In addition, prospects are strong with a tender pipeline of around $200 million. Lincotrade, with its BCA L6 grading and growing commercial fit-out track record, has a historical win rate of between 40 to 50%.
Alyssa Tee of KGI Securities has initiated coverage on Lincotrade & Associates Holdings with an "outperform" call and a target price of 36.6 cents, on the premise that the contractor, sitting on a record order book of $117.2 million - nearly triple that from $39.5 million in June 2024 - is well set for revenue visibility.
Of the existing order book, Tee, citing the company's management, expects around 60% to be recognised in 2HFY2026 and 30% in FY2027.
