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Lincotrade & Associates / Equity Bottom-Up

<ul>
<li>Record FY26 delivery, in line with guidance.</li>
<li>Lincotrade closed FY26 with revenue up 75.8% YoY to S$129.5 million, led by commercial revenue rising 84.0% to S$121.6 million as a record order book was billed out.</li>
<li>Net profit attributable to shareholders more than tripled, rising 215.3% to S$8.1 million, as gross profit climbed 87.1% to S$17.3 million and gross margin expanded 0.8 percentage points to 13.3% on a richer commercial mix.</li>
</ul>


Record FY26 delivery, in line with guidance.
Lincotrade closed FY26 with revenue up 75.8% YoY to S$129.5 million, led by commercial revenue rising 84.0% to S$121.6 million as a record order book was billed out.
Net profit attributable to shareholders more than tripled, rising 215.3% to S$8.1 million, as gross profit climbed 87.1% to S$17.3 million and gross margin expanded 0.8 percentage points to 13.3% on a richer commercial mix.


Lincotrade & Associates Holdings Limited - Order Book Gets a Boost

External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Revenue increased 75.8% YoY to S$129.5mn, 23.9% above our initiation forecast, as Lincotrade converted its order book faster than expected.</li><li>PATMI more than tripled to S$8.1mn and was 22.4% ahead of our forecast.</li><li>However, group gross margin declined from 15.0% in 1H26 to 12.2% in 2H26 despite higher revenue, indicating that the earnings beat was principally volume driven.</li></ul>

Revenue increased 75.8% YoY to S$129.5mn, 23.9% above our initiation forecast, as Lincotrade converted its order book faster than expected.PATMI more than tripled to S$8.1mn and was 22.4% ahead of our forecast.However, group gross margin declined from 15.0% in 1H26 to 12.2% in 2H26 despite higher revenue, indicating that the earnings beat was principally volume driven.

Lincotrade & Associates: Record FY26 Results and S$70m Contract Extend Growth Runway

<ul>
<li>Lincotrade delivered a stellar financial performance in 1HFY26. The Group’s 1HFY26 net profit surged 400.6% YoY to S$3.9 million, exceeding FY25 full year net profit of S$2.6 million.</li>
<li>1HFY26 revenue increased 58.2% YoY to S$53.3 million, while gross profit jumped 94.0% to S$8.0 million, underscoring effective project execution and improved cost efficiency.</li>
<li>The Group’s overall gross margin expanded sharply from 12.5% in FY25 to 15.0% in 1HFY26.</li>
</ul>


Lincotrade delivered a stellar financial performance in 1HFY26. The Group’s 1HFY26 net profit surged 400.6% YoY to S$3.9 million, exceeding FY25 full year net profit of S$2.6 million.
1HFY26 revenue increased 58.2% YoY to S$53.3 million, while gross profit jumped 94.0% to S$8.0 million, underscoring effective project execution and improved cost efficiency.
The Group’s overall gross margin expanded sharply from 12.5% in FY25 to 15.0% in 1HFY26.


Lincotrade & Associates Holdings Limited - From Execution to Acceleration

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<ul>
 <li>
Record Order Book Provides Strong Revenue Visibility: Lincotrade's order book surged to a record S$113.0 million as of September 2025, providing approximately two years of revenue visibility and underpinning confidence in forward growth. The majority of these new projects are in the commercial sector, which typically yield higher margins.</li>
 <li>
Strategic Shift to Higher-Margin Projects and Geographic Expansion: The company is strategically focusing on higher-margin commercial projects and expanding its footprint into Malaysia. This includes a new data centre project in Johor and a 30% stake in a residential property development in Kuala Lumpur, signaling a diversification of revenue streams.</li>
 <li>
Operational Efficiency and Cost Management Initiatives: The upcoming completion of its new Tuas facility, which includes a 204-bed workers' dormitory, is expected to reduce accommodation costs and improve operational efficiency. This, combined with better cost controls, has already contributed to an improvement in gross profit margins.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Record Order Book Provides Strong Revenue Visibility: Lincotrade's order book surged to a record S$113.0 million as of September 2025, providing approximately two years of revenue visibility and underpinning confidence in forward growth. The majority of these new projects are in the commercial sector, which typically yield higher margins.
  
Strategic Shift to Higher-Margin Projects and Geographic Expansion: The company is strategically focusing on higher-margin commercial projects and expanding its footprint into Malaysia. This includes a new data centre project in Johor and a 30% stake in a residential property development in Kuala Lumpur, signaling a diversification of revenue streams.
  
Operational Efficiency and Cost Management Initiatives: The upcoming completion of its new Tuas facility, which includes a 204-bed workers' dormitory, is expected to reduce accommodation costs and improve operational efficiency. This, combined with better cost controls, has already contributed to an improvement in gross profit margins.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Lincotrade & Associates Holdings (LINASC SP) - Feb 2026

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Institutions were net buyers of Singapore stocks with S$208 million inflow; major inflows included OCBC, Hongkong Land, and Singtel.</li><li>Over five sessions, 19 companies conducted share buybacks totaling S$11.5 million; UOB led with 190,000 shares.</li><li>Director transactions included substantial acquisitions by Asdew Acquisitions in Low Keng Huat and Tan Chee Khoon in Lincotrade & Associates.</li></ul>

Institutions were net buyers of Singapore stocks with S$208 million inflow; major inflows included OCBC, Hongkong Land, and Singtel.Over five sessions, 19 companies conducted share buybacks totaling S$11.5 million; UOB led with 190,000 shares.Director transactions included substantial acquisitions by Asdew Acquisitions in Low Keng Huat and Tan Chee Khoon in Lincotrade & Associates.

Net Institutional Inflow Continues; QAF, XMH, JEP Directors Add

Singapore

Lincotrade & Associates is a Singapore-based interior fitting-out specialist. The company provides integrated interior fitting-out services, additions and alterations (A&A) works, and other building construction services for commercial and residential properties, as well as showflats and sales galleries. It was established in 1991 and is headquartered in Singapore.

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Lincotrade & Associates (LINASC SP)

Lincotrade & Associates Holdings Limited - Order Book Gets a Boost

Record FY26 delivery, in line with guidance. Lincotrade closed FY26 with revenue up 75.8% YoY to S$129.5 million, led by commercial revenue rising...

SAC Capital

Lincotrade & Associates: Record FY26 Results and S$70m Contract Extend Growth Runway

Revenue increased 75.8% YoY to S$129.5mn, 23.9% above our initiation forecast, as Lincotrade converted its order book faster than expected. PATMI...

KGI Securities

Lincotrade & Associates Holdings Limited - From Execution to Acceleration

Lincotrade delivered a stellar financial performance in 1HFY26. The Group’s 1HFY26 net profit surged 400.6% YoY to S$3.9 million, exceeding FY25...

SAC Capital

Primer: Lincotrade & Associates Holdings (LINASC SP) - Feb 2026

Record Order Book Provides Strong Revenue Visibility: Lincotrade's order book surged to a record S$113.0 million as of September 2025,...

αSK Primers

Net Institutional Inflow Continues; QAF, XMH, JEP Directors Add

Institutions were net buyers of Singapore stocks with S$208 million inflow; major inflows included OCBC, Hongkong Land, and Singtel. Over five...

Singapore Exchange Ltd (SGX)

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