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>Duty Free International (DFI) is now a larger and more complex Group.</li><li>The company reported 1QFY2027 revenue of RM61.13m, up 89.9% from RM32.20m. The increase reflects the first full quarter of United Industries Group (UIG) inside the Group.</li><li>This changes our analysis from a duty-free recovery test to a mixed-business test. The quarter does not prove recurring owner profit, cash conversion or acquisition return. </li></ul>

Duty Free International (DFI) is now a larger and more complex Group.The company reported 1QFY2027 revenue of RM61.13m, up 89.9% from RM32.20m. The increase reflects the first full quarter of United Industries Group (UIG) inside the Group.This changes our analysis from a duty-free recovery test to a mixed-business test. The quarter does not prove recurring owner profit, cash conversion or acquisition return. 

Duty Free International Limited 1QFY2027 Earnings Update

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>It appears that the Singapore stock market is currently witnessing a positive re-rating, as seen in a rise in the market’s price-earnings ratio while earnings per share has stayed relatively stable. </li><li>In our view, the upward re-rating has come on the back of several key developments. • On the external front, the US will charge Singapore the baseline tariff rate of 10%. While tariffs work against every US trading partner, on a relative basis, Singapore compares well with most other countries.</li><li>Also, amid concerns over US policies and the outlook for the US dollar. anecdotal evidence points to capital flows into Singapore.</li></ul>

It appears that the Singapore stock market is currently witnessing a positive re-rating, as seen in a rise in the market’s price-earnings ratio while earnings per share has stayed relatively stable. In our view, the upward re-rating has come on the back of several key developments. • On the external front, the US will charge Singapore the baseline tariff rate of 10%. While tariffs work against every US trading partner, on a relative basis, Singapore compares well with most other countries.Also, amid concerns over US policies and the outlook for the US dollar. anecdotal evidence points to capital flows into Singapore.

Hong Kong

DFI Retail Group is a leading pan-Asian retailer operating supermarkets, hypermarkets, convenience stores, health and beauty stores, home furnishings stores, and restaurants. The company manages a portfolio of well-known brands including Wellcome, 7-Eleven, Mannings, Guardian, and IKEA. DFI Retail Group was founded in 1886 and is headquartered in Quarry Bay, Hong Kong.

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DFI Retail Group (DFI SP)

Duty Free International Limited 1QFY2027 Earnings Update

Duty Free International (DFI) is now a larger and more complex Group. The company reported 1QFY2027 revenue of RM61.13m, up 89.9% from RM32.20m....

ICAM

Singapore Equity Strategy: August 2025

It appears that the Singapore stock market is currently witnessing a positive re-rating, as seen in a rise in the market’s price-earnings ratio...

Wealth Management Alliance

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