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>Hotel Properties Limited (HPL) is not a simple hotel recovery stock.</li><li>It is a mixed hotel, property, redevelopment, investment and associate/JV group where asset value must pass through funding needs and competing claims before reaching ordinary shareholders.</li><li>Hotel revenue has recovered, and the asset base includes valuable properties and project exposure, but that is only the starting point. </li></ul>

Hotel Properties Limited (HPL) is not a simple hotel recovery stock.It is a mixed hotel, property, redevelopment, investment and associate/JV group where asset value must pass through funding needs and competing claims before reaching ordinary shareholders.Hotel revenue has recovered, and the asset base includes valuable properties and project exposure, but that is only the starting point. 

Hotel Properties Limited Initiating Coverage

Thematic (Sector/Industry)

<ul><li>This report looks at how Singapore “exports” experiences rather than products. Foreign visitors, patients, students and shoppers spend time in hotels, hospitals, schools, malls and attractions.</li><li>Their spending shows up as travel, healthcare, education and other services exports.</li><li>Between 2014 and 2024, Singapore’s services trade grew about 9.4% a year, faster than nominal GDP, and reached roughly 136% of GDP by 2024.</li></ul>

This report looks at how Singapore “exports” experiences rather than products. Foreign visitors, patients, students and shoppers spend time in hotels, hospitals, schools, malls and attractions.Their spending shows up as travel, healthcare, education and other services exports.Between 2014 and 2024, Singapore’s services trade grew about 9.4% a year, faster than nominal GDP, and reached roughly 136% of GDP by 2024.

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.

<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.

Offering Senior Secured Loans, Kilde

Kilde

Offering Senior Secured Loans

Kilde connects family offices, funds, and accredited investors to investment-ready private credit deals in developed and emerging markets. We offer senior secured loans from last-mile lending companies with strong capitalization, a healthy balance sheet, and a capable management team.

<ul>
<li>Data provided by the Singapore Tourism Board (STB) indicates a gradual recovery in hotel occupancy rates, recorded at 81.8% for 2024 compared to 80.5% in 2023.</li>
<li>Although this occupancy level remains below the pre-COVID figure of 86.9%, the government has prioritized initiatives to enhance tourism, which is anticipated to further elevate occupancy rates in 2025.</li>
<li>According to STB, the projected international visitor arrivals for Singapore in 2025 could reach between 17 million and 18.5 million, representing approximately 89-97% of pre-COVID levels.</li>
</ul>


Data provided by the Singapore Tourism Board (STB) indicates a gradual recovery in hotel occupancy rates, recorded at 81.8% for 2024 compared to 80.5% in 2023.
Although this occupancy level remains below the pre-COVID figure of 86.9%, the government has prioritized initiatives to enhance tourism, which is anticipated to further elevate occupancy rates in 2025.
According to STB, the projected international visitor arrivals for Singapore in 2025 could reach between 17 million and 18.5 million, representing approximately 89-97% of pre-COVID levels.


Singapore Hotels: Steady Occupancy Recovery to Drive Profit Growth

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.

<ul><li>January saw S$17 million net institutional outflows in Singapore-listed Consumer Cyclical stocks, with MoneyMax, ValueMax, and Aspial Lifestyle drawing S$8.5 million inflows.</li><li>MoneyMax led with S$4.0 million inflow, 53% share price surge, and applied to transfer from Catalist to Mainboard.</li><li>ValueMax and Aspial Lifestyle recorded S$2.7 million and S$1.8 million inflows, with 18% and 30% price gains respectively.</li></ul>

January saw S$17 million net institutional outflows in Singapore-listed Consumer Cyclical stocks, with MoneyMax, ValueMax, and Aspial Lifestyle drawing S$8.5 million inflows.MoneyMax led with S$4.0 million inflow, 53% share price surge, and applied to transfer from Catalist to Mainboard.ValueMax and Aspial Lifestyle recorded S$2.7 million and S$1.8 million inflows, with 18% and 30% price gains respectively.

Trio of Gold‑Linked Financial Retailers Topped January Consumer‑Cyclical Inflows

Singapore

Hotel Properties is a Singapore-based company primarily engaged in hotel ownership, management, and operation, alongside property development and investment holding. It owns and operates hotels globally under prestigious brands such as Four Seasons, Hilton, and InterContinental, and develops premium residential and commercial properties. The company was founded in 1980 and is headquartered in Singapore.

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Hotel Properties (HPL SP)

Hotel Properties Limited Initiating Coverage

Hotel Properties Limited (HPL) is not a simple hotel recovery stock. It is a mixed hotel, property, redevelopment, investment and associate/JV...

ICAM

Singapore’s Experience: Export Economy

This report looks at how Singapore “exports” experiences rather than products. Foreign visitors, patients, students and shoppers spend time in...

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

Singapore Hotels: Steady Occupancy Recovery to Drive Profit Growth

Data provided by the Singapore Tourism Board (STB) indicates a gradual recovery in hotel occupancy rates, recorded at 81.8% for 2024 compared to...

Kilde

Trio of Gold‑Linked Financial Retailers Topped January Consumer‑Cyclical Inflows

January saw S$17 million net institutional outflows in Singapore-listed Consumer Cyclical stocks, with MoneyMax, ValueMax, and Aspial Lifestyle...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)