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

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<a href="https://www.smartkarma.com/entities/info-tech-systems-ltd" target="_blank" data-smartkarma-citation="entities:45425:1" rel="noopener">Info-Tech Systems (ITSL SP)</a> is an SGX Mainboard-listed provider of cloud-based business software for small and medium enterprises (SMEs), with operations in SG, MY, HK and IN.</li>
<li>Its core product is a modular human resource management system (HRMS) covering payroll, leave, claims, time attendance, appraisal and scheduling, which it sells alongside its proprietary accounting software.</li>
<li>We initiate non-rated coverage on Info-Tech Systems. While the firm has shown strong growth , HRMS revenue could potentially decline given grant funding being an important driver for first-year sign-ups.</li>
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Info-Tech Systems (ITSL SP) is an SGX Mainboard-listed provider of cloud-based business software for small and medium enterprises (SMEs), with operations in SG, MY, HK and IN.
Its core product is a modular human resource management system (HRMS) covering payroll, leave, claims, time attendance, appraisal and scheduling, which it sells alongside its proprietary accounting software.
We initiate non-rated coverage on Info-Tech Systems. While the firm has shown strong growth , HRMS revenue could potentially decline given grant funding being an important driver for first-year sign-ups.


Info-Tech Systems Initiation - High Growth and Margins but Needs to Be Sustainable

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<a href="https://www.smartkarma.com/entities/zixin-group-holdings-limited" target="_blank" data-smartkarma-citation="entities:7007:1" rel="noopener">Zixin Group (ZXGH SP)</a> is an SGX Catalist-listed, vertically integrated sweet potato value chain operator. </li>
<li>The group harnesses proprietary biotechnology across a closed-loop model spanning seedling research and cultivation, food processing, brand building and distribution, and agricultural waste recovery.</li>
<li>We initiate non-rated coverage on Zixin Group. While Zixin’s post-COVID recovery stood out remarkably amongst SGX Catalist names , a key concern for investors remains the firm’s S-chip overhang.</li>
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Zixin Group (ZXGH SP) is an SGX Catalist-listed, vertically integrated sweet potato value chain operator. 
The group harnesses proprietary biotechnology across a closed-loop model spanning seedling research and cultivation, food processing, brand building and distribution, and agricultural waste recovery.
We initiate non-rated coverage on Zixin Group. While Zixin’s post-COVID recovery stood out remarkably amongst SGX Catalist names , a key concern for investors remains the firm’s S-chip overhang.


Zixin Group Initiation - Valuations Attractive but S-Chip Concerns Linger

Thematic (Sector/Industry)

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<li>There has been a flurry of activity within the SGX in recent months - from heightened trading interest to a pickup in corporate actions and fund flow movements.</li>
<li>Hence, we thought it timely to take a closer look at the SGX. </li>
<li>The local bourse has seen renewed investor attention, underpinned by selective growth stories, valuation gaps, and improving balance sheet quality. We highlight key observations and emerging themes within the SGX. </li>
</ul>


There has been a flurry of activity within the SGX in recent months - from heightened trading interest to a pickup in corporate actions and fund flow movements.
Hence, we thought it timely to take a closer look at the SGX. 
The local bourse has seen renewed investor attention, underpinned by selective growth stories, valuation gaps, and improving balance sheet quality. We highlight key observations and emerging themes within the SGX. 


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<a href="https://www.smartkarma.com/entities/asl-marine-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17092:1" rel="noopener">ASL Marine (ASL SP)</a> is an SGX mainboard-listed specializing in marine services: shipbuilding, ship repair and conversion, and ship chartering.</li>
<li>Its integrated model lets it build, repair and operate its own tonnage. Its Batam graving dock is one of the few yards in the region able to dry-dock Capesize tonnage.</li>
<li>We slightly lower our TP of ASL to S$0.38/share (vs. S$0.42 at initiation), implying around 31% upside to the current share price of S$0.29/share.</li>
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ASL Marine (ASL SP) is an SGX mainboard-listed specializing in marine services: shipbuilding, ship repair and conversion, and ship chartering.
Its integrated model lets it build, repair and operate its own tonnage. Its Batam graving dock is one of the few yards in the region able to dry-dock Capesize tonnage.
We slightly lower our TP of ASL to S$0.38/share (vs. S$0.42 at initiation), implying around 31% upside to the current share price of S$0.29/share.


ASL Marine - FY26 Earnings Update - Chartering to Drive the Upside, Repair to Anchor Quality

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<a href="https://www.smartkarma.com/entities/gke-corporation-limited" target="_blank" data-smartkarma-citation="entities:15893:1" rel="noopener">GKE Corporation (GKEC SP)</a> is an integrated provider of warehousing and logistics solutions that include general cargo storage, dangerous cargo storage, bonded and license warehousing services, amongst others.</li>
<li>It also has strategic investments, which includes an infrastructural materials and services business in China, as well as agriculture and retail and distribution in Singapore.</li>
<li>GKE reported their FY26 results on 30th Jul 26. In this note, we talk about their FY26 earnings update. </li>
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GKE Corporation (GKEC SP) is an integrated provider of warehousing and logistics solutions that include general cargo storage, dangerous cargo storage, bonded and license warehousing services, amongst others.
It also has strategic investments, which includes an infrastructural materials and services business in China, as well as agriculture and retail and distribution in Singapore.
GKE reported their FY26 results on 30th Jul 26. In this note, we talk about their FY26 earnings update. 


GKE Corporation - FY26 Earnings Update - Record Revenue Masks Softness in Core Segments

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)

Info-Tech Systems Initiation - High Growth and Margins but Needs to Be Sustainable

We initiate non-rated coverage on Info-Tech Systems. Despite the strong growth, HRMS revenue could potentially decline given grant funding being an...

Evolve Capital Advisory Pte Ltd

Zixin Group Initiation - Valuations Attractive but S-Chip Concerns Linger

We initiate non-rated coverage on Zixin Group. While Zixin’s post-COVID recovery stood out remarkably amongst SGX Catalist names , a key concern...

Evolve Capital Advisory Pte Ltd

A Timely Review of Our Local Bourse

There has been a flurry of activity within the SGX in recent months - from heightened trading interest to a pickup in corporate actions and fund...

Evolve Capital Advisory Pte Ltd

ASL Marine - FY26 Earnings Update - Chartering to Drive the Upside, Repair to Anchor Quality

We slightly lower our TP of ASL to S$0.38/share (vs. S$0.42 at initiation), implying around 31% upside to the current share price of S$0.29/share.

Evolve Capital Advisory Pte Ltd

GKE Corporation - FY26 Earnings Update - Record Revenue Masks Softness in Core Segments

GKE reported their FY26 results on 30th Jul 26. In this note, we talk about their FY26 earnings update and share our thoughts.

Evolve Capital Advisory Pte Ltd

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