Comprehensive and Data-Driven Reports, RHT Capital

RHT Capital

Comprehensive and Data-Driven Reports

We are a boutique corporate finance advisory firm based in Singapore, with a focused team of experienced professionals. We advise listed companies and growing enterprises on corporate finance transactions and regulatory matters, providing practical and considered advice tailored to each client’s circumstances. We are a Capital Market Services (“CMS”) license holder from the Monetary Authority of Singapore (“MAS”), and a Full Sponsor approved by the Singapore Exchange (“SGX”).

Equity Bottom-Up

<ul><li>Although 1H26 revenue of $27.3mil is only 33% of RHTC’s $82mil for FY26F (1H25 was 40% of  FY25), net profit at $9.7mil is 36% of RHTC’s $27mil for FY26F.</li><li>We expect a stronger 2H26 based on a re-acceleration of order book growth in 1H26, retention metrics of over 90% for ITS’s core annual revenue upfront subscription HCM software (SaaS) and expected Academy corporate training momentum in 2H26.</li><li>Services revenue more than doubled to $4.9mil establishing Academy/AI corporate training as the second growth engine.</li></ul>

Although 1H26 revenue of $27.3mil is only 33% of RHTC’s $82mil for FY26F (1H25 was 40% of  FY25), net profit at $9.7mil is 36% of RHTC’s $27mil for FY26F.We expect a stronger 2H26 based on a re-acceleration of order book growth in 1H26, retention metrics of over 90% for ITS’s core annual revenue upfront subscription HCM software (SaaS) and expected Academy corporate training momentum in 2H26.Services revenue more than doubled to $4.9mil establishing Academy/AI corporate training as the second growth engine.

Info-Tech Systems: Good 1H Results, but Expect a Stronger 2H

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

Investment Management, 8VantEdge

8VantEdge

Investment Management

8VantEdge offers a hybrid fundamental stock picking combined with algorithmic rules based on human psychology.

<ul>
<li>Private education is evolving from a school-age service into a broader lifelong learning economy spanning early childhood, formal education and career-long reskilling.</li>
<li>Four structural forces underpin this shift: (1) rising household spending power supporting private education demand; (2) shorter skills cycles creating recurring reskilling needs; (3) employer funding broadening the market for workforce training; and (4) digital delivery expanding access while lowering the cost of learning.</li>
<li>These drivers are extending education demand across different stages of life and beyond the traditional classroom.</li>
</ul>


Private education is evolving from a school-age service into a broader lifelong learning economy spanning early childhood, formal education and career-long reskilling.
Four structural forces underpin this shift: (1) rising household spending power supporting private education demand; (2) shorter skills cycles creating recurring reskilling needs; (3) employer funding broadening the market for workforce training; and (4) digital delivery expanding access while lowering the cost of learning.
These drivers are extending education demand across different stages of life and beyond the traditional classroom.


Lifelong Learning Economy: Structural Demand, Selective Winners

SAC Capital

Independent Insight Provider

<ul><li>Info-Tech Systems Ltd (ITSL SP) is a leading provider of cloud-based Human Resource Management System (HRMS) and accounting software, specifically engineered for the Small and Medium Enterprise (SME) segment.</li><li>Founded in 2007 by Babu Dilip and Peter Lee, the Group made its landmark debut on the SGX Mainboard in July 2025.</li><li>This listing marked a significant milestone for Info-Tech as the first pure-play SaaS HRMS company listed on the exchange. </li></ul>

Info-Tech Systems Ltd (ITSL SP) is a leading provider of cloud-based Human Resource Management System (HRMS) and accounting software, specifically engineered for the Small and Medium Enterprise (SME) segment.Founded in 2007 by Babu Dilip and Peter Lee, the Group made its landmark debut on the SGX Mainboard in July 2025.This listing marked a significant milestone for Info-Tech as the first pure-play SaaS HRMS company listed on the exchange. 

Info-Tech Systems Ltd: Scaling the Regional SME Ecosystem

<ul><li>Singapore’s software-as-a-service (SaaS) sector is undergoing a significant transition with artificial intelligence (AI) increasingly becoming essential infrastructure rather than a supplementary feature.</li><li>Several factors are driving this transition from traditional software to scalable, AI-powered platforms.</li><li>Newly implemented wage escalations and rising foreign worker levies encourage domestic enterprises to offset structural labour costs by automating back-office functions.</li></ul>

Singapore’s software-as-a-service (SaaS) sector is undergoing a significant transition with artificial intelligence (AI) increasingly becoming essential infrastructure rather than a supplementary feature.Several factors are driving this transition from traditional software to scalable, AI-powered platforms.Newly implemented wage escalations and rising foreign worker levies encourage domestic enterprises to offset structural labour costs by automating back-office functions.

The AI-SaaS Frontier: Enterprise Software Meets AI-Powered Workflow Automation

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: Good 1H Results, but Expect a Stronger 2H

Although 1H26 revenue of $27.3mil is only 33% of RHTC’s $82mil for FY26F (1H25 was 40% of FY25), net profit at $9.7mil is 36% of RHTC’s $27mil...

RHT Capital

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

Lifelong Learning Economy: Structural Demand, Selective Winners

Private education is evolving from a school-age service into a broader lifelong learning economy spanning early childhood, formal education and...

8VantEdge

Info-Tech Systems Ltd: Scaling the Regional SME Ecosystem

Info-Tech Systems Ltd (ITSL SP) is a leading provider of cloud-based Human Resource Management System (HRMS) and accounting software, specifically...

SAC Capital

The AI-SaaS Frontier: Enterprise Software Meets AI-Powered Workflow Automation

Singapore’s software-as-a-service (SaaS) sector is undergoing a significant transition with artificial intelligence (AI) increasingly becoming...

8VantEdge

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