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/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

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

<ul><li>After Ben Keswick took over Jardine Matheson, the company has slowly transitioned away from being an owner-operator to more of a portfolio manager.</li><li>The privatization of Jardine Strategic was under-priced, but it also simplified the corporate structure. That should be positive for minorities in the long term.</li><li>Jardine Matheson’s own board has now been stacked with private equity professionals. And new CEO Lincoln Pan comes from private equity firm PAG, where he built up its non-China business.</li></ul>

After Ben Keswick took over Jardine Matheson, the company has slowly transitioned away from being an owner-operator to more of a portfolio manager.The privatization of Jardine Strategic was under-priced, but it also simplified the corporate structure. That should be positive for minorities in the long term.Jardine Matheson’s own board has now been stacked with private equity professionals. And new CEO Lincoln Pan comes from private equity firm PAG, where he built up its non-China business.

A New Era for Jardine Matheson: An Under-The-Radar Transformation.

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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

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Institutions net bought S$396.6 million in Singapore stocks in July, reducing the 7-month net outflow to S$1.67 billion.</li><li>Industrials led net institutional inflows, driven by Keppel, Yangzijiang Shipbuilding, and Seatrium, while REITs saw the largest net outflows.</li><li>mDR's average daily trading turnover increased significantly in July, narrowing its 5-day average bid-ask spread to 150 bps.</li></ul>

Institutions net bought S$396.6 million in Singapore stocks in July, reducing the 7-month net outflow to S$1.67 billion.Industrials led net institutional inflows, driven by Keppel, Yangzijiang Shipbuilding, and Seatrium, while REITs saw the largest net outflows.mDR's average daily trading turnover increased significantly in July, narrowing its 5-day average bid-ask spread to 150 bps.

FTSE ST Industrials Outpaces STI in July with a 13.2% Gain

Singapore

Jardine Cycle & Carriage Limited operates as an investment holding company. The Company, through its subsidiaries, invests in automotive, consumer finance, utilities and infrastructure, heavy equipment and mining, property, agribusiness, cement, and consumer products businesses. Jardine Cycle & Carriage serves customers in South East Asia.

Jardine Matheson Southeast Asia (JCNC SP)

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Jardine Matheson Southeast Asia (JCNC SP)

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

A New Era for Jardine Matheson: An Under-The-Radar Transformation.

After Ben Keswick took over Jardine Matheson, the company has slowly transitioned away from being an owner-operator to more of a portfolio manager.

Asian Century Stocks

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

FTSE ST Industrials Outpaces STI in July with a 13.2% Gain

Institutions net bought S$396.6 million in Singapore stocks in July, reducing the 7-month net outflow to S$1.67 billion. Industrials led net...

Singapore Exchange Ltd (SGX)

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