Chairman, sgtradex

Tan Chin-Hwee

Chairman

Thematic (Sector/Industry)

Cameron has to take the fall as he took a huge strategic risk for partisan reasons, misreading the mood. The question is: do you as a business owner hire and invest?Uncertainty is often lumped together as risk but there is a different: risk can be measured but uncertainty cannot. Daniel Ellsberg devised the famous experiment where there are 2 jars. The first jar, you are told, contains 50 red balls and 50 black balls. The 2nd jars contain 100 red and black balls but the number of each is…

Cameron has to take the fall as he took a huge strategic risk for partisan reasons, misreading the mood. The question is: do you as a business owner hire and invest?Uncertainty is often lumped together as risk but there is a different: risk can be measured but uncertainty cannot. Daniel Ellsberg devised the famous experiment where there are 2 jars. The first jar, you are told, contains 50 red balls and 50 black balls. The 2nd jars contain 100 red and black balls but the number of each is…

Markets from Here-Uncertainty Is NOT Risk

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/isoteam-ltd" target="_blank" data-smartkarma-citation="entities:6201:1" rel="noopener">Isoteam Ltd (ISO SP)</a> is a SGX-Catalist listed company with a focus on Singapore’s building maintenance and estate upgrading industry, providing solutions across the entire lifecycle of buildings and infrastructure.</li>
<li>Since inception, the firm has completed over 900 projects on more than 7,500 buildings. Its projects are mainly based in Singapore, with approximately 70% derived from public sector contracts.</li>
<li>ISOTeam reported their 1H26 results on 11th Feb 2026. In this note, we talk about the updates.</li>
</ul>



Isoteam Ltd (ISO SP) is a SGX-Catalist listed company with a focus on Singapore’s building maintenance and estate upgrading industry, providing solutions across the entire lifecycle of buildings and infrastructure.
Since inception, the firm has completed over 900 projects on more than 7,500 buildings. Its projects are mainly based in Singapore, with approximately 70% derived from public sector contracts.
ISOTeam reported their 1H26 results on 11th Feb 2026. In this note, we talk about the updates.


ISOTeam - 1H26 Earnings Update - Execution Timing Continues to Weigh on Revenue

<ul>
<li>Since the Evolve Capital team began its foray into equity research in late 2024, we’ve been active in providing coverage within the small-mid cap space.</li>
<li>Singapore’s economy has outperformed expectations despite tariff-related headwinds. In light of this resilience, we remain constructive on Singapore’s prospects in the year ahead.  </li>
<li>In this note, we present our top ten picks within the SGX Catalist for 2026, which we have primarily selected through bottom-up analysis.</li>
</ul>


Since the Evolve Capital team began its foray into equity research in late 2024, we’ve been active in providing coverage within the small-mid cap space.
Singapore’s economy has outperformed expectations despite tariff-related headwinds. In light of this resilience, we remain constructive on Singapore’s prospects in the year ahead.  
In this note, we present our top ten picks within the SGX Catalist for 2026, which we have primarily selected through bottom-up analysis.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/iwow-technology-ltd" target="_blank" data-smartkarma-citation="entities:36147:1" rel="noopener">IWOW Technology Ltd (IWOW SP)</a> is a one-stop end-to-end wireless IoT technology provider specialising in offering vertically integrated solutions and a telecommunications infrastructure solutions provider.</li>
<li>IWOW uses open and proprietary wireless communication technologies to create customized Internet-of-Things (IoT) solutions for consumers which connect devices and sensors to cloud application servers for a variety of applications.</li>
<li>The firm reported its 1H26 results on 10th Nov 2025. In this note, we provide an update on its 1H26 earnings.</li>
</ul>



IWOW Technology Ltd (IWOW SP) is a one-stop end-to-end wireless IoT technology provider specialising in offering vertically integrated solutions and a telecommunications infrastructure solutions provider.
IWOW uses open and proprietary wireless communication technologies to create customized Internet-of-Things (IoT) solutions for consumers which connect devices and sensors to cloud application servers for a variety of applications.
The firm reported its 1H26 results on 10th Nov 2025. In this note, we provide an update on its 1H26 earnings.


IWOW Technology - 1H26 Earnings Update - Limited Near-Term Catalysts, but Net Cash Still a Positive

<ul>
<li>
<a href="https://www.smartkarma.com/entities/old-chang-kee-ltd" target="_blank" data-smartkarma-citation="entities:10465:1" rel="noopener">Old Chang Kee (OCK SP)</a>  is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings.</li>
<li>OCK reported their 1H26 earnings update on 12th Nov 25. Revenue growth was flat at only 0.2% YoY, with both outlet and non-outlet sales remaining stable. </li>
<li>Ideally, we would like to see OCK introduce new key catalysts to spur top line growth, especially given increasing cost pressures in the form of wages and rental.</li>
</ul>



Old Chang Kee (OCK SP)  is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings.
OCK reported their 1H26 earnings update on 12th Nov 25. Revenue growth was flat at only 0.2% YoY, with both outlet and non-outlet sales remaining stable. 
Ideally, we would like to see OCK introduce new key catalysts to spur top line growth, especially given increasing cost pressures in the form of wages and rental.


Old Chang Kee - 1H26 Earnings Update - Sector Weakness Highlights Need for Fresh Growth Catalysts

United Kingdom

Jardine Lloyd Thompson Group plc (JLT) was a British multinational corporation providing insurance, reinsurance, and employment benefits advice and brokerage services. It offered risk assessment, insurance placement, claims management, and pension consulting to corporate clients across various industries. JLT was headquartered in London, England, and was founded in 1997 through the merger of Jardine Insurance Brokers and Lloyd Thompson Group.

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Jardine Lloyd Thompson (JLT LN)

Markets from Here-Uncertainty Is NOT Risk

Cameron has to take the fall as he took a huge strategic risk for partisan reasons, misreading the mood. The question is: do you as a business...

Tan Chin-Hwee

ISOTeam - 1H26 Earnings Update - Execution Timing Continues to Weigh on Revenue

ISOTeam reported their 1H26 results on 11th Feb 2026. In this note, we talk about the updates and share our thoughts on the company.

Evolve Capital Advisory Pte Ltd

Catalist GEMs Poised to Shine (2026)

In this note, we present our top ten picks within the SGX Catalist for 2026, which we have primarily selected through bottom-up analysis.

Evolve Capital Advisory Pte Ltd

IWOW Technology - 1H26 Earnings Update - Limited Near-Term Catalysts, but Net Cash Still a Positive

iWOW Technology reported its 1H26 results on 10th Nov 2025. In this note, we provide an update on its 1H26 earnings as well as share some of our...

Evolve Capital Advisory Pte Ltd

Old Chang Kee - 1H26 Earnings Update - Sector Weakness Highlights Need for Fresh Growth Catalysts

OCK reported their 1H26 earnings update on 12th Nov 25. Revenue growth was flat at only 0.2% YoY, with both outlet and non-outlet sales remaining...

Evolve Capital Advisory Pte Ltd

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