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 changed the debate from reported earnings for Hock Lian Seng (HLS) to cash reality.</li><li>Revenue was broadly stable at S$186.3m versus S$183.5m in FY2024, but gross profit fell 49.8% to S$15.3m and attributable earnings fell 46.8% to S$17.0m.</li><li>This was not a volume-led breakdown. It was a margin and earnings-quality reset.</li></ul>

FY2025 changed the debate from reported earnings for Hock Lian Seng (HLS) to cash reality.Revenue was broadly stable at S$186.3m versus S$183.5m in FY2024, but gross profit fell 49.8% to S$15.3m and attributable earnings fell 46.8% to S$17.0m.This was not a volume-led breakdown. It was a margin and earnings-quality reset.

Hock Lian Seng Holdings Limited: Earnings Update

<ul><li>Hock Lian Seng (HLS) operates in three segments: Civil engineering, property development, and property investment.</li><li>Civil engineering is the core segment and is where most revenue and operating profit is generated in most years.</li><li>The property segments add earnings diversity, but they are less predictable because recognition depends on project milestones, unit sales, and valuation movements.</li></ul>

Hock Lian Seng (HLS) operates in three segments: Civil engineering, property development, and property investment.Civil engineering is the core segment and is where most revenue and operating profit is generated in most years.The property segments add earnings diversity, but they are less predictable because recognition depends on project milestones, unit sales, and valuation movements.

Hock Lian Seng Holdings Limited Initiating Coverage

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/isoteam-ltd" target="_blank" data-smartkarma-citation="entities:6201:1" rel="noopener">Isoteam Ltd (ISO SP)</a> is a SGX-Catalist listed company with a focus on Singapore’s building maintenance and estate upgrading industry, providing solutions across the entire lifecycle of buildings and infrastructure.</li>
<li>Since inception, the firm has completed over 900 projects on more than 7,500 buildings. Its projects are mainly based in Singapore, with approximately 70% derived from public sector contracts.</li>
<li>ISOTeam reported their 1H26 results on 11th Feb 2026. In this note, we talk about the updates.</li>
</ul>



Isoteam Ltd (ISO SP) is a SGX-Catalist listed company with a focus on Singapore’s building maintenance and estate upgrading industry, providing solutions across the entire lifecycle of buildings and infrastructure.
Since inception, the firm has completed over 900 projects on more than 7,500 buildings. Its projects are mainly based in Singapore, with approximately 70% derived from public sector contracts.
ISOTeam reported their 1H26 results on 11th Feb 2026. In this note, we talk about the updates.


ISOTeam - 1H26 Earnings Update - Execution Timing Continues to Weigh on Revenue

Transport Sector, China and Asia-focused Research

Charles De Trenck

Thematic (Sector/Industry)

<p>Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global leader Maersk. NOL&rsquo;s shares rose some 6% to $1.05 and closer to book NAV per share around&nbsp;S$1.4 (and higher when the US dollar drifts higher). But what would make a potential transaction more interesting, if at all, keeping in mind the Hapag IPO pricing was about 25% below the original high end of the range?</p>

Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global leader Maersk. NOL&rsquo;s shares rose some 6% to $1.05 and closer to book NAV per share around&nbsp;S$1.4 (and higher when the US dollar drifts higher). But what would make a potential transaction more interesting, if at all, keeping in mind the Hapag IPO pricing was about 25% below the original high end of the range?

NOL's Latest Potential Merger Discussions... Where is the [Partial] Exit for Temasek?

Head of Digital Services at Singapore Post Ltd, Singapore Post Limited

Bernard Leong

Head of Digital Services at Singapore Post Ltd

Singapore Post Limited

<p>How should digital leaders advise businesses? Two ways: target the high and low ends of the market while allowing cannibalisation against their current business model in a controlled pace.&nbsp;The trick lies in capital allocation and separation of the products/services moving towards both ends. Digital products often require high cost of acquisition contrary to perception by businesses that it is cheaper against traditional channels.</p>

How should digital leaders advise businesses? Two ways: target the high and low ends of the market while allowing cannibalisation against their current business model in a controlled pace.&nbsp;The trick lies in capital allocation and separation of the products/services moving towards both ends. Digital products often require high cost of acquisition contrary to perception by businesses that it is cheaper against traditional channels.

Digital disruption bifurcates traditional market segmentation

Singapore

Hock Lian Seng Holdings Limited is a Singapore-based civil engineering and construction group. It specializes in infrastructure projects such as bridges, expressways, tunnels, and MRT systems, alongside building construction, property development, and property investment. The company was founded in Singapore in 1969 and is headquartered there.

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Hock Lian Seng (HLSH SP)

Hock Lian Seng Holdings Limited: Earnings Update

FY2025 changed the debate from reported earnings for Hock Lian Seng (HLS) to cash reality. Revenue was broadly stable at S$186.3m versus S$183.5m...

ICAM

Hock Lian Seng Holdings Limited Initiating Coverage

Hock Lian Seng (HLS) operates in three segments: Civil engineering, property development, and property investment. Civil engineering is the core...

ICAM

ISOTeam - 1H26 Earnings Update - Execution Timing Continues to Weigh on Revenue

ISOTeam reported their 1H26 results on 11th Feb 2026. In this note, we talk about the updates and share our thoughts on the company.

Evolve Capital Advisory Pte Ltd

NOL's Latest Potential Merger Discussions... Where is the [Partial] Exit for Temasek?

Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global...

Charles De Trenck

Digital disruption bifurcates traditional market segmentation

How should digital leaders advise businesses? Two ways: target the high and low ends of the market while allowing cannibalisation against their...

Bernard Leong

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52-week Range

Market Cap (USDm)

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