Fund Manager, Privium Funds

Privium Fund Management

Fund Manager

Privium Funds

Privium Fund Management (Singapore) Pte Ltd is an MAS regulated Fund Manager holding a CMS License with a proven track record in providing Fund Management solutions for traditional and alternative asset portfolios.

Equity Bottom-Up

<ul><li>Hong Leong Asia (HLA) is a Singapore holding company with two key drivers: a 48.70% controlling stake in NYSE-listed China Yuchai International (“CYI”), one of China's main diesel engine makers, and an integrated building materials business in Singapore and Malaysia.</li><li>Trailing twelve-month (TTM) PATMI reached S$148.7m to 30 June 2026, more than double FY2023, as engine volumes, data centre demand and Singapore's construction upcycle lifted both segments.</li><li>About 47% of HLA's market value is covered by its listed stakes in China Yuchai and BRC Asia at market.</li></ul>

Hong Leong Asia (HLA) is a Singapore holding company with two key drivers: a 48.70% controlling stake in NYSE-listed China Yuchai International (“CYI”), one of China's main diesel engine makers, and an integrated building materials business in Singapore and Malaysia.Trailing twelve-month (TTM) PATMI reached S$148.7m to 30 June 2026, more than double FY2023, as engine volumes, data centre demand and Singapore's construction upcycle lifted both segments.About 47% of HLA's market value is covered by its listed stakes in China Yuchai and BRC Asia at market.

Hong Leong Asia Ltd. (SGX: H22): Initiation Research (6 October 2026)

One-Stop Financial Services, uSMART Securities Pte Ltd

uSMART Securities

One-Stop Financial Services

uSMART Securities Pte Ltd

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

<ul><li>Hong Leong Asia Ltd is a Singapore-listed industrial conglomerate operating two core segments, Powertrain Solutions and Building Materials.</li><li>Powertrain is consolidated through China Yuchai/GYMCL, with material minority interests reflected through NCI, while Building Materials serves construction demand in Singapore and Malaysia.</li><li>Upgrade to BUY; TP raised to S$3.98 from S$3.01. </li></ul>

Hong Leong Asia Ltd is a Singapore-listed industrial conglomerate operating two core segments, Powertrain Solutions and Building Materials.Powertrain is consolidated through China Yuchai/GYMCL, with material minority interests reflected through NCI, while Building Materials serves construction demand in Singapore and Malaysia.Upgrade to BUY; TP raised to S$3.98 from S$3.01. 

Hong Leong Asia Ltd: Stronger 1H2026 Lifts Fair Value; Cash Conversion Remains Key

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>DBS downgrades SGX to 'hold' as growth shows signs of tapering off.</li><li>uSmart upgrades Hong Leong Asia to 'buy' following strong 1HFY2026 results.</li><li>uSMART starts ‘buy’ on Toku, setting a target price of 15.1 cents.</li></ul>

DBS downgrades SGX to 'hold' as growth shows signs of tapering off.uSmart upgrades Hong Leong Asia to 'buy' following strong 1HFY2026 results.uSMART starts ‘buy’ on Toku, setting a target price of 15.1 cents.

Singapore Market Roundup (13-Oct-2026): DBS downgrades SGX to 'hold' amid slowing growth.

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>ASEAN has underperformed Asia in 2026, but Singapore (up 24%) and Thailand (up 28%) are stand-out outperformers. Both have benefitted from AI capex, but many other drivers have supported Singapore.</li>
<li>Both Markets have had significant EPS estimate upgrades driven by tech hardware, industrials and process industries. For Thailand, basic materials and energy have also chipped in significantly.</li>
<li>Screening stocks on strong growth, reasonable valuations, healthy balance sheets and EPS upgrades over past 6 months, we highlight 5 stocks in Singapore and 6 in Thailand.</li>
</ul>


ASEAN has underperformed Asia in 2026, but Singapore (up 24%) and Thailand (up 28%) are stand-out outperformers. Both have benefitted from AI capex, but many other drivers have supported Singapore.
Both Markets have had significant EPS estimate upgrades driven by tech hardware, industrials and process industries. For Thailand, basic materials and energy have also chipped in significantly.
Screening stocks on strong growth, reasonable valuations, healthy balance sheets and EPS upgrades over past 6 months, we highlight 5 stocks in Singapore and 6 in Thailand.


ASEAN Champions of 2026: Singapore and Thailand - Deep Dive Yields Interesting Stock Ideas

<ul><li>Hong Leong Asia Ltd is a Singapore-listed industrial conglomerate operating two core segments, Powertrain Solutions and Building Materials.</li><li>Powertrain is consolidated through China Yuchai International / GYMCL, with HLA holding a 48.7% effective interest and non-HLA economics reflected through NCI.</li><li>Building Materials serves Singapore and Malaysia construction demand.</li></ul>

Hong Leong Asia Ltd is a Singapore-listed industrial conglomerate operating two core segments, Powertrain Solutions and Building Materials.Powertrain is consolidated through China Yuchai International / GYMCL, with HLA holding a 48.7% effective interest and non-HLA economics reflected through NCI.Building Materials serves Singapore and Malaysia construction demand.

Hong Leong Asia Ltd Earnings Update (7 July 2026)

Singapore

Hong Leong Asia is a diversified Asian multinational with core businesses in Powertrain Solutions and Building Materials. It manufactures and distributes diesel engines for various applications, alongside producing and supplying cement, ready-mix concrete, and pre-cast concrete products. Headquartered in Singapore, the company was incorporated in 1963.

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Hong Leong Asia (HLA SP)

Hong Leong Asia Ltd. (SGX: H22): Initiation Research (6 October 2026)

Hong Leong Asia (HLA) is a Singapore holding company with two key drivers: a 48.70% controlling stake in NYSE-listed China Yuchai International...

Privium Fund Management

Hong Leong Asia Ltd: Stronger 1H2026 Lifts Fair Value; Cash Conversion Remains Key

Hong Leong Asia Ltd is a Singapore-listed industrial conglomerate operating two core segments, Powertrain Solutions and Building...

uSMART Securities

Singapore Market Roundup (13-Oct-2026): DBS downgrades SGX to 'hold' amid slowing growth.

DBS downgrades SGX to 'hold' amid slowing growth; uSMART upgrades Hong Leong Asia to 'buy' after strong 1HFY2026 results and starts 'buy' on Toku...

Singapore Market Roundup

ASEAN Champions of 2026: Singapore and Thailand - Deep Dive Yields Interesting Stock Ideas

ASEAN has underperformed in 2026, but SG & TH stand out with strong performance driven by AI capex and industrial boost. Our screen reveals 5...

Manishi Raychaudhuri

Hong Leong Asia Ltd Earnings Update (7 July 2026)

Powertrain recovery validated, but shareholder flow-through and valuation discipline now limit upside. Hong Leong Asia Ltd is a Singapore-listed...

uSMART Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Leong Asia Ltd. (SGX: H22): Initiation Research (6 October 2026)

Hong Leong Asia (HLA) is a Singapore holding company with two key drivers: a 48.70% controlling stake in NYSE-listed China Yuchai International...

Privium Fund Management

Hong Leong Asia Ltd: Stronger 1H2026 Lifts Fair Value; Cash Conversion Remains Key

Hong Leong Asia Ltd is a Singapore-listed industrial conglomerate operating two core segments, Powertrain Solutions and Building...

uSMART Securities

Singapore Market Roundup (13-Oct-2026): DBS downgrades SGX to 'hold' amid slowing growth.

DBS downgrades SGX to 'hold' amid slowing growth; uSMART upgrades Hong Leong Asia to 'buy' after strong 1HFY2026 results and starts 'buy' on Toku...

Singapore Market Roundup

ASEAN Champions of 2026: Singapore and Thailand - Deep Dive Yields Interesting Stock Ideas

​ASEAN has underperformed in 2026, but SG & TH stand out with strong performance driven by AI capex and industrial boost. Our screen reveals 5...

Manishi Raychaudhuri

Hong Leong Asia Ltd Earnings Update (7 July 2026)

Powertrain recovery validated, but shareholder flow-through and valuation discipline now limit upside. Hong Leong Asia Ltd is a Singapore-listed...

uSMART Securities

ASEAN has underperformed in 2026, but SG & TH stand out with strong performance driven by AI capex and industrial boost. Our screen reveals 5...