Lincotrade: Continues Share Buyback @ S$0.33 per share on 9 Jul
Lincotrade & Associates Holdings Limited has purchased 50,000 ordinary shares on 9 Jul 2026 pursuant to its share buy-back mandate.
The shares were acquired through market purchases at prices ranging from S$0.33 per share, for a total consideration of S$16,597.50. Following the transaction, the Company's treasury shares increased to 1,134,100 shares, representing approximately 0.659% of its issued shares (excluding treasury shares).
Please see the announcement on their Investor Relations page:
https://www.lincotrade.com.sg/view&id=1007
Lincotrade & Associates Holdings Limited has purchased 50,000 ordinary shares on 9 Jul 2026 pursuant to its share buy-back mandate.
The shares were acquired through market purchases at prices ranging from S$0.33 per share, for a total consideration of S$16,597.50. Following the transaction, the Company's treasury shares increased to 1,134,100 shares, representing approximately 0.659% of its issued shares (excluding treasury shares).
Please see the announcement on their Investor Relations page:
https://www.lincotrade.com.sg/view&id=1007
www.lincotrade.com.sg
LINCOTRADE & ASSOCIATES PTE LTD :: News
SAC_Jul2026_Reclaims Global Limited.pdf
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Reclaims Global Limited -(RGL SP, S$0.198, TP:S$0.22, BUY)
Revenue visibility improves meaningfully. Reclaims’ wholly owned subsidiary, Reclaims Enterprise, was recently awarded two earthworks contracts with an aggregate value of approximately S$9.55m. Together with contract wins announced since November 2025, these projects expand the Group’s order pipeline and improve revenue visibility across FY2027–FY2028.
Margin resilience supports earnings conversion. Gross margin improved from 44.3% in FY2025 to 48.3% in FY2026, driven by stronger project execution and a more favourable project mix. Reported FY2026 net margin was 14.7%, including a divestment gain; excluding this item, underlying net margin was 12.1%.
Recommendations. We maintain a BUY rating with a Target Price of S$0.22, representing a 11.1% upside from current price. The target price is derived by applying a 25% discount to the peer- average P/E to reflect Reclaim's smaller scale and lower trading liquidity.
Revenue visibility improves meaningfully. Reclaims’ wholly owned subsidiary, Reclaims Enterprise, was recently awarded two earthworks contracts with an aggregate value of approximately S$9.55m. Together with contract wins announced since November 2025, these projects expand the Group’s order pipeline and improve revenue visibility across FY2027–FY2028.
Margin resilience supports earnings conversion. Gross margin improved from 44.3% in FY2025 to 48.3% in FY2026, driven by stronger project execution and a more favourable project mix. Reported FY2026 net margin was 14.7%, including a divestment gain; excluding this item, underlying net margin was 12.1%.
Recommendations. We maintain a BUY rating with a Target Price of S$0.22, representing a 11.1% upside from current price. The target price is derived by applying a 25% discount to the peer- average P/E to reflect Reclaim's smaller scale and lower trading liquidity.
Ketamine therapy at IMH offers hope to patients with hard-to-treat depression
https://www.straitstimes.com/singapore/health/ketamine-therapy-at-imh-offers-hope-to-patients-with-hard-to-treat-depression
https://www.straitstimes.com/singapore/health/ketamine-therapy-at-imh-offers-hope-to-patients-with-hard-to-treat-depression
The Straits Times
Ketamine therapy at IMH offers hope to patients with hard-to-treat depression
Discover how ketamine therapy at IMH offers a breakthrough treatment for hard-to-treat depression when conventional methods fail. Read more at straitstimes.com.
iX Biopharma: For years, we have advocated for ketamine’s potential in treating depression, particularly treatment-resistant depression. Today, the clinical reality is catching up.
The Institute of Mental Health (IMH) is now using intravenous ketamine successfully for patients with hard-to-treat depression, with more than half responding to treatment.
This is especially significant because racemic ketamine is not specifically approved to treat depression and is being used "off-label". Even though intravenous treatment requires a needle and multiple 40-minute infusions, clinicians are choosing ketamine because of the meaningful difference it can make. It shows that clinicians will adopt a treatment when the evidence and patient need support it.
The United States is already well ahead. Ketamine therapy is widely used in specialist clinics, and the US ketamine clinics market was estimated at US$3.77 billion in 2024.
At iX Biopharma, we recognised this potential years ago. Wafermine is our sublingual ketamine wafer - non-invasive, needle-free and designed to allow flexible dosing. While we are pursuing its approval as a pain treatment, the IMH report reinforces ketamine’s broader therapeutic potential, including its off-label use for depression. Better delivery could broaden its impact.
This marks meaningful progress in addressing a significant unmet need, as depression continues to affect a growing number of people.
The Institute of Mental Health (IMH) is now using intravenous ketamine successfully for patients with hard-to-treat depression, with more than half responding to treatment.
This is especially significant because racemic ketamine is not specifically approved to treat depression and is being used "off-label". Even though intravenous treatment requires a needle and multiple 40-minute infusions, clinicians are choosing ketamine because of the meaningful difference it can make. It shows that clinicians will adopt a treatment when the evidence and patient need support it.
The United States is already well ahead. Ketamine therapy is widely used in specialist clinics, and the US ketamine clinics market was estimated at US$3.77 billion in 2024.
At iX Biopharma, we recognised this potential years ago. Wafermine is our sublingual ketamine wafer - non-invasive, needle-free and designed to allow flexible dosing. While we are pursuing its approval as a pain treatment, the IMH report reinforces ketamine’s broader therapeutic potential, including its off-label use for depression. Better delivery could broaden its impact.
This marks meaningful progress in addressing a significant unmet need, as depression continues to affect a growing number of people.
Geo Energy: Share Buyback on 17 Jul with 1,500,000 shares @ S$0.55 - S$0.56 per share
Geo Energy has continued its share buyback of 1,500,000 ordinary shares on 17 Jul 2026 pursuant to its share buyback mandate.
The shares were acquired through market purchases at prices ranging from S$0.55 to S$0.56 per share, for a total consideration of S$834,496.34. Following the transaction, the Company's treasury shares increased to 5,837,567 shares, representing approximately 0.328% of its issued shares (excluding treasury shares).
Please see the announcement on their Investor Relations page: https://geoenergy.listedcompany.com/news.html/id/2620155
Geo Energy has continued its share buyback of 1,500,000 ordinary shares on 17 Jul 2026 pursuant to its share buyback mandate.
The shares were acquired through market purchases at prices ranging from S$0.55 to S$0.56 per share, for a total consideration of S$834,496.34. Following the transaction, the Company's treasury shares increased to 5,837,567 shares, representing approximately 0.328% of its issued shares (excluding treasury shares).
Please see the announcement on their Investor Relations page: https://geoenergy.listedcompany.com/news.html/id/2620155
*Asia’s AI boom has a dirty secret: the coal that powers it*
https://www.scmp.com/week-asia/health-environment/article/3360977/asias-ai-boom-has-dirty-secret-coal-powers-it
In the rush to build the digital future, regional tech hubs are digging up the past
Asia sits atop vast amounts of coal, nearly three-fifths of the world’s known reserves by some estimates.
Cheaper and more reliable than imported oil and gas, and far less vulnerable to disruptions caused by foreign wars, coal is also dirty, polluting – and the region’s No 1 “stopgap source” to power the AI infrastructure roll-out.
https://www.scmp.com/week-asia/health-environment/article/3360977/asias-ai-boom-has-dirty-secret-coal-powers-it
In the rush to build the digital future, regional tech hubs are digging up the past
Asia sits atop vast amounts of coal, nearly three-fifths of the world’s known reserves by some estimates.
Cheaper and more reliable than imported oil and gas, and far less vulnerable to disruptions caused by foreign wars, coal is also dirty, polluting – and the region’s No 1 “stopgap source” to power the AI infrastructure roll-out.
South China Morning Post
Asia’s AI boom has a dirty secret: the coal that powers it
In the rush to build the digital future, regional tech hubs are digging up the past.
*Beng Kuang Marine (BKM SP/BUY/S$0.485/PE-Based TP of S$0.750)*
*Deepening FPSO Exposure, Orderbook On The Rise*
_By Tang Kai Jie UOBKH_
*Key takeaways from SG Small & Mid Cap Corporate Day.* Management outlined BKM's strategy to strengthen its position as an FPSO-focused oil & gas player through lifecycle services, capacity expansion, and growth in managed FPSO assets.
*1H26 contract wins and purchase orders.* BKM secured S$85.2m of new contracts in 1H26, including major FPSO tank service awards in West Africa that underpin a multiyear life extension programme and future recurring work.
*Orderbook continues to grow.* BKM's outstanding orderbook stood at S$70.7m as at end-Jun 26, supported by recurring FPSO opportunities and selective replenishment across its engineering and equipment businesses.
*Maintain BUY with an unchanged target price of S$0.75,* pegged to 14.0x 2027F PE. We expect re-rating to continue as BKM continues to deepen its FPSO exposure and strengthen its orderbook. BKM currently trades around 9.2x 2027F PE, below peers’ average of 11.8x 2027F PE, highlighting BKM’s undervaluation.
Link: https://research.uobkayhian.com/content_download.jsp?id=91648&h=614dbef651d9da959236d50b1e73d039
*Deepening FPSO Exposure, Orderbook On The Rise*
_By Tang Kai Jie UOBKH_
*Key takeaways from SG Small & Mid Cap Corporate Day.* Management outlined BKM's strategy to strengthen its position as an FPSO-focused oil & gas player through lifecycle services, capacity expansion, and growth in managed FPSO assets.
*1H26 contract wins and purchase orders.* BKM secured S$85.2m of new contracts in 1H26, including major FPSO tank service awards in West Africa that underpin a multiyear life extension programme and future recurring work.
*Orderbook continues to grow.* BKM's outstanding orderbook stood at S$70.7m as at end-Jun 26, supported by recurring FPSO opportunities and selective replenishment across its engineering and equipment businesses.
*Maintain BUY with an unchanged target price of S$0.75,* pegged to 14.0x 2027F PE. We expect re-rating to continue as BKM continues to deepen its FPSO exposure and strengthen its orderbook. BKM currently trades around 9.2x 2027F PE, below peers’ average of 11.8x 2027F PE, highlighting BKM’s undervaluation.
Link: https://research.uobkayhian.com/content_download.jsp?id=91648&h=614dbef651d9da959236d50b1e73d039
Kin Global's footprint on all the sporting events in Singapore that are mentioned here: Beyond Formula 1 - Singapore’s year-round sports tourism strategy https://bt.sg/Vdwz
The Business Times
Beyond Formula 1: Singapore’s year-round sports tourism strategy
Besides the marquee race, a pipeline of mid-tier programmes aims for steady tourist dollars Read more at The Business Times.
Organised and managed by Kin Global: https://www.instagram.com/reel/DbMk5AYBvpq/?l=1
Global Coal Use Hit A Record In 2025, Even As Coal Power Declined
Global coal consumption reached a new record in 2025, hitting 166.0 exajoules, despite ongoing phase-out discussions. This rise was primarily driven by industrial demand, as coal-fired electricity generation actually saw a slight decline. The market exhibits a stark geographic divide: Asia, led by China and India, now accounts for over 83% of global use, while developed nations steadily reduce reliance.
Notably, the U.S. experienced a significant, albeit temporary, surge in coal use, contrasting with European trends. This complex picture reveals a widening gap between regions committed to decarbonization and those where coal remains crucial for economic development.
https://www.forbes.com/sites/rrapier/2026/07/26/global-coal-use-hit-a-record-in-2025-even-as-coal-power-declined/
Global coal consumption reached a new record in 2025, hitting 166.0 exajoules, despite ongoing phase-out discussions. This rise was primarily driven by industrial demand, as coal-fired electricity generation actually saw a slight decline. The market exhibits a stark geographic divide: Asia, led by China and India, now accounts for over 83% of global use, while developed nations steadily reduce reliance.
Notably, the U.S. experienced a significant, albeit temporary, surge in coal use, contrasting with European trends. This complex picture reveals a widening gap between regions committed to decarbonization and those where coal remains crucial for economic development.
https://www.forbes.com/sites/rrapier/2026/07/26/global-coal-use-hit-a-record-in-2025-even-as-coal-power-declined/
Forbes
Global Coal Use Hit A Record In 2025, Even As Coal Power Declined
Global coal use reached a record in 2025 even as coal-fired power declined, exposing a widening divide between Asia, Europe, and the United States over energy demand.
The Edge Singapore | Sanli Environmental wins $60.1 mil contract across private and public sectors
https://www.theedgesingapore.com/news/contracts/sanli-environmental-wins-601-mil-contract-across-private-and-public-sectors
https://www.theedgesingapore.com/news/contracts/sanli-environmental-wins-601-mil-contract-across-private-and-public-sectors
The Edge Singapore
Sanli Environmental wins $60.1 mil contract across private and public sectors | The Edge Singapore
Out of the $60.1 million recent wins, $33 million worth of new contracts were secured during the three-month period from April 1 to June 30.
GDS Global Limited (GDS SP, S$0.057, TP:S$0.080, BUY)
GDS Global Limited (“GDS”) is a leading specialist provider of commercial and industrial door and shutter solutions in Southeast Asia with expanded capabilities in structural steel, metal engineering, and architectural aluminium solutions in Singapore. Backed by its strong technical expertise, proprietary know-how and technology-based solutions, the Group’s extensive range of door and shutter systems can be tailored to the specific needs and requirements of its customers. Underscoring its technology-driven edge in providing defence and safety shutter solutions, GDS is the first Singapore manufacturer that can offer steel insulated fire shutters with an insulation value of up to 240 minutes. In addition, the Group is the developer of the first blast-mitigating shutter in the world.
Strategic Acquisitions. GDS completed its acquisition of Asiabuild Metal Engineering and Integrated Aluminium in June 2026, extending its capabilities beyond doors, blast-mitigating shutters and protection systems into structural steel, metal works and architectural aluminium products; on a standalone basis the acquired entities generated combined FY2025 revenue of S$12.13 million and net profit of S$1.63 million, backed by a secured order book of approximately S$24.4 million to be fulfilled between 2026 and 2028, positioning this as a second growth pillar that diversifies GDS's revenue base and deepens its participation in Singapore's construction and building-upgrading market. This acquisition helps GDS to internalise a larger portion of the value chain and improve supply chain and procurement control, thereby enhancing margin retention and reducing reliance on external subcontractors.
Strong Revenue Growth. GDS Global Limited has announced a new contract win valued at approximately S$6 million in July 2026. Based on the
group’s updated order book and enlarged capacity, we forecast its combined orderbook to reach approximately S$40 million. This has strengthened the revenue growth momentum. Revenue grew 70% YoY to S$22.8 million in FY2025 and is projected to grow a further 124% YoY to reach S$51 million in FY2026E, before growing a further 26% YoY to reach S$64.5 million in FY2027E. Net margin is expected to expand from 0.9% in FY2025 to 7.3% in FY2026E and further to 11.9% in FY2027E. As such, FY2026 net profit is projected to rise to S$3.7 million from breakeven in
FY2025. Net profit is then expected to rise a further 105% YoY to S$7.6 million in FY2027.
Geographical Expansion with its Unique Defence and Safety Shutter Solutions. We view GDS’s expansion into Malaysia, the Philippines, Qatar and New Zealand as positive validation of its overseas growth strategy with its premium range of shutters that have unique defence and safety applications. Key milestones include the maiden sale of Blast Mitigating and Insulated Fire Shutters for a Malaysian data-centre project, the first Storm Shutter contract for an MNC manufacturing facility in the Philippines, the inaugural Middle East Storm Shutter export to a Qatar shipyard, and a two-year exclusive distributorship with ARA Manufacture Metalbilt in New Zealand. These developments demonstrate the export potential of GDS’s premium products while allowing the Group to expand through established local partners with lower capital requirements and execution risk.
Risks. GDS operates in an industry which experiences fluctuations in demand due to economic conditions. Rising material costs may also impact the company’s performance.
GDS Global Limited (“GDS”) is a leading specialist provider of commercial and industrial door and shutter solutions in Southeast Asia with expanded capabilities in structural steel, metal engineering, and architectural aluminium solutions in Singapore. Backed by its strong technical expertise, proprietary know-how and technology-based solutions, the Group’s extensive range of door and shutter systems can be tailored to the specific needs and requirements of its customers. Underscoring its technology-driven edge in providing defence and safety shutter solutions, GDS is the first Singapore manufacturer that can offer steel insulated fire shutters with an insulation value of up to 240 minutes. In addition, the Group is the developer of the first blast-mitigating shutter in the world.
Strategic Acquisitions. GDS completed its acquisition of Asiabuild Metal Engineering and Integrated Aluminium in June 2026, extending its capabilities beyond doors, blast-mitigating shutters and protection systems into structural steel, metal works and architectural aluminium products; on a standalone basis the acquired entities generated combined FY2025 revenue of S$12.13 million and net profit of S$1.63 million, backed by a secured order book of approximately S$24.4 million to be fulfilled between 2026 and 2028, positioning this as a second growth pillar that diversifies GDS's revenue base and deepens its participation in Singapore's construction and building-upgrading market. This acquisition helps GDS to internalise a larger portion of the value chain and improve supply chain and procurement control, thereby enhancing margin retention and reducing reliance on external subcontractors.
Strong Revenue Growth. GDS Global Limited has announced a new contract win valued at approximately S$6 million in July 2026. Based on the
group’s updated order book and enlarged capacity, we forecast its combined orderbook to reach approximately S$40 million. This has strengthened the revenue growth momentum. Revenue grew 70% YoY to S$22.8 million in FY2025 and is projected to grow a further 124% YoY to reach S$51 million in FY2026E, before growing a further 26% YoY to reach S$64.5 million in FY2027E. Net margin is expected to expand from 0.9% in FY2025 to 7.3% in FY2026E and further to 11.9% in FY2027E. As such, FY2026 net profit is projected to rise to S$3.7 million from breakeven in
FY2025. Net profit is then expected to rise a further 105% YoY to S$7.6 million in FY2027.
Geographical Expansion with its Unique Defence and Safety Shutter Solutions. We view GDS’s expansion into Malaysia, the Philippines, Qatar and New Zealand as positive validation of its overseas growth strategy with its premium range of shutters that have unique defence and safety applications. Key milestones include the maiden sale of Blast Mitigating and Insulated Fire Shutters for a Malaysian data-centre project, the first Storm Shutter contract for an MNC manufacturing facility in the Philippines, the inaugural Middle East Storm Shutter export to a Qatar shipyard, and a two-year exclusive distributorship with ARA Manufacture Metalbilt in New Zealand. These developments demonstrate the export potential of GDS’s premium products while allowing the Group to expand through established local partners with lower capital requirements and execution risk.
Risks. GDS operates in an industry which experiences fluctuations in demand due to economic conditions. Rising material costs may also impact the company’s performance.