Broker: Lim & Tan Securities
Date of Report: 1 April 2026
Excerpt from Lim & Tan Securities report.
Report Summary:
- Reclaims Global Limited (S\$0.215):
- Reported improved financials for FY2026: revenue up 4.8%, net profit up 23% to S\$6.8 million.
- Dividend payout increased to 54% of net profit, reflecting commitment to shareholders.
- Bonus share issuance doubled shares; total full-year dividend of 1.25 cents per share, yielding 5.8%.
- Strong net cash position, zero borrowings, and positive cash flow.
- Trades at P/E 9.5x, P/B 1.4x; Bloomberg consensus 1-year target price: 28-30 cents.
- Action: Constructive outlook with attractive dividend yield and robust Singapore construction demand. Investors may consider accumulating or holding for the 28-30 cent target price.
- City Developments Limited (CDL, S\$8.21):
- FY2025 net profit tripled to S\$629.7 million; revenue up 9.7% to S\$3.6 billion.
- Record residential sales, strong balance sheet, minimum 35% dividend payout ratio policy.
- FY2025 dividend: 28 cents per share (40% payout).
- Market cap S\$7.3bn, trades at 18x forward PE, 0.8x PB; dividend yield 3%.
- Consensus target price S\$10.28 (25.2% upside).
- Action: Upgraded to “Accumulate” due to attractive entry point after recent pullback, with fundamentals intact and target price S\$10.28.
Above is an excerpt from a report by Lim & Tan Securities. Clients of Lim & Tan Securities can be the first to access the full report from the Lim & Tan Securities website : www.limtan.com.sg
