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.

Equity Bottom-Up

<ul>
<li>Singapore's stellar performance has been propelled primarily by large caps. We think investors should focus on SMID now, as MAS's S$5bn EQDP incentivizes fund managers to look outside index stocks.</li>
<li>We screen SMID stocks in SGX with above-market forecast earnings growth, EPS estimate upgrades over past 6 months, low leverage and reasonable growth adjusted valuations (PEG&lt;1.4x).</li>
<li>Eight SMID stocks come up on our screen, spread across various sectors, but tilted towards Energy and Minerals and Mining. Most are net cash companies with ROEs higher than COEs.</li>
</ul>


Singapore's stellar performance has been propelled primarily by large caps. We think investors should focus on SMID now, as MAS's S$5bn EQDP incentivizes fund managers to look outside index stocks.
We screen SMID stocks in SGX with above-market forecast earnings growth, EPS estimate upgrades over past 6 months, low leverage and reasonable growth adjusted valuations (PEG&lt;1.4x).
Eight SMID stocks come up on our screen, spread across various sectors, but tilted towards Energy and Minerals and Mining. Most are net cash companies with ROEs higher than COEs.


Asian Equities: A Few Singapore Small and Mid-Cap Jewels

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>Institutions were net buyers of Singapore stocks with a S$33 million inflow, reversing a prior S$53 million outflow.</li><li>United Overseas Bank led share buybacks with S$54.7 million total consideration, purchasing 500,000 shares at S$35.30 each.</li><li>iFAST Corporation's 1HFY25 profit before tax rose 32.7% to S$50.4 million, driven by iGB's profitability.</li></ul>

Institutions were net buyers of Singapore stocks with a S$33 million inflow, reversing a prior S$53 million outflow.United Overseas Bank led share buybacks with S$54.7 million total consideration, purchasing 500,000 shares at S$35.30 each.iFAST Corporation's 1HFY25 profit before tax rose 32.7% to S$50.4 million, driven by iGB's profitability.

iFAST Chief Lim Chung Chun Ups Shareholding

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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>Temasek aims to raise around US$104m via selling nearly half of its stake in <a href="https://www.smartkarma.com/entities/ifast-corp-ltd" target="_blank" data-smartkarma-citation="entities:17798:1" rel="noopener">iFAST (IFAST SP)</a>.</li>
<li>The stock has done exceptionally well over the past few years, however, it is now trading at its all time highs.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Temasek aims to raise around US$104m via selling nearly half of its stake in iFAST (IFAST SP).
The stock has done exceptionally well over the past few years, however, it is now trading at its all time highs.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


IFAST Placement - Great Track Record but the Stock Is Toppish

Equity Analyst

Ravi Kumar

Thematic (Sector/Industry)

<ul>
<li>The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital allocators, excluded from the STI's Big 3 bank-dominated universe by construction.</li>
<li>Structural tailwinds are compelling: Singapore's NBFI sector assets grew 9.7% year-on-year, securities turnover surged 66% and asset management AuM expanded at 8.8% CAGR, far outpacing banking loan growth of 2.1%.</li>
<li>Three constituents - iFAST, UOB-Kay Hian, and Yangzijiang Financial, offer fee-driven, asset-light exposure with ~0.7 STI correlation, delivering meaningful diversification alongside Singapore's core banking index.</li>
</ul>


The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital allocators, excluded from the STI's Big 3 bank-dominated universe by construction.
Structural tailwinds are compelling: Singapore's NBFI sector assets grew 9.7% year-on-year, securities turnover surged 66% and asset management AuM expanded at 8.8% CAGR, far outpacing banking loan growth of 2.1%.
Three constituents - iFAST, UOB-Kay Hian, and Yangzijiang Financial, offer fee-driven, asset-light exposure with ~0.7 STI correlation, delivering meaningful diversification alongside Singapore's core banking index.


Beyond the Big 3: Second-Order Beneficiaries of Singapore's Financial Ecosystem

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<ul>
<li>HSBC raises Singapore equities outlook to overweight.          </li>
<li>Lim and Tan start 'buy' rating for Beng Kuang Marine.</li>
<li>CGS keeps 'add' rating and $13.52 target on Keppel; M1 sale delays won't affect it.</li>
</ul>


HSBC raises Singapore equities outlook to overweight.          
Lim and Tan start 'buy' rating for Beng Kuang Marine.
CGS keeps 'add' rating and $13.52 target on Keppel; M1 sale delays won't affect it.


Singapore Market Roundup (31-Mar-2026): HSBC boosts Singapore equities outlook to overweight.

Singapore

iFAST is a global digital banking and wealth management platform. It offers a comprehensive range of investment products such as mutual funds, bonds, stocks, ETFs, and insurance, alongside services like online discretionary portfolio management, Fintech solutions, and pension administration. The company was incorporated in 2000 and is headquartered in Singapore.

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iFAST (IFAST SP)

Asian Equities: A Few Singapore Small and Mid-Cap Jewels

SG investors should focus on SMID stocks with strong growth potential & attractive valuations, as MAS's EQDP incentivizes fund managers to look...

Manishi Raychaudhuri

iFAST Chief Lim Chung Chun Ups Shareholding

Institutions were net buyers of Singapore stocks with a S$33 million inflow, reversing a prior S$53 million outflow. United Overseas Bank led...

Singapore Exchange Ltd (SGX)

IFAST Placement - Great Track Record but the Stock Is Toppish

Temasek aims to raise around US$104m via selling nearly half of its stake in iFAST (IFAST SP). In this note, we talk about the deal dyanmics.

Sumeet Singh

Beyond the Big 3: Second-Order Beneficiaries of Singapore's Financial Ecosystem

The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital...

Ravi Kumar

Singapore Market Roundup (31-Mar-2026): HSBC boosts Singapore equities outlook to overweight.

HSBC upgrades Singapore equities to overweight. Lim and Tan initiate 'buy' on Beng Kuang Marine. CGS maintains 'add' on Keppel with $13.52 target;...

Singapore Market Roundup

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52-week Range

Market Cap (USDm)

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Asian Equities: A Few Singapore Small and Mid-Cap Jewels

​SG investors should focus on SMID stocks with strong growth potential & attractive valuations, as MAS's EQDP incentivizes fund managers to look...

Manishi Raychaudhuri

iFAST Chief Lim Chung Chun Ups Shareholding

Institutions were net buyers of Singapore stocks with a S$33 million inflow, reversing a prior S$53 million outflow. United Overseas Bank led...

Singapore Exchange Ltd (SGX)

IFAST Placement - Great Track Record but the Stock Is Toppish

Temasek aims to raise around US$104m via selling nearly half of its stake in iFAST (IFAST SP). In this note, we talk about the deal dyanmics.

Sumeet Singh

Beyond the Big 3: Second-Order Beneficiaries of Singapore's Financial Ecosystem

​The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital...

Ravi Kumar

Singapore Market Roundup (31-Mar-2026): HSBC boosts Singapore equities outlook to overweight.

HSBC upgrades Singapore equities to overweight. Lim and Tan initiate 'buy' on Beng Kuang Marine. CGS maintains 'add' on Keppel with $13.52 target;...

Singapore Market Roundup

SG investors should focus on SMID stocks with strong growth potential & attractive valuations, as MAS's EQDP incentivizes fund managers to look...

The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital...