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. 

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Equity Bottom-Up

Lincotrade & Associates / Equity Bottom-Up

<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 HLDS LTD (LINASC SP): Record FY26 Results...

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

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 HLDS LTD (LINASC SP): Record FY26 Results...

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

KGI Securities

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

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