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>Info-Tech delivered a strong FY2025 on reported numbers.</li><li>Revenue rose 29% to S$56.5m, profit before tax rose 28% to S$19.1m, and reported PAT increased to S$15.0m from S$12.3m in FY2024.</li><li>The clean starting point is that FY2025 was a genuinely stronger year on reported growth and profit, not just on management adjustments. </li></ul>

Info-Tech delivered a strong FY2025 on reported numbers.Revenue rose 29% to S$56.5m, profit before tax rose 28% to S$19.1m, and reported PAT increased to S$15.0m from S$12.3m in FY2024.The clean starting point is that FY2025 was a genuinely stronger year on reported growth and profit, not just on management adjustments. 

<ul>
<li>Info-Tech is led by Mr. Peter Lee, Founder and Chairman, who started the company in 2007 with Mr. Babu Dilip, Co-founder and Chief Executive Officer.</li>
<li>The business remains founder-led, with senior management comprising long -serving functional heads across product, technology, and sales.</li>
<li>Ownership is concentrated among the founder and key management, aligning incentives with long-term growth and profitability.</li>
</ul>


Info-Tech is led by Mr. Peter Lee, Founder and Chairman, who started the company in 2007 with Mr. Babu Dilip, Co-founder and Chief Executive Officer.
The business remains founder-led, with senior management comprising long -serving functional heads across product, technology, and sales.
Ownership is concentrated among the founder and key management, aligning incentives with long-term growth and profitability.


Info-Tech Systems Limited Initiating Coverage

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.

Thematic (Sector/Industry)

<ul>
<li>The Singapore stock market has performed strongly in 2025, up 22% year-to-date, the best since 2010.</li>
<li>This has come on the back of a host of positive drivers – falling funding costs, an upward re-rating, a revival in initial public offerings (IPOs), portfolio inflows, and government initiatives.</li>
<li>Looking into 2026, some of these drivers may have run their course. Notably, with inflation having troughed, the easing interest rate cycle has probably ended.</li>
</ul>


The Singapore stock market has performed strongly in 2025, up 22% year-to-date, the best since 2010.
This has come on the back of a host of positive drivers – falling funding costs, an upward re-rating, a revival in initial public offerings (IPOs), portfolio inflows, and government initiatives.
Looking into 2026, some of these drivers may have run their course. Notably, with inflation having troughed, the easing interest rate cycle has probably ended.


<ul><li>Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the Artificial Intelligence (AI) sector, both directly and indirectly.</li><li>On direct exposure, we identify companies listed on the SGX – mainly in the upstream (including data centres) and midstream segments - which are, to a large or some extent, involved in AI. Downstream AI companies are predominately end-users and applications.</li><li>As a rough guide, the market capitalization of these companies totals around SGD21.3bn, accounting for a relatively small share of about 2.7% of the aggregated capitalization of SGD773bn of the FTSE Straits Times All Share Index (which comprises the top 98% of companies in the SGX Mainboard universe).</li></ul>

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the Artificial Intelligence (AI) sector, both directly and indirectly.On direct exposure, we identify companies listed on the SGX – mainly in the upstream (including data centres) and midstream segments - which are, to a large or some extent, involved in AI. Downstream AI companies are predominately end-users and applications.As a rough guide, the market capitalization of these companies totals around SGD21.3bn, accounting for a relatively small share of about 2.7% of the aggregated capitalization of SGD773bn of the FTSE Straits Times All Share Index (which comprises the top 98% of companies in the SGX Mainboard universe).

Singapore

Info-Tech Systems is a leading Software-as-a-Service (SaaS) provider for Small and Medium Enterprises (SMEs), offering cloud-based human resource management (HRMS), accounting, and customer relationship management (CRM) solutions. The company also provides digital training programs and distributes electronic security systems. Headquartered in Singapore, Info-Tech Systems was established in 2007.

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Info-Tech Systems (ITSL SP)

Info-Tech Systems Limited Results Update

Info-Tech delivered a strong FY2025 on reported numbers. Revenue rose 29% to S$56.5m, profit before tax rose 28% to S$19.1m, and reported PAT...

ICAM

Info-Tech Systems Limited Initiating Coverage

Info-Tech is led by Mr. Peter Lee, Founder and Chairman, who started the company in 2007 with Mr. Babu Dilip, Co-founder and Chief Executive Officer.

ICAM

Singapore Equity Strategy: December 2025

The Singapore stock market has performed strongly in 2025, up 22% year-to-date, the best since 2010. This has come on the back of a host of...

Wealth Management Alliance

Singapore Equity Strategy: November 2025

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the...

Wealth Management Alliance

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