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

<ul>
<li>On 15th May 2025, 3HA Capital (a consortium formed by HHH Group,Hanwa Co, AYS and Thor Capital) launched a takeover offer for <a href="https://www.smartkarma.com/entities/cosmosteel-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15964:1" rel="noopener">Cosmosteel Holdings (CSMS SP)</a> at S$0.20/share.</li>
<li>After the offer was deemed unfair but unreasonable, 3HA Capital revised the offer upwards to S$0.25/share on 23rd Jun 2025 but also announced that it was final.</li>
<li>We opine it would not be in the minority shareholders’ interests to continue holding onto their stakes.  <strong>We advise shareholders to accept the deal or sell in the open market.</strong>
</li>
</ul>


On 15th May 2025, 3HA Capital (a consortium formed by HHH Group,Hanwa Co, AYS and Thor Capital) launched a takeover offer for Cosmosteel Holdings (CSMS SP) at S$0.20/share.
After the offer was deemed unfair but unreasonable, 3HA Capital revised the offer upwards to S$0.25/share on 23rd Jun 2025 but also announced that it was final.
We opine it would not be in the minority shareholders’ interests to continue holding onto their stakes.  We advise shareholders to accept the deal or sell in the open market.



Cosmosteel Holdings Special Report - Decent Premium Above the 10Y Average

Soon Hock Enterprise Holding / Equity Bottom-Up

<ul>
<li>
<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>
</ul>



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

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>Institutions recorded a net outflow of S$42 million from Singapore stocks from June 13 to June 18, 2025.</li><li>Singapore Telecommunications led 2Q25 net institutional inflows with S$1.6 billion, increasing its Straits Times Index weight.</li><li>DBS Group Holdings, United Overseas Bank, and Oversea-Chinese Banking Corporation led share buybacks totaling S$58.9 million.</li></ul>

Institutions recorded a net outflow of S$42 million from Singapore stocks from June 13 to June 18, 2025.Singapore Telecommunications led 2Q25 net institutional inflows with S$1.6 billion, increasing its Straits Times Index weight.DBS Group Holdings, United Overseas Bank, and Oversea-Chinese Banking Corporation led share buybacks totaling S$58.9 million.

SunMoon Food’s Zhang Ye Boosts Interests

Q & M Dental Group (Singapore) / Equity Bottom-Up

<ul><li>Institutions were net sellers of Singapore stocks with a net outflow of S$80 million from June 6-12.</li><li>DBS Group Holdings, United Overseas Bank, and Oversea-Chinese Banking Corporation led share buybacks totaling S$66.8 million.</li><li>Q & M Dental Group's CEO increased his stake to 54.92% amid ongoing share buyback program since May 8.</li></ul>

Institutions were net sellers of Singapore stocks with a net outflow of S$80 million from June 6-12.DBS Group Holdings, United Overseas Bank, and Oversea-Chinese Banking Corporation led share buybacks totaling S$66.8 million.Q & M Dental Group's CEO increased his stake to 54.92% amid ongoing share buyback program since May 8.

STI Banks Lead Weekly Buyback Consideration Tally

<ul><li>Institutions were net sellers of Singapore stocks with a S$2 million outflow, totaling S$1.73 billion for 2025.  </li><li>Telecommunications and REITs saw highest net outflows; Financial Services and Industrials experienced significant net inflows.  </li><li>18 companies conducted share buybacks totaling S$45 million; Hongkong Land repurchased 1,563,300 shares at US$5.24 each.</li></ul>

Institutions were net sellers of Singapore stocks with a S$2 million outflow, totaling S$1.73 billion for 2025.  Telecommunications and REITs saw highest net outflows; Financial Services and Industrials experienced significant net inflows.  18 companies conducted share buybacks totaling S$45 million; Hongkong Land repurchased 1,563,300 shares at US$5.24 each.

Independent Director Chua Kee Lock Acquires Venture Shares on Open Market

Singapore

CosmoSteel Holdings Ltd. sources and distributes piping system components. The Company distributes piping system components including pipes, fittings and flanges. CosmoSteel also provides machining services.

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Cosmosteel Holdings (CSMS SP)

Cosmosteel Holdings Special Report - Decent Premium Above the 10Y Average

3HA Capital's final offer for the takeover of CosmoSteel Holdings is at S$0.25 / share. We advise shareholders to accept the deal or sell in the...

Evolve Capital Advisory Pte Ltd

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

SunMoon Food’s Zhang Ye Boosts Interests

Institutions recorded a net outflow of S$42 million from Singapore stocks from June 13 to June 18, 2025. Singapore Telecommunications led 2Q25 net...

Singapore Exchange Ltd (SGX)

STI Banks Lead Weekly Buyback Consideration Tally

Institutions were net sellers of Singapore stocks with a net outflow of S$80 million from June 6-12. DBS Group Holdings, United Overseas Bank, and...

Singapore Exchange Ltd (SGX)

Independent Director Chua Kee Lock Acquires Venture Shares on Open Market

Institutions were net sellers of Singapore stocks with a S$2 million outflow, totaling S$1.73 billion for 2025. Telecommunications and REITs saw...

Singapore Exchange Ltd (SGX)

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