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/oiltek-international-ltd" target="_blank" data-smartkarma-citation="entities:36016:1" rel="noopener">Oiltek International Ltd (OTEK SP)</a> is a process engineering and technology solutions provider specializing in edible oils and renewable energy. Its solutions cater to all types of vegetable oils. </li>
<li>This includes palm oil, soybean and rapeseed oil and cover a wide range of applications including edible and non-edible oil refining, and POME (palm oil mill effluent) biogas recovery systems.</li>
<li>We initiate rated coverage on Oiltek with a DCF-based TP of S$1.22, implying a 40.7x FY26E P/E, representing an upside of approximately 20.8%.</li>
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Oiltek International Ltd (OTEK SP) is a process engineering and technology solutions provider specializing in edible oils and renewable energy. Its solutions cater to all types of vegetable oils. 
This includes palm oil, soybean and rapeseed oil and cover a wide range of applications including edible and non-edible oil refining, and POME (palm oil mill effluent) biogas recovery systems.
We initiate rated coverage on Oiltek with a DCF-based TP of S$1.22, implying a 40.7x FY26E P/E, representing an upside of approximately 20.8%.


Oiltek International Initiation - Asset-Light and Well Positioned for Growth

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<a href="https://www.smartkarma.com/entities/dezign-format-group-limited" target="_blank" data-smartkarma-citation="entities:45666:1" rel="noopener">Dezign Format Group (DFG SP)</a> is a design-and-build specialist offering experiential marketing and events management solutions, with a key focus on the MICE industry.</li>
<li>It has worked with a variety of global luxury brands and integrated resorts, with many of its projects being directly sourced rather than through open tender.</li>
<li>We initiate rated coverage on DF with a DCF-based TP of S$0.40, implying a 14.4x FY25E P/E, representing an upside of approximately 33.3%.</li>
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Dezign Format Group (DFG SP) is a design-and-build specialist offering experiential marketing and events management solutions, with a key focus on the MICE industry.
It has worked with a variety of global luxury brands and integrated resorts, with many of its projects being directly sourced rather than through open tender.
We initiate rated coverage on DF with a DCF-based TP of S$0.40, implying a 14.4x FY25E P/E, representing an upside of approximately 33.3%.


Dezign Format Initiation - Scaling Within a Niche Space

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<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 FY25 results on 27th Aug 2025. In this note, we talk about the updates.</li>
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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 FY25 results on 27th Aug 2025. In this note, we talk about the updates.


ISOTeam - FY25 Earnings Update - FY25 Results Underscore Execution Risks Despite Large Order Book

Goodwill Entertainment Holding / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/goodwill-entertainment-holding-pte-ltd" target="_blank" data-smartkarma-citation="entities:44296:1" rel="noopener">Goodwill Entertainment Holding (GWEH SP)</a> is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with F&amp;B concepts, performance halls and dance clubs.</li>
<li>It operates under the brand names HaveFun Family Karaoke, FATEbyhavefun and HaveFun Live Show.</li>
<li>We maintain our BUY rating on GEH with a TP of S$0.22, pegged to 10.7x FY27E P/E, representing an upside of approximately 29.4%.</li>
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Goodwill Entertainment Holding (GWEH SP) is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with F&amp;B concepts, performance halls and dance clubs.
It operates under the brand names HaveFun Family Karaoke, FATEbyhavefun and HaveFun Live Show.
We maintain our BUY rating on GEH with a TP of S$0.22, pegged to 10.7x FY27E P/E, representing an upside of approximately 29.4%.


Goodwill Entertainment Holding - 1H25 Earnings Update - Execution of Growth Initiatives Underway

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<a href="https://www.smartkarma.com/entities/beverly-jcg-ltd" target="_blank" data-smartkarma-citation="entities:11480:1" rel="noopener">Beverly JCG Ltd (JCGI SP)</a> is a SGX-Catalist listed company. It offers a broad suite of services including invasive and non-invasive aesthetic procedures, dentistry and wellness treatments, amongst others.</li>
<li>As of Aug 2025, the firm has a total of two Ministry of Health licensed hospitals, four aesthetic and three dental clinics, most of which are located in Klang Valley.</li>
<li>BJCG reported their 1H25 results on 12th Aug 2025. In this note, we talk about the updates.</li>
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Beverly JCG Ltd (JCGI SP) is a SGX-Catalist listed company. It offers a broad suite of services including invasive and non-invasive aesthetic procedures, dentistry and wellness treatments, amongst others.
As of Aug 2025, the firm has a total of two Ministry of Health licensed hospitals, four aesthetic and three dental clinics, most of which are located in Klang Valley.
BJCG reported their 1H25 results on 12th Aug 2025. In this note, we talk about the updates.


Beverly JCG - 1H25 Earnings Update - Turnaround Remains a Work in Progress

Bermuda

Jardine Matheson is a diversified investment company with a broad portfolio of market-leading businesses primarily focused on Asia. Its interests span motor vehicles, property investment and development, food retailing, hotels, financial services, and heavy equipment. The company was founded in 1832 and is headquartered in Hong Kong.

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Jardine Matheson (JMHLY US)

Oiltek International Initiation - Asset-Light and Well Positioned for Growth

We initiate rated coverage on Oiltek with a DCF-based TP of S$1.22, implying a 40.7x FY26E P/E, representing an upside of approximately 20.8%.

Evolve Capital Advisory Pte Ltd

Dezign Format Initiation - Scaling Within a Niche Space

Dezign Format Group (DFG SP) is a design-and-build specialist offering experiential marketing and events management solutions, with a key focus on...

Evolve Capital Advisory Pte Ltd

ISOTeam - FY25 Earnings Update - FY25 Results Underscore Execution Risks Despite Large Order Book

Isoteam focuses on Singapore’s building maintenance and estate upgrading industry. They reported their FY25 results on 27th Aug 2025. In this note,...

Evolve Capital Advisory Pte Ltd

Goodwill Entertainment Holding - 1H25 Earnings Update - Execution of Growth Initiatives Underway

We maintain our BUY rating on GEH with a TP of S$0.22, pegged to 10.7x FY27E P/E, representing an upside of approximately 29.4%.

Evolve Capital Advisory Pte Ltd

Beverly JCG - 1H25 Earnings Update - Turnaround Remains a Work in Progress

Beverly JCG Ltd (JCGI SP) is a SGX-Catalist listed company. BJCG reported their 1H25 results on 12th Aug 2025. In this note, we talk about the...

Evolve Capital Advisory Pte Ltd

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