Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

Old Chang Kee Ltd. manufactures and sells a wide range of food products. The Company's products include curry puffs, fish balls, spring rolls, and chicken wings.

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<a href="https://www.smartkarma.com/entities/old-chang-kee-ltd" target="_blank" data-smartkarma-citation="entities:10465:1" rel="noopener">Old Chang Kee (OCK SP)</a>  is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings.</li>
<li>OCK reported their 1H26 earnings update on 12th Nov 25. Revenue growth was flat at only 0.2% YoY, with both outlet and non-outlet sales remaining stable. </li>
<li>Ideally, we would like to see OCK introduce new key catalysts to spur top line growth, especially given increasing cost pressures in the form of wages and rental.</li>
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Old Chang Kee (OCK SP)  is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings.
OCK reported their 1H26 earnings update on 12th Nov 25. Revenue growth was flat at only 0.2% YoY, with both outlet and non-outlet sales remaining stable. 
Ideally, we would like to see OCK introduce new key catalysts to spur top line growth, especially given increasing cost pressures in the form of wages and rental.


Old Chang Kee - 1H26 Earnings Update - Sector Weakness Highlights Need for Fresh Growth Catalysts

GKE Corp. Ltd. operates as an integrated logistics solutions provider. The Company offers one-stop, door-to-door multi-modal solutions for supply chain management.

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<a href="https://www.smartkarma.com/entities/gke-corp-ltd" target="_blank" data-smartkarma-citation="entities:15893:1" rel="noopener">GKE Corp Ltd (GKEC SP)</a> is an integrated provider of warehousing and logistics solutions that include general cargo storage, dangerous cargo storage, bonded and license warehousing services, amongst others.</li>
<li>It also has strategic investments, which includes an infrastructural materials and services business in China, as well as agriculture and retail and distribution in Singapore. </li>
<li>We initiate non-rated coverage on GKE Corporation. Since listing, the company has progressively broadened its service offerings to encompass marine and chemical logistics, and the storage of dangerous goods (DGs). </li>
</ul>



GKE Corp Ltd (GKEC SP) is an integrated provider of warehousing and logistics solutions that include general cargo storage, dangerous cargo storage, bonded and license warehousing services, amongst others.
It also has strategic investments, which includes an infrastructural materials and services business in China, as well as agriculture and retail and distribution in Singapore. 
We initiate non-rated coverage on GKE Corporation. Since listing, the company has progressively broadened its service offerings to encompass marine and chemical logistics, and the storage of dangerous goods (DGs). 


GKE Corporation Initiation - Firing on Multiple Cylinders

Soon Hock Enterprise Holding / Equity Bottom-Up

Soon Hock Enterprise Holding Pte. Ltd. operates as a holding company. The Company, through its subsidiaries, owns, develops, and manages commercial and industrial properties. Soon Hock Enterprise serves customers in Singapore.

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<a href="https://www.smartkarma.com/entities/soon-hock-enterprise-holding-pte-ltd" target="_blank" data-smartkarma-citation="entities:45970:1" rel="noopener">Soon Hock Enterprise Holding (SHOCK SP)</a> is an established real estate developer that undertakes property development and property investment in Singapore.</li>
<li>The Group’s management has been involved in the launch of more than 1,200 units of strata-titled industrial properties in Singapore, achieving a total Gross Development Value (GDV) of S$1bn.</li>
<li>We initiate coverage on Soon Hock Enterprise with a RNAV-based TP of S$0.74, representing an upside of 27.6%.</li>
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Soon Hock Enterprise Holding (SHOCK SP) is an established real estate developer that undertakes property development and property investment in Singapore.
The Group’s management has been involved in the launch of more than 1,200 units of strata-titled industrial properties in Singapore, achieving a total Gross Development Value (GDV) of S$1bn.
We initiate coverage on Soon Hock Enterprise with a RNAV-based TP of S$0.74, representing an upside of 27.6%.


Soon Hock Enterprise Initiation - Established Player with Consistent Execution

Thematic (Sector/Industry)

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<li>There has been a flurry of activity within the SGX in recent months - from heightened trading interest to a pickup in corporate actions and fund flow movements.</li>
<li>Hence, we thought it timely to take a closer look at the SGX. </li>
<li>The local bourse has seen renewed investor attention, underpinned by selective growth stories, valuation gaps, and improving balance sheet quality. We highlight key observations and emerging themes within the SGX. </li>
</ul>


There has been a flurry of activity within the SGX in recent months - from heightened trading interest to a pickup in corporate actions and fund flow movements.
Hence, we thought it timely to take a closer look at the SGX. 
The local bourse has seen renewed investor attention, underpinned by selective growth stories, valuation gaps, and improving balance sheet quality. We highlight key observations and emerging themes within the SGX. 


Oiltek International Ltd / Equity Bottom-Up

Oiltek International Limited provides renewable energy equipment.

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<a href="https://www.smartkarma.com/entities/oiltek-international-ltd" target="_blank" data-smartkarma-citation="entities:36016:1" rel="noopener">Oiltek International Ltd (OTEK SP)</a> is a process engineering and technology solutions provider specializing in edible oils and renewable energy. Its solutions cater to all types of vegetable oils. </li>
<li>This includes palm oil, soybean and rapeseed oil and cover a wide range of applications including edible and non-edible oil refining, and POME (palm oil mill effluent) biogas recovery systems.</li>
<li>We initiate rated coverage on Oiltek with a DCF-based TP of S$1.22, implying a 40.7x FY26E P/E, representing an upside of approximately 20.8%.</li>
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Oiltek International Ltd (OTEK SP) is a process engineering and technology solutions provider specializing in edible oils and renewable energy. Its solutions cater to all types of vegetable oils. 
This includes palm oil, soybean and rapeseed oil and cover a wide range of applications including edible and non-edible oil refining, and POME (palm oil mill effluent) biogas recovery systems.
We initiate rated coverage on Oiltek with a DCF-based TP of S$1.22, implying a 40.7x FY26E P/E, representing an upside of approximately 20.8%.


Oiltek International Initiation - Asset-Light and Well Positioned for Growth

Evolve Capital Advisory Pte Ltd

Old Chang Kee - 1H26 Earnings Update - Sector Weakness Highlights Need for Fresh Growth Catalysts

OCK reported their 1H26 earnings update on 12th Nov 25. Revenue growth was flat at only 0.2% YoY, with both outlet and non-outlet sales remaining...

Evolve Capital Advisory Pte Ltd

GKE Corporation Initiation - Firing on Multiple Cylinders

GKE Corp is an integrated provider of warehousing and logistics solutions that include general cargo storage, dangerous cargo storage, bonded and...

Evolve Capital Advisory Pte Ltd

Soon Hock Enterprise Initiation - Established Player with Consistent Execution

Soon Hock Enterprise Holding (SHOCK SP) is an established real estate developer that undertakes property development and property investment in...

Evolve Capital Advisory Pte Ltd

A Timely Review of Our Local Bourse

There has been a flurry of activity within the SGX in recent months - from heightened trading interest to a pickup in corporate actions and fund...

Evolve Capital Advisory Pte Ltd

Oiltek International Initiation - Asset-Light and Well Positioned for Growth

We initiate rated coverage on Oiltek with a DCF-based TP of S$1.22, implying a 40.7x FY26E P/E, representing an upside of approximately 20.8%.

Evolve Capital Advisory Pte Ltd