Broker Name: Lim & Tan Securities
Date of Report: 18 May 2026

Excerpt from Lim & Tan Securities report.

Report Summary

• Civmec Limited (S\$1.47): Action: Accumulate on Weakness Key Points: Civmec reported strong Q3 FY26 results, with 9M EPS at 6.86 Australian cents, revenue at A\$624.7m, EBITDA at A\$73.8m, and NPAT at A\$34.9m. The order book has grown to A\$1.3bn, up from A\$760m YoY, reflecting successful contract wins across resources, energy, infrastructure, marine, and defence. With a forward P/E of 17x and 1.5x P/B, and a dividend yield of 3.7%, the company’s valuation has increased but strong project pipeline and execution support further upside. Recommendation: Accumulate on Weakness.
• Marco Polo Marine (MPM, S\$0.187): Action: Accumulate Key Points: MPM reported 1HFY2026 revenue up 40% YoY to S\$74m, with adjusted net profit up 44% to S\$13.8m. A proposed reverse takeover will spin off its shipyard business into a separately listed entity, crystallising value at a premium and improving transparency for investors. MPM will retain up to 76.8% control post-transaction. MPM trades at 21x P/E and 3x P/B, with a consensus target price of S\$0.20 (7% upside). Recommendation: Accumulate.

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