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/asl-marine-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17092:1" rel="noopener">ASL Marine (ASL SP)</a> is an SGX mainboard-listed specializing in marine services: shipbuilding, ship repair and conversion, and ship chartering.</li>
<li>Its integrated model lets it build, repair and operate its own tonnage. Its Batam graving dock is one of the few yards in the region able to dry-dock Capesize tonnage.</li>
<li>We slightly lower our TP of ASL to S$0.38/share (vs. S$0.42 at initiation), implying around 31% upside to the current share price of S$0.29/share.</li>
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ASL Marine (ASL SP) is an SGX mainboard-listed specializing in marine services: shipbuilding, ship repair and conversion, and ship chartering.
Its integrated model lets it build, repair and operate its own tonnage. Its Batam graving dock is one of the few yards in the region able to dry-dock Capesize tonnage.
We slightly lower our TP of ASL to S$0.38/share (vs. S$0.42 at initiation), implying around 31% upside to the current share price of S$0.29/share.


ASL Marine - FY26 Earnings Update - Chartering to Drive the Upside, Repair to Anchor Quality

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<a href="https://www.smartkarma.com/entities/hyphens-pharma-international-ltd" target="_blank" data-smartkarma-citation="entities:28034:1" rel="noopener">Hyphens Pharma (HYP SP)</a> is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Pharmaceutical and Medical Aesthetics, Proprietary Brands and Digital Platform and E-Pharmacy.</li>
<li>It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.</li>
<li>We maintain NEUTRAL on Hyphens with a revised target price of S$0.40/share, based on 10.5x FY26E P/E and at a slight discount to the peer average.</li>
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Hyphens Pharma (HYP SP) is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Pharmaceutical and Medical Aesthetics, Proprietary Brands and Digital Platform and E-Pharmacy.
It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.
We maintain NEUTRAL on Hyphens with a revised target price of S$0.40/share, based on 10.5x FY26E P/E and at a slight discount to the peer average.


Hyphens Pharma - 1H26 Earnings Update - Record Margins but Catalysts Still Key for Rerating

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<a href="https://www.smartkarma.com/entities/gke-corporation-limited" target="_blank" data-smartkarma-citation="entities:15893:1" rel="noopener">GKE Corporation (GKEC SP)</a> is an integrated provider of warehousing and logistics solutions that include general cargo storage, dangerous cargo storage, bonded and license warehousing services, amongst others.</li>
<li>It also has strategic investments, which includes an infrastructural materials and services business in China, as well as agriculture and retail and distribution in Singapore.</li>
<li>GKE reported their FY26 results on 30th Jul 26. In this note, we talk about their FY26 earnings update. </li>
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GKE Corporation (GKEC SP) is an integrated provider of warehousing and logistics solutions that include general cargo storage, dangerous cargo storage, bonded and license warehousing services, amongst others.
It also has strategic investments, which includes an infrastructural materials and services business in China, as well as agriculture and retail and distribution in Singapore.
GKE reported their FY26 results on 30th Jul 26. In this note, we talk about their FY26 earnings update. 


GKE Corporation - FY26 Earnings Update - Record Revenue Masks Softness in Core Segments

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>We recommend taking profit on LENOVO13 (+14.9%) and EXPE06 (+15.2%), while closing DBS19 (-1.3%). The Tactical DR Portfolio continues to hold positions in seven DRs.</li><li>Our KTX Tactical DR Portfolio delivered a broadly flat return (-0.08%) amid a pullback in technology stocks following a strong four-session rebound.</li><li>According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.</li></ul>

We recommend taking profit on LENOVO13 (+14.9%) and EXPE06 (+15.2%), while closing DBS19 (-1.3%). The Tactical DR Portfolio continues to hold positions in seven DRs.Our KTX Tactical DR Portfolio delivered a broadly flat return (-0.08%) amid a pullback in technology stocks following a strong four-session rebound.According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.

KTX Tactical DR Picks - August 6, 2026 (Eng.)

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<a href="https://www.smartkarma.com/entities/okp-holdings-limited" target="_blank" data-smartkarma-citation="entities:13193:1" rel="noopener">OKP (OKP SP)</a> is an SGX Mainboard-listed civil engineering and infrastructure group specialising in public-sector transport and commuter infrastructure. It holds an A1 grade civil engineering status.</li>
<li>The group's work spans expressways, flyovers, vehicular bridges, urban and arterial roads, airport infrastructure and oil-and-gas-related infrastructure.</li>
<li>We initiate coverage on OKP Holdings with a BUY rating and a TP of S$0.98/share</li>
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OKP (OKP SP) is an SGX Mainboard-listed civil engineering and infrastructure group specialising in public-sector transport and commuter infrastructure. It holds an A1 grade civil engineering status.
The group's work spans expressways, flyovers, vehicular bridges, urban and arterial roads, airport infrastructure and oil-and-gas-related infrastructure.
We initiate coverage on OKP Holdings with a BUY rating and a TP of S$0.98/share


OKP Holdings Initiation - Staying Prudent While Riding The Construction Upcycle

Singapore

DBS Group Holdings Ltd is a leading financial services group in Asia, providing a comprehensive range of commercial banking and financial services. It offers retail, SME, corporate, and investment banking, including accounts, loans, cards, payments, investments, and insurance products. The company is headquartered in Singapore and was founded in 1968.

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DBS Group (DBSDY US)

ASL Marine - FY26 Earnings Update - Chartering to Drive the Upside, Repair to Anchor Quality

We slightly lower our TP of ASL to S$0.38/share (vs. S$0.42 at initiation), implying around 31% upside to the current share price of S$0.29/share.

Evolve Capital Advisory Pte Ltd

Hyphens Pharma - 1H26 Earnings Update - Record Margins but Catalysts Still Key for Rerating

We maintain NEUTRAL on Hyphens with a revised target price of S$0.40/share, based on 10.5x FY26E P/E and at a slight discount to the peer average.

Evolve Capital Advisory Pte Ltd

GKE Corporation - FY26 Earnings Update - Record Revenue Masks Softness in Core Segments

GKE reported their FY26 results on 30th Jul 26. In this note, we talk about their FY26 earnings update and share our thoughts.

Evolve Capital Advisory Pte Ltd

KTX Tactical DR Picks - August 6, 2026 (Eng.)

We recommend taking profit on LENOVO13 (+14.9%) and EXPE06 (+15.2%), while closing DBS19 (-1.3%). The Tactical DR Portfolio continues to hold...

Krungthai XSpring

OKP Holdings Initiation - Staying Prudent While Riding The Construction Upcycle

OKP (OKP SP) is an SGX Mainboard-listed civil engineering and infrastructure group specialising in public-sector transport and commuter...

Evolve Capital Advisory Pte Ltd

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