Added to YB: 2026-02-16
Pitch date: 2026-02-14
BFT.SI [bullish]
Lincotrade & Associates Holdings Limited
Author Info
No bio for this author
Company Info
Lincotrade & Associates Holdings Limited, together with its subsidiaries, provides interior fitting-out, addition, and alteration works in Singapore, Malaysia, and the People’s Republic of China.
Market Cap
SGD 54.6M
Pitch Price
N/A
Price Target
N/A
Dividend
5.87%
EV/EBITDA
8.32
P/E
9.10
EV/Sales
0.69
Sector
Construction and Engineering
Category
value
~60% growth in data centers, at ~5x P/E
BFT.SI: Singapore interior contractor pivoted to data centers, +58% YoY rev growth (H2 2025). New orders 50% above rev, backlog doubled. GM expanding to 15% (vs 5-10% historical) on commercial mix. New Tuas factory March 2026 adds capacity. Run-rate ~SGD 140M rev, ~SGD 10-14M net income vs SGD 7.7M annualized. 5x P/E (ex-30% cash), insiders own 80%. Fair value SGD 0.49-0.57 (100% upside) at 10-12x P/E. Risks: lumpy demand, execution, margin sustainability, CEO transition.
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