Broker: Lim & Tan Securities
Date of Report: 15 June 2026

Excerpt from Lim & Tan Securities report

Report Summary

• InnoTek Limited (SGX Mainboard, last traded: \$0.64):
  – Action: HOLD
  – Key Idea: Incorporated a new wholly-owned subsidiary in Thailand (Mansfield Technology Thailand) to support its first liquid cooling components project and expand into the AI infrastructure sector.
  – Capex: S\$7.5 million to be invested in advanced CNC machining equipment and automation systems.
  – Valuation: Trades at 32.8x FY26 PE and 16.4x FY27 PE.
  – Highlight: Mass production to commence from October 2026 for an established industry customer, but short-term pre-operational costs expected.
• Keppel Infrastructure Trust (KIT) (last traded: \$0.52):
  – Action: ACCUMULATE
  – Key Idea: Acquiring an additional 39% interest in Keppel Merlimau Cogen Pte Ltd, making the deal DPU accretive.
  – Dividend Yield: 7.6%
  – Consensus Target Price: \$0.58 (11.5% upside)
  – Highlight: Acquisition expected to provide stable and predictable cash flows; funding to come from internal funds and/or borrowings.

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