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

Private Wealth Management and Asset Management., FPA Financial

FPA Financial

Private Wealth Management and Asset Management.

FPA Financial is an independent and boutique financial firm specializing in private wealth management and asset management.

Thematic (Sector/Industry)

<ul><li>Singapore’s luxury goods sector remains supported by a combination of cyclical recovery and structural growth drivers.</li><li>While global luxury demand has softened, the outlook for Singapore continues to stand out, underpinned by resilient tourism inflows and a rapidly expanding UHNW population.</li><li>Recent data also points to sustained strength in luxury consumption, with sales of watches and jewellery rising by 6.2% y-o-y in March, outperforming total retail sales growth of 4.8% y-o-y. </li></ul>

Singapore’s luxury goods sector remains supported by a combination of cyclical recovery and structural growth drivers.While global luxury demand has softened, the outlook for Singapore continues to stand out, underpinned by resilient tourism inflows and a rapidly expanding UHNW population.Recent data also points to sustained strength in luxury consumption, with sales of watches and jewellery rising by 6.2% y-o-y in March, outperforming total retail sales growth of 4.8% y-o-y. 

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>Over five sessions, directors reported 22 acquisitions and no disposals, while substantial shareholders recorded 28 acquisitions and five disposals.</li><li>Cortina Holdings completed a S$55 million share buyback, reducing issued shares excluding treasury shares to 152,332,142.</li><li>Chandra Asri Trading increased its stake in Hiap Seng Industries to 16.18% through a S$2.76 million off-market transaction.</li></ul>

Over five sessions, directors reported 22 acquisitions and no disposals, while substantial shareholders recorded 28 acquisitions and five disposals.Cortina Holdings completed a S$55 million share buyback, reducing issued shares excluding treasury shares to 152,332,142.Chandra Asri Trading increased its stake in Hiap Seng Industries to 16.18% through a S$2.76 million off-market transaction.

Cortina Completes 8% Buyback; Chandra Asri Adds to Hiap Seng Stake

<ul><li>Over five sessions, 60 director interests and substantial shareholdings were filed, including 23 acquisitions and two disposals by directors/CEOs.</li><li>Seatrium launched a new S$200 million Share Buyback Programme, funded from existing cash, doubling the previous programme.</li><li>Alan Goh of Katrina Group sold 12.6 million shares, reducing his interest to 76.7%, with BYD By 1826 acquiring 5%.</li></ul>

Over five sessions, 60 director interests and substantial shareholdings were filed, including 23 acquisitions and two disposals by directors/CEOs.Seatrium launched a new S$200 million Share Buyback Programme, funded from existing cash, doubling the previous programme.Alan Goh of Katrina Group sold 12.6 million shares, reducing his interest to 76.7%, with BYD By 1826 acquiring 5%.

Chairmen Build Stakes as Seatrium Doubles Buyback Programme

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.

<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><p><em>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.</em></p>

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

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

Singapore Luxury Goods Market View

Singapore’s luxury goods sector remains supported by a combination of cyclical recovery and structural growth drivers. While global luxury demand...

FPA Financial

Cortina Completes 8% Buyback; Chandra Asri Adds to Hiap Seng Stake

Over five sessions, directors reported 22 acquisitions and no disposals, while substantial shareholders recorded 28 acquisitions and five...

Singapore Exchange Ltd (SGX)

Chairmen Build Stakes as Seatrium Doubles Buyback Programme

Over five sessions, 60 director interests and substantial shareholdings were filed, including 23 acquisitions and two disposals by...

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

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