Broker Name: Lim & Tan Securities

Date of Report: 14 April 2026

Excerpt from Lim & Tan Securities report.

Report Summary

• Lum Chang Creations (LCC)
  Action: BUY (maintained)
  Target Price: S\$1.04 (up from S\$0.70)
  Key Points:
  – Strong 1HFY26 results: Revenue up 31% YoY to S\$53.5mln; net profit up 104% YoY to S\$11.0mln.
  – Interim dividend: 2.5 S cts, annualized yield 5.7%.
  – Asset-light model, high ROE (>50%), healthy order book of S\$132mln giving revenue visibility for two years.
  – Positive sector outlook as urban revitalisation/conservation demand rises.
  – In-principle SGX approval to upgrade from Catalist to Mainboard; public float to be raised to minimum 25%.
  – Valuation: Forward P/E 11.4x, P/B 8.1x.
  – Earnings forecast for FY26F/FY27F raised by 34%/36%.
  – LCC is a top pick in the client portfolio.
• Kingsmen Creatives
  Action: BUY
  Key Points:
  – Strong FY2025 core profit growth: Up 76% to S\$13.7mln (excluding one-off gain).
  – Solid order book: S\$151mln secured, S\$127mln to be recognized in 2026.
  – Profitability expected to rise 16% in FY2026 to S\$15.9mln.
  – Valuation: Forward P/E 7.5x, EV/EBITDA 2x, dividend yield >5%.
  – Strong cash position (S\$90mln), ongoing share buybacks, recent insider purchases signal undervaluation.

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