Buy Or Sell Opportunity • Apr 17
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at S$0.36. The fair value is estimated to be S$0.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 42%. Board Change • Mar 25
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Non-Executive Chairman Richard Ong was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Mar 23
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to S$0.35. The fair value is estimated to be S$0.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 42%. Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: RM0.049 (vs RM0.041 in FY 2024) Full year 2025 results: EPS: RM0.049 (up from RM0.041 in FY 2024). Revenue: RM34.2m (up 35% from FY 2024). Net income: RM6.48m (up 24% from FY 2024). Profit margin: 19% (down from 21% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (9.0% average weekly change). Market cap is less than US$100m (S$53.5m market cap, or US$42.3m). Reported Earnings • Aug 16
First half 2025 earnings released: EPS: RM0.026 (vs RM0.026 in 1H 2024) First half 2025 results: EPS: RM0.026 (in line with 1H 2024). Revenue: RM12.9m (up 5.8% from 1H 2024). Net income: RM2.77m (up 1.1% from 1H 2024). Profit margin: 21% (down from 22% in 1H 2024). The decrease in margin was driven by higher expenses. Board Change • Jul 14
High number of new directors Independent Non-Executive Director Chan Leow was the last director to join the board, commencing their role in 2025. Board Change • Jun 24
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. CEO & Executive Director Shu Geok Ooi is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Jun 05
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. CEO & Executive Director Shu Geok Ooi is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • May 22
LMS Compliance Ltd. Approves Payment of A Final Tax Exempt (One-Tier) Dividend in Respect of Fiscal Year 2024 LMS Compliance Ltd. at its AGM held on 25 April 2025 approved to declare the payment of a final tax exempt (one-tier) dividend of SGD 0.011 per ordinary share in respect of fiscal year 2024. Declared Dividend • Apr 28
Dividend of S$0.011 announced Shareholders will receive a dividend of S$0.011. Ex-date: 5th May 2025 Payment date: 20th May 2025 Dividend yield will be 3.1%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (73% earnings payout ratio) but not covered by cash flows (109% cash payout ratio). The dividend has increased by an average of 189% per year over the past 2 years and payments have been stable during that time. Earnings per share has grown by 1.8% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Apr 21
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to S$0.39. The fair value is estimated to be S$0.32, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 7.7%. Board Change • Apr 15
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. CEO & Executive Director Shu Geok Ooi is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Apr 12
Full year 2024 earnings released: EPS: RM0.05 (vs RM0.052 in FY 2023) Full year 2024 results: EPS: RM0.05 (down from RM0.052 in FY 2023). Revenue: RM25.4m (up 21% from FY 2023). Net income: RM5.21m (down 5.0% from FY 2023). Profit margin: 21% (down from 26% in FY 2023). The decrease in margin was driven by higher expenses. Announcement • Apr 08
LMS Compliance Ltd., Annual General Meeting, Apr 25, 2025 LMS Compliance Ltd., Annual General Meeting, Apr 25, 2025, at 11:00 Singapore Standard Time. Location: function room, lr floor, 380 jalan besar, arc 380, singapore 209000, Singapore Announcement • Apr 07
LMS Compliance Ltd. Announces Retirement of Wong Wan Chin as Independent Non-Executive Director, Chairman of the Remuneration Committee and A Member of the Nominating Committee LMS Compliance Ltd. announced that Ms. Wong Wan Chin (‘Ms. Wong’) will be retiring as an Independent Non-Executive Director of the Company pursuant to Regulation 100 of the Constitution of the Company and will not be seeking re-election as a Director at the upcoming annual general meeting of the Company, to focus on her personal commitments. Following the Retirement, Ms. Wong will also cease to be the Chairman of the Remuneration Committee and a member of the Nominating Committee upon conclusion of the AGM. Role And Responsibilities: Assumed the roles and responsibilities of the Independent Non-Executive Director, Chairman of the Remuneration Committee and member of the Nominating Committee. Job Title: Independent Non-Executive Director, Chairman of the Remuneration Committee and member of the Nominating Committee. Other DirectorShips Past: HHRG Berhad. W&L Advisory Sdn. Bhd. Fides Imperium Trustee Berhad. Other DirectorShips Present: Volcano Berhad. Iconic Worldwide Berhad. Chemlite Innovation Berhad Other Principal commitments. Director at Wong & Loh. Director at Polygold Avenue Sdn. Bhd. Director at Mingchin Capital Holdings Sdn. Bhd. Board Change • Mar 25
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. CEO & Executive Director Shu Geok Ooi is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. New Risk • Mar 03
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 108% Dividend yield: 3.0% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Dividend is not well covered by cash flows (108% cash payout ratio). Market cap is less than US$100m (S$38.3m market cap, or US$28.4m). Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: RM0.057 (vs RM0.052 in FY 2023) Full year 2024 results: EPS: RM0.057. Revenue: RM25.9m (up 24% from FY 2023). Net income: RM5.21m (down 5.0% from FY 2023). Profit margin: 20% (down from 26% in FY 2023). The decrease in margin was driven by higher expenses. Announcement • Dec 31
LMS Compliance Ltd. Announces the Resignation of Fadilah Binti Baharin as Independent Non-Executive Chairman, with Effect from 1 January 2025 LMS Compliance Ltd. announced Datuk Fadilah Binti Baharin ("Datuk Fadilah") has informed the board of directors ("Board" or "Directors") of LMS Compliance Ltd. (the "Company") of her intention to resign as the Independent Non-Executive Chairman of the Board of the Company with effect from 1 January 2025, to focus on her personal commitments ("Resignation"). Following the Resignation, Datuk Fadilah will also cease to be a member of the Audit Committee and the Remuneration Committee. After having interviewed Datuk Fadilah, and to the best of its knowledge, the Company's Sponsor is satisfied that, save as disclosed in this announcement, there are no other material reasons for the Resignation of Datuk Fadilah. Job Title: Independent Non-Executive Chairman, member of the Audit Committee and the Remuneration Committee. Other Directorships Past: 1. MY CO2 Sdn. Bhd. 2. International Organisation for Standardisation; Other Directorships Present: 1. IPEC Global Legacy Foundation; 2. NanoVerify Sdn. Bhd. Board Change • Nov 29
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. CEO & Executive Director Shu Geok Ooi is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Sep 30
LMS Compliance Ltd. Announces Executive Changes LMS Compliance Ltd. announced the appointment of Ms. Shirley Tan Sey Liy as company secretary of the company in place of Mr. Chua Kern (Mr. Chua), with effect from 30 September 2024. New Risk • Sep 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Singaporean stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 1.4% per year over the past 5 years. High level of non-cash earnings (27% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Market cap is less than US$100m (S$36.7m market cap, or US$28.6m). Announcement • Aug 21
LMS Compliance Ltd. Announces Executive Changes LMS Compliance Ltd. announced retirement of Kuan Pin Seah as financial controller. He is responsible for the Group's finance and management reporting, accounting and taxation matters, and oversees the operations of the finance team of the Group. The company has appointed Ms. Tan Yap Hong (Ms. Tan), current Finance Manager of MYCO2 Sdn. Bhd. (a subsidiary of the Company), as the Group Finance Manager of the Company in place of Mr. Kuan, with effect from 1 November 2024. Mr. Kuan is currently serving his notice period and will work closely with Ms. Tan to ensure an orderly and smooth transition. After having interviewed Mr. Kuan and to the best of its knowledge, the Company's Sponsor, ZICO Capital Pte. Ltd., is satisfied that save as disclosed in this announcement, there are no other material reasons for the cessation of Mr. Kuan as the Financial Controller of the Company. Tan Yap Hong's experience is March 2021 to Current - Finance Manager, MYCO2 Sdn. Bhd. - September 2018 to February 2021 - Assistant Finance Manager, E&A Corporate Sdn. Bhd. - March 2016 to September 2018 - Account Executive, See Hup Transport Company Sdn. Bhd. - August 2014 to January 2016 - Account Executive, City Zone Express Sdn. Bhd. Role And Responsibilities are Executive She will be responsible for the Group's finance and management reporting, accounting and taxation matters, and overseeing the operations of the finance team of the Group. Professional Qualifications are Chartered Accountant of the Malaysian Institute of Accountants - Bachelor of Accounting (Information Systems) (Hons.), Universiti Utara Malaysia. Reported Earnings • Aug 17
First half 2024 earnings released: EPS: RM0.031 (vs RM0.03 in 1H 2023) First half 2024 results: EPS: RM0.031 (up from RM0.03 in 1H 2023). Revenue: RM12.2m (up 23% from 1H 2023). Net income: RM2.74m (up 3.7% from 1H 2023). Profit margin: 22% (down from 27% in 1H 2023). The decrease in margin was driven by higher expenses. New Risk • Aug 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 27% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 1.4% per year over the past 5 years. High level of non-cash earnings (27% accrual ratio). Minor Risk Market cap is less than US$100m (S$31.0m market cap, or US$23.5m). Upcoming Dividend • Apr 29
Upcoming dividend of S$0.013 per share Eligible shareholders must have bought the stock before 06 May 2024. Payment date: 17 May 2024. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Singaporean dividend payers (6.3%). Lower than average of industry peers (5.1%). Announcement • Apr 10
LMS Compliance Ltd., Annual General Meeting, Apr 24, 2024 LMS Compliance Ltd., Annual General Meeting, Apr 24, 2024, at 11:00 Singapore Standard Time. Location: Training Room 1-1, 11 Eunos Road 8, #09-01, Lifelong Learning Institute, Singapore 408601 Singapore Singapore Agenda: To receive and adopt the Directors' Statement and the Audited Financial Statements of the Company and of the Group for the financial year ended 31 December 2023 ("FY2023"), together with the Independent Auditors' Report thereon; to declare and approve the payment of a final tax exempt (one-tier) dividend of S$0.0035 per ordinary share and a special tax exempt (one-tier) dividend of S$0.0097 per ordinary share in respect of FY2023; to re-elect the Directors of the Company; To approve, ratify, and confirm the payment of additional Directors' fees of RM8,368 for FY2023; to approve the payment of Directors' fees of up to RM276,000 for the financial year ending 31 December 2024, to be paid quarterly in arrears (FY2023: RM237,490); and to transact any other ordinary business which may properly be transacted at an AGM. Board Change • Mar 27
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. CEO & Executive Director Shu Geok Ooi is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: RM0.063 (vs RM0.01 in FY 2022) Full year 2023 results: EPS: RM0.063 (up from RM0.01 in FY 2022). Revenue: RM22.9m (up 23% from FY 2022). Net income: RM5.48m (up RM4.76m from FY 2022). Profit margin: 24% (up from 3.9% in FY 2022). The increase in margin was primarily driven by higher revenue. New Risk • Feb 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (32% average weekly change). Earnings have declined by 40% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.6% net profit margin). Revenue is less than US$5m (RM20m revenue, or US$4.1m). Market cap is less than US$100m (S$33.2m market cap, or US$24.7m). Board Change • Nov 22
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. CEO & Executive Director Shu Geok Ooi is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Aug 18
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. CEO & Executive Director Shu Geok Ooi is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. New Risk • Aug 13
New major risk - Revenue and earnings growth Earnings have declined by 40% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 40% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.5% net profit margin). Revenue is less than US$5m (RM20m revenue, or US$4.4m). Market cap is less than US$100m (S$36.3m market cap, or US$26.8m). Reported Earnings • Aug 12
First half 2023 earnings released: EPS: RM0.03 (vs RM0.04 in 1H 2022) First half 2023 results: EPS: RM0.03 (down from RM0.04 in 1H 2022). Revenue: RM10.7m (up 21% from 1H 2022). Net income: RM2.64m (down 8.0% from 1H 2022). Profit margin: 25% (down from 33% in 1H 2022). New Risk • Jun 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 64% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.9% net profit margin). Revenue is less than US$5m (RM19m revenue, or US$4.0m). Market cap is less than US$100m (S$36.3m market cap, or US$26.8m). Announcement • Jun 22
Lms Compliance Ltd. Announces Final Tax-Exempt Cash Dividend for the Fiscal Year 2022, Payable on or About 14 July 2023 LMS Compliance Ltd. announced payment of a final tax exempt dividend of SGD 0.0015 per ordinary share in the capital of the Company for the fiscal year 2022. Record date is 30 June, 2023. Payment of the Final Dividend will be on or about 14 July 2023. Board Change • May 18
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. CEO & Executive Director Shu Geok Ooi is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Apr 18
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. CEO & Executive Director Shu Geok Ooi is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Dec 01
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. CEO & Executive Director Shu Geok Ooi is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. 
