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

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

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<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.

<ul><li>CGS International keeps 'add' rating and $13.52 target on Keppel; M1 sale secure.</li><li>RHB begins coverage of iFast Corp with a 'buy' rating and a $12.20 target.</li><li>DBS Group Research retains 'buy' rating on Elite UK REIT after valuation appraisal.</li></ul>

CGS International keeps 'add' rating and $13.52 target on Keppel; M1 sale secure.RHB begins coverage of iFast Corp with a 'buy' rating and a $12.20 target.DBS Group Research retains 'buy' rating on Elite UK REIT after valuation appraisal.

Singapore Market Roundup (30-Mar-2026): CGS International maintains 'add' rating, $13.52 target

<ul><li>StarHub's weak FY2026 outlook prompts DBS review; Morningstar cites overvaluation.</li><li>IFAST shares fall despite strong 4QFY2025 earnings; DBS keeps 'buy' at $12.</li><li>DBS, BofA, and UOB keep 'buy' rating on Singtel after a strong 3QFY2026.</li></ul>

StarHub's weak FY2026 outlook prompts DBS review; Morningstar cites overvaluation.IFAST shares fall despite strong 4QFY2025 earnings; DBS keeps 'buy' at $12.DBS, BofA, and UOB keep 'buy' rating on Singtel after a strong 3QFY2026.

Singapore Market Roundup (13-Feb-2026): StarHub's weak FY2026 outlook triggers DBS review, says

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

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 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

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

Singapore Market Roundup (30-Mar-2026): CGS International maintains 'add' rating, $13.52 target

CGS maintains 'add' rating and $13.52 target for Keppel; RHB starts 'buy' on iFast at $12.20; DBS keeps 'buy' on Elite UK REIT post-appraisal.

Singapore Market Roundup

Singapore Market Roundup (13-Feb-2026): StarHub's weak FY2026 outlook triggers DBS review, says

StarHub's weak FY2026 outlook leads to a DBS review; IFAST shares drop despite strong earnings. DBS, BofA, and UOB maintain 'buy' on Singtel.

Singapore Market Roundup

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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 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

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

Singapore Market Roundup (30-Mar-2026): CGS International maintains 'add' rating, $13.52 target

CGS maintains 'add' rating and $13.52 target for Keppel; RHB starts 'buy' on iFast at $12.20; DBS keeps 'buy' on Elite UK REIT post-appraisal.

Singapore Market Roundup

Singapore Market Roundup (13-Feb-2026): StarHub's weak FY2026 outlook triggers DBS review, says

StarHub's weak FY2026 outlook leads to a DBS review; IFAST shares drop despite strong earnings. DBS, BofA, and UOB maintain 'buy' on Singtel.

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...