities
Date of Report: 9 April 2026

Excerpt from Lim & Tan Securities report.

Report Summary

• InnoTek Limited (trading halt, S\$0.74):
  – Announced a placement agreement with Maybank Securities to issue up to 24.6 million new shares at S\$0.6506 (about 9.5% discount to VWAP), raising gross proceeds of approximately S\$16 million.
  – Funds will be used mainly for acquisitions, joint ventures, strategic alliances, and Southeast Asia expansion (91%); remaining 9% for working capital.
  – CEO will separately sell 6.15 million shares at the same price to broaden the shareholder base and improve liquidity; he retains a 9.63% stake with a six-month moratorium on further sales.
  – No shares placed to directors, substantial shareholders, or related parties; no change of control; no shareholder approval required.
  – InnoTek trades at 22x forward PE, 1x PB, and 2.7% dividend yield.
• Info-Tech (S\$1.04):
  – FY2025 revenue grew 29% to S\$56.5m; adjusted net profit S\$18.0m. Strong balance sheet with S\$67.3m cash; no borrowings.
  – Proposed final dividend 1.95 cents, total FY2025 dividend 3.5 cents (60% payout).
  – FY2026 consensus profit estimate S\$20m; forward PE 13.4x, PB 7x, dividend yield 3.4%.
  – Bloomberg consensus target price of S\$1.35 implies 30% upside.
  – Outperformed STI year-to-date; monitoring required as it is a recent listing.

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