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.

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.

Singapore Telecommunications / Equity Bottom-Up

<ul><li>STI ETFs saw a 36% year-on-year AUM increase to S$3.38 billion, with S$349 million net inflows year-to-date.</li><li>STI banks' combined Non-Interest Income exceeded S$5 billion in 3Q25, with DBS, OCBC, and UOB comprising 50.4% of the Index.</li><li>ST Engineering led STI constituents with an 85% total return and a 74% target price upgrade in 2025.</li></ul>

STI ETFs saw a 36% year-on-year AUM increase to S$3.38 billion, with S$349 million net inflows year-to-date.STI banks' combined Non-Interest Income exceeded S$5 billion in 3Q25, with DBS, OCBC, and UOB comprising 50.4% of the Index.ST Engineering led STI constituents with an 85% total return and a 74% target price upgrade in 2025.

<ul><li>Yangzijiang Shipbuilding secured US$920 million in new contracts for 22 vessels, boosting its 2025 orderbook to US$1.46 billion.</li><li>iFAST's UK-based iGB achieved S$1.7 million profit in 1HFY25, driven by increased customer deposits and net interest revenue.</li><li>City Developments reported S$1.7 billion revenue in 1HFY25, with significant divestment gains expected from South Beach stake sale.</li></ul>

Yangzijiang Shipbuilding secured US$920 million in new contracts for 22 vessels, boosting its 2025 orderbook to US$1.46 billion.iFAST's UK-based iGB achieved S$1.7 million profit in 1HFY25, driven by increased customer deposits and net interest revenue.City Developments reported S$1.7 billion revenue in 1HFY25, with significant divestment gains expected from South Beach stake sale.

New STI Highs Extends 2025 Total Return to 20%

<ul><li>SIA Engineering, UOL, Sheng Siong, Raffles Medical, and DFI Retail Group led FTSE ST Mid Cap Index in 1H25.  </li><li>Sheng Siong maintains the highest ROE at 26.7% among FTSE ST Mid Cap Index constituents as of June 25, 2025.  </li><li>ParkwayLife REIT achieved a 10.5% total return in 2025, driven by new acquisitions and step-up leases.</li></ul>

SIA Engineering, UOL, Sheng Siong, Raffles Medical, and DFI Retail Group led FTSE ST Mid Cap Index in 1H25.  Sheng Siong maintains the highest ROE at 26.7% among FTSE ST Mid Cap Index constituents as of June 25, 2025.  ParkwayLife REIT achieved a 10.5% total return in 2025, driven by new acquisitions and step-up leases.

Five Stocks that Led the FTSE ST Mid Cap Index in 1H25

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

STI Makes New High at 4,575.91

STI ETFs saw a 36% year-on-year AUM increase to S$3.38 billion, with S$349 million net inflows year-to-date. STI banks' combined Non-Interest...

Singapore Exchange Ltd (SGX)

New STI Highs Extends 2025 Total Return to 20%

Yangzijiang Shipbuilding secured US$920 million in new contracts for 22 vessels, boosting its 2025 orderbook to US$1.46 billion. iFAST's UK-based...

Singapore Exchange Ltd (SGX)

Five Stocks that Led the FTSE ST Mid Cap Index in 1H25

SIA Engineering, UOL, Sheng Siong, Raffles Medical, and DFI Retail Group led FTSE ST Mid Cap Index in 1H25. Sheng Siong maintains the highest...

Singapore Exchange Ltd (SGX)

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