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)

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

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hong-leong-asia-ltd" target="_blank" data-smartkarma-citation="entities:6087:1" rel="noopener">Hong Leong Asia (HLA SP)</a> is looking to raise up to US$114m in a primary offering. </li>
<li>This is a large deal to digest, representing 28.8 days of ADV and 6.3% of shares outstanding.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Hong Leong Asia (HLA SP) is looking to raise up to US$114m in a primary offering. 
This is a large deal to digest, representing 28.8 days of ADV and 6.3% of shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Hong Leong Asia Placement - Large Deal to Digest but Continues to Ride Tailwinds

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Four stocks remain, 10 stocks added into portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 301% versus MSCI ASEAN’s 64%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Four stocks remain, 10 stocks added into portfolio
Since its inception, the portfolio has generated a before-fee total return of 301% versus MSCI ASEAN’s 64%


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

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

Aequitas: Hong Leong Asia Placement - Large Deal to Digest but Continues to Ride Tailwinds

Hong Leong Asia (HLA) is looking to raise up to US$114m in a primary offering. In this note, we will talk about the placement and run the deal...

Nicholas Tan

The Stocks to Own in ASEAN – Vol. 55

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Four stocks remain, 10 stocks added.

A. Stotz Investment Research

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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

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

Aequitas: Hong Leong Asia Placement - Large Deal to Digest but Continues to Ride Tailwinds

Hong Leong Asia (HLA) is looking to raise up to US$114m in a primary offering. In this note, we will talk about the placement and run the deal...

Nicholas Tan

The Stocks to Own in ASEAN – Vol. 55

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Four stocks remain, 10 stocks added.

A. Stotz Investment Research

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