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Fabchem
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Joelton
Supreme |
30-May-2026 13:30
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Lincotrade Secures New Projects with an Aggregate Contract Value of S$16.8 Million in 3Q2026 Order Book Strengthens to S$107.0 Million
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Sunraku
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29-May-2026 21:05
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Lincotrade Secures New Projects with an Aggregate Contract Value of S$16.8 Million in 3Q2026 Order Book Strengthens to S$107.0 Million
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Joelton
Supreme |
12-May-2026 09:37
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Lincotrade: Executive Chairman Dr Tan Kok Heng increases equity stake
His direct shareholding increased:
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For_The_Next_Leg
Master |
05-May-2026 08:59
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The new acquisitions is a trend of new businesses that the listed SIngapore firms are getting into - dormitories.
https://www.straitstimes.com/singapore/dormitories-for-some-200000-migrant-workers-to-benefit-from-100m-retrofitting-grant
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Sunraku
Member |
29-Apr-2026 08:00
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Lincotrade: Non-binding term sheet for a S$17 million acquisition
The Target&rsquo s primary business is in the manufacture and distribution of pharmaceutical ophthalmic and other solutions. Its significant assets include the properties located at 11 Tuas Avenue 12, Singapore 639034 and 13 Tuas Avenue 12, Singapore 639035
The Target&rsquo s Properties provide an opportunity to expand the Group&rsquo s operations and develop support services, such as dormitories and other ancillaries. The close proximity of the Target&rsquo s Properties to the Company&rsquo s main factory at 5 Tuas Ave 12, Singapore 639025, is an important consideration for the Proposed Acquisition.
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Joelton
Supreme |
14-Apr-2026 08:19
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Lincotrade: Chairman, Dr. Tan Kok Heng, increases stake
Chairman, Dr. Tan Kok Heng Transaction Date: April 10, 2026 Nature of Transaction: Acquisition of ordinary voting shares via market transaction Number of Shares Acquired: 4,900 Consideration per Share: S$0.305 Updated Shareholding: Following this transaction, Dr. Tan Kok Heng holds a total of 164,900 ordinary voting shares, representing 0.09% of the total issued shares (excluding treasury shares). |
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For_The_Next_Leg
Master |
23-Mar-2026 09:13
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Also a beneficiary of Data Center Boom!
https://www.theedgesingapore.com/news/corporate-moves/lincotrade-rides-bullish-construction-demand-and-data-centre-hype
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Joelton
Supreme |
21-Mar-2026 14:34
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Lincotrade rides bullish construction demand and data centre hype
The ongoing construction boom benefited not only construction players but also interior fit-out companies, as completed residential and commercial buildings require fit-out services before occupants can move in.
One of the many players poised to benefit from this trend would be Lincotrade & Associates. Established in 1991 as a small-scale renovation company, it now employs nearly 200 staff. According to its latest annual report for FY2025 ended June 30, 2025, the company has completed more than 200 projects since its establishment.
Over the years, the company has been contracted to carry out fit-out works for Marina Bay Sands, UE Square Shopping Mall and, more recently, the Skywater Residences showflat, which will be the tallest residential building in Singapore upon completion.
Speaking with The Edge Singapore about Lincotrade&rsquo s growth and transformation, co-founder and CEO Jackie Soh said that in the early stages, the company was mainly focused on projects led by Japanese main contractors.
&ldquo During the early 1990s, many Japanese main contractors came to Singapore and by working with them, we learned to focus on providing quality work and services,&rdquo says Soh.
Soh mentioned that during the 1990s, many electronics firms, in particular, only allowed fit-out contractors to proceed with the relevant work after 8pm or 9pm. As a result, Soh and his team were left to work through the night for their clients.
&ldquo Gradually, we improved and upgraded our scope of work to include carpentry works and further extended our reach to become interior design contractors today,&rdquo Soh adds.
Beyond the current headcount, Soh says Lincotrade has many subcontractors on hand, which can bring in another 300 to 400 workers to assist with the relevant projects.
Standing out from the competition
Most companies choose the standard route of listing via an IPO however, Lincotrade took the less-travelled route of listing through a reverse takeover (RTO).
Fabchem China, based in Shandong, China, was previously known for producing explosive devices, industrial detonators and fuses. Upon the disposal of its principal subsidiary, Shandong Yinguang Technology, the company ceased to have any operating business and was deemed a shell company under the listing rules of the Singapore Exchange (SGX).
Following that, Fabchem China completed an RTO of Lincotrade, issuing 113.6 million shares at 22 cents each in August 2022, valuing the deal at $25 million.
Soh admitted that he and his team were very focused on Lincotrade&rsquo s business operations and were not &ldquo very knowledgeable&rdquo about the financial market.
&ldquo The opportunity came upon us and after much consideration and discussion with Fabchem China, we feel that we have a kind of chemistry with them,&rdquo Soh recalls.
&ldquo We also sought professional advice and they said it was easier and faster to get listed through an RTO and hence we proceeded with the plan. Of course, the chemistry with Fabchem was very important as well,&rdquo Soh adds.
Following its listing, Lincotrade&rsquo s share price has risen more than 34%, reaching 29.5 cents on March 18, valuing the company at around $53.7 million.
To stay ahead of Singapore and the region&rsquo s corporate and economic trends, click here for Latest Section
Between 2024 and 2025, a handful of other interior fit-out contractors debuted on SGX, including Attika Group, Lum Chang Creation and Dezign Format.
How then does Lincotrade differentiate itself from the competition? Soh notes that the company operates across multiple sectors, unlike its competitors, which focus on just a single sector.
&ldquo Many competitors specialise only in a particular sector. Some focus only on hotel renovations, while others are fully focused on office renovations and fit-out. We have the capability and knowledge to do all these and therefore our business operations are now in the commercial, residential and showflat sectors,&rdquo says Soh.
He points out that the management team has regular discussions to review local market trends and what the government is building.
&ldquo We will place more emphasis on whatever sector has the potential for more jobs and we pitch for them. That is the key difference between our competitors and us,&rdquo Soh adds.
Eye on HDB sector and new HQ
Looking ahead, Soh and his team plan to expand into the HDB flat renovation sector.
&ldquo Currently, we hold the HDB licence to conduct renovation work. But, we are doing it only for our regular clients, through referral and on a private basis,&rdquo says Soh.
Soh believes that the current HDB renovation market is big enough for Lincotrade to consider venturing into. According to a Jan 8 press release from HDB, the public housing authority plans to launch 19,600 Build-To-Order (BTO) flats in 2026.
&ldquo If we are talking about an average renovation budget of just around $30,000 per BTO flat, the market size could easily be around $600 million on an annual basis,&rdquo says Soh.
In a Feb 24 press release, Lincotrade announced that it received the Temporary Occupancy Permit (TOP) for its headquarters located at 5 Tuas Avenue 12.
The new headquarters will help support Lincotrade&rsquo s expanding business activities and future growth plans.
Within its new headquarters, Lincotrade has a 204-bed ancillary workers&rsquo dormitory. Soh explains that the dorm will help the company save on recurring accommodation costs for its workers, given the sharp rise in bed rental in recent years.
&ldquo We will be using about half of the total capacity, which will help bring down overall operating costs. In addition, the unused beds could be rented out for a steady stream of recurring income,&rdquo says Soh.
To further reduce energy consumption and place more emphasis on sustainability, Linoctrade has installed solar panels at its new Tuas headquarters.
&ldquo While all these initiatives are in place, we will also be keeping a lookout on our overhead costs to ensure that they won&rsquo t go too high,&rdquo Soh adds.
Data centre and government projects
Regarding the order book and potential projects, Soh mentions that the company is currently in the tendering process for at least five data centres in Singapore, two data centre projects in Malaysia, and two hotel projects in Singapore.
Soh is hesitant to share more details, particularly about the data centre projects, due to a non-disclosure agreement.
When asked on the margins, Soh admits that data centre contracts right now command the best margins.
&ldquo Data centres are precise and demanding in their specifications and requirements. Therefore, contractors need to have the technical know-how and expertise to execute these contracts. Therefore, we need to have a better margin to work on it,&rdquo Soh comments.
As at Dec 31, 2025, Lincotrade&rsquo s order book stood at a record $117.2 million, driven by a growing contribution from data centre projects.
While Soh did not commit towards any target for Lincotrade&rsquo s order book, he feels that his current workforce can comfortably handle $150 million per annum in terms of order book execution.
Apart from the lucrative data centre projects, Soh says that contracts from the various government ministries in Singapore are also generating good returns for Lincotrade.
&ldquo At the beginning, it was definitely going to be a price war during the bidding process. However, as time goes by, they will not just award the contract solely based on the pricing aspect, they will also take into consideration other factors, including quality, safety and track record,&rdquo says Soh.
&ldquo Furthermore, once the respective ministries get to know you better and build up our track record, they are going to be more confident in us and then we can try to bring our price up slightly as well.&rdquo
&ldquo More importantly, they are good pay masters and always pay on time, which is beneficial for our cash flow,&rdquo he adds.
RTO placement and plans
Following Lincontrade&rsquo s RTO in August 2022, the company tapped the market for additional funds via a placement in November 2025. The company sold 10 million placement shares at 22 cents each, raising gross proceeds of $2.2 million.
Prominent institutional funds that subscribed for the shares included Lion Global Investors Limited, ICH Synergrowth Fund and Ginko-AGT Global Growth Fund.
Lincotrade says the placement proceeds will be used to further strengthen its financial position and finance the ongoing projects.
Typically, placement shares are priced at a discount to incentivise investors to take them up. However, this placement is priced at a premium of 3.14% to the volume weighted average price of 21.33 cents per share.
&ldquo We are not financially trained people, but we think that it was a fair value and we explained to the investors our business and plans to try and convince them to accept the premium,&rdquo says Soh.
He is pleased that, following the expansion plans over the past two years and the associated costs, Lincotrade is now at an inflexion point where costs have normalised and it possesses the economies of scale.
This was reflected in their latest financial results for 1HFY2026 when revenue increased 58.2% y-o-y to $53.3 million, driven by strong performance in both the commercial and residential segments.
Net profit after tax jumped 438.5% y-o-y to $3.9 million, on the back of higher revenue and an improvement in gross profit.
Following the results improvement, Lincotrade also announced an interim dividend of 0.88 cents per share, representing a payout ratio of around 41% of net profit in 1HFY2026.
Meanwhile, Soh is heartened to see that many of his staff have remained with Lincotrover these years.
&ldquo We have a strong team with a very low turnover rate. A lot of them have been with us since their 20s, and now they are mostly in their 40s and 50s. I really appreciate their being with Lincotrade for the past 35 years and their support over that time. They are the greatest contributor to the company,&rdquo Soh comments.
Looking ahead, Soh says Lincotrade will continue to focus on the commercial sector, including data centres and office renovations.
&ldquo Also, not to forget that there are still some hotel renovations that could come up as well, given that hotel operators tend to undergo renewal works once every seven years,&rdquo Soh adds.
Apart from hotel refurbishment, Soh expects more hotels to spring up locally, particularly at Marina Bay Sands and Resort World Sentosa.
&ldquo We are currently following up with the two respective integrated resort operators and hopefully we will be able to secure the contracts,&rdquo says Soh.
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For_The_Next_Leg
Master |
24-Dec-2025 09:17
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Taking another look at the placement. Seems like there are many big players coming in. Things might start to looked good. Watching this closely.
https://links.sgx.com/1.0.0/corporate-announcements/C1PKOPFTRJI1Q82A/dde108bdcb47bae75d01e4acb102bb3e56a71cd1141a9c0f089ebe5a7fbee76a
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For_The_Next_Leg
Master |
15-Dec-2025 08:59
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Placement at a premium price and done due to establishment of order book that will give revenue visibility for the next 2 years. This is actually good for the shareholders since its a placement with premium pricing for a purpose.
" Lincotrade&rsquo s order book doubled to S$113.0 million as of 30 September 2025, providing about two years of revenue visibility. For the 3-month period, from July to September 2025, the Group has secured new projects with an aggregate contract value of S$61.0 million. With a strategic focus in recent years on securing commercial projects, all of the newly secured projects are commercial projects, which generally yield higher margins for the Group. This strong project pipeline underpins confidence in forward revenue growth."
https://www.investingnote.com/posts/2988072
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Joelton
Supreme |
09-Dec-2025 11:19
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SAC Capital - Lincotrade & Associates Holdings Limited (BUY - TP: 30.1 cents)
Lincotrade & Associates Holdings Limited is a Singapore-based interior fitting-out specialist with over 30 years of experience and an established track record in commercial, residential premises as well as showflats and sales galleries. Lincotrade is engaged in the provision of interior fitting-out services, additions and alterations (&ldquo A& A&rdquo ) works and other building construction services. Catering to its current operational requirements and future needs, the Company has acquired a larger JTC facility in Tuas with approval to build a 204-bed ancillary workers dormitory. Over the years, the company has expanded its capabilities and geographic footprint. It established its own carpentry manufacturing facility in 2006 and more recently set up a subsidiary in Malaysia in 2023, as well as a furniture manufacturing arm in Dongguan, China.
Lincotrade&rsquo s order book doubled to S$113.0 million as of 30 September 2025, providing about two years of revenue visibility. For the 3-month period, from July to September 2025, the Group has secured new projects with an aggregate contract value of S$61.0 million. With a strategic focus in recent years on securing commercial projects, all of the newly secured projects are commercial projects, which generally yield higher margins for the Group. This strong project pipeline underpins confidence in forward revenue growth.
Lincotrade&rsquo s proposed placement for growth funding. The group has recently proposed a placement of 10 million new shares at S$0.22 each, a price slightly above the prevailing market price, to raise net proceeds of S$2.1 million to further strengthen its financial position and finance the Group&rsquo s on-going projects in view of the Group&rsquo s increased order book.
Expansion into Malaysia' s commercial projects and property development venture. In FY2025, revenue from Malaysia increased significantly to S$4.0 million in FY2025 (FY2024: S$0.1 million) mainly due to the new data centre project in Johor, Malaysia, undertaken by the Group&rsquo s subsidiary in Malaysia. In addition, the Group has acquired a 30% equity stake in Linc Venture Land Sdn. Bhd., which has secured a piece of land in Kuala Lumpur for a residential property development. The sales launch could unlock initial revenue and valuation gains for the developer, benefiting Lincotrade through its equity stake. Positive reception or strong pre-sales of this KL development would validate Lincotrade&rsquo s move into the property sector and potentially contribute share of profits in coming years.
Expected completion of Tuas Facility upgrades with dormitory facilities. By end-2025, Lincotrade expects to finish the addition & alteration works at its new Tuas Avenue 12 factory. This includes a 204-bed workers&rsquo dormitory on the premise. The on-site dormitory is a key operational catalyst. It will allow Lincotrade to house its construction workers in-house, eliminating the need for third-party dorm rentals or dispersed accommodations. This will significantly reduce recurring manpower accommodation costs and improve efficiency. Unutilised bed capacity could be rented out to generate a small stream of recurring income. Installation of solar panels at the Tuas site will further cut energy costs over the long term. Thus, Lincotrade could see a margin uptick thanks to these cost savings and sustainability initiatives coming on-line.
Robust construction demand. The interior fitting-out and renovation sector closely tracks the broader construction and property development cycle. Based on projections by the Building and Construction Authority (BCA), total construction contracts awarded are expected to come in at S$47&ndash 53 billion in 2025, with annual demand forecast to remain strong at S$39&ndash 46 billion from 2026 to 2029. This sustained pipeline is supported by major public-sector projects and continued private investment in commercial and industrial developments. Such a pipeline of construction activity suggests a steady flow of interior fitting-out jobs will follow, since every new building or major redevelopment eventually requires interior works. Lincotrade is well-positioned to tap into the sector&rsquo s growth, with demand for fitting-out works staying resilient.
Strong FY25 results. Lincotrade posted a solid set of results for FY25. Profit attributable to equity holders rose 11.5% YoY to S$2.6 million. Revenue climbed 8.5% YoY to S$73.6 million, while gross profit surged 17.3% YoY to S$9.2 million, underscoring effective project execution and improved cost efficiency. The Group&rsquo s strategic emphasis on securing higher-margin commercial projects has continued to pay off, lifting overall gross margin from 11.6% in FY24 to 12.5% in FY25.
Dividend. The proposed final dividend of 0.66 Singapore cents per share represents a payout ratio of about 44% of FY25 net profit attributable to shareholders, more than double its stated policy of distributing at least 20%. As we expect growth in the coming years, we have forecast dividend payout to be similar to FY25. This translates to a very attractive above the market yield of 7.7% in FY26 and 10.7% in FY27.
Key risks ahead include rising construction costs, stricter foreign worker policies, and increased operating expenses driven by inflation.
Investment recommendation. We initiate coverage on Lincotrade with a target price of S$0.301, based on Lincotrade&rsquo s FY26 forward EPS and applying a 20% discount to the mean PER of 11.0x of its peers, representing a 50% upside from current levels.
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Joelton
Supreme |
04-Dec-2025 10:36
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Lincotrade Builds on Positive Momentum as Successful Placement Draws New Institutional Funds
&bull Placement of 10,000,000 Placement Shares at S$0.22 each (a premium of 3.14%) has been fully taken up, raising gross proceeds of S$2.2 million.
&bull Prominent institutional funds that subscribed for the Placement Shares include Lion Global Investors Limited (as investment manager for and on behalf of its clients), ICH Synergrowth Fund and Ginko-AGT Global Growth Fund.
&bull SAC Capital Private Limited is the Placement Agent in relation to the Placement.
&bull As announced earlier in November, the Group&rsquo s order book increased to a record of S$113.0 million with new contract wins of S$61.0 million, providing enhanced revenue visibility ahead with most of the projects scheduled for completion over the next two years.
Notably, the Placement is priced at a premium of 3.14% to the volume weighted average price of S$0.2133 per share of the last traded market day when the Placement was announced on 24 November 2025.
Earlier in November 2025, the Group announced new project wins with an aggregate contract value of S$61.0 million, propelling the Group&rsquo s order book to a record level of S$113.0 million as at 30 September 2025 (30 September 2024: S$56.0 million).
With a strategic focus on securing commercial projects, all of the newly secured contracts are commercial projects in Singapore and are expected to be completed over the next two years.
Barring unforeseen circumstances, the new projects are expected to contribute positively to the Group&rsquo s financial results for the duration of the contracts.
Commenting on the successful completion of the Placement, CEO of Lincotrade, Mr. Jackie Soh Loong Chow (苏 隆 昭 先 生 )said: &ldquo We are pleased to announce the successful completion of our share placement at a price premium, garnering support from prominent institution investors.
Though modest in scale, we believe it is an endorsement of our strategic vision and future prospects ahead. Energised by this milestone, we remain committed to strengthening our order book and driving sustainable value creation for our stakeholders.&rdquo
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Joelton
Supreme |
25-Nov-2025 10:33
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Lincotrade to raise S$2.2m from proposed placement of 10m shares at S$0.22 each
SAC Capital is the placement agent for this exercise.
The Placement Price was arrived at pursuant to discussions with the Placement Agent, taking into account, among others, the prevailing market price of the Shares and represents a premium of approximately 3.14% to the volume weighted average price of S$0.2133 per Share for trades done on the Shares on the SGX-ST for the full market day on 21 November 2025, being the last full market day prior to the execution of the Placement Agreement.
The Placement Shares represent approximately 5.81% of the existing issued and paidup share capital of the Company comprising 172,027,726 Shares as at the date of this
announcement and will represent approximately 5.49% of the enlarged issued and paid-up share capital of the Company of 182,027,726 Shares.
The Company intends to use the net proceeds from the Proposed Placement to further strengthen its financial position and finance the Group&rsquo s on-going projects in view of the Group&rsquo s increased order book. As announced by the Company on 17 November 2025, the Group&rsquo s order book increased by 101.8% to S$113.0 million as at 30 September 2025 (30 September 2024: S$56.0 million).
According to Singapore&rsquo s Building and Construction Authority, it is projected that total construction demand is expected to range between S$47 billion and S$53 billion in nominal terms in 2025, and forecast for 2026 to 2029 is expected to reach an average of between S$39 billion and S$46 billion per year, based on its media release dated 23 January 2025. The public sector is still expected to be the key drivers of construction demand in 2025 and the Group intends to capitalise on such demands.
In addition, through the Proposed Placement, the Company hopes to broaden the Company&rsquo s shareholder base, increase our public float as well as to improve the trading liquidity of the Shares with an enlarged shareholder base.
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Joelton
Supreme |
18-Nov-2025 09:48
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Lincotrade Secures New Projects with an Aggregate Contract Value of S$61.0 Million Order Book Increases to a Record High of S$113.0 Million
- All of the new projects secured are commercial projects in Singapore
- With a record order book of S$113.0 million, there is enhanced revenue visibility ahead with most of the projects scheduled for completion over the next two years
- Aligned with the Group&rsquo s leadership renewal efforts, the Board has redesignated co-founder, Mr. Jackie Soh as the Company&rsquo s CEO
For the 3-month period, from July 2025 to September 2025, the Group has secured new projects with an aggregate contract value of S$61.0 million.
Driven by its latest project wins, the Group&rsquo s order book has increased significantly to a record level of S$113.0 million as at 30 September 2025 (30 September 2024: S$56.0 million).
With a strategic focus in recent years on securing commercial projects, all of the newly secured projects are commercial projects in Singapore and expected to be completed over the next two years.
Barring unforeseen circumstances, the new projects are expected to contribute positively to the Group&rsquo s financial results for the duration of the contracts.
Commenting on the newly secured projects and record order book, Chief Executive Officer (&ldquo CEO&rdquo ) of Lincotrade, Mr. Jackie Soh Loong Chow (苏 隆 昭 先 生 ) said: &ldquo The newly secured projects reflect the continued momentum in our interior fit-out business, and it is a testament to the trust that clients place in our capabilities, and commitment to delivering quality outcomes on time and within budget.
Propelling the Group&rsquo s order book at a record level, it also signifies a transformative step forward in the scale of our order book, providing better revenue visibility over the coming years.
Looking ahead, we believe that the combination of a robust order book and our track record of successful project execution will strengthen our business foundation towards sustainable growth and long-term value creation for our stakeholders.&rdquo
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Joelton
Supreme |
30-Aug-2025 13:21
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Lincotrade Delivers Revenue Growth of 8.5% with Net Profit Growth of 11.5% in FY2025 Proposed Final Dividend of 0.66 Singapore Cents Per Share for FY2025
&bull Corresponding to increased revenue and higher gross profit margin of 12.5% in FY2025, gross profit increased 17.3% to S$9.2 million in FY2025
&bull Bolstered by a healthy pipeline of projects, the Group&rsquo s order book increased by 74.4% to S$68.9 million as at 30 June 2025 (S$39.5 million as at 30 June 2024) that provides revenue visibility ahead
&bull Proposed final dividend of 0.66 Singapore cents per share translates to a dividend payout of approximately 44% of net profit attributable to shareholders of the Company in FY2025, exceeding its dividend policy (of at least 20%)
Lincotrade & Associates Holdings Limited, (&ldquo Lincotrade&rdquo or the &ldquo Company&rdquo or &ldquo 立 鎧 企 業 &rdquo and together with its subsidiaries, the &ldquo Group&rdquo ), a specialist in interior fitting-out services, is pleased to announce a set of positive financial results for the full year ended 30 June 2025 (&ldquo FY2025&rdquo ).
Commenting on its FY2025 results, Managing Director of Lincotrade, Mr. Tan Jit Meng (陈 日 明 先 生 ) said: &ldquo We are pleased to deliver another profitable full year performance, despite higher costs from our new subsidiaries in Singapore and overseas. This resilience reflects the strength of our underlying business model, our disciplined operational execution, and the dedication of our team in ensuring timely and quality project delivery.
Our strategic initiatives are gaining momentum and looking ahead, we remain committed to executing our growth strategy with discipline and agility to create lasting shareholder value.&rdquo
Mr. Tan added, &ldquo In line with our commitment to delivering sustainable shareholder returns, the Board has proposed a final dividend of 0.66 Singapore cents per share for FY2025, once again surpassing our dividend policy guidelines.&rdquo
Revenue growth of 8.5% in FY2025 was driven by its commercial business segment that saw revenue increasing 17.3% to S$66.1 million in FY2025: Lincotrade is engaged in the provision of interior fitting-out services, additions and alterations (&ldquo A& A&rdquo ) works and other building construction services primarily for three business segments, commercial, residential and showflats.
In FY2025, the Group&rsquo s revenue improved by S$5.8 million or 8.5% to S$73.6 million as compared to FY2024&rsquo s S$67.9 million.
With a strategic focus in recent years on securing commercial projects, which generally have higher margins, the Group&rsquo s revenue from this segment increased by S$9.8 million or 17.3% to S$66.1 million In FY2025.
Revenue from the residential and showflats segments decreased by approximately S$794,000 or 18.3% and S$3.2 million or 44.3% respectively in FY2025. Revenue from residential segment decreased to S$3.5 million in FY2025 (FY2024: S$4.3 million) mainly due to lower percentage of works completed from ongoing projects. As the larger showflats projects on hand were substantially completed during FY2024, revenue from showflats segment declined to S$4.0 million in FY2025 (FY2024: S$7.2 million).
Geographically, Singapore remained the main revenue contributor of the Group and to harness new growth opportunities in the region, the Group has set up new overseas subsidiaries in recent years. In FY2025, revenue from Malaysia increased significantly to S$4.0 million in FY2025 (FY2024: S$0.1 million) mainly due to the new data centre project in Johor, Malaysia, undertaken by the Group&rsquo s subsidiary in Malaysia.
Gross profit margin increased to 12.5% with higher gross profit of S$9.2 million in FY2025: The Group&rsquo s gross profit margin increased to 12.5% in FY2025 (FY2024: 11.6%), mainly due to higher margin projects undertaken during FY2025.
Corresponding to increased revenue and higher gross profit margin in FY2025, the Group&rsquo s gross profit increased 17.3% to S$9.2 million.
Net profit improved 11.5% to S$2.6 million in FY2025: Despite total expenses rising by 19.5% to S$6.5 million in FY2025 that was mainly due to additional expenses associated with newly incorporated subsidiaries and the Group&rsquo s property at 5 Tuas Avenue 12 Singapore 639025 (&ldquo Tuas Factory&rdquo ), the Group reported a 11.5% increase in the net profit attributable to owners of the Company of S$2.6 million on the back of improved revenue and gross profit.
Cash and cash equivalents increased to S$12.6 million as at 30 June 2025: The Group recorded operating cash flows before working capital changes of S$4.9 million and net cash of approximately S$751,000 generated from operating activities during FY2025.
During FY2025, the Group used net cash of S$2.3 million in investing activities and there was net cash inflow of S$2.1 million in financing activities.
Overall, the Group registered a net increase of approximately S$499,000 in cash and cash equivalents in FY2025 and as at 30 June 2025, the Group&rsquo s cash and cash equivalents increased to S$12.6 million, of which S$4.4 million of fixed deposits were pledged for bank facilities.
Strengthened balance sheet with increased equity and total assets as at 30 June 2025: The Group&rsquo s total assets increased to S$52.0 million, comprising non-current assets of S$17.1 million and current assets of S$34.9 million as at 30 June 2025.
The key components of non-current assets are property, plant and equipment of S$10.8 million and non-current portion of trade receivables of S$5.0 million. The key components of current assets are cash and cash equivalents of S$12.6 million, current portion of trade and other receivables of S$12.4 million and contract assets of S$7.4 million.
As at 30 June 2025, the Group&rsquo s total equity increased to S$12.6 million and total liabilities amounted to S$39.4 million, of which total non-current liabilities is S$6.9 million and current liabilities is S$32.5 million. The key components of current liabilities are trade and other payables of S$17.8 million and other financial liabilities of S$14.0 million.
Order book of S$68.9 million (as at 30 June 2025) provides revenue visibility ahead: Singapore&rsquo s reputation as a global hub is reinforced by continuous investment in infrastructure upgrades and modernisation. According to a media release by the Building and Construction Authority (BCA) issued on 23 January 2025, it projects the total construction demand, i.e. the value of construction contracts to be awarded, to range between S$47 billion and S$53 billion in nominal terms in 2025. Over the medium-term, BCA expects the total construction demand to reach an average of between S$39 billion and S$46 billion per year from 2026 to 2029.
As at 30 June 2025, the Group&rsquo s order book increased by 74.4% to S$68.9 million (S$39.5 million as at 30 June 2024), of which 89.6% of the order book are commercial projects, and will generally be fulfilled during the next two years.
Building momentum in the Group&rsquo s growth plans in Singapore and beyond: Leveraging on its proven track record and deep industry expertise, the Group has established new subsidiaries in Singapore, Malaysia, and the People&rsquo s Republic of China in recent years to strengthen its business model, enhance its operational efficiency and harness new growth opportunities in Singapore and overseas.
In May 2025, the Group obtained the relevant approvals to build a 204-bed ancillary workers dormitory at its Tuas Factory. This 204-bed ancillary workers dormitory is part of the proposed additions and alteration works at the Tuas Factory, which has a tenure of 20 years commencing from 26 March 2024. Catering to the Group' s current operational requirements and future needs, the proposed additions and alteration works is targeted to be completed by the last quarter of 2025.
In Malaysia, the Group&rsquo s subsidiary, Lincotrade & Associates (Malaysia) Sdn. Bhd., has secured contracts with a total value exceeding RM10 million in FY2025, which were mainly from commercial projects.
Further expanding its presence in Malaysia, the Group acquired a 30% equity stake in Linc Venture Land Sdn. Bhd. (&ldquo Linc Venture&rdquo ), in January 2025, which has secured a piece of land in Kuala Lumpur for a residential property development. The project is currently on track for soft-launch by end of 2025, with construction targeted to be completed by 2029.
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tedlim
Veteran |
08-Aug-2022 11:05
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Newly-listed Lincotrade aims to leverage tourism rebound with hotel upgrading works MON, AUG 08, 2022 - 10:05 AM YONG JUN YUAN INTERIOR fit-out company Lincotrade & Associates Holdings is looking to leverage increased demand for hotel upgrading works as hoteliers prepare for post-pandemic demand. The company, which also provides interior fit-out services to residential projects, and constructs showflats and sales galleries, listed on the Singapore Exchange on Monday (Aug 8) through a reverse takeover of Fabchem China. This comes after Fabchem China disposed its stake in mining explosives manufacturer Shandong Yinguang Technology in March this year. In an interview with The Business Times, Lincotrade&rsquo s business development director Jackie Soh said he expects more hotels to engage in upgrading works as the tourism industry emerges from the pandemic. The company, which has 30 years of experience in the interior fit-out industry, recently completed its largest project to-date for the serviced apartment Citadines Raffles Place Singapore at CapitaSpring. It worked on the interior design of the rooms and the guest-facing areas of the facility. The project boosted Lincotrade revenue and profits for its most recent financial year, ended June 30, 2021. Revenue increased 99.4 per cent year on year to S$37.3 million, while net profit came in at S$2.4 million &ndash reversing from a loss of S$1.6 million a year earlier. &ldquo We are also participating in a few tenders for hotel upgrading projects,&rdquo Soh said, noting that the company had an order book of S$76.7 million, as at Jun 17, that will be filled in the next 2 years. The company also believes it has an advantage over its peers, which exited the market or cut manpower during the pandemic to save costs. &ldquo Over this Covid-19 period, I think a few of my peers have given up their businesses they have sent their workers back, so they do not have the capacity to take on larger-scale projects,&rdquo he said, adding that the company kept its close-to-100 employees through the pandemic. In the residential segment, Lincotrade makes fittings such as doors and kitchen cabinets for apartments. When building showflats for these apartments, of which it has a 30 per cent market share in, the company gets specifications for the respective condominium projects &ndash giving it an advantage in preparing for tenders, Soh said. Soh said the company is dealing with higher costs by factoring these into its tender submissions. It is also leveraging economies of scale with its projects, to try and secure cheaper materials directly. &ldquo We bring in plywood from Malaysia, rather than buying from local suppliers. Because our projects are larger in scale, we can buy in bulk,&rdquo he said. The company saw negative cash flows from operating activities of S$4.2 million in FY2021, down from a positive cash flow of S$494,000 in FY2020. Chief financial officer Kwek Wei Lee, who was formerly Fabchem China&rsquo s financial manager, said Lincotrade will work to improve its cash flows by controlling its payments to operators and expediting payments from customers. On Monday, no shares changed hands in early morning trade. The company had also planned to issue up to 13.7 million new placement shares at S$0.22 per share, to raise up to S$3 million for fees and working capital, and had on Jul 27 appointed RHB Bank and Moomoo Financial Singapore as placement agents. This issue price represents a premium of about 120 per cent to the volume-weighted average price of S$0.10 per share based on trades on the mainboard, where Fabchem China was previously listed. In a completion announcement on Aug 3, however, the company said only 5.5 million new shares will be placed out. At its placement share price of S$0.22, the company has a market capitalisation of S$37.8 million based on its enlarged share capital of 172.0 million. It trades 16.1 times its full-year earnings in FY2021 &ndash based on FY2021 numbers provided in the circular. After the listing and placement, Soh and managing director Jimmy Tan Jit Meng will hold 26.4 per cent of the company&rsquo s shares, while director Tan Chee Khoon will hold 13.2 per cent of shares. Henry Wee and Sun Bowen, who were the controlling shareholders of Fabchem China, will continue to hold an indirect interest in the company of 14.3 per cent and 8.8 per cent, respectively. Public shareholders will hold a 7.2 per cent stake in the company. |
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Dragonite
Member |
08-Aug-2022 10:58
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11am already.... not a single share traded on first day of trading for lincotrade... really jialat.... who would want to list in SGX next time if liquidity so poor and pathetic? where is the market maker?? do something!!! |
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Joelton
Supreme |
08-Aug-2022 10:01
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Interior Fit-Out Specialist, Lincotrade & Associates Holdings Limited to Debut on the Catalist Board of the SGX-ST on 8 August 2022
&bull Completion of Fabchem' s acquisition of Lincotrade & Associates Pte Ltd, being a reverse takeover
&bull Lincotrade has over 30 years of experience in the interior fitting-out industry and have established a proven business track record since its inception
&bull As at 17 June 2022, Lincotrade has an order book of approximately S$76.7 million that will be generally fulfilled in the next two years
Lincotrade & Associates Holdings Limited, (&ldquo Lincotrade&rdquo or the &ldquo Company&rdquo or &ldquo 立 鎧 企 業 &rdquo and together with its subsidiaries, the &ldquo Group&rdquo ) is pleased to announce that it will commence trading on the Catalist Board of the SGX-ST today at 9.00 a.m. after the completion of Fabchem China Limited&rsquo s (&ldquo Fabchem&rdquo ) acquisition of Lincotrade & Associates Pte Ltd, being a reverse takeover.
On 22 July 2022, Fabchem&rsquo s shareholders approved all resolutions at the Extraordinary General Meeting (&ldquo EGM&rdquo ) including the proposed acquisition of Lincotrade & Associates Pte Ltd. RHB Bank Berhad is the Financial Adviser to Fabchem in respect of the proposed acquisition and has been appointed as the Continuing Sponsor of the Company with effect from 8 August 2022.
Following the EGM, on 27 July 2022, Fabchem appointed RHB Bank Berhad and Moomoo Financial Singapore Pte. Ltd. as the joint placement agents (&ldquo Joint Placement Agents&rdquo ) in respect of the Proposed Placement. In total, 5,455,000 new shares of the Company were issued to new investors at S$0.22 each via the share placement exercise and the Company raised gross proceeds of approximately S$1.2 million.
Commenting on the listing debut of Lincotrade, Managing Director of Lincotrade, Mr. Tan Jit Meng (陈 日 明 先 生 ) said: &ldquo From humble beginnings more than thirty years ago, Lincotrade has emerged to become a specialist in interior fitting-out works with an established track record in commercial premises, residential premises and showflats.
Being a publicly listed company, we consider this to be a major milestone in our effort towards future expansion and growth. We also welcome the brand recognition that our listing on SGX will bring Lincotrade among our customers, employees and stakeholders.&rdquo
Together with new shareholders and investors, we are excited for the opportunities ahead and we look forward to unlocking the potential growth of Lincotrade&rsquo s businesses.&rdquo
LINCOTRADE: A SPECIALIST IN INTERIOR FITTING-OUT SERVICES
Established in 1991 and based in Singapore, Lincotrade is engaged in the provision of interior fitting-out services, additions and alterations (&ldquo A& A&rdquo ) works and other building construction services primarily for the following three segments:
(a) commercial premises, such as offices, hotels, shopping malls and food and beverage establishments
(b) residential premises such as condominium developments and (c) showflats and sales galleries.
Lincotrade&rsquo s interior fitting-out projects encompass space planning and lay-out, interior construction and finishing works on floorings, ceilings, partitions, doors, fixtures and fittings, mechanical, electrical and plumbing works such as air-conditioning installation, water and sewage fit-outs, lighting, power and other works. Lincotrade also provides A& A works including minor alterations, extension, conversion and upgrading of buildings as well as minor repair and improvement works. In addition, Lincotrade provides building construction services which mainly consist of the construction of showflats and sales galleries.
Proven business track record
Lincotrade has over 30 years of experience in the interior fitting-out industry and has established a proven track record since its inception. Lincotrade believes that its proven track record is a key competitive advantage in this industry in securing new projects. Based on the Industry Report by Converging Knowledge as stated in the Circular, successful tendering of projects in the Industry is highly reliant on the track record, reputation, and reliability to deliver on time and in good quality. These credentials cannot be built overnight as they take time to establish. In addition, industry expertise with experience of the market is one of the major considerations for interior fitting-out works (&ldquo IFOW&rdquo ) players to be shortlisted.
As one of the 39 contractors (out of a total of 1,868 contractors) that are registered with an L6 grading under the CR06 Workhead as at 17 June 2022, Lincotrade believes that it has a distinct advantage over its competitors.
Good relationships with suppliers, subcontractors and customers
Lincotrade enjoys good and stable business relationships with its suppliers and subcontractors. With a panel of reliable subcontractors and suppliers, Lincotrade is able to ensure the availability of subcontractors for specialised and general work that it rely on them for, maintain consistency of quality and enjoy better bargaining power and flexibility in procuring these subcontracted services and building materials.
As a dedicated interior fitting-out services provider with in-depth knowledge and experience in executing and managing interior fitting-out works for large projects, and having an established relationship with its suppliers and subcontractors for many years, Lincotrade believes that it has an edge over competitors in terms of operational efficiency and quality of services rendered.
Lincotrade&rsquo s commitment to completing projects on-time and to-specification has resulted in Lincotrade accumulating a good number of repeat customers with whom it continues to develop and expand its business.
In-house processing facilities
Since 2006, Lincotrade has had its own in-house processing facility to process, assemble and manufacture Carpentry Products to support and complement its interior fitting-out services.
Having its own processing facility allows Lincotrade to have better control over the quality, time and cost of processing which, in turn, ensures compliance with its customers&rsquo specifications and timelines.
Experienced and dedicated management team
Lincotrade is led by an experienced and dedicated management team that participates actively in the day-to-day running of its business and provides regular supervision. Its directors all have over 20 years of experience in the interior fitting-out industry and have established good working relationships with its customers, suppliers and subcontractors.
Over the years, and under their leadership, Lincotrade has completed interior fitting-out projects for various types of premises, ranging from commercial premises such as offices, hotels, food and beverage centres, shopping malls, residential developments, to mixed development premises such as academic buildings and medical centres. The diverse experience of its directors and management team has stood Lincotrade in good stead and will continue to be instrumental to its future growth and acquisition of market share.
Stringent management of quality, workplace safety and health, and environmental impact control
Lincotrade is committed to the management of quality, workplace safety and health, and environmental impact in its business.
Lincotrade has adopted and implemented a quality control system that complies with international standards. Its quality management system has been certified to ISO 9001 since January 2008.
Lincotrade has established an environmental management system to enhance its environmental performance and reduce its impact on the environment. Lincotrade&rsquo s environmental system has been certified to ISO 14001 since October 2017. In February 2016, Lincotrade was also awarded the Singapore Green Label by the Singapore Environmental Council for its wooden panel doors made from renewable and sustainable materials.
In terms of workplace safety and health, Lincotrade&rsquo s occupational safety and health management system has been certified to OHSAS 18001 since January 2008. OHSAS 18001 has since been replaced by ISO 45001 which Lincotrade obtained in September 2020. Lincotrade has further obtained a bizSAFE Star Certification since April 2009 which is the highest bizSAFE level that may be awarded under the bizSAFE programme organised under the Workplace Safety and Health Council of Singapore.
As testament to its commitment to workplace safety and health, Lincotrade received Certificates of Appreciation from the PSA Corporation Limited on three occasions, in January 2011, February 2012 and March 2017 respectively, for the attainment of good safety records.
Lincotrade believes the above accreditations help enhance its competitiveness and provide it with more potential business opportunities.
BUSINESS STRATEGIES AND FUTURE PLANS
Lincotrade&rsquo s principal business objective is to further strengthen its market position and expand its core business while exploring acquisitions, investments and other strategic alliances to diversify its income sources. In furtherance of its business objective, Lincotrade intends to pursue the following business strategies and future plans:
Focusing on larger value projects
Being an established interior fitting-out service provider in Singapore, Lincotrade plans to leverage on its market position to take on larger value projects, such as hotels and commercial buildings, in the near future.
Strengthening its brand identity
Lincotrade plans to further strengthen its brand identity in Singapore by increasing its networking efforts through engagement with developers, main contractors and subcontractors.
Exploring acquisitions, investments, strategic alliances and/or joint ventures
Depending on the market conditions and feasibility, Lincotrade will explore acquisitions, investments, strategic alliances and/or joint ventures with parties in complementary businesses in Singapore or overseas, should suitable opportunities arise. This will provide opportunities for Lincotrade to potentially to expand the scale of its business, enlarge its customer base, lower its operational risks, and/or increase its range of services.
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WBdisciple
Elite |
07-Aug-2022 21:41
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yap....lincotrade trading on 8 August 2022 9am... |
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PQTPQK
Supreme |
07-Aug-2022 10:44
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monday trading? |
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