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

Hyphens Pharma International / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyphens-pharma-international" target="_blank" data-smartkarma-citation="entities:28034:1" rel="noopener">Hyphens Pharma International (HYP SP)</a> is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Specialty Pharma Principals, Proprietary Brands and Medical Hypermart and Digital.</li>
<li>It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.</li>
<li>We initiate rated coverage on Hyphens with a TP of S$0.365, pegged to 9.5x FY25E P/E, representing an upside of approximately 28.1%.</li>
</ul>



Hyphens Pharma International (HYP SP) is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Specialty Pharma Principals, Proprietary Brands and Medical Hypermart and Digital.
It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.
We initiate rated coverage on Hyphens with a TP of S$0.365, pegged to 9.5x FY25E P/E, representing an upside of approximately 28.1%.


Hyphens Pharma Initiation - Decent Fundamentals, Weak Valuations

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.

Capitaland Integrated Commercial Trust / Equity Bottom-Up

<ul><li>S-REITs recorded net institutional inflows of S$42 million, reversing nearly seven weeks of net outflows.</li><li>CapitaLand Integrated Commercial Trust's FY24 AUM grew 6%, with NPI up 3.4% and rental reversion increases.</li><li>The US Federal Reserve maintained interest rates at 4.25-4.5%, lowered 2025 growth forecast, and raised inflation projection.</li></ul>

S-REITs recorded net institutional inflows of S$42 million, reversing nearly seven weeks of net outflows.CapitaLand Integrated Commercial Trust's FY24 AUM grew 6%, with NPI up 3.4% and rental reversion increases.The US Federal Reserve maintained interest rates at 4.25-4.5%, lowered 2025 growth forecast, and raised inflation projection.

REIT Watch - S-REITs surge as banks decline; see beginnings of a rebound

<ul><li>Retail investors net bought S$487 million in Singapore shares since end-2024, focusing on Financial Services, REITs, Technology.</li><li>Non-STI stocks with highest net retail buying: Keppel REIT, AEM Holdings, CapitaLand India Trust, CapitaLand Ascott Trust, iFAST Corporation.</li><li>SGX-listed REIT ETFs attracted S$38 million net inflows in 2025, increasing AUM to over S$1 billion.</li></ul>

Retail investors net bought S$487 million in Singapore shares since end-2024, focusing on Financial Services, REITs, Technology.Non-STI stocks with highest net retail buying: Keppel REIT, AEM Holdings, CapitaLand India Trust, CapitaLand Ascott Trust, iFAST Corporation.SGX-listed REIT ETFs attracted S$38 million net inflows in 2025, increasing AUM to over S$1 billion.

Singapore Stocks with the Most Net Retail Buy & Sells in Early 2025

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>DBS chooses CapitaLand Ascott Trust as top choice for 2025, no property market bubble, no need for cooling measures.</li>
<li>Medical tourism drives growth in Asean hospitals, RHB suggests looking beyond index for strong performance.</li>
<li>DBS maintains 'buy' rating on CapitaLand Investment, OCBC predicts support for DBS shares, tips retail REITs for 2025.</li>
</ul>


DBS chooses CapitaLand Ascott Trust as top choice for 2025, no property market bubble, no need for cooling measures.
Medical tourism drives growth in Asean hospitals, RHB suggests looking beyond index for strong performance.
DBS maintains 'buy' rating on CapitaLand Investment, OCBC predicts support for DBS shares, tips retail REITs for 2025.


Singapore Market Roundup (17-Dec-2024): By 2025, Singapore Hotels Moderate

<ul>
<li>CGS International predicts significant growth in ASEAN hospitals due to medical tourism boosting the industry</li>
<li>DBS retains 'buy' rating and $3.85 target price for CapitaLand Investment after $200M Wingate deal</li>
<li>UOB Kay Hian sees Hong Leong Asia as undervalued with two growth engines, advising investors to consider the stock opportunity</li>
</ul>


CGS International predicts significant growth in ASEAN hospitals due to medical tourism boosting the industry
DBS retains 'buy' rating and $3.85 target price for CapitaLand Investment after $200M Wingate deal
UOB Kay Hian sees Hong Leong Asia as undervalued with two growth engines, advising investors to consider the stock opportunity


Singapore Market Roundup (16-Dec-2024): Medical Tourism Boosts ASEAN Hospitals

Singapore

Keppel REIT operates as a commercial real estate investment trust. The Trust owns and invests in a portfolio of income-producing office buildings and related real estate assets. Keppel REIT offers its services in Asia and Australia.

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Keppel REIT (KREIT SP)

Hyphens Pharma Initiation - Decent Fundamentals, Weak Valuations

We initiate rated coverage on Hyphens with a TP of S$0.365, pegged to 9.5x FY25E P/E, representing an upside of approximately 28.1%.

Evolve Capital Advisory Pte Ltd

REIT Watch - S-REITs surge as banks decline; see beginnings of a rebound

S-REITs recorded net institutional inflows of S$42 million, reversing nearly seven weeks of net outflows. CapitaLand Integrated Commercial Trust's...

Singapore Exchange Ltd (SGX)

Singapore Stocks with the Most Net Retail Buy & Sells in Early 2025

Retail investors net bought S$487 million in Singapore shares since end-2024, focusing on Financial Services, REITs, Technology. Non-STI stocks...

Singapore Exchange Ltd (SGX)

Singapore Market Roundup (17-Dec-2024): By 2025, Singapore Hotels Moderate

In 2025, Singapore hotels and property market expected to remain steady, with DBS recommending CapitaLand Ascott Trust and office S-REITs as top...

Singapore Market Roundup

Singapore Market Roundup (16-Dec-2024): Medical Tourism Boosts ASEAN Hospitals

CGS International predicts significant growth in ASEAN hospitals due to medical tourism boosting the industry. DBS retains 'buy' rating and $3.85...

Singapore Market Roundup

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52-week Range

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