Dealing, Product Financing and Custody Services, Tickrs

Tickrs

Dealing, Product Financing and Custody Services

Tickrs Financial Singapore Pte Ltd (TFS) obtained Capital Markets Services (CMS) License from the Monetary Authority of Singapore (MAS) in 2022. Product offering include stock trading services across 10 global markets, futures trading, fixed income and wealth management products offering.

Equity Bottom-Up

The Straits Trading Company Limited is a Singapore-based conglomerate-investment company with operations and financial interests in resources, property, and hospitality. Its activities include tin smelting, property investment, development, and management, as well as hotel ownership and management. The company was founded in Singapore in 1887.

<ul><li>Deep Asset Discount with Active Catalysts STC trades at 0.63× book value (NAV S$2.66/share) and a 46% discount to our RNAV estimate of S$3.12 per share.</li><li>This gap is excessive for a company that has demonstrably recycled S$790 million in assets over the past 12 months (ESR privatisation plus South Korea logistics sale at IRR &gt;20% and equity multiple &gt;3.0×).</li><li>The Chew family (66.3% owner) has every incentive to narrow this discount, as they are the primary beneficiaries of value unlocking.</li></ul>

Deep Asset Discount with Active Catalysts STC trades at 0.63× book value (NAV S$2.66/share) and a 46% discount to our RNAV estimate of S$3.12 per share.This gap is excessive for a company that has demonstrably recycled S$790 million in assets over the past 12 months (ESR privatisation plus South Korea logistics sale at IRR &gt;20% and equity multiple &gt;3.0×).The Chew family (66.3% owner) has every incentive to narrow this discount, as they are the primary beneficiaries of value unlocking.

The Straits Trading Company Update : Battered by One-offs, But the Core Holds: Deep Value Intact

Lum Chang is a Singapore-based company primarily engaged in construction, property development, and investment. Its core activities include building construction, civil engineering works, and developing residential and commercial properties, hotels, and resorts. The company also provides interior fit-out, conservation, restoration, and project management services. Headquartered in Singapore, the company was incorporated in 1982.

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<li>Lum Chang Holdings has entered FY2026 with clearer earnings quality, stronger balance-sheet resilience and a more visible value-unlocking story than at initiation.</li>
<li>While group revenue softened 7.7% YoY in 1HFY2026 to S$220.6m, gross profit rose 53% to S$29.7m and PATMI more than doubled to S$7.3m, indicating that the group is now compounding on better project mix rather than relying purely on volume growth.</li>
<li>The post-listing expansion of Lum Chang Creations ("LCC") has lifted the share of higher-margin restoration and fit-out work within the consolidated group, even as the core construction business remains the dominant revenue engine.</li>
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Lum Chang Holdings has entered FY2026 with clearer earnings quality, stronger balance-sheet resilience and a more visible value-unlocking story than at initiation.
While group revenue softened 7.7% YoY in 1HFY2026 to S$220.6m, gross profit rose 53% to S$29.7m and PATMI more than doubled to S$7.3m, indicating that the group is now compounding on better project mix rather than relying purely on volume growth.
The post-listing expansion of Lum Chang Creations ("LCC") has lifted the share of higher-margin restoration and fit-out work within the consolidated group, even as the core construction business remains the dominant revenue engine.


Lum Chang Holdings Limited: Margin Rebuilt, Special Dividend Declared, Embedded Value Yet to Be Fully Recognised

Kin Global Pte. Ltd. operates as a sports events management company. The Company specializes in delivering sporting and events services with conceptualization, planning, design, coordination, management, and execution services.

<ul><li>Kin Global Limited ("Kin") offers investors exposure to Singapore's structurally expanding sports events ecosystem via a market-leading, asset-light platform entering the public market at an undemanding valuation on a trailing core earnings basis.</li><li>At listing, the Group demonstrates exceptional capital efficiency, a debt-free net cash balance sheet, and explosive operating leverage, yet comes to market at a valuation that does not fully capture these attributes.</li><li>Kin is Singapore's largest sports events management company, commanding 17.3% market share (2024, Euromonitor) — approximately 5× the nearest competitor — with over 500 delivered projects and repeat customer revenue of 79.6–87.7% (EDM segment).</li></ul>

Kin Global Limited ("Kin") offers investors exposure to Singapore's structurally expanding sports events ecosystem via a market-leading, asset-light platform entering the public market at an undemanding valuation on a trailing core earnings basis.At listing, the Group demonstrates exceptional capital efficiency, a debt-free net cash balance sheet, and explosive operating leverage, yet comes to market at a valuation that does not fully capture these attributes.Kin is Singapore's largest sports events management company, commanding 17.3% market share (2024, Euromonitor) — approximately 5× the nearest competitor — with over 500 delivered projects and repeat customer revenue of 79.6–87.7% (EDM segment).

KIN Global Ltd : Singapore's Dominant Sports Events Platform

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.

<ul><li>We maintain our BUY rating on Hyphens Pharma International Limited ("Hyphens" or "the Group") and revise our 12-month target price to S$0.40 (from S$0.45 at initiation), reflecting a reset in near- term earnings expectations while affirming the Group's intact strategic transformation.</li><li>Our revised target implies 23.1% upside from the last close of S$0.325 and is supported by a blended valuation of 40% DCF, 40% P/E, and 20% EV/EBITDA.</li><li>FY2025 delivered a tale of two narratives.</li></ul>

We maintain our BUY rating on Hyphens Pharma International Limited ("Hyphens" or "the Group") and revise our 12-month target price to S$0.40 (from S$0.45 at initiation), reflecting a reset in near- term earnings expectations while affirming the Group's intact strategic transformation.Our revised target implies 23.1% upside from the last close of S$0.325 and is supported by a blended valuation of 40% DCF, 40% P/E, and 20% EV/EBITDA.FY2025 delivered a tale of two narratives.

Hyphens Pharma International Update : Margin Reborn: Quality Over Quantity

Centurion Accommodation / Equity Bottom-Up

Centurion Accommodation REIT is a real estate investment trust that invests in income-producing living sector real estate assets, primarily purpose-built worker accommodation (PBWA) and purpose-built student accommodation (PBSA) globally. It operates PBWA assets under the "Westlite" brand and PBSA assets under the "Dwell" and "EPIISOD" brands. The company was incorporated on August 12, 2025, and is headquartered in Singapore.

<ul><li>CAREIT: Maiden Results Beat Forecast; Growth Pipeline Supports Higher TP Early outperformance on DPU, rising leverage to growth mode, and a visible living-sector pipeline support a constructive re-rating trajectory.</li><li>Executive Summary Centurion Accommodation REIT ("CAREIT") delivered a solid inaugural set of results for the financial period from 25 September 2025 to 31 December 2025 (FP2025), with gross revenue of S$50.7m, NPI of S$36.1m and DPU of 1.739 cents, outperforming the IPO-pro-rated forecast by 3.4%, 4.1% and 6.7% respectively.</li><li>Outperformance was driven by higher rental rates and stronger-than-assumed financial occupancy across both the Singapore PBWA and overseas PBSA portfolios, coupled with lower-than- forecast financing costs.</li></ul>

CAREIT: Maiden Results Beat Forecast; Growth Pipeline Supports Higher TP Early outperformance on DPU, rising leverage to growth mode, and a visible living-sector pipeline support a constructive re-rating trajectory.Executive Summary Centurion Accommodation REIT ("CAREIT") delivered a solid inaugural set of results for the financial period from 25 September 2025 to 31 December 2025 (FP2025), with gross revenue of S$50.7m, NPI of S$36.1m and DPU of 1.739 cents, outperforming the IPO-pro-rated forecast by 3.4%, 4.1% and 6.7% respectively.Outperformance was driven by higher rental rates and stronger-than-assumed financial occupancy across both the Singapore PBWA and overseas PBSA portfolios, coupled with lower-than- forecast financing costs.

Centurion Accommodation REIT Update : Maiden Results Beat Forecast