Fund Manager, Privium Funds

Privium Fund Management

Fund Manager

Privium Funds

Privium Fund Management (Singapore) Pte Ltd is an MAS regulated Fund Manager holding a CMS License with a proven track record in providing Fund Management solutions for traditional and alternative asset portfolios.

Equity Bottom-Up

Hong Leong Asia is a diversified Asian multinational with core businesses in Powertrain Solutions and Building Materials. It manufactures and distributes diesel engines for various applications, alongside producing and supplying cement, ready-mix concrete, and pre-cast concrete products. Headquartered in Singapore, the company was incorporated in 1963.

<ul><li>Hong Leong Asia (HLA) is a Singapore holding company with two key drivers: a 48.70% controlling stake in NYSE-listed China Yuchai International (“CYI”), one of China's main diesel engine makers, and an integrated building materials business in Singapore and Malaysia.</li><li>Trailing twelve-month (TTM) PATMI reached S$148.7m to 30 June 2026, more than double FY2023, as engine volumes, data centre demand and Singapore's construction upcycle lifted both segments.</li><li>About 47% of HLA's market value is covered by its listed stakes in China Yuchai and BRC Asia at market.</li></ul>

Hong Leong Asia (HLA) is a Singapore holding company with two key drivers: a 48.70% controlling stake in NYSE-listed China Yuchai International (“CYI”), one of China's main diesel engine makers, and an integrated building materials business in Singapore and Malaysia.Trailing twelve-month (TTM) PATMI reached S$148.7m to 30 June 2026, more than double FY2023, as engine volumes, data centre demand and Singapore's construction upcycle lifted both segments.About 47% of HLA's market value is covered by its listed stakes in China Yuchai and BRC Asia at market.

Hong Leong Asia Ltd. (SGX: H22): Initiation Research (6 October 2026)

Soilbuild Construction / Equity Bottom-Up

Soilbuild Construction Group Ltd is involved in in general building and construction.  The Company is principally engaged in building works in Singapore in which they act as the main contractor. In addition, they are also engaged in architectural works in Singapore in which they act as a direct contractor, and project management services.

<ul><li>Soilbuild Construction Group (“SBCG”) has moved from a S$31.7m net loss in FY2022 to a S$63.6m net profit in FY2025 and S$70.9m on a trailing twelve-month (TTM) basis as of 30 June 2026, as loss-making pre-COVID contracts rolled off, gross margin widened to 15.8% and a S$647.5m PSA award in 2024 took the order book above S$1.0b.</li><li>Net cash of S$136.6m at 30 June 2026 is 40.9% of its S$334.2m market capitalisation.</li><li>The shares are 54.9% below their February 2026 high and close to their 52-week low, as the order book has declined to S$800.0m, about 1.3 years of TTM revenue.</li></ul>

Soilbuild Construction Group (“SBCG”) has moved from a S$31.7m net loss in FY2022 to a S$63.6m net profit in FY2025 and S$70.9m on a trailing twelve-month (TTM) basis as of 30 June 2026, as loss-making pre-COVID contracts rolled off, gross margin widened to 15.8% and a S$647.5m PSA award in 2024 took the order book above S$1.0b.Net cash of S$136.6m at 30 June 2026 is 40.9% of its S$334.2m market capitalisation.The shares are 54.9% below their February 2026 high and close to their 52-week low, as the order book has declined to S$800.0m, about 1.3 years of TTM revenue.

Soilbuild Construction Group (SGX: ZQM): Initiation Research (4 October 2026)

OKP Holdings Limited is a leading transport infrastructure and civil engineering group in Singapore, specializing in the construction of airport runways, expressways, vehicular bridges, urban roads, and oil and gas-related infrastructure. The Group also undertakes maintenance works for roads and road-related facilities, and has expanded into property development and investments. Headquartered in Singapore, the company traces its origins to a sole proprietorship established in 1966.

<ul><li>OKP Holdings (OKP) is a cash-rich, execution-led play on Singapore's public infrastructure pipeline.</li><li>A decade of specialising in LTA commuter and cycling path works has lifted gross margins from single digits to above 30%, and the order book reached S$797.9m, ~3.4x trailing revenue.</li><li>The shares have re-rated sharply since 2024, but ~S$172.3m of net cash as at 30 June 2026 still underpins modest valuations, ex-cash.</li></ul>

OKP Holdings (OKP) is a cash-rich, execution-led play on Singapore's public infrastructure pipeline.A decade of specialising in LTA commuter and cycling path works has lifted gross margins from single digits to above 30%, and the order book reached S$797.9m, ~3.4x trailing revenue.The shares have re-rated sharply since 2024, but ~S$172.3m of net cash as at 30 June 2026 still underpins modest valuations, ex-cash.

OKP Holdings Limited: Initiation Research (28 September 2026)

Multi-Chem Limited is a Singapore-based investment holding company with two main business segments: Printed Circuit Board (PCB) and Information Technology (IT). The PCB segment offers value-added services to PCB fabricators and distributes specialty chemicals and materials. Its IT segment, operating through the M.Tech Group, is a leading regional distributor of cybersecurity and network performance solutions. The company was incorporated in 1985 and is headquartered in Singapore.

<ul><li>Multi-Chem is a founder-led cybersecurity and IT infrastructure distributor benefiting from long-term growth in cybersecurity, cloud infrastructure and digital transformation spending across the Asia-Pacific region.</li><li>Through its M.Tech subsidiary, the company has built a meaningful position in value-added IT distribution, supported by established vendor relationships, regional scale, recurring customer demand and a strong net cash balance sheet.</li><li>The company has delivered consistent profitability, healthy returns on capital and strong cash generation, supporting a solid record of shareholder returns.</li></ul>

Multi-Chem is a founder-led cybersecurity and IT infrastructure distributor benefiting from long-term growth in cybersecurity, cloud infrastructure and digital transformation spending across the Asia-Pacific region.Through its M.Tech subsidiary, the company has built a meaningful position in value-added IT distribution, supported by established vendor relationships, regional scale, recurring customer demand and a strong net cash balance sheet.The company has delivered consistent profitability, healthy returns on capital and strong cash generation, supporting a solid record of shareholder returns.

Multi-Chem Limited: Initiation Research (29 September 2026)

Pan-United is a technology company specializing in concrete solutions and logistics, and is Singapore's largest supplier of ready-mix concrete and cement. It provides a wide range of sustainable concrete products, aggregates, and refined petroleum products to the construction industry. The company was founded in 1958 and is headquartered in Singapore.

<ul><li>We think Pan-United (PanU) is a high-quality, cash-generative play on Singapore's construction upcycle.</li><li>As the country's largest ready-mixed concrete supplier, it converts a steady domestic construction pipeline into volume growth, and it has re-rated on rising earnings, a net cash balance sheet and a growing dividend.</li><li>PanU is no longer simply a low growth Singapore construction materials supplier.</li></ul>

We think Pan-United (PanU) is a high-quality, cash-generative play on Singapore's construction upcycle.As the country's largest ready-mixed concrete supplier, it converts a steady domestic construction pipeline into volume growth, and it has re-rated on rising earnings, a net cash balance sheet and a growing dividend.PanU is no longer simply a low growth Singapore construction materials supplier.

Pan-United Corporation (SGX: P52) Initiation Research 23 September 2026