Broker Name: Lim & Tan Securities
Date of Report: 20 May 2026
Excerpt from Lim & Tan Securities report.
Report Summary
- Hongkong Land (HKL)
- Action: Accumulate
- Target Price: S\$10.24 (28.6% upside from current share price of S\$7.96)
- Key Idea: Progressing in its transformation strategy towards a scalable capital-light platform, monetizing assets and expanding fund management capabilities. Launch of the Singapore Central Private Real Estate Fund (SCPREF) with S\$8.2bln AUM, targeting S\$15bln within five years. Investment in Suntec REIT (10.8% stake, S\$541mln) shows bullish outlook on Singapore prime office assets. FY2026 earnings outlook improved, with underlying profit expected to be mildly higher YoY.
- Valuation: Trades at 13.7x PE, 0.56x PB, 3.1% dividend yield.
- Lum Chang Creations (LCC)
- Action: Promising outlook (Bloomberg consensus: “Buy”)
- Target Price: S\$1.14 (12.9% upside from current share price of S\$1.01)
- Key Idea: Strong project pipeline with order book at S\$144mln, 104% surge in net profit for 1HFY2026. Recent inclusion in MSCI Global Micro Cap Index and proposed transfer to SGX-ST Mainboard. Well-positioned for growth in urban revitalisation and regional expansion.
- Valuation: Trades at Forward P/E of 13.2x, 5.0% dividend yield.
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
