• Lum Chang Creations (LCC) is best known for conservation, restoration, interior fit-out and A&A work. Now it has secured an unusual contract -- in an adjacent domain. • The contract -- interior decoration for the upcoming Teck Ghee MRT station in Ang Mo Kio -- is valued at S$32.9 million, a size normal for the company. • What is less typical is:
• An investor concern would be margin rather than capability -- the station project is potentially lower margin than bespoke conservation work. |
Excerpts from CGS International report
Analysts: Li Jialin & Then Wan Lin
■ LUCC has secured a S$32.9m contract for Teck Ghee Station, further extending its revenue visibility through FY29F.
■ It fulfilled all conditions under the in-principle approval for its transfer from Catalist to SGX Mainboard, with Mainboard trading to commence 16 Jul. ■ Reiterate Add, with a TP of S$0.64, based on an unchanged 17x FY27F P/E. Capital-market initiatives should enhance trading liquidity and investor reach. |
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| LUCC secured S$32.9m Teck Ghee Station contract |
Lim Thiam Hooi, MD, Lum Chang Creations: He co-founded the company in 2018.
● YTD, LUCC has secured five contract wins with a total value of S$121.2m, representing c.87% of our FY26F order-win assumption.
In 1HFY6/26 (Nov 25), LUCC secured the Registries of Civil and Muslim Marriages Building and Orchard Road Presbyterian Church projects, with a combined contract value of S$63.4m.
In May 26, the company announced two additional projects, the Covenant Evangelical Free Church and NUS Baba House, worth a combined S$24.9m.
● As at 30 Apr 2026, the group’s order book was S$144.0m, forming c.90% of our FY26F order book assumption of S$160m.
| It has fulfilled all conditions for its Mainboard transfer |
● On 30 Jun 2026, LUCC completed the proposed placement, issuing 15m new placement shares and placed 20m vendor placement shares, at S$0.759 per placement share. The total share capital increased from 315m shares to 330m shares.
● As at 1 Jul 2026, the public shareholding spread of the company was 25.44% and the number of shareholders of the company was 663. Accordingly, it fulfilled all conditions under the in-principle approval for its transfer from Catalist to the SGX Mainboard.
● On 13 Jul 2026, LUCC completed its 1-for-1 bonus issue, with 330m bonus shares credited, doubling its issued share capital to 660m shares. We reflect the new share base and adjust our TP accordingly.
● After fulfilling all conditions under the in-principle approval, LUCC will transfer from Catalist to the SGX Mainboard, with Mainboard trading to commence on 16 Jul.
● In our view, recent developments could enhance LUCC’s trading liquidity and broaden the investor base.
● We reflect the new share base and adjust our EPS and TP accordingly.  Li Jialin, analyst
● We continue to like LUCC for its exposure to the conservation pipeline in Singapore and Malaysia, strong returns on equity and potential expansion in Malaysia. |
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