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

<ul><li>Our bullish stance on Aspial LS rests on five interlocking strengths: (1) Integrated Platform with Structural Resilience Aspial LS operates a rare two-in-one model: premium jewellery retail (Lee Hwa/Goldheart) paired with asset-backed pawnbroking (Maxi-Cash).</li><li>This integration creates multiple competitive advantages: Countercyclical earnings: Pawnbroking thrives during economic stress (higher pledge volumes, stable fee income), while retail jewelry sales surge during expansions.</li><li>The company benefits regardless of macro conditions.</li></ul>

Our bullish stance on Aspial LS rests on five interlocking strengths: (1) Integrated Platform with Structural Resilience Aspial LS operates a rare two-in-one model: premium jewellery retail (Lee Hwa/Goldheart) paired with asset-backed pawnbroking (Maxi-Cash).This integration creates multiple competitive advantages: Countercyclical earnings: Pawnbroking thrives during economic stress (higher pledge volumes, stable fee income), while retail jewelry sales surge during expansions.The company benefits regardless of macro conditions.

Aspial Lifestyle Initiation : Gold, Glamour & Growth

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Singapore Telecommunications led buybacks with 25.5 million shares at S$4.76 each, under a S$2 billion programme.</li><li>Aspial Lifestyle's Chairman increased his stake, acquiring 2,108,300 shares, amid a fund-raising initiative and earnings growth.</li><li>Raffles Medical's Chairman increased his stake to 252,445,223 shares, focusing on China expansion and capital management.</li></ul>

Singapore Telecommunications led buybacks with 25.5 million shares at S$4.76 each, under a S$2 billion programme.Aspial Lifestyle's Chairman increased his stake, acquiring 2,108,300 shares, amid a fund-raising initiative and earnings growth.Raffles Medical's Chairman increased his stake to 252,445,223 shares, focusing on China expansion and capital management.

Directors Increase Stakes, Including Aspial Lifestyle, Raffles Medical and Centurion

<ul><li>Aspial Lifestyle raised S$84.8 million through equity fundraising to expand pawnbroking and secured lending businesses, enhancing trading liquidity.</li><li>Salt Investments completed a S$4.8 million private placement to fund marine platform expansion, involving institutional investors and corporates.</li><li>Azure Prime Fund VCC acquired a 7.3% stake in Trek 2000, highlighting institutional interest in the AIoT-focused company.</li></ul>

Aspial Lifestyle raised S$84.8 million through equity fundraising to expand pawnbroking and secured lending businesses, enhancing trading liquidity.Salt Investments completed a S$4.8 million private placement to fund marine platform expansion, involving institutional investors and corporates.Azure Prime Fund VCC acquired a 7.3% stake in Trek 2000, highlighting institutional interest in the AIoT-focused company.

Buybacks, Insider Activity and Capital Moves

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>SBI Life Insurance: SBILIFE’s H1FY25 VNB printed at INR24.2bn (+2.5% YoY), as the VNB margin softened to 26.8% (-180bps YoY) on the back of a higher share of ULIP in the overall APE mix at 69% (H1FY24: 64%)</li><li>Based on the management commentary, we maintain our APE growth forecast (+14% YoY), driven by sustained growth in individual business, and a weak Q4FY24 in the base</li><li>Our high conviction BUY is anchored on three powerful and sustainable moats: (a) exclusive access to SBI’s massive distribution network (branch penetration at ~2%), (b) scope for improvement in margin-accretive traditional mix, and (c) cost leadership (excl renewal comm)/APE ratio among peers (H1FY25: 37.1%, H1FY24: 36.3%)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SBI Life Insurance: SBILIFE’s H1FY25 VNB printed at INR24.2bn (+2.5% YoY), as the VNB margin softened to 26.8% (-180bps YoY) on the back of a higher share of ULIP in the overall APE mix at 69% (H1FY24: 64%)Based on the management commentary, we maintain our APE growth forecast (+14% YoY), driven by sustained growth in individual business, and a weak Q4FY24 in the baseOur high conviction BUY is anchored on three powerful and sustainable moats: (a) exclusive access to SBI’s massive distribution network (branch penetration at ~2%), (b) scope for improvement in margin-accretive traditional mix, and (c) cost leadership (excl renewal comm)/APE ratio among peers (H1FY25: 37.1%, H1FY24: 36.3%)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: SBI Life Insurance, Godrej Properties, SRF, AU Small Finance Bank

<ul><li>Dr Reddy’s Laboratories: EBITDA grew (14% YoY) as +13% YoY sales growth (-3% QoQ US, +5% YoY in EU, +9% YoY EMs, and +34% YoY in RoW, India declined 12% YoY, adjusted growth was at 11%), steady gross margin (+65 bps YoY) and muted staff cost were offset by higher R&amp;D/SG&amp;A (+28/+22% YoY)</li><li>DRRD expects to sustain growth in the US over the next few years with steady traction in gRevlimid and new launches (20+ launches p.a for the next few years)</li><li>The company expects India to see steady growth in FY25, led by new launches, scale-up in key therapies, and in-licensing opportunities</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dr Reddy’s Laboratories: EBITDA grew (14% YoY) as +13% YoY sales growth (-3% QoQ US, +5% YoY in EU, +9% YoY EMs, and +34% YoY in RoW, India declined 12% YoY, adjusted growth was at 11%), steady gross margin (+65 bps YoY) and muted staff cost were offset by higher R&amp;D/SG&amp;A (+28/+22% YoY)DRRD expects to sustain growth in the US over the next few years with steady traction in gRevlimid and new launches (20+ launches p.a for the next few years)The company expects India to see steady growth in FY25, led by new launches, scale-up in key therapies, and in-licensing opportunitiesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Dr Reddy’s Laboratories, Lupin, IRB Infra, Max Financial

Singapore

Aspial Lifestyle is a Singapore-based investment holding company primarily engaged in pawnbroking, money lending, and the retail and trading of jewellery and branded merchandise. The company offers jewellery under brands such as Lee Hwa Jewellery, Goldheart Jewelry, and Niessing, and provides pawnbroking services through Maxi-Cash and Dr. Pajak. It also has interests in secured lending and property rental. The company was incorporated in 2008 and is headquartered in Singapore.

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Aspial Lifestyle (ASPL SP)

Aspial Lifestyle Initiation : Gold, Glamour & Growth

Our bullish stance on Aspial LS rests on five interlocking strengths: (1) Integrated Platform with Structural Resilience Aspial LS operates a rare...

Tickrs

Directors Increase Stakes, Including Aspial Lifestyle, Raffles Medical and Centurion

Singapore Telecommunications led buybacks with 25.5 million shares at S$4.76 each, under a S$2 billion programme. Aspial Lifestyle's Chairman...

Singapore Exchange Ltd (SGX)

Buybacks, Insider Activity and Capital Moves

Aspial Lifestyle raised S$84.8 million through equity fundraising to expand pawnbroking and secured lending businesses, enhancing trading...

Singapore Exchange Ltd (SGX)

HSIE Results Daily: SBI Life Insurance, Godrej Properties, SRF, AU Small Finance Bank

SBILIFE’s H1FY25 VNB printed at INR24.2bn (+2.5% YoY), as the VNB margin softened to 26.8% (-180bps YoY) on the back of a higher share of ULIP in...

HDFC Securities

HSIE Results Daily: Dr Reddy’s Laboratories, Lupin, IRB Infra, Max Financial

DRRD expects to sustain growth in the US over the next few years with steady traction in gRevlimid and new launches (20+ launches p.a for the next...

HDFC Securities

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