Broker Name: Lim & Tan Securities
Date of Report: 14 April 2026
Excerpt from Lim & Tan Securities report.
Report Summary
- Lum Chang Creations (LCC)
Action: BUY (maintained)
Target Price: S\$1.04 (up from S\$0.70)
Key Points:
– Strong 1HFY26 results: Revenue up 31% YoY to S\$53.5mln; net profit up 104% YoY to S\$11.0mln.
– Interim dividend: 2.5 S cts, annualized yield 5.7%.
– Asset-light model, high ROE (>50%), healthy order book of S\$132mln giving revenue visibility for two years.
– Positive sector outlook as urban revitalisation/conservation demand rises.
– In-principle SGX approval to upgrade from Catalist to Mainboard; public float to be raised to minimum 25%.
– Valuation: Forward P/E 11.4x, P/B 8.1x.
– Earnings forecast for FY26F/FY27F raised by 34%/36%.
– LCC is a top pick in the client portfolio.
- Kingsmen Creatives
Action: BUY
Key Points:
– Strong FY2025 core profit growth: Up 76% to S\$13.7mln (excluding one-off gain).
– Solid order book: S\$151mln secured, S\$127mln to be recognized in 2026.
– Profitability expected to rise 16% in FY2026 to S\$15.9mln.
– Valuation: Forward P/E 7.5x, EV/EBITDA 2x, dividend yield >5%.
– Strong cash position (S\$90mln), ongoing share buybacks, recent insider purchases signal undervaluation.
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 : https://www.limtan.com.sg
