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

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<a href="https://www.smartkarma.com/entities/okp-holdings-limited" target="_blank" data-smartkarma-citation="entities:13193:1" rel="noopener">OKP (OKP SP)</a> is an SGX Mainboard-listed civil engineering and infrastructure group specialising in public-sector transport and commuter infrastructure. It holds an A1 grade civil engineering status.</li>
<li>The group's work spans expressways, flyovers, vehicular bridges, urban and arterial roads, airport infrastructure and oil-and-gas-related infrastructure.</li>
<li>We initiate coverage on OKP Holdings with a BUY rating and a TP of S$0.98/share</li>
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OKP (OKP SP) is an SGX Mainboard-listed civil engineering and infrastructure group specialising in public-sector transport and commuter infrastructure. It holds an A1 grade civil engineering status.
The group's work spans expressways, flyovers, vehicular bridges, urban and arterial roads, airport infrastructure and oil-and-gas-related infrastructure.
We initiate coverage on OKP Holdings with a BUY rating and a TP of S$0.98/share


OKP Holdings Initiation - Staying Prudent While Riding The Construction Upcycle

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<a href="https://www.smartkarma.com/entities/asl-marine-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17092:1" rel="noopener">ASL Marine (ASL SP)</a> is an SGX mainboard-listed specializing in marine services group shipbuilding, ship repair and conversion, and ship chartering. </li>
<li>Its integrated model lets it build, repair and operate its own tonnage. Its Batam graving dock is one of the few yards in the region able to dry-dock Capesize tonnage.</li>
<li>We initiate coverage on ASL Marine with a BUY rating and a SOTP-based TP of S$0.42/share. </li>
</ul>



ASL Marine (ASL SP) is an SGX mainboard-listed specializing in marine services group shipbuilding, ship repair and conversion, and ship chartering. 
Its integrated model lets it build, repair and operate its own tonnage. Its Batam graving dock is one of the few yards in the region able to dry-dock Capesize tonnage.
We initiate coverage on ASL Marine with a BUY rating and a SOTP-based TP of S$0.42/share. 


ASL Marine Initiation - A Deleveraging-Led Earnings Inflection

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<a href="https://www.smartkarma.com/entities/iwow-technology-limited" target="_blank" data-smartkarma-citation="entities:36147:1" rel="noopener">IWOW Technology (IWOW SP)</a> is a one-stop end-to-end wireless IoT technology provider specialising in offering vertically integrated solutions and a telecommunications infrastructure solutions provider.</li>
<li>The firm reported its FY26 results on 29th May 2026. Revenue was up 19% YoY, reversing the 24% decline in FY25, led by the WES and DES segments. </li>
<li>With its latest proposed acquisition of The Gentle Group, we struggle to see where the synergy lies between its existing tech offerings and Gentle Group’s food offerings.</li>
</ul>



IWOW Technology (IWOW SP) is a one-stop end-to-end wireless IoT technology provider specialising in offering vertically integrated solutions and a telecommunications infrastructure solutions provider.
The firm reported its FY26 results on 29th May 2026. Revenue was up 19% YoY, reversing the 24% decline in FY25, led by the WES and DES segments. 
With its latest proposed acquisition of The Gentle Group, we struggle to see where the synergy lies between its existing tech offerings and Gentle Group’s food offerings.


IWOW Technology - FY26 Earnings Update - Broadening into the Silver Economy but Order Book Lagging

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<li>
<a href="https://www.smartkarma.com/entities/old-chang-kee-ltd" target="_blank" data-smartkarma-citation="entities:10465:1" rel="noopener">Old Chang Kee (OCK SP)</a> is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings.</li>
<li>OCK reported their FY26 results on 29th May 26. Revenue grew by 1.5% YoY to S$103.5m. Outlet sales grew by 0.6% YoY while non-outlet sales grew by 8.3% YoY.</li>
<li>While its balance sheet is among the strongest in our small-cap coverage, we struggle to identify a clear near-term catalyst that would presently allow for a rating.</li>
</ul>



Old Chang Kee (OCK SP) is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings.
OCK reported their FY26 results on 29th May 26. Revenue grew by 1.5% YoY to S$103.5m. Outlet sales grew by 0.6% YoY while non-outlet sales grew by 8.3% YoY.
While its balance sheet is among the strongest in our small-cap coverage, we struggle to identify a clear near-term catalyst that would presently allow for a rating.


Old Chang Kee - FY26 Earnings Update - Resilient but Cost Pressures Starting to Show

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Msci Ac Asia Pacific Index / Technical Analysis

<p>Global equities continue to stabilize, with the MSCI ACWI’s 50-day moving average acting like a magnet as prices have oscillated above and below it. More importantly, support levels have held and long-term uptrends are intact. While we expect to see continued heightened volatility and consolidation, our long-term outlook for global equities remains bullish.  In today’s report we put a spotlight on Japan, broad Europe, Germany, and the UK, where small-caps are outperforming large-caps.</p>

Global equities continue to stabilize, with the MSCI ACWI’s 50-day moving average acting like a magnet as prices have oscillated above and below it. More importantly, support levels have held and long-term uptrends are intact. While we expect to see continued heightened volatility and consolidation, our long-term outlook for global equities remains bullish.  In today’s report we put a spotlight on Japan, broad Europe, Germany, and the UK, where small-caps are outperforming large-caps.

United Kingdom

Jardine Lloyd Thompson Group plc (JLT) was a British multinational corporation providing insurance, reinsurance, and employment benefits advice and brokerage services. It offered risk assessment, insurance placement, claims management, and pension consulting to corporate clients across various industries. JLT was headquartered in London, England, and was founded in 1997 through the merger of Jardine Insurance Brokers and Lloyd Thompson Group.

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Jardine Lloyd Thompson (JLT LN)

OKP Holdings Initiation - Staying Prudent While Riding The Construction Upcycle

OKP (OKP SP) is an SGX Mainboard-listed civil engineering and infrastructure group specialising in public-sector transport and commuter...

Evolve Capital Advisory Pte Ltd

ASL Marine Initiation - A Deleveraging-Led Earnings Inflection

ASL Marine (ASL SP) is an SGX mainboard-listed specializing in marine services group shipbuilding, ship repair and conversion, and ship chartering.

Evolve Capital Advisory Pte Ltd

IWOW Technology - FY26 Earnings Update - Broadening into the Silver Economy but Order Book Lagging

iWOW reported its FY26 results on 29th May 2026. Revenue was up 19% YoY, reversing the 24% decline in FY25, led by the WES and DES segments.

Evolve Capital Advisory Pte Ltd

Old Chang Kee - FY26 Earnings Update - Resilient but Cost Pressures Starting to Show

OCK reported their FY26 results on 29th May 26. Revenue grew by 1.5% YoY to S$103.5m. Outlet sales grew by 0.6% YoY while non-outlet sales grew by...

Evolve Capital Advisory Pte Ltd

Global Equity Strategy

Global equities continue to stabilize, with the MSCI ACWI’s 50-day moving average acting like a magnet as prices have oscillated above and below...

Vermilion Research

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