Dealing, Product Financing and Custody Services, Tickrs

Tickrs

Dealing, Product Financing and Custody Services

Tickrs Financial Singapore Pte Ltd (TFS) obtained Capital Markets Services (CMS) License from the Monetary Authority of Singapore (MAS) in 2022. Product offering include stock trading services across 10 global markets, futures trading, fixed income and wealth management products offering.

Equity Bottom-Up

<ul>
<li>Lum Chang Holdings has entered FY2026 with clearer earnings quality, stronger balance-sheet resilience and a more visible value-unlocking story than at initiation.</li>
<li>While group revenue softened 7.7% YoY in 1HFY2026 to S$220.6m, gross profit rose 53% to S$29.7m and PATMI more than doubled to S$7.3m, indicating that the group is now compounding on better project mix rather than relying purely on volume growth.</li>
<li>The post-listing expansion of Lum Chang Creations ("LCC") has lifted the share of higher-margin restoration and fit-out work within the consolidated group, even as the core construction business remains the dominant revenue engine.</li>
</ul>


Lum Chang Holdings has entered FY2026 with clearer earnings quality, stronger balance-sheet resilience and a more visible value-unlocking story than at initiation.
While group revenue softened 7.7% YoY in 1HFY2026 to S$220.6m, gross profit rose 53% to S$29.7m and PATMI more than doubled to S$7.3m, indicating that the group is now compounding on better project mix rather than relying purely on volume growth.
The post-listing expansion of Lum Chang Creations ("LCC") has lifted the share of higher-margin restoration and fit-out work within the consolidated group, even as the core construction business remains the dominant revenue engine.


Lum Chang Holdings Limited: Margin Rebuilt, Special Dividend Declared, Embedded Value Yet to Be Fully Recognised

<ul><li>We identify five compelling drivers supporting our BUY recommendation and S$0.525 target price: 1.</li><li>Construction Supercycle &amp; Record Order Book Visibility Singapore's construction sector is entering a sustained upcycle, with the Building and Construction Authority (BCA) forecasting S$47-53 billion of contracts awarded in 2025, representing 0.3% to 11.7% growth above pre-COVID levels.</li><li>Lum Chang's A1-grade contractor status and proven track record position it to capture significant share of mega-projects including Changi Airport Terminal 5, MRT line Research extensions, and public housing developments.</li></ul>

We identify five compelling drivers supporting our BUY recommendation and S$0.525 target price: 1.Construction Supercycle &amp; Record Order Book Visibility Singapore's construction sector is entering a sustained upcycle, with the Building and Construction Authority (BCA) forecasting S$47-53 billion of contracts awarded in 2025, representing 0.3% to 11.7% growth above pre-COVID levels.Lum Chang's A1-grade contractor status and proven track record position it to capture significant share of mega-projects including Changi Airport Terminal 5, MRT line Research extensions, and public housing developments.

Lum Chang Holdings Initiation : Building Heritage, Bridging Horizons

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>UOB Kay Hian's confidence in PropNex is supported by Singapore's strong property market.</li>
<li>PhillipCapital downgrades Elite UK REIT to 'accumulate' after recent share price performance.</li>
<li>CGSI cuts Lum Chang Creations' TP to 72 cents, citing potential revenue backload.</li>
</ul>


UOB Kay Hian's confidence in PropNex is supported by Singapore's strong property market.
PhillipCapital downgrades Elite UK REIT to 'accumulate' after recent share price performance.
CGSI cuts Lum Chang Creations' TP to 72 cents, citing potential revenue backload.


Singapore Market Roundup (08-Jan-2026): UOB Kay Hian backs PropNex due to Singapore's robust

<ul><li>CGSI cuts Lum Chang Creations' TP to 72 cents, expecting revenue to load in 2HFY2026.</li><li>JP Morgan raises CDL's target price to $10.75.</li><li>STI could realistically reach 5,000 points, says OCBC's Carmen Lee.</li></ul>

CGSI cuts Lum Chang Creations' TP to 72 cents, expecting revenue to load in 2HFY2026.JP Morgan raises CDL's target price to $10.75.STI could realistically reach 5,000 points, says OCBC's Carmen Lee.

Singapore Market Roundup (07-Jan-2026): CGSI lowers Lum Chang Creations' TP to 72 cents, sees

<ul><li>CGSI maintains 'add' but lowers TP; JPMorgan downgrades SCI to 'neutral' post-Alinta deal.</li><li>RHB keeps 'buy' rating and targets 85 cents for HRnetGroup.</li><li>Analysts are optimistic as SGX begins its new growth phase.</li></ul>

CGSI maintains 'add' but lowers TP; JPMorgan downgrades SCI to 'neutral' post-Alinta deal.RHB keeps 'buy' rating and targets 85 cents for HRnetGroup.Analysts are optimistic as SGX begins its new growth phase.

Singapore Market Roundup (12-Dec-2025): CGSI keeps 'add' but cuts TP; JPMorgan downgrades SCI to

Singapore

Lum Chang is a Singapore-based company primarily engaged in construction, property development, and investment. Its core activities include building construction, civil engineering works, and developing residential and commercial properties, hotels, and resorts. The company also provides interior fit-out, conservation, restoration, and project management services. Headquartered in Singapore, the company was incorporated in 1982.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Lum Chang (LCH SP)

Lum Chang Holdings Limited: Margin Rebuilt, Special Dividend Declared, Embedded Value Yet to Be Fully Recognised

A stronger earnings mix, a declared 2.0¢ interim dividend tied to the Lum Chang Creations listing, and updated visibility on the listed-subsidiary...

Tickrs

Lum Chang Holdings Initiation : Building Heritage, Bridging Horizons

We identify five compelling drivers supporting our BUY recommendation and S$0.525 target price: 1. Construction Supercycle & Record Order Book...

Tickrs

Singapore Market Roundup (08-Jan-2026): UOB Kay Hian backs PropNex due to Singapore's robust

UOB Kay Hian backs PropNex due to Singapore's robust property market, while PhillipCapital downgrades Elite UK REIT and CGSI lowers Lum Chang's...

Singapore Market Roundup

Singapore Market Roundup (07-Jan-2026): CGSI lowers Lum Chang Creations' TP to 72 cents, sees

CGSI lowers Lum Chang Creations' target price to 72 cents; JP Morgan raises CDL's to $10.75. OCBC's Carmen Lee sees STI potentially reaching 5,000...

Singapore Market Roundup

Singapore Market Roundup (12-Dec-2025): CGSI keeps 'add' but cuts TP; JPMorgan downgrades SCI to

CGSI keeps 'add' but lowers TP; JPMorgan downgrades SCI to 'neutral' after Alinta deal. RHB maintains 'buy' for HRnetGroup, targeting 85 cents....

Singapore Market Roundup

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)