Broker: Lim & Tan Securities
Date of Report: 9 June 2026

Excerpt from Lim & Tan Securities report.

Report Summary

• Grand Banks Yacht (GBY):
  Action: BUY
  Target Price: S\$1.49
  Key Idea: GBY announced the opening of a new sales and service office in Newport Beach, California, further expanding its direct support network across the USA, its largest market. The expansion to the West Coast is a natural progression but may incur upfront costs. The BUY rating is maintained with a target price of S\$1.49, based on a blended 14.8x forward P/E, reflecting a 20% discount to peers due to smaller market cap, limited liquidity, and temporary earnings distortions from expansion investments.
• Wee Hur Holdings:
  Action: Accumulate on Weakness
  Target Price: S\$0.90 (consensus)
  Key Idea: Wee Hur has entered Hong Kong’s purpose-built student accommodation (PBSA) market with a new project, Starvia by Y Suites on Fortress Hill (246 beds across 19 storeys). The asset is strategically located with strong policy-backed demand and a significant undersupply in Hong Kong’s PBSA segment. Wee Hur is valued at S\$0.63, trades at 8.5x PE, yields 2.4%, and has a 1-year upside potential of 43%. The recommendation is to “Accumulate on Weakness,” especially after a >30% price decline from its recent peak.

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