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 deliver real progress. Revenue rose to S$287.0m, PAT to S$31.1m, and profit after tax and minority interests (PATMI) to S$29.9m.</li><li>Gross margin recovered modestly to 41.1% from 40.3%. Gross borrowings fell to S$256.8m from S$275.9m, while net debt including leases declined to S$234.8m from S$253.4m.</li><li>Receivables also improved materially, with days sales outstanding (DSO) falling to 75 days from 91 days.</li></ul>

FY2025 did deliver real progress. Revenue rose to S$287.0m, PAT to S$31.1m, and profit after tax and minority interests (PATMI) to S$29.9m.Gross margin recovered modestly to 41.1% from 40.3%. Gross borrowings fell to S$256.8m from S$275.9m, while net debt including leases declined to S$234.8m from S$253.4m.Receivables also improved materially, with days sales outstanding (DSO) falling to 75 days from 91 days.

<ul>
<li>Hafary Holdings is a long-established supplier of tiles and surfacing materials in Singapore, serving both retail and project customers.</li>
<li>The group operates a cash-generative distribution platform anchored by showrooms and project supply, while progressively expanding upstream into ceramic manufacturing to reshape its long-term margin structure.</li>
<li>Hafary has shifted from a distribution-first model toward vertical integration by commissioning ceramic manufacturing capacity in Kluang.</li>
</ul>


Hafary Holdings is a long-established supplier of tiles and surfacing materials in Singapore, serving both retail and project customers.
The group operates a cash-generative distribution platform anchored by showrooms and project supply, while progressively expanding upstream into ceramic manufacturing to reshape its long-term margin structure.
Hafary has shifted from a distribution-first model toward vertical integration by commissioning ceramic manufacturing capacity in Kluang.


Hafary Holdings Limited: Initiating Coverage

Singapore

Hafary Holdings Limited is a leading supplier, importer, distributor, and wholesaler of building materials. The company specializes in a wide range of products including tiles, stone, mosaic, wood-flooring, quartz tops, and sanitary ware and fittings, serving homeowners, interior designers, architects, contractors, and property developers. Hafary was established in 1980 and is headquartered in Singapore.

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Hafary (HAFA SP)

Hafary Holdings Limited Results Update

FY2025 did deliver real progress. Revenue rose to S$287.0m, PAT to S$31.1m, and profit after tax and minority interests (PATMI) to S$29.9m.

ICAM

Hafary Holdings Limited: Initiating Coverage

Hafary Holdings is a long-established supplier of tiles and surfacing materials in Singapore, serving both retail and project customers.

ICAM

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52-week Range

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