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/iwow-technology-ltd" target="_blank" data-smartkarma-citation="entities:36147:1" rel="noopener">IWOW Technology Ltd (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>IWOW uses open and proprietary wireless communication technologies to create customized Internet-of-Things (IoT) solutions for consumers which connect devices and sensors to cloud application servers for a variety of applications.</li>
<li>The firm reported its 1H26 results on 10th Nov 2025. In this note, we provide an update on its 1H26 earnings.</li>
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IWOW Technology Ltd (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.
IWOW uses open and proprietary wireless communication technologies to create customized Internet-of-Things (IoT) solutions for consumers which connect devices and sensors to cloud application servers for a variety of applications.
The firm reported its 1H26 results on 10th Nov 2025. In this note, we provide an update on its 1H26 earnings.


IWOW Technology - 1H26 Earnings Update - Limited Near-Term Catalysts, but Net Cash Still a Positive

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<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>It also offers chicken-based products such as chicken wings and chicken balls as a halal-certified food operator.</li>
<li>We initiate non-rated coverage on Old Chang Kee. Post-COVID, the firm’s revenue had steadily recovered to pre-COVID levels by FY23, with a notable shift in its sales mix.</li>
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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. 
It also offers chicken-based products such as chicken wings and chicken balls as a halal-certified food operator.
We initiate non-rated coverage on Old Chang Kee. Post-COVID, the firm’s revenue had steadily recovered to pre-COVID levels by FY23, with a notable shift in its sales mix.


Old Chang Kee Initiation - Defying the Dip, Resilience Amidst F&B Headwinds

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

CapitaLand Commercial Trust / Equity Bottom-Up

<div><div><div><div><ul><li>FY21 performance hampered by retail - 2H21 revenue and NPI increased by 54.5% and 61.6% YoY to S$659.4m and S$478.9m, respectively.</li></ul><div><div><div><ul><li>Occupancies slip but retail rental reversions more of a concern.</li></ul><div><div><div><div><ul><li>Office portfolio key to positive surprises - We note that office rents in the CBD region are improving at a far stronger pace than retail.</li></ul></div></div></div></div></div></div></div></div></div></div></div>

FY21 performance hampered by retail - 2H21 revenue and NPI increased by 54.5% and 61.6% YoY to S$659.4m and S$478.9m, respectively.Occupancies slip but retail rental reversions more of a concern.Office portfolio key to positive surprises - We note that office rents in the CBD region are improving at a far stronger pace than retail.

CapitaLand Integrated Commercial Trust -  Mixed FY21; Office Will Be Key to Revival

Singapore

CapitaLand Commercial Trust (CCT) merged with CapitaLand Mall Trust in November 2020 to form CapitaLand Integrated Commercial Trust (CICT). CICT is Singapore's largest real estate investment trust, owning and investing in income-producing retail and office assets and integrated developments primarily in Singapore, with properties also in Germany and Australia. The trust was established in Singapore in 2001.

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CapitaLand Commercial Trust (CCT SP)

IWOW Technology - 1H26 Earnings Update - Limited Near-Term Catalysts, but Net Cash Still a Positive

iWOW Technology reported its 1H26 results on 10th Nov 2025. In this note, we provide an update on its 1H26 earnings as well as share some of our...

Evolve Capital Advisory Pte Ltd

Old Chang Kee Initiation - Defying the Dip, Resilience Amidst F&B Headwinds

We initiate non-rated coverage on Old Chang Kee. Post-COVID, the firm’s revenue had steadily recovered to pre-COVID levels by FY23, with a notable...

Evolve Capital Advisory Pte Ltd

CapitaLand Integrated Commercial Trust - Mixed FY21; Office Will Be Key to Revival

FY21 results were slightly below our expectations with retail segment underperforming due to weaker-than-expected upswing in tenant sales as well...

SCCM Asia Research

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