{"id":91010,"date":"2026-06-12T14:48:23","date_gmt":"2026-06-12T06:48:23","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=91010"},"modified":"2026-06-12T17:46:36","modified_gmt":"2026-06-12T09:46:36","slug":"company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\/","title":{"rendered":"Company Report: LINCOTRADE &#038; ASSOCIATES HLDS LTD (LINASC SP \/ BFT.SI)"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"91010\" class=\"elementor elementor-91010\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1bb107c e-flex e-con-boxed e-con e-parent\" data-id=\"1bb107c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a872832 elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"a872832\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Company Report: LINCOTRADE & ASSOCIATES HLDS LTD (LINASC SP \/ BFT.SI)<\/h1>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5a3e86f1 e-flex e-con-boxed e-con e-parent\" data-id=\"5a3e86f1\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-66a0892a elementor-widget elementor-widget-text-editor\" data-id=\"66a0892a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<hr class=\"wp-block-separator has-css-opacity\" \/>\n<p class=\"wp-block-paragraph\">Company Update: 12 June 2026<\/p>\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Built for scale, booked for growth<\/h2>\n\n<ul class=\"wp-block-list\">\n<li><strong>Record S$117.2mn order book anchors near-term revenue visibility. <\/strong>The order book nearly tripled from S$39.5mn in Jun 2024. Management expects ~60% to be recognised in 2H26 and 30% in FY27; we conservatively assume ~44% in 2H26 to reflect execution and certification risk on a rapidly expanding portfolio. A ~S$200mn tender pipeline with a 40-50% historical win rate supports order replenishment, underpinned by Lincotrade\u2019s BCA L6 grading and growing commercial fit-out track record.<\/li>\n<\/ul>\n<hr class=\"wp-block-separator has-css-opacity\" \/>\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color: #012169;\">\u25aa Commercial and data-centre mix shift is lifting margins.<\/h2>\n\n<p class=\"wp-block-paragraph\">Commercial projects represent 89.6% of the order book; 1H26 gross margin expanded 2.8ppt to 15.0% alongside 58.2% YoY revenue growth. Data-centre projects (~23% of backlog) carry higher complexity and typically command better margins, adding a margin-accretive dimension to the commercial mix. We expect continued mix improvement to sustain gross margins within management\u2019s 12-15% medium-term target, with upside should data-centre contribution grow.<\/p>\n\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color: #012169;\">Operating capacity ramp-up in Tuas Factory, enhancing asset backing and recurring income<\/h2>\n\n<p class=\"wp-block-paragraph\">Carrying value of ~S$13.1mn compares with a bank valuation of ~S$19.0mn (per management). Subject to the receipt of TOP and relevant authority approvals, ~100 dormitory beds are expected to be available for rental at S$450 per bed per month, implying potential annual rental income of approximately S$540k.<\/p>\n\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color: #012169;\"><strong>Earnings inflection supports a rising dividend and improving operating leverage.<\/strong><\/h2>\n\n<p class=\"wp-block-paragraph\">1H26 net profit of S$3.9mn has already exceeded full-year FY25\u2019s S$2.6mn. Fixed-cost absorption should drive further operating leverage as revenue scales toward management\u2019s S$100mn target. Management has committed to a minimum 40% payout for FY26, twice its formal 20% policy floor, with capex moderating after FY26 to support sustained shareholder returns.<\/p>\n\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color: #012169;\">Risks<\/h2>\n\n<p class=\"wp-block-paragraph\">Key downside risks include (i) project execution and revenue recognition delays; (ii) working-capital and cash conversion risk; (iii) fixed-price contract exposure to cost inflation; (iv) subcontractor and foreign-worker availability risk; (v) data-centre execution risk; and (vi) order book replenishment risk.<\/p>\n\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\n<hr class=\"wp-block-separator has-css-opacity\" \/>\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-luminous-vivid-orange-background-color has-background wp-element-button\" href=\"https:\/\/www.kgieworld.sg\/securities\/resources\/ck\/files\/docs\/research\/KGI%20REPORT_LINCOTRADE%20%26%20ASSOCIATES_INITIATION%2020260611_FINAL.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"> Read Full Report<\/a><\/div>\n<\/div>\n<hr class=\"wp-block-separator has-css-opacity\" \/>\n<figure class=\"wp-block-image is-resized\"><a href=\"https:\/\/t.me\/kgisg\"><img fetchpriority=\"high\" decoding=\"async\" width=\"760\" height=\"208\" class=\"wp-image-3937\" style=\"aspect-ratio: 5.092067168500289; width: 550px; height: auto;\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2021\/04\/subscribegif.gif\" alt=\"Subscribe Now\" \/><\/a><\/figure>\n<hr class=\"wp-block-separator has-css-opacity\" \/>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Multi-year infrastructure upcycle supports orderbook replenishment. OKP is well positioned to benefit from Singapore\u2019s sustained infrastructure investment cycle, supported by public-sector projects in civil engineering, transport connectivity, roads, drainage, commuter infrastructure and active-mobility networks. The structural nature of these projects provides a supportive tender pipeline and reinforces OKP\u2019s role as a niche public-infrastructure contractor.<\/p>\n","protected":false},"author":10,"featured_media":90079,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[14],"tags":[],"class_list":["post-91010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-reports"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.8 - aioseo.com -->\n\t<meta name=\"description\" content=\"Multi-year infrastructure upcycle supports orderbook replenishment. OKP is well positioned to benefit from Singapore\u2019s sustained infrastructure investment cycle, supported by public-sector projects in civil engineering, transport connectivity, roads, drainage, commuter infrastructure and active-mobility networks. The structural nature of these projects provides a supportive tender pipeline and reinforces OKP\u2019s role as a niche public-infrastructure contractor.\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Keith Tan\"\/>\n\t<meta name=\"keywords\" content=\"company reports\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.kgieworld.sg\/research\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.8\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"KGI Singapore Research \u2022 Singapore&#039;s leading broker offering Futures, FX, Equities and Wealth Management.\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"Company Report: LINCOTRADE &amp; ASSOCIATES HLDS LTD (LINASC SP \/ BFT.SI) \u2022 KGI Singapore Research\" \/>\n\t\t<meta property=\"og:description\" content=\"Multi-year infrastructure upcycle supports orderbook replenishment. OKP is well positioned to benefit from Singapore\u2019s sustained infrastructure investment cycle, supported by public-sector projects in civil engineering, transport connectivity, roads, drainage, commuter infrastructure and active-mobility networks. The structural nature of these projects provides a supportive tender pipeline and reinforces OKP\u2019s role as a niche public-infrastructure contractor.\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.kgieworld.sg\/research\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\/\" \/>\n\t\t<meta property=\"og:image\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<meta property=\"og:image:secure_url\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2026-06-12T06:48:23+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2026-06-12T09:46:36+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary\" \/>\n\t\t<meta name=\"twitter:title\" content=\"Company Report: LINCOTRADE &amp; ASSOCIATES HLDS LTD (LINASC SP \/ BFT.SI) \u2022 KGI Singapore Research\" \/>\n\t\t<meta name=\"twitter:description\" content=\"Multi-year infrastructure upcycle supports orderbook replenishment. OKP is well positioned to benefit from Singapore\u2019s sustained infrastructure investment cycle, supported by public-sector projects in civil engineering, transport connectivity, roads, drainage, commuter infrastructure and active-mobility networks. The structural nature of these projects provides a supportive tender pipeline and reinforces OKP\u2019s role as a niche public-infrastructure contractor.\" \/>\n\t\t<meta name=\"twitter:image\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<script type=\"application\/ld+json\" class=\"aioseo-schema\">\n\t\t\t{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BlogPosting\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\\\/#blogposting\",\"name\":\"Company Report: LINCOTRADE & ASSOCIATES HLDS LTD (LINASC SP \\\/ BFT.SI) \\u2022 KGI Singapore Research\",\"headline\":\"Company Report: LINCOTRADE &#038; ASSOCIATES HLDS LTD (LINASC SP \\\/ BFT.SI)\",\"author\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/keithtan\\\/#author\"},\"publisher\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#organization\"},\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/OKP-HOLDINGS-LIMITED-OKP-SP-5CF.SI_.png?wsr\",\"width\":1200,\"height\":630},\"datePublished\":\"2026-06-12T14:48:23+08:00\",\"dateModified\":\"2026-06-12T17:46:36+08:00\",\"inLanguage\":\"en-US\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\\\/#webpage\"},\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\\\/#webpage\"},\"articleSection\":\"Company Reports\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\\\/#breadcrumblist\",\"itemListElement\":[{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research#listItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/category\\\/company-reports\\\/#listItem\",\"name\":\"Company Reports\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/category\\\/company-reports\\\/#listItem\",\"position\":2,\"name\":\"Company Reports\",\"item\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/category\\\/company-reports\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\\\/#listItem\",\"name\":\"Company Report: LINCOTRADE &#038; ASSOCIATES HLDS LTD (LINASC SP \\\/ BFT.SI)\"},\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research#listItem\",\"name\":\"Home\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\\\/#listItem\",\"position\":3,\"name\":\"Company Report: LINCOTRADE &#038; ASSOCIATES HLDS LTD (LINASC SP \\\/ BFT.SI)\",\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/category\\\/company-reports\\\/#listItem\",\"name\":\"Company Reports\"}}]},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#organization\",\"name\":\"KGI Research Singapore\",\"description\":\"Singapore's leading broker offering Futures, FX, Equities and Wealth Management.\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/\",\"telephone\":\"+6562021188\",\"logo\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/wp-content\\\/uploads\\\/2020\\\/11\\\/cropped-Square-logo-PNG.png?wsr\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\\\/#organizationLogo\",\"width\":512,\"height\":512},\"image\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\\\/#organizationLogo\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/keithtan\\\/#author\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/keithtan\\\/\",\"name\":\"Keith Tan\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\\\/#authorImage\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/6e081ee53ea613f8e7be4f0607b3f5c1a3d295ee583a0f5bb51e9c300635ad2e?s=96&d=mm&r=g\",\"width\":96,\"height\":96,\"caption\":\"Keith Tan\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\\\/#webpage\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\\\/\",\"name\":\"Company Report: LINCOTRADE & ASSOCIATES HLDS LTD (LINASC SP \\\/ BFT.SI) \\u2022 KGI Singapore Research\",\"description\":\"Multi-year infrastructure upcycle supports orderbook replenishment. OKP is well positioned to benefit from Singapore\\u2019s sustained infrastructure investment cycle, supported by public-sector projects in civil engineering, transport connectivity, roads, drainage, commuter infrastructure and active-mobility networks. The structural nature of these projects provides a supportive tender pipeline and reinforces OKP\\u2019s role as a niche public-infrastructure contractor.\",\"inLanguage\":\"en-US\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#website\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\\\/#breadcrumblist\"},\"author\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/keithtan\\\/#author\"},\"creator\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/keithtan\\\/#author\"},\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/OKP-HOLDINGS-LIMITED-OKP-SP-5CF.SI_.png?wsr\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\\\/#mainImage\",\"width\":1200,\"height\":630},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\\\/#mainImage\"},\"datePublished\":\"2026-06-12T14:48:23+08:00\",\"dateModified\":\"2026-06-12T17:46:36+08:00\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#website\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/\",\"name\":\"KGI Singapore Research\",\"description\":\"Singapore's leading broker offering Futures, FX, Equities and Wealth Management.\",\"inLanguage\":\"en-US\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#organization\"}}]}\n\t\t<\/script>\n\t\t<!-- All in One SEO -->\n\n","aioseo_head_json":{"title":"Company Report: LINCOTRADE & ASSOCIATES HLDS LTD (LINASC SP \/ BFT.SI) \u2022 KGI Singapore Research","description":"Multi-year infrastructure upcycle supports orderbook replenishment. OKP is well positioned to benefit from Singapore\u2019s sustained infrastructure investment cycle, supported by public-sector projects in civil engineering, transport connectivity, roads, drainage, commuter infrastructure and active-mobility networks. The structural nature of these projects provides a supportive tender pipeline and reinforces OKP\u2019s role as a niche public-infrastructure contractor.","canonical_url":"https:\/\/www.kgieworld.sg\/research\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\/","robots":"max-image-preview:large","keywords":"company reports","webmasterTools":{"miscellaneous":""},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BlogPosting","@id":"https:\/\/www.kgieworld.sg\/research\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\/#blogposting","name":"Company Report: LINCOTRADE & ASSOCIATES HLDS LTD (LINASC SP \/ BFT.SI) \u2022 KGI Singapore Research","headline":"Company Report: LINCOTRADE &#038; ASSOCIATES HLDS LTD (LINASC SP \/ BFT.SI)","author":{"@id":"https:\/\/www.kgieworld.sg\/research\/author\/keithtan\/#author"},"publisher":{"@id":"https:\/\/www.kgieworld.sg\/research\/#organization"},"image":{"@type":"ImageObject","url":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/06\/OKP-HOLDINGS-LIMITED-OKP-SP-5CF.SI_.png?wsr","width":1200,"height":630},"datePublished":"2026-06-12T14:48:23+08:00","dateModified":"2026-06-12T17:46:36+08:00","inLanguage":"en-US","mainEntityOfPage":{"@id":"https:\/\/www.kgieworld.sg\/research\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\/#webpage"},"isPartOf":{"@id":"https:\/\/www.kgieworld.sg\/research\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\/#webpage"},"articleSection":"Company Reports"},{"@type":"BreadcrumbList","@id":"https:\/\/www.kgieworld.sg\/research\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\/#breadcrumblist","itemListElement":[{"@type":"ListItem","@id":"https:\/\/www.kgieworld.sg\/research#listItem","position":1,"name":"Home","item":"https:\/\/www.kgieworld.sg\/research","nextItem":{"@type":"ListItem","@id":"https:\/\/www.kgieworld.sg\/research\/category\/company-reports\/#listItem","name":"Company Reports"}},{"@type":"ListItem","@id":"https:\/\/www.kgieworld.sg\/research\/category\/company-reports\/#listItem","position":2,"name":"Company Reports","item":"https:\/\/www.kgieworld.sg\/research\/category\/company-reports\/","nextItem":{"@type":"ListItem","@id":"https:\/\/www.kgieworld.sg\/research\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\/#listItem","name":"Company Report: LINCOTRADE &#038; ASSOCIATES HLDS LTD (LINASC SP \/ BFT.SI)"},"previousItem":{"@type":"ListItem","@id":"https:\/\/www.kgieworld.sg\/research#listItem","name":"Home"}},{"@type":"ListItem","@id":"https:\/\/www.kgieworld.sg\/research\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\/#listItem","position":3,"name":"Company Report: LINCOTRADE &#038; ASSOCIATES HLDS LTD (LINASC SP \/ BFT.SI)","previousItem":{"@type":"ListItem","@id":"https:\/\/www.kgieworld.sg\/research\/category\/company-reports\/#listItem","name":"Company Reports"}}]},{"@type":"Organization","@id":"https:\/\/www.kgieworld.sg\/research\/#organization","name":"KGI Research Singapore","description":"Singapore's leading broker offering Futures, FX, Equities and Wealth Management.","url":"https:\/\/www.kgieworld.sg\/research\/","telephone":"+6562021188","logo":{"@type":"ImageObject","url":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2020\/11\/cropped-Square-logo-PNG.png?wsr","@id":"https:\/\/www.kgieworld.sg\/research\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\/#organizationLogo","width":512,"height":512},"image":{"@id":"https:\/\/www.kgieworld.sg\/research\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\/#organizationLogo"}},{"@type":"Person","@id":"https:\/\/www.kgieworld.sg\/research\/author\/keithtan\/#author","url":"https:\/\/www.kgieworld.sg\/research\/author\/keithtan\/","name":"Keith Tan","image":{"@type":"ImageObject","@id":"https:\/\/www.kgieworld.sg\/research\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\/#authorImage","url":"https:\/\/secure.gravatar.com\/avatar\/6e081ee53ea613f8e7be4f0607b3f5c1a3d295ee583a0f5bb51e9c300635ad2e?s=96&d=mm&r=g","width":96,"height":96,"caption":"Keith Tan"}},{"@type":"WebPage","@id":"https:\/\/www.kgieworld.sg\/research\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\/#webpage","url":"https:\/\/www.kgieworld.sg\/research\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\/","name":"Company Report: LINCOTRADE & ASSOCIATES HLDS LTD (LINASC SP \/ BFT.SI) \u2022 KGI Singapore Research","description":"Multi-year infrastructure upcycle supports orderbook replenishment. OKP is well positioned to benefit from Singapore\u2019s sustained infrastructure investment cycle, supported by public-sector projects in civil engineering, transport connectivity, roads, drainage, commuter infrastructure and active-mobility networks. The structural nature of these projects provides a supportive tender pipeline and reinforces OKP\u2019s role as a niche public-infrastructure contractor.","inLanguage":"en-US","isPartOf":{"@id":"https:\/\/www.kgieworld.sg\/research\/#website"},"breadcrumb":{"@id":"https:\/\/www.kgieworld.sg\/research\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\/#breadcrumblist"},"author":{"@id":"https:\/\/www.kgieworld.sg\/research\/author\/keithtan\/#author"},"creator":{"@id":"https:\/\/www.kgieworld.sg\/research\/author\/keithtan\/#author"},"image":{"@type":"ImageObject","url":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/06\/OKP-HOLDINGS-LIMITED-OKP-SP-5CF.SI_.png?wsr","@id":"https:\/\/www.kgieworld.sg\/research\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\/#mainImage","width":1200,"height":630},"primaryImageOfPage":{"@id":"https:\/\/www.kgieworld.sg\/research\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\/#mainImage"},"datePublished":"2026-06-12T14:48:23+08:00","dateModified":"2026-06-12T17:46:36+08:00"},{"@type":"WebSite","@id":"https:\/\/www.kgieworld.sg\/research\/#website","url":"https:\/\/www.kgieworld.sg\/research\/","name":"KGI Singapore Research","description":"Singapore's leading broker offering Futures, FX, Equities and Wealth Management.","inLanguage":"en-US","publisher":{"@id":"https:\/\/www.kgieworld.sg\/research\/#organization"}}]},"og:locale":"en_US","og:site_name":"KGI Singapore Research \u2022 Singapore's leading broker offering Futures, FX, Equities and Wealth Management.","og:type":"article","og:title":"Company Report: LINCOTRADE &amp; ASSOCIATES HLDS LTD (LINASC SP \/ BFT.SI) \u2022 KGI Singapore Research","og:description":"Multi-year infrastructure upcycle supports orderbook replenishment. OKP is well positioned to benefit from Singapore\u2019s sustained infrastructure investment cycle, supported by public-sector projects in civil engineering, transport connectivity, roads, drainage, commuter infrastructure and active-mobility networks. The structural nature of these projects provides a supportive tender pipeline and reinforces OKP\u2019s role as a niche public-infrastructure contractor.","og:url":"https:\/\/www.kgieworld.sg\/research\/company-report-lincotrade-associates-hlds-ltd-linasc-sp-bft-si\/","og:image":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr","og:image:secure_url":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr","article:published_time":"2026-06-12T06:48:23+00:00","article:modified_time":"2026-06-12T09:46:36+00:00","twitter:card":"summary","twitter:title":"Company Report: LINCOTRADE &amp; ASSOCIATES HLDS LTD (LINASC SP \/ BFT.SI) \u2022 KGI Singapore Research","twitter:description":"Multi-year infrastructure upcycle supports orderbook replenishment. OKP is well positioned to benefit from Singapore\u2019s sustained infrastructure investment cycle, supported by public-sector projects in civil engineering, transport connectivity, roads, drainage, commuter infrastructure and active-mobility networks. The structural nature of these projects provides a supportive tender pipeline and reinforces OKP\u2019s role as a niche public-infrastructure contractor.","twitter:image":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr"},"aioseo_meta_data":{"post_id":"91010","title":null,"description":null,"keywords":null,"keyphrases":{"focus":{"keyphrase":"","score":0,"analysis":{"keyphraseInTitle":{"score":0,"maxScore":9,"error":1}}},"additional":[]},"primary_term":null,"canonical_url":null,"og_title":null,"og_description":null,"og_object_type":"default","og_image_type":"default","og_image_url":null,"og_image_width":null,"og_image_height":null,"og_image_custom_url":null,"og_image_custom_fields":null,"og_video":"","og_custom_url":null,"og_article_section":null,"og_article_tags":null,"twitter_use_og":false,"twitter_card":"default","twitter_image_type":"default","twitter_image_url":null,"twitter_image_custom_url":null,"twitter_image_custom_fields":null,"twitter_title":null,"twitter_description":null,"schema":{"blockGraphs":[],"customGraphs":[],"default":{"data":{"Article":[],"Course":[],"Dataset":[],"FAQPage":[],"Movie":[],"Person":[],"Product":[],"ProductReview":[],"Car":[],"Recipe":[],"Service":[],"SoftwareApplication":[],"WebPage":[]},"graphName":"BlogPosting","isEnabled":true},"graphs":[]},"schema_type":"default","schema_type_options":null,"pillar_content":false,"robots_default":true,"robots_noindex":false,"robots_noarchive":false,"robots_nosnippet":false,"robots_nofollow":false,"robots_noimageindex":false,"robots_noodp":false,"robots_notranslate":false,"robots_max_snippet":"-1","robots_max_videopreview":"-1","robots_max_imagepreview":"large","priority":null,"frequency":"default","local_seo":null,"breadcrumb_settings":null,"limit_modified_date":false,"ai":{"faqs":[],"keyPoints":[],"schemas":[],"titles":[],"descriptions":[],"socialPosts":{"email":[],"linkedin":[],"twitter":[],"facebook":[],"instagram":[]}},"created":"2026-06-12 06:38:42","updated":"2026-06-12 09:46:36","seo_analyzer_scan_date":null},"uagb_featured_image_src":{"full":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/06\/OKP-HOLDINGS-LIMITED-OKP-SP-5CF.SI_.png?wsr",1200,630,false],"thumbnail":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/06\/OKP-HOLDINGS-LIMITED-OKP-SP-5CF.SI_-150x150.png?wsr",150,150,true],"medium":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/06\/OKP-HOLDINGS-LIMITED-OKP-SP-5CF.SI_-300x158.png?wsr",300,158,true],"medium_large":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/06\/OKP-HOLDINGS-LIMITED-OKP-SP-5CF.SI_-768x403.png?wsr",768,403,true],"large":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/06\/OKP-HOLDINGS-LIMITED-OKP-SP-5CF.SI_-1024x538.png?wsr",800,420,true],"1536x1536":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/06\/OKP-HOLDINGS-LIMITED-OKP-SP-5CF.SI_.png?wsr",1200,630,false],"2048x2048":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/06\/OKP-HOLDINGS-LIMITED-OKP-SP-5CF.SI_.png?wsr",1200,630,false]},"uagb_author_info":{"display_name":"Keith Tan","author_link":"https:\/\/www.kgieworld.sg\/research\/author\/keithtan\/"},"uagb_comment_info":0,"uagb_excerpt":"Multi-year infrastructure upcycle supports orderbook replenishment. OKP is well positioned to benefit from Singapore\u2019s sustained infrastructure investment cycle, supported by public-sector projects in civil engineering, transport connectivity, roads, drainage, commuter infrastructure and active-mobility networks. The structural nature of these projects provides a supportive tender pipeline and reinforces OKP\u2019s role as a niche public-infrastructure contractor.","_links":{"self":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/91010","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/comments?post=91010"}],"version-history":[{"count":5,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/91010\/revisions"}],"predecessor-version":[{"id":91017,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/91010\/revisions\/91017"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media\/90079"}],"wp:attachment":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media?parent=91010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/categories?post=91010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/tags?post=91010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}