Post SAC Capital on Lincotrade (Higher Target Price:S$0.529, BUY)

SAC Capital on Lincotrade (Higher Target Price:S$0.529, BUY) Order Book Gets a Boost Raising forecasts and target price; BUY maintained. We raise our FY27E revenue forecast by 13.1% to S$134.8 million and introduce FY28E revenue of S$152.1 million, up 12.8% YoY. FY27E net profit is lifted 12.0% to S$10.3 million, with FY28E net profit of S$13.2 million, as gross margin widens from 13.3% in FY26 to 14.0% in FY27E and 14.6% in FY28E on a full year of Tuas HQ cost savings. We maintain our BUY recommendation and raise our target price to S$0.529 from S$0.387, applying the peer average forward PER of 9.4x to our FY27E EPS of 5.61 SG cents. This represents an upside of 92.4% from current levels.