Summary
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 (“A&A”) 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’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’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’s on-going projects in view of the Group’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’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’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’ 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. FY23 69.9 (7.5) (8.7) (5.2) 0.0 (0.4)
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