Broker Name: Lim & Tan Securities
Date of Report: 30 April 2026

Excerpt from Lim & Tan Securities report.

Report Summary

• Stock: Reclaims Global Limited
• Ticker: RGL SP Equity
• Action: BUY
• Target Price: S\$0.29 (revised down from S\$0.30)
• Share Price: S\$0.20 (as of report date)
• Upside: +45.0%
• Key Idea: Reclaims Global is well-positioned to benefit from Singapore’s construction upcycle, driven by mega projects like Changi T5, Cross Island Line, and a S\$100B coastal protection plan. The company operates at the early stages of construction, securing early cash flow and strong demand for its excavation and logistics services.
• Highlights:
  • FY26 results in-line; revenue up 5% YoY to S\$46.5mln, net profit up 23% YoY to S\$6.8mln.
  • Dividend payout ratio at 54%, dividend yield at 6.3%.
  • Institutional interest growing; 63.2mln shares transacted.
  • Entering property development and investment to diversify income and reduce cyclicality.
  • FY27F earnings trimmed by 3.9% to reflect potential margin pressures from rising fuel costs.
  • Maintain BUY call despite lower target price, with continued positive outlook for sector and company.

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