Broker Name: Lim & Tan Securities

Date of Report: 28 May 2026

Excerpt from Lim & Tan Securities report.

Report Summary

• OKP Holdings (Target Price: S\$1.03, Current Price: S\$0.82, Action: BUY)
  • Strong record orderbook of S\$627 million, providing earnings visibility.
  • Efficient operational execution drives margin expansion; consistently above 30% gross margin.
  • Net cash position of S\$140.8 million (S\$0.26/share) ensures crisis readiness and enables funding for acquisitions.
  • Management is confident of stronger FY26 profitability, orderbook, and dividends.
  • Trades at 8.7x forward PE with a 2.5% dividend yield.
  • BUY recommendation reiterated, with target price implying 26.4% upside.
• Valuetronics Holdings Limited (Current Price: S\$1.01, Action: Accumulate)
  • Enhanced dividend payout policy (now 50-70% of net profit), special dividend and share buyback programme totaling HK\$300 million over FY2027-FY2028.
  • Total FY2026 dividend increased by 41% (38.0 HK cents per share).
  • Strong balance sheet, no bank borrowings, cash of HK\$1,213.8 million.
  • Trades at 13x forward PE, dividend yield slightly over 6%.
  • Accumulate recommendation on price weakness due to attractive dividend and capital return initiatives.

Actionable Insights:

• Focus on OKP Holdings for immediate BUY action, targeting S\$1.03/share.
• Consider Valuetronics Holdings Limited for Accumulate on weakness, with strong dividend and buyback support.

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