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

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<a href="https://www.smartkarma.com/entities/beverly-jcg-ltd" target="_blank" data-smartkarma-citation="entities:11480:1" rel="noopener">Beverly JCG Ltd (JCGI SP)</a> is a SGX-Catalist listed company. It offers a broad suite of services including invasive and non-invasive aesthetic procedures, dentistry and wellness treatments, amongst others.</li>
<li>The firm has a total of two Ministry of Health licensed hospitals, four aesthetic and three dental clinics, most of which are located in Klang Valley.</li>
<li>BWL reported their FY25 results on 27th Feb 2026. In this note, we talk about the updates.</li>
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Beverly JCG Ltd (JCGI SP) is a SGX-Catalist listed company. It offers a broad suite of services including invasive and non-invasive aesthetic procedures, dentistry and wellness treatments, amongst others.
The firm has a total of two Ministry of Health licensed hospitals, four aesthetic and three dental clinics, most of which are located in Klang Valley.
BWL reported their FY25 results on 27th Feb 2026. In this note, we talk about the updates.


Beverly Wilshire - FY25 Earnings Update - Revenue Rebounds but Going Concern Remains a Key Risk

Hyphens Pharma International Ltd. is a leading specialty pharmaceutical and consumer healthcare group in Southeast Asia. It markets and distributes specialty pharmaceutical products, develops proprietary dermatological and health supplement brands, and operates a medical hypermart and digital pharmacy platform. The company is headquartered in Singapore and was founded in 1988.

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<a href="https://www.smartkarma.com/entities/hyphens-pharma-international" target="_blank" data-smartkarma-citation="entities:28034:1" rel="noopener">Hyphens Pharma International (HYP SP)</a> is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Pharmaceutical and Medical Aesthetics, Proprietary Brands and Digital Platform and E-Pharmacy.</li>
<li>It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.</li>
<li>We remain NEUTRAL on Hyphens as we think the stock currently trades at fair value. </li>
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Hyphens Pharma International (HYP SP) is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Pharmaceutical and Medical Aesthetics, Proprietary Brands and Digital Platform and E-Pharmacy.
It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.
We remain NEUTRAL on Hyphens as we think the stock currently trades at fair value. 


Hyphens Pharma - FY25 Earnings Update - No Clear Catalysts, FY26 Recovery a Low-Bar Normalisation

Soon Hock Enterprise is an established real estate developer specializing in property development and investment in Singapore. The company develops, sells, and rents commercial and industrial projects, particularly strata-titled industrial properties, and also holds industrial properties for recurring income. It is headquartered in Singapore and was founded in 1960.

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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 revise our TP downwards on Soon Hock Enterprise based on a 20% discount to its RNAV of S$268.8m, representing an upside of 12.2%.</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 revise our TP downwards on Soon Hock Enterprise based on a 20% discount to its RNAV of S$268.8m, representing an upside of 12.2%.


Soon Hock Enterprise - FY25 Earnings Update - Stellar Delivers, Skye Presales in Focus

ISOTeam is a leading player in Singapore's building maintenance and estate upgrading industry, offering services such as repairs, redecoration, addition and alteration, and specialist coating and painting. The company also provides green solutions, including renewable energy installation and eco-friendly building solutions. Headquartered in Singapore, ISOTeam was founded in 1998.

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<a href="https://www.smartkarma.com/entities/isoteam-ltd" target="_blank" data-smartkarma-citation="entities:6201:1" rel="noopener">Isoteam Ltd (ISO SP)</a> is a SGX-Catalist listed company with a focus on Singapore’s building maintenance and estate upgrading industry, providing solutions across the entire lifecycle of buildings and infrastructure.</li>
<li>Since inception, the firm has completed over 900 projects on more than 7,500 buildings. Its projects are mainly based in Singapore, with approximately 70% derived from public sector contracts.</li>
<li>ISOTeam reported their 1H26 results on 11th Feb 2026. In this note, we talk about the updates.</li>
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Isoteam Ltd (ISO SP) is a SGX-Catalist listed company with a focus on Singapore’s building maintenance and estate upgrading industry, providing solutions across the entire lifecycle of buildings and infrastructure.
Since inception, the firm has completed over 900 projects on more than 7,500 buildings. Its projects are mainly based in Singapore, with approximately 70% derived from public sector contracts.
ISOTeam reported their 1H26 results on 11th Feb 2026. In this note, we talk about the updates.


ISOTeam - 1H26 Earnings Update - Execution Timing Continues to Weigh on Revenue

Oiltek International is an integrated process technology and renewable energy solutions provider for the vegetable oils industry. The company offers engineering, procurement, design, construction, and commissioning services for edible and non-edible oil refining plants, renewable energy plants (like biodiesel and biogas recovery), and trades specialty chemical products and engineering components. Founded in 1980, its principal place of business is in Shah Alam, Malaysia.

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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>The firm reported its FY25 results on 11th Feb 2026. In this note, we provide an update on its FY25 earnings.</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.
The firm reported its FY25 results on 11th Feb 2026. In this note, we provide an update on its FY25 earnings.


Oiltek International - FY25 Earnings Update - Earnings Momentum Masked by FX Losses

Evolve Capital Advisory Pte Ltd

Beverly Wilshire - FY25 Earnings Update - Revenue Rebounds but Going Concern Remains a Key Risk

Beverly Wilshire Ltd offers aesthetic, dental, and wellness services with licensed hospitals and clinics in Klang Valley. We discuss its recent...

Evolve Capital Advisory Pte Ltd

Hyphens Pharma - FY25 Earnings Update - No Clear Catalysts, FY26 Recovery a Low-Bar Normalisation

We remain NEUTRAL on Hyphens Pharma as we think the stock currently trades at fair value, with Vietnam being the primary drag.

Evolve Capital Advisory Pte Ltd

Soon Hock Enterprise - FY25 Earnings Update - Stellar Delivers, Skye Presales in Focus

We revise our TP downwards on Soon Hock Enterprise based on a 20% discount to its RNAV of S$268.8m, representing an upside of 12.2%.

Evolve Capital Advisory Pte Ltd

ISOTeam - 1H26 Earnings Update - Execution Timing Continues to Weigh on Revenue

ISOTeam reported their 1H26 results on 11th Feb 2026. In this note, we talk about the updates and share our thoughts on the company.

Evolve Capital Advisory Pte Ltd

Oiltek International - FY25 Earnings Update - Earnings Momentum Masked by FX Losses

Oiltek International reported its FY25 results on 11th Feb 2026. In this note, we provide an update on its FY25 earnings.

Evolve Capital Advisory Pte Ltd

Beverly Wilshire - FY25 Earnings Update - Revenue Rebounds but Going Concern Remains a Key Risk

​Beverly Wilshire Ltd offers aesthetic, dental, and wellness services with licensed hospitals and clinics in Klang Valley. We discuss its recent...

Evolve Capital Advisory Pte Ltd

Hyphens Pharma - FY25 Earnings Update - No Clear Catalysts, FY26 Recovery a Low-Bar Normalisation

We remain NEUTRAL on Hyphens Pharma as we think the stock currently trades at fair value, with Vietnam being the primary drag.

Evolve Capital Advisory Pte Ltd

Soon Hock Enterprise - FY25 Earnings Update - Stellar Delivers, Skye Presales in Focus

We revise our TP downwards on Soon Hock Enterprise based on a 20% discount to its RNAV of S$268.8m, representing an upside of 12.2%.

Evolve Capital Advisory Pte Ltd

ISOTeam - 1H26 Earnings Update - Execution Timing Continues to Weigh on Revenue

ISOTeam reported their 1H26 results on 11th Feb 2026. In this note, we talk about the updates and share our thoughts on the company.

Evolve Capital Advisory Pte Ltd

Oiltek International - FY25 Earnings Update - Earnings Momentum Masked by FX Losses

Oiltek International reported its FY25 results on 11th Feb 2026. In this note, we provide an update on its FY25 earnings.

Evolve Capital Advisory Pte Ltd

Beverly Wilshire Ltd offers aesthetic, dental, and wellness services with licensed hospitals and clinics in Klang Valley. We discuss its recent...