Lum Chang Creations - RHB Research 2026-03-12: Preserving Singapore’s Heritage; Initiate BUY

• We are positive on Lum Chang Creations (SGX:LCC) as a strong beneficiary of Singapore’s URS industry growth. Growth should be driven by strong orderbook with clear visibility over 18-24 months, with expansion into Malaysia in the medium term.

Singapore’s URS industry is forecasted to grow at 6.76% CAGR from 2024 to 2027.

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Revenue growth backed by strong orderbook of >S$130m.

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• Lum Chang Creations is able to continue taking in more projects. Based on its current resources, we see ample head room for Lum Chang Creations to scale its orderbook further and anticipate better margin for newer projects secured going forward, since it can now afford to be more selective.
• We expect subsequent projects to have shorter duration, higher yields and better margins. Longer term growth drivers include expansion into Malaysia. Lum Chang Creations sees demand for conservation and restoration work in Malaysia, particularly in Kuala Lumpur. Its expansion into Malaysia is progressing well and we can expect slight revenue recognition from 2026.

Forecast 31% earnings CAGR going forward.

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Above is an excerpt from a report by RHB Securities Research.
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Price targets by other brokers at Lum Chang Creations Target Prices.

Listing of research reports at Lum Chang Creations Analyst Reports.

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