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/soon-hock-enterprise-holding-pte-ltd" target="_blank" data-smartkarma-citation="entities:45970:1" rel="noopener">Soon Hock Enterprise Holding (SHOCK SP)</a> is an established real estate developer that undertakes property development and property investment in Singapore.</li>
<li>The Group’s management has been involved in the launch of more than 1,200 units of strata-titled industrial properties in Singapore, achieving a total Gross Development Value (GDV) of S$1bn.</li>
<li>We initiate coverage on Soon Hock Enterprise with a RNAV-based TP of S$0.74, representing an upside of 27.6%.</li>
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Soon Hock Enterprise Holding (SHOCK SP) is an established real estate developer that undertakes property development and property investment in Singapore.
The Group’s management has been involved in the launch of more than 1,200 units of strata-titled industrial properties in Singapore, achieving a total Gross Development Value (GDV) of S$1bn.
We initiate coverage on Soon Hock Enterprise with a RNAV-based TP of S$0.74, representing an upside of 27.6%.


Soon Hock Enterprise Initiation - Established Player with Consistent Execution

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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<li>Concurrent with the sale of 13 floors of OCB to <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba</a>, <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a> announced on the 17th October an Offer for <a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental (MAND SP)</a>'s minorities at US$3.35/share.</li>
<li>This is a clean, full, "dull" Offer. And MAND is trading super tight to terms at ~2.1% gross, with possible payment (my estimate) late Feb 2026.</li>
<li>Proceeds from the OCB sale will be US$925mn. And taking out MAND's minorities will set Matheson back ~US$1bn. Yet the market is now assigning US$2.1bn less for Matheson's stub ops. </li>
</ul>


Concurrent with the sale of 13 floors of OCB to Alibaba, Jardine Matheson (JM SP) announced on the 17th October an Offer for Mandarin Oriental (MAND SP)'s minorities at US$3.35/share.
This is a clean, full, "dull" Offer. And MAND is trading super tight to terms at ~2.1% gross, with possible payment (my estimate) late Feb 2026.
Proceeds from the OCB sale will be US$925mn. And taking out MAND's minorities will set Matheson back ~US$1bn. Yet the market is now assigning US$2.1bn less for Matheson's stub ops. 


Jardine Matheson's Underperformance Post Mandarin Offer

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<li>The prior MO for the Jardines group was never sell your commercial buildings. This year marks a paradigm shift in that line of thinking. </li>
<li>First <a href="https://www.smartkarma.com/entities/hongkong-land-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15465:1" rel="noopener">Hongkong Land (HKL SP)</a> sold nine floors of One Exchange Square to <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a>. The first such sale since 1988.</li>
<li>Now <a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental (MAND SP)</a> is negotiating the sale of "certain office space" at One Causeway Bay. <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a>'s NAV discount and implied stub are at 12-month lows/highs.</li>
</ul>


The prior MO for the Jardines group was never sell your commercial buildings. This year marks a paradigm shift in that line of thinking. 
First Hongkong Land (HKL SP) sold nine floors of One Exchange Square to HKEX (388 HK). The first such sale since 1988.
Now Mandarin Oriental (MAND SP) is negotiating the sale of "certain office space" at One Causeway Bay. Jardine Matheson (JM SP)'s NAV discount and implied stub are at 12-month lows/highs.


Jardine Matheson (JML SP): Additional Office Recycling Speculated

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<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

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<a href="https://www.smartkarma.com/entities/dezign-format-group-limited" target="_blank" data-smartkarma-citation="entities:45666:1" rel="noopener">Dezign Format Group (DFG SP)</a> is a design-and-build specialist offering experiential marketing and events management solutions, with a key focus on the MICE industry.</li>
<li>It has worked with a variety of global luxury brands and integrated resorts, with many of its projects being directly sourced rather than through open tender.</li>
<li>We initiate rated coverage on DF with a DCF-based TP of S$0.40, implying a 14.4x FY25E P/E, representing an upside of approximately 33.3%.</li>
</ul>



Dezign Format Group (DFG SP) is a design-and-build specialist offering experiential marketing and events management solutions, with a key focus on the MICE industry.
It has worked with a variety of global luxury brands and integrated resorts, with many of its projects being directly sourced rather than through open tender.
We initiate rated coverage on DF with a DCF-based TP of S$0.40, implying a 14.4x FY25E P/E, representing an upside of approximately 33.3%.


Dezign Format Initiation - Scaling Within a Niche Space

Singapore

Jardine Cycle & Carriage Limited operates as an investment holding company. The Company, through its subsidiaries, invests in automotive, consumer finance, utilities and infrastructure, heavy equipment and mining, property, agribusiness, cement, and consumer products businesses. Jardine Cycle & Carriage serves customers in South East Asia.

Jardine Matheson Southeast Asia (JCNC SP)

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Jardine Matheson Southeast Asia (JCNC SP)

Soon Hock Enterprise Initiation - Established Player with Consistent Execution

Soon Hock Enterprise Holding (SHOCK SP) is an established real estate developer that undertakes property development and property investment in...

Evolve Capital Advisory Pte Ltd

Jardine Matheson's Underperformance Post Mandarin Offer

Proceeds from the OCB sale will be US$925mn. And taking out MAND minorities will cost Matheson ~US$1bn. Yet the market is now assigning US$2.1bn...

David Blennerhassett

Jardine Matheson (JML SP): Additional Office Recycling Speculated

MAND announced that it is selling thirteen floors of One Causeway Bay (OCB) to Alibaba (BABA US) for US$925mn. That's ~US$0.73/share. ...

David Blennerhassett

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

Dezign Format Initiation - Scaling Within a Niche Space

Dezign Format Group (DFG SP) is a design-and-build specialist offering experiential marketing and events management solutions, with a key focus on...

Evolve Capital Advisory Pte Ltd

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