Broker Name: Lim & Tan Securities
Date of Report: 6 April 2026
Excerpt from Lim & Tan Securities report
Report Summary
- Olam Group Limited (SGX: O32, \$0.86) – BUY call issued. Olam announced the sale of its entire 100% stake in Mindsprint Pte. Ltd. to Wipro Networks Pte. Limited for an estimated US\$375 million. The transaction is part of Olam’s Updated 2025 Re-organisation Plan to monetise assets and return capital to shareholders via special dividends. Estimated gain is US\$310.5 million, raising pro forma NTA per share from 120.38 to 130.77 Singapore cents and potentially distributing proceeds as special dividends. The stock trades at 15.6x PE and 0.5x PB, presenting deep value as further asset disposals (including Olam Agri and Arise) are expected. Action: BUY Olam Group for anticipated special dividends and asset value crystallisation.
- Centurion Corp (SGX: Not specified, \$1.46) – Accumulate call maintained. Centurion completed a strategic spin-off of 14 assets into CAREIT, improving net gearing from 29% to 12% and holding strong cash reserves. The company is well-positioned for portfolio growth and fee income expansion, aiming to grow asset-light management services and portfolio scale. Consensus target price is S\$1.80 (23% upside). Action: Accumulate Centurion Corp for growth and portfolio expansion potential.
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