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Equity Bottom-Up

Reclaims Global Limited / Equity Bottom-Up

Reclaims Global Limited provides waste management services. The Company offer recycling facilities, demolition works, disposal of construction, earth moving, and mass excavation, as well as focuses on machinery such as tipper, truck, dump trucks, and other equipment. Reclaims Global serves customers in Singapore.

<ul><li><strong>Reclaims Global Limited (“Reclaims”)</strong> is an integrated construction services provider specialising in excavation, construction and demolition (“C&amp;D”) waste recycling, and logistics/equipment leasing.</li><li>Since 2009, the Group has built an established operating track record supported by a sizeable in- house fleet and an end-to-end model covering demolition, deep excavation, material recovery, and transport.</li><li>FY2025 marked a strong recovery, revenue almost doubled to S$44.4 million, with net profit almost tripling to S$5.6 million on higher excavation volumes and improved fleet utilisation.</li></ul>

Reclaims Global Limited (“Reclaims”) is an integrated construction services provider specialising in excavation, construction and demolition (“C&amp;D”) waste recycling, and logistics/equipment leasing.Since 2009, the Group has built an established operating track record supported by a sizeable in- house fleet and an end-to-end model covering demolition, deep excavation, material recovery, and transport.FY2025 marked a strong recovery, revenue almost doubled to S$44.4 million, with net profit almost tripling to S$5.6 million on higher excavation volumes and improved fleet utilisation.

Reclaims Global Limited: Grounded for Growth

Lincotrade & Associates Holdings / Equity Bottom-Up

Lincotrade & Associates Holdings Limited operates as a holding company. The Company, through its subsidiaries, offers an integrated interior fitting-out solutions in commercial and residential premises, as well as showflats and sales galleries. Lincotrade & Associates Holdings serves customers in Singapore.

Lincotrade & Associates Holdings (LINASC SP)

<ul><li>Lincotrade &amp; Associates Holdings Limited is a Singapore-based interior fitting-out specialist with over 30 years of experience and an established track record in commercial, residential premises as well as showflats and sales galleries.</li><li>The Group was listed on the SGX Catalist board in August 2022 following a reverse takeover of Fabchem China.</li><li>Lincotrade is engaged in the provision of interior fitting-out services, additions and alterations (“A&amp;A”) works and other building construction services.</li></ul>

Lincotrade &amp; Associates Holdings Limited is a Singapore-based interior fitting-out specialist with over 30 years of experience and an established track record in commercial, residential premises as well as showflats and sales galleries.The Group was listed on the SGX Catalist board in August 2022 following a reverse takeover of Fabchem China.Lincotrade is engaged in the provision of interior fitting-out services, additions and alterations (“A&amp;A”) works and other building construction services.

Lincotrade & Associates Holdings - Strong FY25 Performance with Margin Expansion

SUTL Enterprise develops and operates marinas, and also provides marina consultancy, marina development and yacht chartering services. It owns the prestigious ONE°15 Marina at Sentosa Cove in Singapore and operates ONE15 Luxury Yachting, which offers yacht chartering services at the club.

<ul><li>SUTL Enterprise Limited (“SUTL”) is a Singapore based developer, operator, and consultant of integrated marinas and remain as the only marina focused business listed on the SGX.</li><li>Under its proprietary ONE°15 Marina brand, the Group operates its flagship club at Sentosa Cove, manages third-party marinas across Asia, and runs a luxury yacht charter fleet of over 50 vessels.</li><li>Its core revenue streams comprise marina club operations (berthing, hospitality, and F&amp;B services), consultancy and management fees for marina developments, and luxury yacht charters.</li></ul>

SUTL Enterprise Limited (“SUTL”) is a Singapore based developer, operator, and consultant of integrated marinas and remain as the only marina focused business listed on the SGX.Under its proprietary ONE°15 Marina brand, the Group operates its flagship club at Sentosa Cove, manages third-party marinas across Asia, and runs a luxury yacht charter fleet of over 50 vessels.Its core revenue streams comprise marina club operations (berthing, hospitality, and F&amp;B services), consultancy and management fees for marina developments, and luxury yacht charters.

SUTL Enterprise Limited - Setting Sail for Regional Expansion

Megachem Limited distributes and trades chemicals and chemical-related products to industrial customers.  The Company also provides contract manufacturing of specialty chemicals to its customers' specifications and requirements.

<ul><li>MegaChem reported mixed financial results for 1H2025. </li><li>The Group’s 1HFY25 revenue declined slightly by 1.7% YoY to S$64.1 million, while gross profit improved 3.6% YoY to S$16.1 million.</li><li>The Group’s overall gross margin increased from 23.8% in 1HFY24 to 25.1% in 1HFY25. </li></ul>

MegaChem reported mixed financial results for 1H2025. The Group’s 1HFY25 revenue declined slightly by 1.7% YoY to S$64.1 million, while gross profit improved 3.6% YoY to S$16.1 million.The Group’s overall gross margin increased from 23.8% in 1HFY24 to 25.1% in 1HFY25. 

Livingstone Health Holdings / Equity Bottom-Up

Livingstone Health Holdings Ltd operates as a holding company. The Company, through its subsidiaries, provides orthopaedic surgery, pain and anaesthesiology, internal medicine,  and other health care services. Livingstone Health Holdings serves patients in Singapore.

<ul><li>Livingstone Health Holdings Limited (“Livingstone”) is a multidisciplinary healthcare group in Singapore, operating a network of primary care and specialist clinics.</li><li>The Group provides a comprehensive range of services, including anaesthesiology, pain management, internal medicine, orthopaedic surgery, podiatry, physiotherapy, aesthetics and wellness treatments.</li><li>It operates through three main segments, Primary Healthcare, Specialist Healthcare, and Others, supported by an integrated care model that captures patients at multiple touchpoints and promotes cross-referrals.</li></ul>

Livingstone Health Holdings Limited (“Livingstone”) is a multidisciplinary healthcare group in Singapore, operating a network of primary care and specialist clinics.The Group provides a comprehensive range of services, including anaesthesiology, pain management, internal medicine, orthopaedic surgery, podiatry, physiotherapy, aesthetics and wellness treatments.It operates through three main segments, Primary Healthcare, Specialist Healthcare, and Others, supported by an integrated care model that captures patients at multiple touchpoints and promotes cross-referrals.

Livingstone Health Holdings Limited - Growth Built on Earnings Recovery