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 System’s (ITS) Services revenue rose from S$5.3m in FY2024 to S$15.0m in FY2025, a rise of S$9.7m against a group rise of S$12.8m, so services contributed 76% of what the group added that year.</li><li>The five filed six-month periods put that rise in one of them: Services reached S$12.7m in the 2HFY2025 and came back to S$4.9m in 1HFY2026 a fall of 61%, while group revenue fell 20%.</li><li>The FY2025 increase sits in one six-month period and in one revenue heading, and it has not happened again.</li></ul>

Info-Tech System’s (ITS) Services revenue rose from S$5.3m in FY2024 to S$15.0m in FY2025, a rise of S$9.7m against a group rise of S$12.8m, so services contributed 76% of what the group added that year.The five filed six-month periods put that rise in one of them: Services reached S$12.7m in the 2HFY2025 and came back to S$4.9m in 1HFY2026 a fall of 61%, while group revenue fell 20%.The FY2025 increase sits in one six-month period and in one revenue heading, and it has not happened again.

Info-Tech Systems Limited 1HFY2026 Results Update

Independent Fund Manager, Swaen Capital

Swaen Capital

Independent Fund Manager

Swaen Capital is a Singapore based licensed independent fund manager with an open architecture, a non bias financial platform creating access to the best custodians and investment managers. Our focus lies within the wealth management business, covering client relationships, financial planning, advisory, as well as discretionary portfolio management. We have developed strategic alliances with other leading independent firms to complement and extend our offerings to clients (global hedge fund research capability, alternative investment offerings, corporate finance, fund structuring & administration, etc). Our know-how, extensive global network and long standing presence in Asia allows us to provide a global footprint and at the same time enables us to capitalize on regional opportunities.

Thematic (Sector/Industry)

<ul><li>The rapid development of AI technology over the past few years has posed a direct threat to the software sector, leading to a broad derating of the sector as competitive advantages are being reassessed.</li><li>This year, the development of agentic AI has threatened various SaaS companies as the viability of their business models is put to the test.</li><li>We find the risk is uneven. It is highest where customers pay for work AI can now do and where revenue scales with the number of people doing it.</li></ul>

The rapid development of AI technology over the past few years has posed a direct threat to the software sector, leading to a broad derating of the sector as competitive advantages are being reassessed.This year, the development of agentic AI has threatened various SaaS companies as the viability of their business models is put to the test.We find the risk is uneven. It is highest where customers pay for work AI can now do and where revenue scales with the number of people doing it.

Sorting the Software Sector AI Exposure, Defensibility, and Where Singapore Sits

<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.

<ul>
<li>The Singapore stock market has picked up further momentum in July, with the Straits Times Index (STI) surging 10.9% month-to-date.</li>
<li>This has taken the gain year-to-date to 22.7%, outperforming global bourses.</li>
<li>We see domestic monetary policy setting remaining a stabilizer in providing a positive backdrop for the local bourse.</li>
</ul>


The Singapore stock market has picked up further momentum in July, with the Straits Times Index (STI) surging 10.9% month-to-date.
This has taken the gain year-to-date to 22.7%, outperforming global bourses.
We see domestic monetary policy setting remaining a stabilizer in providing a positive backdrop for the local bourse.


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 1HFY2026 Results Update

Info-Tech System’s (ITS) Services revenue rose from S$5.3m in FY2024 to S$15.0m in FY2025, a rise of S$9.7m against a group rise of S$12.8m, so...

ICAM

Sorting the Software Sector AI Exposure, Defensibility, and Where Singapore Sits

The rapid development of AI technology over the past few years has posed a direct threat to the software sector, leading to a broad derating of...

Swaen Capital

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: July 2026

The Singapore stock market has picked up further momentum in July, with the Straits Times Index (STI) surging 10.9% month-to-date. This has taken...

Wealth Management Alliance

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