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…
iX Biopharma to potentially benefit? : https://www.biopharmadive.com/news/lilly-4e-acquisition-non-opioid-pain-drugs/823016/
Biopharma Dive
Lilly buys non-opioid pain drugmaker 4E
It’s the latest in a string of deals for Lilly, which has sunk more than $18 billion into acquisitions over the past few years.
iX BIOPHARMA: Packing Its Machinery for America, Chasing A Big Opportunity
https://www.nextinsight.net/story-archive-mainmenu-60/949-2026/16758-ix-biopharma-packing-its-machinery-for-america-chasing-a-big-opportunity
https://www.nextinsight.net/story-archive-mainmenu-60/949-2026/16758-ix-biopharma-packing-its-machinery-for-america-chasing-a-big-opportunity
www.nextinsight.net
iX BIOPHARMA: Packing Its Machinery for America, Chasing A Big Opportunity
a hub for serious investors
Insider_Jun2026_eFORM1V2 - Vincent Chai.pdf
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Kin Global: CEO increases stake with insider purchases @ 20.9 cents per share
GEO ENERGY: The Government Scare That Fizzled; Time to Re-focus on Strong Fundamentals
https://www.nextinsight.net/story-archive-mainmenu-60/949-2026/16765-geo-energy-the-government-scare-that-fizzled-time-to-re-focus-on-strong-fundamentals
https://www.nextinsight.net/story-archive-mainmenu-60/949-2026/16765-geo-energy-the-government-scare-that-fizzled-time-to-re-focus-on-strong-fundamentals
www.nextinsight.net
GEO ENERGY: The Government Scare That Fizzled; Time to Re-focus on Strong Fundamentals
a hub for serious investors
WInking Studios: Share buyback on 23 Jun 2026 at avg price of S$0.21494 per share: https://links.sgx.com/1.0.0/corporate-announcements/ZMDLC2DQPFBAD1KD/c71c33f62c490cdd3cb86a1d7b6771543259e316f3d199e5753e7c040f38bedd
Sgx
WINKING STUDIOS LIMITED : 24-Jun-2026
Share Buy Back - Daily Share Buy-Back Notice::Daily Share Buy-Back Notice
UOB KH: Beng Kuang Marine
We like BKM for its improving earnings visibility from growing FPSO exposure.
Recent contract wins have lifted its pro forma orderbook to S$92.5m, providing strong support for FY26-27, while full consolidation of ASOM should further enhance earnings.
Backed by a net cash position and solid project pipeline, BKM remains well-positioned for sustainable growth.
Our target price is S$0.75, pegged to 14x 2027F PE.
https://www.nextinsight.net/story-archive-mainmenu-60/949-2026/16763-is-this-a-buying-opportunity-what-investors-asked-at-uob-kh-webinar
We like BKM for its improving earnings visibility from growing FPSO exposure.
Recent contract wins have lifted its pro forma orderbook to S$92.5m, providing strong support for FY26-27, while full consolidation of ASOM should further enhance earnings.
Backed by a net cash position and solid project pipeline, BKM remains well-positioned for sustainable growth.
Our target price is S$0.75, pegged to 14x 2027F PE.
https://www.nextinsight.net/story-archive-mainmenu-60/949-2026/16763-is-this-a-buying-opportunity-what-investors-asked-at-uob-kh-webinar
www.nextinsight.net
“Is This a Buying Opportunity?” What Investors Asked At UOB KH webinar
a hub for serious investors
SAC_Fuxing China Group Limited_Jun2026.pdf
1.7 MB
Fuxing China Group Limited (FUXC SP, S$0.99, TP:S$1.51, Initiation - BUY)
Fuxing China Group Limited was listed on the Mainboard of Singapore Exchange (SGX) in September 2007. Established in 1993, Fuxing China has systematically scaled its operations over three decades to become the fourth-largest zipper manufacturer globally measured by sales value.
Potential for Value Unlocking with Wide Disparity to NAV. The Company's share price of S$1 is just about 20% of the Group's net asset value per share stood at S$5.40 (as at 31 December 2025). With the formal dividend policy, we believe that it reflects the Company's confidence in its underlying business fundamentals and future growth trajectory, while signalling a more proactive and disciplined approach to capital allocation, with a clear focus on enhancing shareholder returns and unlocking long-term shareholder value.
Investment recommendation. We initiate coverage on Fuxing China with a BUY rating and a target price of S$1.51.
Fuxing China Group Limited was listed on the Mainboard of Singapore Exchange (SGX) in September 2007. Established in 1993, Fuxing China has systematically scaled its operations over three decades to become the fourth-largest zipper manufacturer globally measured by sales value.
Potential for Value Unlocking with Wide Disparity to NAV. The Company's share price of S$1 is just about 20% of the Group's net asset value per share stood at S$5.40 (as at 31 December 2025). With the formal dividend policy, we believe that it reflects the Company's confidence in its underlying business fundamentals and future growth trajectory, while signalling a more proactive and disciplined approach to capital allocation, with a clear focus on enhancing shareholder returns and unlocking long-term shareholder value.
Investment recommendation. We initiate coverage on Fuxing China with a BUY rating and a target price of S$1.51.
YZJ Maritime: Share buyback @S$0.5925
On 25 Jun 2026, the Company commences share buyback of 1m shares via market acquisition @ S$0.5925 per share.
Pls see announcement here: https://links.sgx.com/1.0.0/corporate-announcements/ZWR68PO5VPOWL01J/aea91d3eedea70bac8b083073861d529a740c4307a224046efc848aef08d170e
On 25 Jun 2026, the Company commences share buyback of 1m shares via market acquisition @ S$0.5925 per share.
Pls see announcement here: https://links.sgx.com/1.0.0/corporate-announcements/ZWR68PO5VPOWL01J/aea91d3eedea70bac8b083073861d529a740c4307a224046efc848aef08d170e
Sgx
YANGZIJIANG MARITIME DEVELOPMENT LTD. : 25-Jun-2026
Share Buy Back - Daily Share Buy-Back Notice::Share Buy Back - Daily Share Buy-Back Notice
China's coal power on the rise again in 2026, reversing first-in-a-decade decline
- Coal-fired power generation seen rising by 1.5-2% this year
- Power sector coal consumption forecast to increase 3%
- El Nino to boost air conditioning, potentially cut hydropower
- China's power demand to grow by 5% again this year
China's coal-fired power generation is set to rebound this year from its first fall in a decade, analysts said, due to the impact of El Nino and the Iran war and as renewable sources of energy have failed to keep pace with demand.
The world's biggest power consumer increased its usage of thermal power by 3.4% year-on-year in the first five months of the year to 2.53 trillion kilowatt-hours (kWh), statistics bureau data showed last week. Thermal power is mostly from coal with a small amount from gas.
https://www.reuters.com/business/energy/chinas-coal-power-rise-again-2026-reversing-first-in-a-decade-decline-2026-06-24/
- Coal-fired power generation seen rising by 1.5-2% this year
- Power sector coal consumption forecast to increase 3%
- El Nino to boost air conditioning, potentially cut hydropower
- China's power demand to grow by 5% again this year
China's coal-fired power generation is set to rebound this year from its first fall in a decade, analysts said, due to the impact of El Nino and the Iran war and as renewable sources of energy have failed to keep pace with demand.
The world's biggest power consumer increased its usage of thermal power by 3.4% year-on-year in the first five months of the year to 2.53 trillion kilowatt-hours (kWh), statistics bureau data showed last week. Thermal power is mostly from coal with a small amount from gas.
https://www.reuters.com/business/energy/chinas-coal-power-rise-again-2026-reversing-first-in-a-decade-decline-2026-06-24/