Broker: Lim & Tan Securities
Date of Report: 14 April 2026

Excerpt from Lim & Tan Securities report.

Report Summary

• Lum Chang Creations (LCC):
  Action: BUY
  Target Price: S\$1.04 (previous S\$0.70)
  Key Highlights:
  • LCC delivered strong 1HFY26 results: Revenue up 31% yoy to S\$53.5mln, net profit up 104% yoy to S\$11.0mln.
  • Gross profit rose 108% with significant margin improvement.
  • Interim dividend of 2.5 S cts (5.7% annualized yield), payout ratio at 71%.
  • High ROE (>50%), asset-light model, strong project pipeline (S\$132mln order book), and added to MSCI Global Micro Cap Indexes.
  • In-principal approval for SGX Mainboard upgrade; public float to be increased to ≥25%.
  • Forward P/E: 11.4x, P/B: 8.1x, remains a top pick with earnings forecasts raised by 34%-36% for FY26F/27F.
  • Implication: Strong fundamentals, increased visibility, and sector tailwinds support further upside; maintain BUY rating.
• Kingsmen Creatives:
  Action: BUY
  Key Highlights:
  • Net profit grew 76% in FY2025 to S\$13.7mln (core profit), expected to rise 16% in FY2026 to S\$15.9mln.
  • Strong order book of S\$151mln (S\$127mln to be recognized in 2026) supports earnings visibility.
  • Undemanding valuations: Forward PE 7.5x, EV/EBITDA 2x, >5% dividend yield.
  • Insider buying and share buybacks signal undervaluation.
  • Implication: Growth in higher margin projects and stable cash position support continued profitability and potential for higher dividends.

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 : https://www.limtan.com.sg