Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

Equity Bottom-Up

<ul><li>FY2025 did not show a collapse in activity. Revenue fell only 1.0% to S$33.1m, and the company still delivered more than S$28m from its core Event, Exhibition and Décor business.</li><li>The problem was what happened below revenue. Gross profit fell 9.3%, profit before tax fell 64.0%, and net profit fell 77.1%.</li><li>This changed the tone of the story. The key issue is no longer whether demand exists. </li></ul>

FY2025 did not show a collapse in activity. Revenue fell only 1.0% to S$33.1m, and the company still delivered more than S$28m from its core Event, Exhibition and Décor business.The problem was what happened below revenue. Gross profit fell 9.3%, profit before tax fell 64.0%, and net profit fell 77.1%.This changed the tone of the story. The key issue is no longer whether demand exists. 

Dezign Format Group Limited: Results Update

<ul>
<li>Volume and mix: Larger, multi -site retail rollouts and attractions work packages carry better labor utilization and subcontractor terms than one -off event builds.</li>
<li>Scope control: Gross margin sits in change -order discipline, procurement timing, and fabrication reuse. Slippage shows up first in subcontractor costs and overtime.</li>
<li>Cash conversion: Upfront deposits and milestone invoicing offset receivable build. Account receivable (AR) discipline and collection cadence are the first line of defense for free cash flow.</li>
</ul>


Volume and mix: Larger, multi -site retail rollouts and attractions work packages carry better labor utilization and subcontractor terms than one -off event builds.
Scope control: Gross margin sits in change -order discipline, procurement timing, and fabrication reuse. Slippage shows up first in subcontractor costs and overtime.
Cash conversion: Upfront deposits and milestone invoicing offset receivable build. Account receivable (AR) discipline and collection cadence are the first line of defense for free cash flow.


Dezign Format Group Limited Initiating Coverage

The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

Thematic (Sector/Industry)

<ul>
<li>The Singapore stock market has performed strongly in 2025, up 22% year-to-date, the best since 2010.</li>
<li>This has come on the back of a host of positive drivers – falling funding costs, an upward re-rating, a revival in initial public offerings (IPOs), portfolio inflows, and government initiatives.</li>
<li>Looking into 2026, some of these drivers may have run their course. Notably, with inflation having troughed, the easing interest rate cycle has probably ended.</li>
</ul>


The Singapore stock market has performed strongly in 2025, up 22% year-to-date, the best since 2010.
This has come on the back of a host of positive drivers – falling funding costs, an upward re-rating, a revival in initial public offerings (IPOs), portfolio inflows, and government initiatives.
Looking into 2026, some of these drivers may have run their course. Notably, with inflation having troughed, the easing interest rate cycle has probably ended.


Singapore

Dezign Format Group specializes in events, exhibitions, and décor services, commercial and retail fit-out, and immersive location-based entertainment and experiences. The company provides end-to-end design, fabrication, installation, and project management for various experiential projects, alongside interior fit-out services for commercial properties. Headquartered in Singapore, the company was founded in 1988.

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Dezign Format Group (DFG SP)

Dezign Format Group Limited: Results Update

FY2025 did not show a collapse in activity. Revenue fell only 1.0% to S$33.1m, and the company still delivered more than S$28m from its core...

ICAM

Dezign Format Group Limited Initiating Coverage

Volume and mix: Larger, multi -site retail rollouts and attractions work packages carry better labor utilization and subcontractor terms than one ...

ICAM

Singapore Equity Strategy: December 2025

The Singapore stock market has performed strongly in 2025, up 22% year-to-date, the best since 2010. This has come on the back of a host of...

Wealth Management Alliance

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