Lincotrade_PR_NewOrder3Q2026.pdf
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Lincotrade Secures New Projects with
an Aggregate Contract Value of S$16.8 Million in 3Q2026;
Order Book Strengthens to S$107.0 Million
• Secured 7 new commercial projects in Singapore with an aggregate contract value of S$16.8 million (including a public sector project with a contract value of S$8.2 million) during the period from 1 January 2026 to 31 March 2026.
• Outstanding order book strengthened to S$107.0 million as at 31 March 2026, providing healthy revenue visibility over the next two years.
• New Tuas Facility is expected to enhance operational efficiency with dormitory operations creating additional recurring income opportunities.
an Aggregate Contract Value of S$16.8 Million in 3Q2026;
Order Book Strengthens to S$107.0 Million
• Secured 7 new commercial projects in Singapore with an aggregate contract value of S$16.8 million (including a public sector project with a contract value of S$8.2 million) during the period from 1 January 2026 to 31 March 2026.
• Outstanding order book strengthened to S$107.0 million as at 31 March 2026, providing healthy revenue visibility over the next two years.
• New Tuas Facility is expected to enhance operational efficiency with dormitory operations creating additional recurring income opportunities.
The Assembly Place and TS Home to Transform the Historic Phoenix Park in the Tanglin Enclave into Singapore’s Largest Community Living Destination with an Integrated Wellness, F&B, and Sports Lifestyle Ecosystem
- This Phoenix Park site is set to be transformed into Singapore’s largest co-living destination, with over 700 keys, alongside an integrated wellness, F&B, and sports lifestyle ecosystem, representing the most ambitious co-living sector development in Singapore to date.
- Reinforcing TAP’s asset-light, co-investment strategy, this joint venture marks TAP’s third major collaboration with TS Home, following previous projects including Singapore’s first intergenerational co-living residence at the former Henderson Primary School, alongside three MOHH-related sites for foreign healthcare professionals' accommodation.
- Together with TAP’s existing operational portfolio of over 3,400 keys across 100 locations and close to 1,500 keys in the pipeline, the addition of Phoenix Park (over 700 keys) further strengthens the Group’s trajectory towards its target of 10,000 keys by end-2030.
- This Phoenix Park site is set to be transformed into Singapore’s largest co-living destination, with over 700 keys, alongside an integrated wellness, F&B, and sports lifestyle ecosystem, representing the most ambitious co-living sector development in Singapore to date.
- Reinforcing TAP’s asset-light, co-investment strategy, this joint venture marks TAP’s third major collaboration with TS Home, following previous projects including Singapore’s first intergenerational co-living residence at the former Henderson Primary School, alongside three MOHH-related sites for foreign healthcare professionals' accommodation.
- Together with TAP’s existing operational portfolio of over 3,400 keys across 100 locations and close to 1,500 keys in the pipeline, the addition of Phoenix Park (over 700 keys) further strengthens the Group’s trajectory towards its target of 10,000 keys by end-2030.
TAP - Press Release - Entry into JV Agreement_3 June 2026.pdf
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The Assembly Place and TS Home to Transform the Historic Phoenix Park in the Tanglin Enclave into Singapore’s Largest Community Living Destination with an Integrated Wellness, F&B, and Sports Lifestyle Ecosystem
*Beng Kuang Marine (BKM SP/BUY/TP S$0.75)*
By Heidi Mo UOBKH
_US$28.6m Contract Win Flows 100% To Bottom Line_
- *Contract: US$28.6m* across two West Africa FPSOs, providing tank services over 12 months
- *ASOM:* 100% consolidation completed 28 May. Full earnings now flow to BKM shareholders
Recall that 2025 Africa IE revenue was S$0.8m. This indicates that demand was deferred, not lost.
Also, tank services are the early phase of the multi-year lifecycle and we expect this to follow through in 2027.
At S$0.49 or 9x 2027F PE, there is still room for upside in our view. Our TP of S$0.75 is pegged to 14x 2027F PE.
By Heidi Mo UOBKH
_US$28.6m Contract Win Flows 100% To Bottom Line_
- *Contract: US$28.6m* across two West Africa FPSOs, providing tank services over 12 months
- *ASOM:* 100% consolidation completed 28 May. Full earnings now flow to BKM shareholders
Recall that 2025 Africa IE revenue was S$0.8m. This indicates that demand was deferred, not lost.
Also, tank services are the early phase of the multi-year lifecycle and we expect this to follow through in 2027.
At S$0.49 or 9x 2027F PE, there is still room for upside in our view. Our TP of S$0.75 is pegged to 14x 2027F PE.
*Indonesia to scale back commodity export centralisation, tighten monitoring: Sources*
https://www.straitstimes.com/asia/se-asia/indonesia-to-scale-back-commodity-export-centralisation-tighten-monitoring-sources
- Indonesia to scale back its earlier plan to centralise exports of key commodities such as coal and palm oil under a state-linked entity, after pushback from exporters and buyers over market disruption risks.
- Instead, the government will move toward tighter monitoring of export pricing and shipments to curb under-invoicing and tax leakage. Exporters may be required to justify pricing and revise declared values if they fall below market levels.
- The proposed export-trading body (DSI) will now act mainly as an oversight and pricing-monitoring entity rather than a sole exporter, charging only a small administrative fee.
- The shift marks a retreat from a more interventionist model that had triggered market concerns, with officials emphasising the aim is to improve transparency and recover lost revenues while preserving normal trade flows.
https://www.straitstimes.com/asia/se-asia/indonesia-to-scale-back-commodity-export-centralisation-tighten-monitoring-sources
- Indonesia to scale back its earlier plan to centralise exports of key commodities such as coal and palm oil under a state-linked entity, after pushback from exporters and buyers over market disruption risks.
- Instead, the government will move toward tighter monitoring of export pricing and shipments to curb under-invoicing and tax leakage. Exporters may be required to justify pricing and revise declared values if they fall below market levels.
- The proposed export-trading body (DSI) will now act mainly as an oversight and pricing-monitoring entity rather than a sole exporter, charging only a small administrative fee.
- The shift marks a retreat from a more interventionist model that had triggered market concerns, with officials emphasising the aim is to improve transparency and recover lost revenues while preserving normal trade flows.
The Straits Times
Indonesia to scale back commodity export centralisation, tighten monitoring: Sources
Indonesia shifts from centralising commodity exports to tighter monitoring, aiming to curb under-invoicing and lost revenue while preserving business certainty. Read more at straitstimes.com. Read more at straitstimes.com.
Alyssa Tee of KGI Securities has initiated coverage on Lincotrade & Associates Holdings with an "outperform" call and a target price of 36.6 cents, on the premise that the contractor, sitting on a record order book of $117.2 million - nearly triple that from $39.5 million in June 2024 - is well set for revenue visibility.
Of the existing order book, Tee, citing the company's management, expects around 60% to be recognised in 2HFY2026 and 30% in FY2027.
In addition, prospects are strong with a tender pipeline of around $200 million. Lincotrade, with its BCA L6 grading and growing commercial fit-out track record, has a historical win rate of between 40 to 50%.
Tee points out that Lincotrade is enjoying a favourable shift in its types of contracts.
She notes that commercial projects represent 89.6% of the order book; 1HFY2026 gross margin expanded 2.8ppt to 15% alongside 58.2% y-o-y revenue growth.
Data-centre projects, which account for around 23% of backlog, carry higher complexity and typically command better margins, adding a margin-accretive dimension to the commercial mix, says Tee.
"We expect continued mix improvement to sustain gross margins within management's 12-15% medium-term target, with upside should data-centre contribution grow," she adds.
Meanwhile, Lincotrade is set for another earnings stream as it is making available 100 beds for rental at its factory at Tuas. At an estimated rate of $450 per month, Tee figures this business will generate annual rental income of around $540,000. The factory has a carrying value of $13.1 million, but according to Lincotrade, the property has a bank valuation of $19 million.
Tee notes that Lincotrade's 1HFY2026 earnings of $3.9 million has already exceeded $2.6 million chalked up for the whole of FY2025.
She expects further improvements ahead as fixed-cost absorption, going forward, should drive further operating leverage as revenue scales toward management's $100 million target.
Shareholders are set to receive more dividends ahead as the company's management has committed to a minimum 40% payout for FY2026, twice its formal 20% policy floor, with capex moderating after FY2026 to support sustained shareholder returns, says Tee, whose target price of 36.6 cents is derived using a discounted cash flow methodology.
"A record order book, ongoing mix shift towards higher-margin commercial and data centre-related projects, and a meaningful free cash flow inflection from FY2027 as Tuas-related capex concludes and working capital normalises underpin our positive view," says Tee.
Lincotrade shares trade at 34 cents as at 9.19 am, up 4.69%, extending a gain of 59.52% year to date.
Of the existing order book, Tee, citing the company's management, expects around 60% to be recognised in 2HFY2026 and 30% in FY2027.
In addition, prospects are strong with a tender pipeline of around $200 million. Lincotrade, with its BCA L6 grading and growing commercial fit-out track record, has a historical win rate of between 40 to 50%.
Tee points out that Lincotrade is enjoying a favourable shift in its types of contracts.
She notes that commercial projects represent 89.6% of the order book; 1HFY2026 gross margin expanded 2.8ppt to 15% alongside 58.2% y-o-y revenue growth.
Data-centre projects, which account for around 23% of backlog, carry higher complexity and typically command better margins, adding a margin-accretive dimension to the commercial mix, says Tee.
"We expect continued mix improvement to sustain gross margins within management's 12-15% medium-term target, with upside should data-centre contribution grow," she adds.
Meanwhile, Lincotrade is set for another earnings stream as it is making available 100 beds for rental at its factory at Tuas. At an estimated rate of $450 per month, Tee figures this business will generate annual rental income of around $540,000. The factory has a carrying value of $13.1 million, but according to Lincotrade, the property has a bank valuation of $19 million.
Tee notes that Lincotrade's 1HFY2026 earnings of $3.9 million has already exceeded $2.6 million chalked up for the whole of FY2025.
She expects further improvements ahead as fixed-cost absorption, going forward, should drive further operating leverage as revenue scales toward management's $100 million target.
Shareholders are set to receive more dividends ahead as the company's management has committed to a minimum 40% payout for FY2026, twice its formal 20% policy floor, with capex moderating after FY2026 to support sustained shareholder returns, says Tee, whose target price of 36.6 cents is derived using a discounted cash flow methodology.
"A record order book, ongoing mix shift towards higher-margin commercial and data centre-related projects, and a meaningful free cash flow inflection from FY2027 as Tuas-related capex concludes and working capital normalises underpin our positive view," says Tee.
Lincotrade shares trade at 34 cents as at 9.19 am, up 4.69%, extending a gain of 59.52% year to date.
KGI REPORT_LINCOTRADE & ASSOCIATES_INITIATION_11JUNE2026.pdf
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KGI on Lincotrade
SANLI can be a potential beneficiary: https://www.businesstimes.com.sg/singapore/nearly-s100-million-be-pumped-municipal-industrial-water-solutions-gan-kim-yong
The Business Times
Nearly S$100 million to be pumped into municipal, industrial water solutions: Gan Kim Yong
Climate change brings extreme weather with a third of Singapore at risk of coastal flooding, DPM Gan says Read more at The Business Times.
*Beng Kuang Marine (BKM SP/BUY/PE-based TP S$0.75)*
_By Tang Kai Jie UOBKH_
*Strong FPSO Contract Wins Underappreciated By The Market*
*Significant orderbook expansion strengthens earnings visibility.* The award of two FPSO life extension contracts worth US$28.6m has lifted BKM's orderbook to approximately S$92.5m, significantly enhancing earnings visibility and providing a stronger revenue base for FY26-FY27.
*Potential for follow-on contract wins.* Beyond the immediate revenue contribution, successful execution of these projects could unlock additional phases of FPSO life extension work, providing a potential multi-year pipeline of follow-on contract opportunities.
*ASOM continues to drive group growth.* The latest contract wins further reinforce ASOM's position as BKM's key earnings driver, with the ongoing consolidation allowing the group to fully capture the earnings contribution from its high-margin offshore services business.
The completion of the remaining ASOM stake acquisition by end-Jun 2026 is expected to be earnings-accretive and should drive stronger revenue recognition in 2H26 while supporting BKM's transition towards a higher-margin, asset-light business model.
*Maintain BUY with an unchanged target price of S$0.75,* implying 53.1% upside, pegged to 14.0x 2027F PE. BKM currently trades around 9.2x 2027F PE, below peers’ average of 12.5x 2027F PE, highlighting BKM’s undervaluation. The recent share price correction of about 20% and an attractive 9x 2027 PE present a good buying opportunity.
Link: https://research.uobkayhian.com/content_download.jsp?id=91229&h=403e37bb00779eb6195262ee6cefd0f3
_By Tang Kai Jie UOBKH_
*Strong FPSO Contract Wins Underappreciated By The Market*
*Significant orderbook expansion strengthens earnings visibility.* The award of two FPSO life extension contracts worth US$28.6m has lifted BKM's orderbook to approximately S$92.5m, significantly enhancing earnings visibility and providing a stronger revenue base for FY26-FY27.
*Potential for follow-on contract wins.* Beyond the immediate revenue contribution, successful execution of these projects could unlock additional phases of FPSO life extension work, providing a potential multi-year pipeline of follow-on contract opportunities.
*ASOM continues to drive group growth.* The latest contract wins further reinforce ASOM's position as BKM's key earnings driver, with the ongoing consolidation allowing the group to fully capture the earnings contribution from its high-margin offshore services business.
The completion of the remaining ASOM stake acquisition by end-Jun 2026 is expected to be earnings-accretive and should drive stronger revenue recognition in 2H26 while supporting BKM's transition towards a higher-margin, asset-light business model.
*Maintain BUY with an unchanged target price of S$0.75,* implying 53.1% upside, pegged to 14.0x 2027F PE. BKM currently trades around 9.2x 2027F PE, below peers’ average of 12.5x 2027F PE, highlighting BKM’s undervaluation. The recent share price correction of about 20% and an attractive 9x 2027 PE present a good buying opportunity.
Link: https://research.uobkayhian.com/content_download.jsp?id=91229&h=403e37bb00779eb6195262ee6cefd0f3
Soilbuild Construction Group
Casting for a 2H26F catch-up
■ We visited SOIL's automated ICPH and turned more constructive on SOIL's
precast plant utilisation, mainly supported by HDB’s c.55k BTO pipeline.
■ We cut our FY26F order win target to S$450m on slower 1H26F order wins,
but Penjuru project/precast pipeline supports a 2H26F catch-up, in our view.
■ Maintain Add despite a lower S$1.10 TP. Margin drag from potential
provision and higher costs appear priced in, with catalysts skewed to 2H26F.
Casting for a 2H26F catch-up
■ We visited SOIL's automated ICPH and turned more constructive on SOIL's
precast plant utilisation, mainly supported by HDB’s c.55k BTO pipeline.
■ We cut our FY26F order win target to S$450m on slower 1H26F order wins,
but Penjuru project/precast pipeline supports a 2H26F catch-up, in our view.
■ Maintain Add despite a lower S$1.10 TP. Margin drag from potential
provision and higher costs appear priced in, with catalysts skewed to 2H26F.
L&T-DailyReview(June 2026).pdf
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ASL Marine’s (S$0.315, down 1ct) share price has declined c.23.2% from
its recent high of S$0.41, despite delivering strong 3QFY26 results that
suggest the underlying business continues to strengthen (on track to beat
our FY26 estimates) rather than deteriorate.
ASL Marine continues to strengthen its balance sheet and is on track to
be in a net cash position by FY27, while benefiting from cost savings from
idle vessel disposals and improving operating performance across both
Ship Repair and Ship Chartering segments.
its recent high of S$0.41, despite delivering strong 3QFY26 results that
suggest the underlying business continues to strengthen (on track to beat
our FY26 estimates) rather than deteriorate.
ASL Marine continues to strengthen its balance sheet and is on track to
be in a net cash position by FY27, while benefiting from cost savings from
idle vessel disposals and improving operating performance across both
Ship Repair and Ship Chartering segments.