Broker Name: CGS International Securities
Date of Report: January 7, 2026

Excerpt from CGS International Securities report

Report Summary:

• Lum Chang Creations (LUCC) secured S\$63.4m in new contracts, raising its orderbook to S\$160m and supporting revenue visibility into FY28. Revenue recognition is expected to be back-loaded to the second half of FY26 due to project timing.
• The FY26-28 revenue and earnings forecasts have been cut by 12-16% to reflect slower orderbook recognition, though the company remains well-positioned in Singapore’s urban revitalisation and interior fit-out sector, with strong ROE and investor interest.

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