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.
Winking Studios: Commencement of Share Buyback
Winking Studios Limited (AIM / SGX:WKS), (“Winking Studios”) one of the world’s largest AAA game art outsourcing studios and an established game development company, announces that the Company has initiated a share buyback programme for an initial aggregate consideration of up to approximately S$857,000 (equivalent to approximately £500,000 or US$665,000) (the“Initial Programme”), pursuant to the share buyback mandate approved by Shareholders at the Extraordinary General Meeting held on 30 April 2026 (the “EGM”).
Under the share buyback mandate, the Company is authorised to purchase or otherwise acquire up to 44,193,811 ordinary shares of par value S$0.04 each in the capital of the Company (“Ordinary Shares”) representing up to 10 per cent. of the total number of existing Ordinary Shares, excluding any treasury shares and subsidiary holdings, as at the date of the EGM.
The Board believes that the current market value of the Company’s Ordinary Shares does not appropriately reflect the underlying value of the Group and that the Initial Programme represents an appropriate use of capital.
Johnny Jan, Executive Director and Chief Executive Officer (Founder) of Winking Studios, commented:
“As part of our long-term growth strategy, we remain committed to disciplined capital allocation, balancing investments in growth opportunities with initiatives focused on enhancing shareholder returns.
“With our dual-listing status on SGX and AIM, we occasionally observe valuation disparities between the two markets that may not fully reflect the underlying fundamentals, earnings potential, and longterm prospects of the Group.
“When such opportunities arise, share buybacks represent a prudent deployment of capital. This initiative also underscore our confidence in the strength of our business, the sustainability of our growth strategy, and our commitment to creating long-term value for shareholders.”
See link for full media release: https://investor.winkingworks.com/view&id=116
Winking Studios Limited (AIM / SGX:WKS), (“Winking Studios”) one of the world’s largest AAA game art outsourcing studios and an established game development company, announces that the Company has initiated a share buyback programme for an initial aggregate consideration of up to approximately S$857,000 (equivalent to approximately £500,000 or US$665,000) (the“Initial Programme”), pursuant to the share buyback mandate approved by Shareholders at the Extraordinary General Meeting held on 30 April 2026 (the “EGM”).
Under the share buyback mandate, the Company is authorised to purchase or otherwise acquire up to 44,193,811 ordinary shares of par value S$0.04 each in the capital of the Company (“Ordinary Shares”) representing up to 10 per cent. of the total number of existing Ordinary Shares, excluding any treasury shares and subsidiary holdings, as at the date of the EGM.
The Board believes that the current market value of the Company’s Ordinary Shares does not appropriately reflect the underlying value of the Group and that the Initial Programme represents an appropriate use of capital.
Johnny Jan, Executive Director and Chief Executive Officer (Founder) of Winking Studios, commented:
“As part of our long-term growth strategy, we remain committed to disciplined capital allocation, balancing investments in growth opportunities with initiatives focused on enhancing shareholder returns.
“With our dual-listing status on SGX and AIM, we occasionally observe valuation disparities between the two markets that may not fully reflect the underlying fundamentals, earnings potential, and longterm prospects of the Group.
“When such opportunities arise, share buybacks represent a prudent deployment of capital. This initiative also underscore our confidence in the strength of our business, the sustainability of our growth strategy, and our commitment to creating long-term value for shareholders.”
See link for full media release: https://investor.winkingworks.com/view&id=116
Winking Studios - Art Outsourcing 2D / 3D
Home - Winking Studios - Art Outsourcing 2D / 3D
Winking Studios, listed on the Singapore Exchange (Trading Code: WKS), is one of the largest Art Outsourcing and game development studios globally. Clients of our Art Outsourcing and Game Development services include 19 of the top 25 game publishers around…