Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>FY2025 net profit attributable to owners reached US$42.0m (+18.3% vs US$35.5m forecast), driven by a lower effective tax rate of 24.8% vs 30.0% modelled and lower costs. </li>
<li>Based on 5000 USD/oz prices (vs current spot 5,300 USD/oz), the company can achieve US$73m in net profits, placing it at an 8.7x PE and 7.3x EV-EBITDA. </li>
<li>The company is paying out 5 SG-cents of dividends (implying a 37% payout ratio), but given its cash pile of US$62m, we expect an increase in payout in the future. </li>
</ul>


FY2025 net profit attributable to owners reached US$42.0m (+18.3% vs US$35.5m forecast), driven by a lower effective tax rate of 24.8% vs 30.0% modelled and lower costs. 
Based on 5000 USD/oz prices (vs current spot 5,300 USD/oz), the company can achieve US$73m in net profits, placing it at an 8.7x PE and 7.3x EV-EBITDA. 
The company is paying out 5 SG-cents of dividends (implying a 37% payout ratio), but given its cash pile of US$62m, we expect an increase in payout in the future. 


Beyond the Beat: CNMC FY2025 Results Signal a Structurally Higher Earnings Base Heading into FY26

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

<ul>
<li>Since the Evolve Capital team began its foray into equity research in late 2024, we’ve been active in providing coverage within the small-mid cap space.</li>
<li>Singapore’s economy has outperformed expectations despite tariff-related headwinds. In light of this resilience, we remain constructive on Singapore’s prospects in the year ahead.  </li>
<li>In this note, we present our top ten picks within the SGX Catalist for 2026, which we have primarily selected through bottom-up analysis.</li>
</ul>


Since the Evolve Capital team began its foray into equity research in late 2024, we’ve been active in providing coverage within the small-mid cap space.
Singapore’s economy has outperformed expectations despite tariff-related headwinds. In light of this resilience, we remain constructive on Singapore’s prospects in the year ahead.  
In this note, we present our top ten picks within the SGX Catalist for 2026, which we have primarily selected through bottom-up analysis.


Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>PhillipCapital, CGSI, and UOBKH are positive on BRC Asia after 3QFY2026 update.</li><li>OCBC Research starts 'buy' on Foundation Healthcare, targeting 58% upside.</li><li>RHB keeps Delfi 'buy' rating with a target price of $1.21.</li></ul>

PhillipCapital, CGSI, and UOBKH are positive on BRC Asia after 3QFY2026 update.OCBC Research starts 'buy' on Foundation Healthcare, targeting 58% upside.RHB keeps Delfi 'buy' rating with a target price of $1.21.

Singapore Market Roundup (25-Aug-2026): BRC Asia gets positive outlook from PhillipCapital, CGSI,

<ul><li>RHB's Yeo keeps positive view on Food Empire, lowers target price to $3.08.</li><li>PhillipCapital maintains 'buy' rating for CNMC Goldmine at reduced valuation.</li><li>ComfortDelGro's target price cut to $1.21 by PhillipCapital's Chew due to taxi decline.</li></ul>

RHB's Yeo keeps positive view on Food Empire, lowers target price to $3.08.PhillipCapital maintains 'buy' rating for CNMC Goldmine at reduced valuation.ComfortDelGro's target price cut to $1.21 by PhillipCapital's Chew due to taxi decline.

Singapore Market Roundup (24-Aug-2026): RHB's Yeo lowers Food Empire target price to $3.08,

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>Among Singapore’s 100 most traded stocks, 22 have a combined ADT of S$42.9 million and market cap of S$8.15 billion.</li><li>Industrials, Technology, and Energy sectors make up nearly 80% of these stocks, reflecting global trends in infrastructure, AI, and renewables.</li><li>The 22 stocks recorded a net institutional inflow of S$132.35 million in 2025, led by CSE Global.</li></ul>

Among Singapore’s 100 most traded stocks, 22 have a combined ADT of S$42.9 million and market cap of S$8.15 billion.Industrials, Technology, and Energy sectors make up nearly 80% of these stocks, reflecting global trends in infrastructure, AI, and renewables.The 22 stocks recorded a net institutional inflow of S$132.35 million in 2025, led by CSE Global.

High Trading Activity Stocks Outside the Big-Caps

Singapore

CNMC Goldmine Holdings Limited is a Singapore-based company primarily engaged in the exploration, mining, and processing of gold ore into gold doré bars. The company also explores for silver, lead, and zinc deposits, with its flagship project being the Sokor Gold Field in Kelantan, Malaysia. CNMC Goldmine was founded in 2006 and is headquartered in Singapore.

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CNMC Goldmine (CNMC SP)

Beyond the Beat: CNMC FY2025 Results Signal a Structurally Higher Earnings Base Heading into FY26

CNMC SP FY25 results are a beat on all fronts. Trading at 8.7x PE on spot gold at 5000 USD/oz, with a massive net cash position, this is a name to...

Sameer Taneja

Catalist GEMs Poised to Shine (2026)

In this note, we present our top ten picks within the SGX Catalist for 2026, which we have primarily selected through bottom-up analysis.

Evolve Capital Advisory Pte Ltd

Singapore Market Roundup (25-Aug-2026): BRC Asia gets positive outlook from PhillipCapital, CGSI,

PhillipCapital, CGSI, and UOBKH are bullish on BRC Asia. OCBC Research initiates 'buy' on Foundation Healthcare, and RHB maintains 'buy' on Delfi...

Singapore Market Roundup

Singapore Market Roundup (24-Aug-2026): RHB's Yeo lowers Food Empire target price to $3.08,

RHB's Yeo maintains a positive view on Food Empire, lowering the target price to $3.08. PhillipCapital cuts ComfortDelGro's target to $1.21 and...

Singapore Market Roundup

High Trading Activity Stocks Outside the Big-Caps

Among Singapore’s 100 most traded stocks, 22 have a combined ADT of S$42.9 million and market cap of S$8.15 billion. Industrials, Technology, and...

Singapore Exchange Ltd (SGX)

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