Lincotrade & Associates Holdings

Singapore · Interior fitting-out and construction

SGX: BFT · Information cut-off 3 September 2026

What Lincotrade does

Lincotrade fits out the insides of Singapore buildings. The work is offices, hotels, malls, data centres, schools, condominiums and showflats: partitions, ceilings, floors, doors, fixtures, the coordination of mechanical and electrical trades, and additions and alterations to premises already in use. Contracts are won by tender at a fixed sum. The joinery is fabricated in the group’s own workshops, the trades are subcontracted, the installation is managed on site, and the customer pays as a consultant certifies progress. Almost everything else on this page follows from that last sentence: revenue is recognised as cost is incurred, and cash arrives only after somebody else signs.

The group reports three revenue segments by customer type. In FY2026, the year to 30 June 2026, commercial work supplied S$121.6m of revenue, 93.9% of the group, at a 13.2% gross margin. Residential work, mostly carpentry and fit-out subcontracted from main contractors on condominium developments, supplied S$6.8m at 15.8%. Showflats supplied S$1.1m at 9.1%. That last line is the one worth holding on to: showflat revenue was S$18.0m in FY2023 and has been run down deliberately since. The mix is not an accident of demand; it is a choice about which work is worth tendering for.

Customers fall into three groups. Building owners and occupiers buy fit-out directly — the filings name an educational institution, PSA and CapitaLand entities among them. Main contractors subcontract fit-out and carpentry packages on new developments; the 2022 reverse-takeover circular’s customer table lists Shimizu, Nakano, Keong Hong, Lum Chang Building Contractors, Straits Construction and United TEC. Developers commission showflats and residential fit-out. Data-centre operators and their main contractors are a named source of recent intake, though the group does not disclose what share of revenue or of the order book data-centre work represents.

The business is Singapore. FY2026 revenue by customer location was S$128.2m from Singapore, S$1.3m from Malaysia and S$15,000 from the PRC — 99.0% domestic. The Malaysian revenue is a Johor subcontract; the PRC figure is the external sales of a Dongguan carpentry subsidiary that mainly supplies the group. Geographic diversification is not a useful lens here. Customer concentration, project execution and Singapore construction demand are.

What the group owns and holds by way of qualification matters more than its balance sheet does. It carries a BCA CR06 L6 registration — the grade that removes the tendering limit on public-sector interior works — and a General Builder Class 1 licence, together with ISO 9001 and bizSAFE Star certification. It fabricates joinery in its own Singapore workshops and in a Dongguan facility. Its headquarters at 5 Tuas Avenue 12 sits on a 20-year JTC leasehold taken in March 2024, with 6,276.8 square metres of gross floor area after the additions and alterations works and a 204-bed workers’ dormitory; 175 of those beds were occupied at 30 June 2026, 108 by the group’s own foreign workers and 67 rented to subcontractors.

The listing history explains the shape of the accounts. Lincotrade & Associates Pte Ltd, the operating company, was acquired by Fabchem China in a reverse takeover completed in August 2022; the consideration was S$25.0m, satisfied in 113,636,363 new shares issued at S$0.22. Because the operating company was the accounting acquirer, the FY2022 column of the group’s own comparatives is the operating company alone, and FY2023 carries the one-off non-cash charges of the transaction. Neither point is a criticism of the accounts; both are reasons not to read the five-year series as five like-for-like years.

The five-year record, and what is not comparable in it

FY2026 was a record year on every reported line except cash. Revenue rose 75.8% to S$129.5m, gross profit rose to S$17.3m, gross margin improved to 13.3%, profit attributable to owners reached S$8.1m and earnings per share were 4.54 Singapore cents on a weighted average of 177,737,528 shares. Net asset value per share attributable to owners rose from 7.21 cents to 10.89 cents. Dividends declared for the year came to 1.78 cents a share: an interim of 0.88 cents paid on 30 March 2026 and a proposed final of 0.90 cents, subject to approval. Against S$8.1m of profit that is a payout of 40.1%.

Sources: annual reports FY2022 to FY2025 and the FY2026 results announcement of 28 August 2026. FY2022 is Lincotrade & Associates Pte Ltd alone, the accounting acquirer in the reverse takeover. Free cash flow is operating cash flow less purchases of property, plant and equipment. Other financial liabilities for FY2022 to FY2024 are the current and non-current balance-sheet lines added together; FY2025 and FY2026 are the note 19 totals. Project working capital is contract assets plus current trade and other receivables less trade and other payables, over revenue. Dashes mark figures the filings read for this page do not carry on a comparable basis.

Three things in that table are not what they look like. FY2023’s loss is not an operating loss. The year carries S$9.6m of deemed reverse-acquisition expenses and S$1.2m of share-based payments to the sponsor and arranger, both non-cash and both consequences of the listing rather than of the fit-out business; operating cash flow that year was positive S$4.7m. FY2024’s capital spending is not a run rate. The S$10.3m includes the purchase of the Tuas property, won in a JTC tender at S$9.6m in January 2024; capital spending in every other year of the series ran between S$0.1m and S$3.1m. And FY2024 was the trough, not the base. Revenue fell to S$67.9m, profit attributable to owners was S$2.3m, and the order book at 30 June 2024 stood at S$39.5m, the lowest figure the group has disclosed. Two years later the same three numbers were S$129.5m, S$8.1m and S$106.2m. A business that can move that far in two years can move back.

The half-year split is the part of the record most likely to be skipped, and it is the part that carries the most information about FY2026.

First halves are the six months to 31 December as reported. Second halves are the full year less the first half, which is arithmetic rather than a figure the issuer publishes. Half-year gross margins are derived the same way.

Revenue accelerated through the year and margin went the other way: 15.0% in the first half, 12.2% in the second. Operating cash flow was negative in both second halves. The second half of FY2026 is the most recent evidence of what the business earns and collects when it is running at full stretch, and it is materially weaker on both counts than the full-year averages the headline reports.

On the reliability of the numbers: the auditor is RSM SG Assurance LLP, and the opinions on record are unmodified. The FY2025 key audit matters were the accounting for construction and renovation contracts — all S$73.6m of that year’s revenue recognised over time on the input, or cost-to-cost, method, with the estimate of costs to complete named as a significant judgement — and the impairment of trade and retention receivables of S$17.3m and contract assets of S$7.4m, together 47% of total assets. Both matters bear directly on FY2026, where contract assets tripled. The FY2026 figures on this page have not yet been through an audit.

The order book, the awards, and what an award is not

Lincotrade discloses its outstanding order book at quarter ends, in the results announcements and in press releases that usually follow the quarter by six to ten weeks. The series is the single most useful public number the company publishes, because revenue in the following two to four quarters comes out of it. Twelve readings are on the record.

Read the series rather than the last row. The book fell from S$76.7m to S$39.5m over the two years to June 2024, then nearly tripled to S$113.0m over the following fifteen months, and has drifted sideways since: S$113.0m, S$117.2m, S$107.0m and S$106.2m across the four quarters to June 2026. What happened in FY2026 is that the intake surge of the preceding eighteen months was converted into revenue. Implied intake — revenue for the year plus the change in the book — was S$103.0m in FY2025 and S$166.8m in FY2026, a book-to-bill of 1.29 times. At 30 June 2026 the book was 0.82 years of FY2026 revenue. On the same arithmetic the June 2025 book was 0.94 years of FY2025 revenue and the June 2024 book was 0.58 years of FY2024 revenue.

On 3 August 2026 the group announced its largest contract to date: approximately S$70.0m of additions, alterations and office fit-out works at an educational institution, commenced on 1 August 2026 and running approximately 54 months. Added to the June book that is a pro-forma S$176.2m. Three things about it are worth stating plainly. It is equal to 54% of FY2026 revenue but is spread over roughly four and a half years, so its average annual contribution is a fraction of that. It puts one counterparty behind close to 40% of the pro-forma book for four years, and the filings do not name the institution or disclose the certification and payment cycle. And a fixed contract sum carried for 54 months places the risk of construction, labour and overhead cost inflation on the contractor unless an escalation clause says otherwise; whether one exists is not disclosed.

The issuer’s own outlook at 28 August 2026 was that demand for interior fitting-out should remain positive on the Building and Construction Authority’s projections, while management remained mindful of rising construction, labour and overhead costs, inflation, geopolitics and tighter foreign-worker policies. It quoted BCA’s projected total construction demand for 2026 of S$47bn to S$53bn, a midpoint of S$50bn, and BCA’s projected average annual demand of S$39bn to S$46bn, a midpoint of S$42.5bn, for the four years from 2027. National construction demand is context for the size of the tender pool; it is not a measure of what Lincotrade wins, at what margin, or when it gets paid.

FY2026: why a record profit was not cash

Operating cash flow before working-capital movements was S$12.4m in FY2026, comfortably above the S$8.1m of profit attributable to owners. Everything that went wrong with the cash happened in the working-capital lines below it.

Source: FY2026 results announcement, consolidated statement of cash flows. Components are stated as reported and do not always sum exactly to the subtotals because each is rounded to one decimal.

The balance sheet says the same thing in stock terms. Contract assets rose from S$7.4m to S$22.4m over the year, a threefold increase against revenue growth of 75.8%. Current trade and other receivables rose from S$12.4m to S$23.5m; within that, trade receivables from outside parties went from S$10.4m to S$19.5m and current retention receivables from S$1.8m to S$4.1m. A further S$4.9m of retention sits in non-current receivables, money the group will not see until between one and two years after the relevant projects complete. On the other side, trade and other payables rose from S$17.8m to S$30.8m, of which trade payables to outside parties were S$24.7m and retention payables S$5.9m.

The group’s own turnover-day disclosure moved less than those balances suggest: receivable days went from 52 to 55 and payable days from 78 to 80, both computed by the issuer excluding retention balances. That is the honest version of the working-capital story. On the measure the company reports, the cycle barely changed; what changed is the scale of the business running through it, plus the S$15.0m of work sitting in contract assets, which the days calculation does not touch at all. Contract assets are the line that behaves least like a receivable: they are work the company has done and taken profit on, which no customer has yet agreed to be billed for.

The ratio that captures it is cash conversion, operating cash flow over profit after tax: 2.44 times in FY2024, 0.29 times in FY2025 and negative 0.29 times in FY2026. Free cash flow after capital spending was negative S$5.4m in FY2026, against negative S$0.4m in FY2025 and negative S$4.8m in the year of the Tuas purchase. In the same year the group paid S$2.7m of dividends and bought S$0.1m of its own shares into treasury. The cash for all of it came from a S$13.0m net increase in bills payable and S$2.1m of net placement proceeds.

None of this says the profit is wrong. Under the input method, profit is recognised as cost is incurred against an estimate of total contract cost; if the estimates are right and the customers pay, the cash arrives later and the two series converge. The FY2025 contract-asset note shows exactly that mechanism working in a normal year: the balance opened at S$2.4m, took up S$73.6m of revenue and transferred S$68.6m out to receivables as work was certified, closing at S$7.4m. The FY2026 question the filings cannot answer is how much of the S$22.4m of contract assets and S$23.5m of receivables at 30 June 2026 had been certified and collected by the end of September, and what bills payable stood at on that date.

Margin, and the working-capital cycle underneath it

Gross margin has improved in each of the last three years, from a 10.4% low in FY2023 to 11.6%, 12.5% and 13.3%. Read at the half-year the picture is less linear. FY2024 ran 10.6% then 13.3%; FY2025 ran 12.2% then 12.8%; FY2026 ran 15.0% then 12.2%. The record year contains both the strongest half in the series, at 15.0%, and an exit rate of 12.2% — the same as the weakest half of FY2025. A reader forecasting from this page has to decide which of those two numbers describes the work now in the book, and the filings give no project-level margin with which to decide it.

Segment margins moved in different directions in FY2026. Commercial improved from 12.1% to 13.2%, which is what carried the group figure given commercial is 93.9% of revenue. Residential slipped from 16.5% to 15.8%. Showflats fell from 15.9% to 9.1% on S$1.1m of revenue, small enough that it changes nothing at group level but consistent with a segment being wound down rather than optimised.

Below gross profit the cost base is small and largely fixed. The FY2026 segment reconciliation shows unallocated employee benefits of S$3.3m, unallocated corporate expenses of S$2.4m and unallocated depreciation of S$0.9m. Administrative expenses were S$4.1m and other expenses S$2.6m. Profit before tax was S$10.3m and the tax charge S$2.3m, of which S$2.1m was current tax and S$0.2m a prior-year adjustment. Operating leverage on a fixed overhead is a real part of why a 75.8% revenue increase produced a more than threefold increase in profit.

The working-capital series is the counterweight. Project working capital — contract assets plus current trade and other receivables less trade and other payables — ran 22.1% of revenue in FY2022, fell to 7.7% by FY2024, and is back to 15.5%. In absolute terms it was S$5.2m at the FY2024 trough and S$20.1m at 30 June 2026. Every point of that ratio is roughly S$1.3m of cash at FY2026 revenue. That is the arithmetic that connects the two panels of the chart above: the margin improvement since the FY2023 low is worth about S$3.7m of annual gross profit at FY2026 revenue, and the working-capital build of the last two years absorbed about four times that.

Funding: short-dated, secured, and undisclosed at the edges

At 30 June 2026 the group carried S$34.0m of other financial liabilities against S$17.7m of balance-sheet cash, of which S$3.6m was pledged as security for bank facilities and is not freely available. Adding S$0.4m of lease liabilities gives gross debt of S$34.4m and net debt of S$16.7m.

Sources: FY2026 results announcement note 19 and the FY2025 audited annual report. EBITDA including bills interest was S$4.9m in FY2025 and S$12.2m in FY2026. Ratios are group screening computations from the stated figures; they are not covenant calculations, and the covenant definitions the lenders actually use are not disclosed.

The shape matters more than the level. This is not a leveraged balance sheet by the coverage ratios — interest cover on the total-interest basis improved from 4.9 times to 12.6 times, and gross debt to EBITDA fell from 4.25 times to 2.82 times as earnings grew faster than the debt. It is a balance sheet with a duration problem. S$26.2m of the S$34.0m is bills payable with tenors of 7 to 112 days, floating rate; the FY2025 annual report puts the rate range on those bills at 3.37% to 5.30%. Cash covers 0.62 times the current financial liabilities, down from 0.86 times. The business is funded by a facility that has to be rolled every few weeks against certified work, and the size of that facility is not public.

Two disclosures make that dependency concrete. First, all the disclosed bank borrowings are secured — over the Tuas property, over S$3.6m of pledged deposits, and with personal guarantees from directors. Second, during FY2025 the working-capital term loan breached the gearing covenant in the operating subsidiary’s facility letter, which required a gearing ratio below 1.5. The lender made no demand for accelerated repayment and agreed before the year end to waive the requirement; the loan was fully repaid during FY2026. It is a resolved event, and it is the only covenant threshold the public record contains.

The FY2025 annual report gives the only maturity profile on file, on an undiscounted contractual basis: S$14.9m of other financial liabilities falling due within one year, S$3.7m in two to five years and S$3.5m beyond five years, S$22.0m in total. No equivalent profile has been published for FY2026, and the annual report is where it would appear.

Interest is split across two lines and is easy to under-count. FY2026 bank loan interest was S$0.3m and lease interest was negligible, both in finance costs; a further S$0.6m of bills-payable interest was charged inside cost of sales, where it reduces gross margin instead of appearing below it. Total borrowing interest was S$0.9m. Any coverage ratio built from the finance-costs line alone overstates cover by roughly a factor of three.

Ownership, governance and where the capital is going

Lincotrade is closely held. The last full register on file is dated 16 September 2025, in the FY2025 annual report, against 172,027,726 shares then in issue.

The register has moved since. Tan Chee Khoon held 30,376,450 shares after a market purchase on 23 July 2026; Wee Henry held 39,810,499 direct and deemed on 8 July 2026; on 31 August 2026 the chief executive, Soh Loong Chow Jackie, acquired 83,300 shares at S$0.33246, taking him to 45,537,845, and Tan Kok Heng acquired 30,000 shares, taking him to 245,800. The share count itself changed twice in the year: 182,027,726 shares were in issue at 30 June 2026 with 271,600 in treasury, leaving 181,756,126 outstanding; by 28 August 2026 treasury holdings had risen to 1,136,000 and shares outstanding were 180,891,726. On those figures the estimated free float is about 10.8% of the company, or roughly S$6m of stock at the market price. That estimate treats the two nominee blocks as float and is arithmetic on the register, not a disclosed figure.

Capital has moved in four directions since listing. One placement. On 2 December 2025 the group issued 10,000,000 new shares at S$0.22 — a 3.14% premium to the S$0.2133 volume-weighted average price of 24 November 2025 — to Lion Global Investors as investment manager, ICH Synergrowth Fund and Ginko-AGT Global Growth Fund, with SAC Capital as placement agent. Net proceeds of S$2.107m, after S$91,000 of costs, were applied in full to repaying trade facilities, as confirmed in the use-of-proceeds announcement of 8 January 2026. A placement struck at a premium, taken by institutions, and used to pay down working-capital debt is a materially different event from a discounted issue to unnamed subscribers, and the distinction is worth preserving. Share buy-backs. The first purchase under the 2025 mandate was 154,700 shares at S$0.26 to S$0.27 on 25 March 2026; a further 1,900 shares were bought at S$0.325 on 10 July 2026. Dividends. The policy adopted on 14 February 2024 is to distribute not less than 20% of consolidated profit attributable to owners, excluding non-recurring, one-off and exceptional income; on 30 January 2026 the board announced a floor of not less than 40% for FY2026 only. FY2026 dividends of 1.78 cents represent a 40.1% payout and cost S$3.230m in aggregate, of which the proposed final of 0.90 cents is S$1.628m on 180,891,726 shares. Neither policy is a legally binding commitment, and the 40% floor was for one year. A share plan. The Lincotrade Performance Share Plan 2025, approved on 30 October 2025, caps the aggregate of all share-based schemes at 15% of issued shares excluding treasury, with controlling shareholders and their associates capped at 25% of that pool in aggregate and 10% each. No awards had vested by 30 June 2026 and no shares were under option.

The board changed three times in nine months. On 17 November 2025 co-founder Soh Loong Chow Jackie, then 58, became an executive director and chief executive; co-founder Tan Jit Meng, 61, left the board while remaining managing director of the operating subsidiary; Tan Chee Khoon became chief operating officer. On 1 May 2026 Dr Tan Kok Heng, 62, was re-designated from independent non-executive chairman to executive chairman with a stated remit covering capital deployment, joint-venture partnerships and asset management; Kwong Choong Kuen became lead independent director and the board committees ran temporarily with two members each. On 16 July 2026 two new independent directors joined, Tan Keng Keat and Faye Chong Wen Qi. For context on the chairman’s re-designation, the FY2025 annual report discloses that Dr Tan Kok Heng received total remuneration of S$61,400 under a three-month agreement, of which 36.6% (about S$22,472 from the rounded percentage) was consultancy fees relating to Malaysian property development while he was still the independent chairman. Reported FY2025 remuneration for Tan Jit Meng was S$473,604, and the three key management personnel together received approximately S$1.1m.

The executive chairman’s remit is not abstract. Two commitments outside the fit-out business are already on the balance sheet or in the announcements. Linc Venture Land Sdn Bhd is a 30% associate acquired for RM300,000 of equity plus RM9.7m of 3% cumulative redeemable non-convertible preference shares subscribed over 14 months from January 2025. Its project is The Shang Residence, 449 freehold units in Kuchai Lama, Kuala Lumpur, soft-launched on 28 February 2026 with an official launch expected in the second half of 2026 and completion targeted for 2029. At 30 June 2026 the group carried S$3.039m of preference-share cost and S$0.092m of equity cost against a cumulative share of losses of S$0.281m, and the cumulative preference dividend of about RM204,000 — S$65,000 — was undeclared and unpaid. Linc-A Pte Ltd is a 50%-owned company incorporated on 21 April 2026 with capital raised to S$200,000, which signed a non-binding term sheet on 28 April 2026 to acquire the whole of Opto-Pharm Pte Ltd, a manufacturer of ophthalmic pharmaceutical solutions, from Mr Khoo Min. The discussions were still open at 28 August 2026 and no price has been disclosed. Neither commitment is large against the group balance sheet today. Both are outside the business the company is qualified to do, and both are calls on the same cash that funds contract assets.

One legal matter closed during the period. On 20 December 2024 Ternary Centennial Pte Ltd demanded 5% of the operating subsidiary’s enlarged share capital, or S$1,806,500, under a business-introduction agreement dated 1 April 2021; the board rejected the allegation, a statement of claim was served on 18 March 2025, and a notice of discontinuance of all actions was filed on 1 July 2025. No proceedings were outstanding at the cut-off.

Two disclosed relationships belong in the record without further comment. SAC Capital is the group’s continuing sponsor on Catalist and acted as placement agent for the December 2025 placement. Research on the company published by its sponsor, and by other houses, is not summarised on this page. Third-party price targets are not reproduced here.

The share price and what came with its moves

Over the window Lincotrade & Associates returned +24.5% on a dividend-adjusted basis; the Straits Times Index returned +77.1% and the median of the 3 listed comparisons +204.6%.

The next public tests

• FY2026 annual report, expected October 2026. The audit of the record year, the borrowing note with facility terms and the maturity ladder, note 4E with FY2026 customer concentration, the contract-asset and expected-credit-loss notes, the related-party section and the governance disclosures on the chairman’s remit. This is the single document that closes most of the list above.
• The proposed final dividend of 0.90 cents. S$1.628m on 180,891,726 shares, for approval at the annual general meeting and payment thereafter. Watch approval and payment; one distribution is not evidence of recurring cash conversion, particularly in a year when operating cash flow was negative.
• The order-book update for 30 September 2026, historically released in mid-November. The first read on intake after the S$70.0m award, and the first chance to see whether the book is growing beyond that one contract.
• Half-year results for the six months to 31 December 2026, historically released by mid-February, usually preceded by a profit-guidance announcement in late January. The lines to read are gross margin against the 12.2% second-half exit rate, operating cash flow, contract assets, current receivables and bills payable.
• Opto-Pharm. A definitive agreement with disclosed terms and funding, or a lapse. A transaction large enough to require a shareholders’ circular would change the perimeter of the group.
• The Shang Residence. The official launch, expected in the second half of 2026 per the March 2026 announcement, take-up, and note 17 at the next reporting date — including whether the preference dividend in arrears is declared.
• First grants under the Performance Share Plan 2025. The size of the first tranche against the 15% aggregate cap, and whether the controlling shareholders participate.

Download

A print-ready PDF of this page, for reading away from the screen: Lincotrade & Associates Holdings evidence library (PDF). It carries the same content as this page — what the company does, the five-year record, the order book and awards, why FY2026 profit was not cash, margin and working capital, funding, ownership and capital allocation, the share price, open evidence gaps and the next public tests — and the same omissions: no rating, no fair value, no forecast.

Sources and corrections

Primary sources. FY2026 results announcement, 28 August 2026 · FY2026 press release · FY2025 audited annual report · FY2025 results announcement · FY2024 annual report · FY2023 annual report · half-year results to 31 December 2025 · 2022 reverse-takeover circular · JTC Tuas property award, 16 January 2024 · Linc Venture subscription, 8 January 2025 · placement announcement, 24 November 2025 · use of proceeds, 8 January 2026 · FY2026 dividend announcement, 30 January 2026 · The Shang Residence, 2 March 2026 · Opto-Pharm term sheet, 28 April 2026 · FY2026 profit guidance, 13 August 2026 · issuer announcement archive.

Basis. Figures are as reported by the issuer unless the arithmetic is described as derived. FY2026 is preliminary, unaudited and unreviewed. Second-half figures, half-year gross margins, implied order intake, project working capital, free cash flow, cash conversion and the free-float estimate are simple computations from stated figures and are labelled as such where they appear. Screening ratios are group computations and are not covenant calculations. The order-book series is taken from the issuer’s own quarter-end disclosures. Price data is a 36-month daily closing series to 3 September 2026, with the Straits Times Index and four SGX-listed peers as controls. This page publishes no forecast, no valuation and no view on the share price.

Where the filings differ from each other. Two presentation differences between what was first announced and what was later audited are worth knowing about, because a reader working from announcements alone would carry the wrong figure. In the FY2024 cash flow statement, the announcement netted the Tuas property purchase against the loan that financed it, showing capital expenditure of S$2.7m and financing outflows of S$4.5m; the audited statement grosses the two up, showing capital expenditure of S$10.3m and new loans of S$7.7m, with financing inflows of S$3.2m. Operating cash flow of S$5.5m and the net change in cash are identical on both presentations. In the FY2025 balance sheet, the unaudited announcement split other financial liabilities S$6.850m non-current and S$13.974m current; the audited accounts reclassified the revolving credit and show S$6.240m and S$14.584m, with the S$20.824m total unchanged. This page uses the audited presentation in both cases. A third, smaller difference: the FY2023 top-two customer figure prints as S$28.933m in the FY2024 annual report and S$28.993m in the FY2023 annual report, a S$60,000 discrepancy; the later comparative is used here.

Corrections log

Correction status at 3 September 2026: no post-publication corrections had been recorded by that date. Later dated corrections are listed below and do not advance this page’s research cutoff. This page replaces an earlier version dated 1 September 2026, which was written against a superseded working file; the figures, the charts and the source list were rebuilt from the filings for this version. Corrections are welcome through the contact page and will be dated and described here.

Private boundary. The author-only record is not approved for public distribution. This public page deliberately omits any rating, valuation, scenario output and portfolio action.