Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>CGSI flags lower earnings for Riverstone due to currency shifts, maintains 'add' rating.</li><li>17Live's challenges might be easing, according to Lim &amp; Tan's report.</li><li>DBS suggests parent company could increase dividends from Genting Singapore.</li></ul>

CGSI flags lower earnings for Riverstone due to currency shifts, maintains 'add' rating.17Live's challenges might be easing, according to Lim &amp; Tan's report.DBS suggests parent company could increase dividends from Genting Singapore.

Singapore Market Roundup (14-Oct-2025): CGSI lowers Riverstone earnings forecast, keeps 'add'

Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

<ul><li>Private capital raising has become harder compared to 2021.</li><li>IPOs are off the table until at least 2026, and most exits now happen via secondaries or distressed M&amp;A.</li><li>Investors demand profitability, not growth stories.</li></ul>

Private capital raising has become harder compared to 2021.IPOs are off the table until at least 2026, and most exits now happen via secondaries or distressed M&amp;A.Investors demand profitability, not growth stories.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Maynilad Water Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maynilad-water-services-inc" target="_blank" data-smartkarma-citation="entities:44852:1" rel="noopener">Maynilad Water Services (MYNLD PH)</a> (MWS) is looking to raise around US$450m in its upcoming Philippines IPO.</li>
<li>MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing</li>
</ul>



Maynilad Water Services (MYNLD PH) (MWS) is looking to raise around US$450m in its upcoming Philippines IPO.
MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.
We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing


Maynilad Water Services IPO - Recent Updates, Peer Comparison and Thoughts on Valuation

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

Oiltek International Ltd / Equity Bottom-Up

<ul>
<li>
<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>We initiate rated coverage on Oiltek with a DCF-based TP of S$1.22, implying a 40.7x FY26E P/E, representing an upside of approximately 20.8%.</li>
</ul>



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.
We initiate rated coverage on Oiltek with a DCF-based TP of S$1.22, implying a 40.7x FY26E P/E, representing an upside of approximately 20.8%.


Oiltek International Initiation - Asset-Light and Well Positioned for Growth

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, all of the listings this week ended up doing well.</li>
<li>On the placements front, given the holiday shortened week in Hong Kong and India, there were no major placements this week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, all of the listings this week ended up doing well.
On the placements front, given the holiday shortened week in Hong Kong and India, there were no major placements this week.


ECM Weekly (6 October 2025)- Zijin, Myungin, Pateo,Tekscend, Tata Capital, LG India, WeWork, Impact

Singapore

Oversea-Chinese Banking Corporation Limited offers a comprehensive range of financial services.  The Company's services include deposit-taking, corporate, enterprise and personal lending, international trade financing, investment banking, private banking, treasury, stockbroking, insurance, credit cards, cash management, asset management and other financial and related services.

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OCBC (OCBC SP)

Singapore Market Roundup (14-Oct-2025): CGSI lowers Riverstone earnings forecast, keeps 'add'

CGSI lowers earnings outlook for Riverstone amid currency shifts but keeps 'add' rating. 17Live's issues may be improving, while DBS hints at...

Singapore Market Roundup

FinTech and Digital Banks

Private capital raising has become harder compared to 2021. IPOs are off the table until at least 2026, and most exits now happen...

ICAM

Maynilad Water Services IPO - Recent Updates, Peer Comparison and Thoughts on Valuation

Maynilad Water Services (MYNLD PH) (MWS) is looking to raise around US$450m in its upcoming Philippines IPO. In this note, we talk about the IPO...

Sumeet Singh

Oiltek International Initiation - Asset-Light and Well Positioned for Growth

We initiate rated coverage on Oiltek with a DCF-based TP of S$1.22, implying a 40.7x FY26E P/E, representing an upside of approximately 20.8%.

Evolve Capital Advisory Pte Ltd

ECM Weekly (6 October 2025)- Zijin, Myungin, Pateo,Tekscend, Tata Capital, LG India, WeWork, Impact

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)