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>On 15th May 2025, 3HA Capital (a consortium formed by HHH Group,Hanwa Co, AYS and Thor Capital) launched a takeover offer for <a href="https://www.smartkarma.com/entities/cosmosteel-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15964:1" rel="noopener">Cosmosteel Holdings (CSMS SP)</a> at S$0.20/share.</li>
<li>After the offer was deemed unfair but unreasonable, 3HA Capital revised the offer upwards to S$0.25/share on 23rd Jun 2025 but also announced that it was final.</li>
<li>We opine it would not be in the minority shareholders’ interests to continue holding onto their stakes.  <strong>We advise shareholders to accept the deal or sell in the open market.</strong>
</li>
</ul>


On 15th May 2025, 3HA Capital (a consortium formed by HHH Group,Hanwa Co, AYS and Thor Capital) launched a takeover offer for Cosmosteel Holdings (CSMS SP) at S$0.20/share.
After the offer was deemed unfair but unreasonable, 3HA Capital revised the offer upwards to S$0.25/share on 23rd Jun 2025 but also announced that it was final.
We opine it would not be in the minority shareholders’ interests to continue holding onto their stakes.  We advise shareholders to accept the deal or sell in the open market.



Cosmosteel Holdings Special Report - Decent Premium Above the 10Y Average

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>Sanli Environmental and mDR saw significant increases in average daily trading turnover, with returns of 98.9% and 137.5% respectively.</li><li>Q&M Dental led net institutional inflows with S$7.68 million, alongside increased CEO ownership and active share buybacks.</li><li>OKP Holdings secured a S$258 million contract, boosting its order book to S$736 million, with visibility to 2031.</li></ul>

Sanli Environmental and mDR saw significant increases in average daily trading turnover, with returns of 98.9% and 137.5% respectively.Q&M Dental led net institutional inflows with S$7.68 million, alongside increased CEO ownership and active share buybacks.OKP Holdings secured a S$258 million contract, boosting its order book to S$736 million, with visibility to 2031.

Markets in Motion: Turnover Gains Spark Sharper Spreads

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Brokers' top stock picks include CLAR, CICT, CNMC Goldmine, KORE, Wilmar, Parkway Life REIT, FLCT, and ST Engineering.</li><li>Analysts recommend buying Digital Core REIT due to increased rents and leasing strength, while optimistic about Oiltek's new orders for FY2025.</li><li>CGSI optimistic about Seatrium with new MOU for second bp FPU; OCBC boosts fair value. Citi downgrades SGX to 'sell'. PhillipCapital maintains 'accumulate' rating on BRC Asia, raises TP to $3.15. Maybank Securities maintains 'buy' rating on SingPost. DBS upgrades Elite UK REIT to 'buy'.</li></ul>

Brokers' top stock picks include CLAR, CICT, CNMC Goldmine, KORE, Wilmar, Parkway Life REIT, FLCT, and ST Engineering.Analysts recommend buying Digital Core REIT due to increased rents and leasing strength, while optimistic about Oiltek's new orders for FY2025.CGSI optimistic about Seatrium with new MOU for second bp FPU; OCBC boosts fair value. Citi downgrades SGX to 'sell'. PhillipCapital maintains 'accumulate' rating on BRC Asia, raises TP to $3.15. Maybank Securities maintains 'buy' rating on SingPost. DBS upgrades Elite UK REIT to 'buy'.

Singapore Market Roundup (14-Feb-2025): Brokers' top picks: CLAR, CICT, CNMC, KORE, Wilmar, Parkway Life, FLCT, ST Engineering.

<ul><li>OCBC downgrades UOB to 'hold' due to new high share price, signaling potentially limited growth opportunities.</li><li>CGSI reinitiates coverage on Food Empire, sets ambitious new target price at $1.43, indicating strong growth potential.</li><li>UOB Kay Hian raises Digital Core REIT's target price to 99 US cents and maintains 'buy' on SingPost, with positive outlook for both companies.</li></ul>

OCBC downgrades UOB to 'hold' due to new high share price, signaling potentially limited growth opportunities.CGSI reinitiates coverage on Food Empire, sets ambitious new target price at $1.43, indicating strong growth potential.UOB Kay Hian raises Digital Core REIT's target price to 99 US cents and maintains 'buy' on SingPost, with positive outlook for both companies.

Singapore Market Roundup (10-Jan-2025): OCBC downgrades UOB to 'hold'.

<ul>
<li>CGSI has initiated coverage on Pacific Radiance and Marco Polo Marine, identifying them as beneficiaries of O&amp;M industry.</li>
<li>Brokers' Digest provides latest updates on Bumitama Agri, Oiltek, ST Engineering, SGX, Suntec REIT, Kimly, SingPost, PropNex, Raffles Medical.</li>
<li>Panin Bank acquisition might not have significant impact on OCBC and DBS due to uncertainties, according to RHB. XMH Holdings' 1HFY2025 earnings surge by 94.5% to $12.6 million. Accrelist exec chairman increases stake to 26.48%, while Tuan Sing CEO Liem raises ownership to 54.28%.</li>
</ul>


CGSI has initiated coverage on Pacific Radiance and Marco Polo Marine, identifying them as beneficiaries of O&amp;M industry.
Brokers' Digest provides latest updates on Bumitama Agri, Oiltek, ST Engineering, SGX, Suntec REIT, Kimly, SingPost, PropNex, Raffles Medical.
Panin Bank acquisition might not have significant impact on OCBC and DBS due to uncertainties, according to RHB. XMH Holdings' 1HFY2025 earnings surge by 94.5% to $12.6 million. Accrelist exec chairman increases stake to 26.48%, while Tuan Sing CEO Liem raises ownership to 54.28%.


Singapore Market Roundup (13-Dec-2024): CGSI Covers Pacific Radiance & Marco Polo Marine

Singapore

Koh Brothers Group Limited is an investment holding company whose subsidiaries are active in construction and real estate development.  The Company also manufactures concrete products and building materials, manages hotels, and sells and rents construction equipment.  Koh Brothers distributes, designs, and fabricates equipment products for the oil and gas industry.

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Koh Brothers (KOH SP)

Cosmosteel Holdings Special Report - Decent Premium Above the 10Y Average

3HA Capital's final offer for the takeover of CosmoSteel Holdings is at S$0.25 / share. We advise shareholders to accept the deal or sell in the...

Evolve Capital Advisory Pte Ltd

Markets in Motion: Turnover Gains Spark Sharper Spreads

Sanli Environmental and mDR saw significant increases in average daily trading turnover, with returns of 98.9% and 137.5% respectively. Q&M...

Singapore Exchange Ltd (SGX)

Singapore Market Roundup (14-Feb-2025): Brokers' top picks: CLAR, CICT, CNMC, KORE, Wilmar, Parkway Life, FLCT, ST Engineering.

Analysts recommend buying Digital Core REIT and are optimistic about Oiltek and Seatrium's new orders, while Citi downgrades SGX, PhillipCapital...

Singapore Market Roundup

Singapore Market Roundup (10-Jan-2025): OCBC downgrades UOB to 'hold'.

OCBC downgrades UOB to 'hold', CGSI reinitiates coverage on Food Empire, UOB Kay Hian raises Digital Core REIT target price and maintains 'buy' on...

Singapore Market Roundup

Singapore Market Roundup (13-Dec-2024): CGSI Covers Pacific Radiance & Marco Polo Marine

CGSI initiates coverage on Pacific Radiance and Marco Polo Marine as beneficiaries of O&M, add calls; Bumitama Agri, Oiltek, ST Engineering, SGX,...

Singapore Market Roundup

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