Broker: Lim & Tan Securities
Date of Report: 18 May 2026

Excerpt from Lim & Tan Securities report.

Report Summary

• Civmec Limited (SGX: P9D)
  Key Action: “Accumulate on Weakness”
  Price: S\$1.47
  Valuation: 17x forward P/E, 1.5x P/B, 3.7% dividend yield
  Order Book: Record high A\$1.3bn, up from A\$760m a year ago
  Highlights: Civmec continues to deliver strong margins and has seen a general uplift in activity, with robust tendering and contract wins across resources, energy, infrastructure, marine, and defence sectors. The company remains focused on safely executing projects and converting its strong pipeline of tenders into secured contracts. Recommendation is to accumulate on weakness due to improving prospects but rising valuations.
• Marco Polo Marine (SGX: 5LY)
  Key Action: “Accumulate”
  Price: S\$0.187
  Valuation: 21x P/E, 3x P/B, 1% dividend yield
  Consensus Target: S\$0.20 (7% upside)
  Highlights: Strong 1HFY2026 performance with revenue up 40%, gross profit up 45%, and adjusted net profit up 44%. Announced a proposed reverse takeover of its shipyard business, crystallising value and allowing for future capital-raising, with Marco Polo Marine expected to retain a controlling stake in the new entity. The transaction is seen as a catalyst for value unlocking and long-term growth, supporting the Accumulate recommendation.

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