External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

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Equity Bottom-Up

Fortress Minerals Limited mines, processes, and distributes iron ore. The Company focuses on exploration, mining, production, and distribution of iron ore concentrates. Fortress Minerals serves customers in Singapore and Malaysia.

<ul><li>Reset of our iron ore assumptions. We take a structurally softer IODEX CFR North China outlook for 2026 to 2030, which feeds directly into lower average selling prices for Fortress despite ongoing volume growth at Bukit Besi.</li><li>The second anchor is timing. We push out the meaningful contribution from the Mengapur project to around FY2027, so the near-term story is primarily about defending margins rather than delivering a step change in output.</li><li>Rethinking the cyclical nature of IODEX. Management has highlighted weaker benchmark prices as the key reason for the FY2025 ASP of US$88.88 per DMT, but our work also points to a steady erosion in price realisation. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Reset of our iron ore assumptions. We take a structurally softer IODEX CFR North China outlook for 2026 to 2030, which feeds directly into lower average selling prices for Fortress despite ongoing volume growth at Bukit Besi.The second anchor is timing. We push out the meaningful contribution from the Mengapur project to around FY2027, so the near-term story is primarily about defending margins rather than delivering a step change in output.Rethinking the cyclical nature of IODEX. Management has highlighted weaker benchmark prices as the key reason for the FY2025 ASP of US$88.88 per DMT, but our work also points to a steady erosion in price realisation. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Company Report: Fortress Minerals Ltd. (FMIL SP): Resetting the Strip and Pushing Out Growth

Zixin Group Holdings Limited is a holding company. The Company, through its subsidiaries, operates sweet potato biotech-focused value chain focuses on cultivation and supply, product innovation and snacks production, brand building, marketing, and distribution.

<ul><li>Favourable policy backdrop. At the policy level, recent No. 1 Central Documents, the Grain Security Law and the 2024–2035 Agricultural Plan all point to a long runway of support for staple crops, high standard farmland and seed innovation.</li><li>Within that framework, potatoes and sweet potatoes have been positioned as flexible “buffer crops,” with an explicit push since 2015 to treat sweet potatoes and other tubers as staple food and to industrialise potatobased staples including sweet potatoes.</li><li>We see Zixin’s integrated model in seedlings, cultivation and processing as a direct beneficiary of these structural tailwinds</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Favourable policy backdrop. At the policy level, recent No. 1 Central Documents, the Grain Security Law and the 2024–2035 Agricultural Plan all point to a long runway of support for staple crops, high standard farmland and seed innovation.Within that framework, potatoes and sweet potatoes have been positioned as flexible “buffer crops,” with an explicit push since 2015 to treat sweet potatoes and other tubers as staple food and to industrialise potatobased staples including sweet potatoes.We see Zixin’s integrated model in seedlings, cultivation and processing as a direct beneficiary of these structural tailwindsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zixin Group Holdings Ltd. (ZXGH SP): Policy Tailwinds and Hainan Visibility...

<ul><li>Reset of our iron ore assumptions. We take a structurally softer IODEX CFR North China outlook for 2026 to 2030, which feeds directly into lower average selling prices for Fortress despite ongoing volume growth at Bukit Besi.</li><li>The second anchor is timing. We push out the meaningful contribution from the Mengapur project to around FY2027, so the near-term story is primarily about defending margins rather than delivering a step change in output</li><li>Rethinking the cyclical nature of IODEX. Management has highlighted weaker benchmark prices as the key reason for the FY2025 ASP of US$88.88 per DMT, but our work also points to a steady erosion in price realisation.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Reset of our iron ore assumptions. We take a structurally softer IODEX CFR North China outlook for 2026 to 2030, which feeds directly into lower average selling prices for Fortress despite ongoing volume growth at Bukit Besi.The second anchor is timing. We push out the meaningful contribution from the Mengapur project to around FY2027, so the near-term story is primarily about defending margins rather than delivering a step change in outputRethinking the cyclical nature of IODEX. Management has highlighted weaker benchmark prices as the key reason for the FY2025 ASP of US$88.88 per DMT, but our work also points to a steady erosion in price realisation.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fortress Minerals Ltd. (FMIL SP / OAJ.SI): Resetting the Strip and Pushing Out Growth

Sasseur Real Estate Investment Trust (“Sasseur REIT”) is the first outlet REIT listed in Asia. Sasseur REIT’s property portfolio comprises four outlets with an estimated appraised value of RMB 8.5 billion and net lettable area of 310,241 square metres. The outlets are strategically located in the high-growth cities of Chongqing, Hefei and Kunming in China and well-positioned to ride on the growth of the rising spending power of the Chinese middle class.

<ul><li>Company Update:28 November 2025 Operational strength. Sasseur REIT delivered a resilient 3Q25 performance, with 10.8% YoY outlet sales growth, occupancy remaining high at 98.5%, and a WALE of 2.0 years.</li><li>The results were supported by strong tenant retention and longer lease commitments from sports, lifestyle and domestic fashion brands.</li><li>3Q25 EMA rental income rose 4.9% YoY to RMB166.3mn, driven by a 9.7% increase in the variable component on strong outlet sales.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Company Update:28 November 2025 Operational strength. Sasseur REIT delivered a resilient 3Q25 performance, with 10.8% YoY outlet sales growth, occupancy remaining high at 98.5%, and a WALE of 2.0 years.The results were supported by strong tenant retention and longer lease commitments from sports, lifestyle and domestic fashion brands.3Q25 EMA rental income rose 4.9% YoY to RMB166.3mn, driven by a 9.7% increase in the variable component on strong outlet sales.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Company Report: Sasseur REIT (SASSR SP): REIT-Vitalisation Continues Amid Macro Conditions

Infinity Development Holdings Company Limited / Equity Bottom-Up

Infinity Development Holdings Company Limited produces, develops, and sells adhesives and primers as well as distributes hardeners. The Company's products are used by customers that manufacture footwear in the Peoples Republic of China and Vietnam.

Infinity Development Holdings Company Limited (640 HK)

Infinity Development Holdings Company Limited

<ul><li>Dual listing on SGX Catalist. Infinity Development Holdings launched an all-placement IPO of 35.1mn shares at S$0.39, raising S$13.7mn to list its existing and new shares on the Singapore Exchange Catalist Board, enabling dual trading on HKEX and SGX-ST.</li><li>Trading on SGX-ST will commence on 3 December 2025.</li><li>One of the top Asia’s footwear adhesive producers. Infinity ranks among the top three adhesive producers in Asia with a market share of approximately 6.6%-9.0% in 2023</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dual listing on SGX Catalist. Infinity Development Holdings launched an all-placement IPO of 35.1mn shares at S$0.39, raising S$13.7mn to list its existing and new shares on the Singapore Exchange Catalist Board, enabling dual trading on HKEX and SGX-ST.Trading on SGX-ST will commence on 3 December 2025.One of the top Asia’s footwear adhesive producers. Infinity ranks among the top three adhesive producers in Asia with a market share of approximately 6.6%-9.0% in 2023Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Infinity Development Hldgs Ltd. (ZBA.SI / 640 HK): Amass War Chest To Expand Regional Footprint