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LUM CHANG HOLDINGS LIMITED (L19) Fair Value & Analysis

Industrials · SG · Market cap 191M SGD

LC LUM CHANG HOLDINGS LIMITED L19 · SG
Price0.5550 SGD
Fair Value0.8700 SGD
Upside+56.8%
Quality67/100
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Mixed Growth
Thin margins · 4.4% net margin
Low debt · generates free cash flow
2.91% dividend yield
Ranks above peers (11/15)
Narrow moat 37/100
Evidence: High Range 0.6500 SGD – 1.09 SGD Share as image

Fair value as of: Aug 13, 2026

From 23 valuation models · updated 5 days ago

Share price +8.8% over the past month.

A solid business, screening 57% undervalued on our models.

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What matters now

  • The price is below even our cautious bear case (0.6500 SGD). The market is more pessimistic than our downside scenario.
  • Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

0.6938 SGD 0.2136 SGD Fair Value 0.8700 SGD May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 0.2136 SGD – 0.6938 SGD · fair‑value band 0.6500 SGD – 1.09 SGD · the 0.5550 SGD price screens below the 0.8700 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

LUM CHANG HOLDINGS LIMITED (L19) currently trades at 0.5550 SGD, while our model-based Fair Value estimate is 0.8700 SGD, implying the stock looks roughly 56.8% undervalued today. The Quality Score stands at 67/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, LUM CHANG HOLDINGS LIMITED generated revenue of 444M SGD at a net margin of 4.4%. Revenue declined 7.7% year over year. It earns a return on equity of 13.8%. Net debt stands at 14.4M SGD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.6500 SGD (bear case) to 1.09 SGD (bull case); at 0.5550 SGD, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 22% below its 52-week high and 65% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -34% fair-value upside, at 57%, L19 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF 1.59 SGD 2.00 SGD 2.45 SGD 80
Residual Income 0.3500 SGD 0.3600 SGD 0.3900 SGD 76
Rev-Margin DCF 1.06 SGD 1.37 SGD 1.71 SGD 74
All 23 models by family
DCF Models
FCF DCF 1.58 SGD 2.03 SGD 2.56 SGD 38
Owner Earnings 0.4000 SGD 0.4900 SGD 0.5900 SGD 31
5Y Revenue Exit 1.06 SGD 1.34 SGD 1.66 SGD 39
5Y EBITDA Exit 1.14 SGD 1.48 SGD 1.85 SGD 41
5Y P/E Exit 1.10 SGD 1.40 SGD 1.70 SGD 38
10Y Revenue Exit 1.27 SGD 1.54 SGD 1.85 SGD 36
10Y EBITDA Exit 1.33 SGD 1.63 SGD 1.97 SGD 37
10Y P/E Exit 1.30 SGD 1.58 SGD 1.88 SGD 35
Earnings-Based
Graham-Dodd 0.2800 SGD 0.7000 SGD 0.9100 SGD 54
PEG = 1.0 0.1300 SGD 0.1800 SGD 0.2400 SGD 46
EPV 0.4800 SGD 0.5200 SGD 0.5500 SGD 59
Multiples
P/E Multiple 0.6500 SGD 0.8700 SGD 1.09 SGD 63
P/S Multiple 0.5300 SGD 0.7100 SGD 0.8800 SGD 58
P/B Multiple 0.5300 SGD 0.7100 SGD 0.8800 SGD 55
EV/EBIT 0.8900 SGD 1.14 SGD 1.40 SGD 53
EV/EBITDA 0.8800 SGD 1.13 SGD 1.37 SGD 54
EV/Revenue 0.6700 SGD 0.9100 SGD 1.14 SGD 43
Asset-Based
NCAV (Graham) 0.2200 SGD 0.3000 SGD 0.4500 SGD 50
Growth DCF
Growth DCF 1.59 SGD 2.00 SGD 2.45 SGD 80
Rev-Margin DCF 1.06 SGD 1.37 SGD 1.71 SGD 74
Economic Profit
Residual Income 0.3500 SGD 0.3600 SGD 0.3900 SGD 76
ROIC Compounder 0.4800 SGD 0.5300 SGD 0.5900 SGD 72
Growth Earnings
Growth-Adj P/E 0.5000 SGD 0.7200 SGD 0.9400 SGD 68

Widest divergence: DCF Models (1.48 SGD) versus Asset-Based (0.3000 SGD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 444M SGD
Revenue growth (YoY) -7.7%
Net margin 4.4%
Return on equity 13.8%
Free cash flow 68.2M SGD FY2025
P/E ratio 11.1
More key figures
Operating margin 5.8%
EPS (TTM) 0.0500 SGD
Dividend yield 2.9%
EPS growth (YoY) +108%
Net debt 14.4M SGD FY2024

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 67/100

Of which business quality 66 · Market factors (momentum, volatility) 58

Profitability 43
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 79
Earnings quality: real cash, not paper profit
Fin. Strength 62
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 71
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 66
Distance to the 52-week high (market factor)
Net Issuance 83
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Lum Chang Holdings Limited, together with its subsidiaries, engages in the construction, project management, and property development and investment activities in Singapore and Malaysia. The company operates in three segments: Construction; Property Development and Investment; and Investment Holding and Others.

Full company description

Lum Chang Holdings Limited, together with its subsidiaries, engages in the construction, project management, and property development and investment activities in Singapore and Malaysia. The company operates in three segments: Construction; Property Development and Investment; and Investment Holding and Others. It offers property portfolio consists of commercial and residential projects. The company also undertakes construction projects in the areas of civil and infrastructure, commercial, retail, hospital, hotels and leisure, industrial, institutional, mixed development, and residential properties. In addition, the company develops properties, such as apartments, condominiums, terrace houses, semi-detached houses, and bungalows, as well as shophouses. Further, it offers fitting out, conservation and restoration, and addition and alteration services; and construction management services. Additionally, the company provides property development for sale and property investment. Lum Chang Holdings Limited was incorporated in 1982 and is headquartered in Singapore.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

LUM CHANG HOLDINGS LIMITED reported revenue of 463M SGD in FY2025 versus 326M SGD in FY2021, a compound +9.2%/yr. Reported net income was 15.6M SGD in FY2025, compounding +51.3%/yr from FY2021.

Growth Quality 74/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
463M SGD
Latest YoY
−7.5%
Avg. growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.6%
Avg. growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.5%
Avg. growth/yr (11Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.8%
Revenue +9.2%/yr
FY21 326M SGD
FY22 417M SGD
FY23 393M SGD
FY24 500M SGD
FY25 463M SGD
Net income +51.3%/yr
FY21 3.0M SGD
FY22 −10.8M SGD
FY23 −28.7M SGD
FY24 7.4M SGD
FY25 15.6M SGD

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LUM CHANG HOLDINGS LIMITED · Fair Value
0.8700 SGD +57%Fair Value
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Cite: Fair Value Calculator (2026). "LUM CHANG HOLDINGS LIMITED Fair Value". https://www.fairvalue-calculator.com/stock/L19

Peer Group

Engineering & Construction · 835 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 67 · Top 25%
Fair Value upside +57% · Top 25%
Return on equity (TTM) 14% · Above median
Return on assets 4% · Above median
Net margin (TTM) 4% · Above median
Operating margin (TTM) 6% · Above median
Revenue growth -8% · Below median
Dividend yield (TTM) 2.9% · Above median
Debt / equity 0.19× · Higher than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 11.1× · Cheaper than median
P/B 0.89× · Cheaper than median
P/S (TTM) 0.34× · Cheaper than median
P/FCF 2.2× · Pricier than median
EV/EBITDA 2.9× · Cheaper than 75% of peers
PEG 2.75× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 15
FUTURE 0 · sector 15
PAST 55 · sector 26
HEALTH 91 · sector 94
DIVIDEND 58 · sector 43

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹4,020 ₹1,994 -50%
Samsung C&T Corporation 028260 357,500 KRW 261,411 KRW -27%
Hyundai Engineering & Construction Co 000720 113,700 KRW 61,453 KRW -46%
Samsung E&A Co 028050 49,300 KRW 43,624 KRW -12%
Rail Vikas Nigam Limited RVNL ₹228.50 ₹48.92 -79%
Daewoo Engineering & Construction Co 047040 18,400 KRW 6,507 KRW -65%
KEPCO Engineering & Construction Company 052690 99,800 KRW 19,346 KRW -81%
GS Engineering & Construction Corporation 006360 35,200 KRW 23,135 KRW -34%
DL E&C Co 375500 73,500 KRW 148,433 KRW +102%
KEPCO Plant Service & Engineering Co 051600 46,350 KRW 43,924 KRW -5%

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Frequently asked questions

Is LUM CHANG HOLDINGS LIMITED (L19) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 0.8700 SGD versus a price of 0.5550 SGD, about +57% (undervalued).
What is the fair value of L19?
Our model-based fair value for LUM CHANG HOLDINGS LIMITED is 0.8700 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 0.5550 SGD.
What is the quality score of L19?
LUM CHANG HOLDINGS LIMITED has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of LUM CHANG HOLDINGS LIMITED (L19)?
LUM CHANG HOLDINGS LIMITED reported trailing-twelve-month revenue of about 444M SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of L19?
The net profit margin of LUM CHANG HOLDINGS LIMITED is about 4.4%, meaning it keeps roughly 4.4% of revenue as net income. Based on the latest reported figures.
Does LUM CHANG HOLDINGS LIMITED pay a dividend?
LUM CHANG HOLDINGS LIMITED currently shows a dividend yield of about 2.91% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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