Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Micro Mechanics (Holdings) / Equity Bottom-Up

<ul>
<li>We attended <a href="https://www.smartkarma.com/entities/micro-mechanics-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19384:1" rel="noopener">Micro Mechanics (Holdings) (MMH SP)</a> AGM in Singapore on 30 October.</li>
<li>Management also released 1Q26 results which show muted growth. China remains the most important market.</li>
<li>MMH has no debt, consistently high margins, high ROE's and a 22-year track record of paying dividends to investors.</li>
</ul>


We attended Micro Mechanics (Holdings) (MMH SP) AGM in Singapore on 30 October.
Management also released 1Q26 results which show muted growth. China remains the most important market.
MMH has no debt, consistently high margins, high ROE's and a 22-year track record of paying dividends to investors.


Micro-Mechanics AGM: High Quality Company Waiting for Upturn

SAC Capital

Independent Insight Provider

<ul>
<li>Micro-Mechanics (Holdings) Limited is a Singapore-based precision engineering company that designs, manufactures, and markets high-precision tools and parts for process-critical applications for the semiconductor and other high technology industries.</li>
<li>The group operates across two segments: Consumable Tools, which are tiny, consumable precision tools used in the assembly and testing of semiconductor chips, and Wafer Fabrication Equipment (WFE) Parts, which are precision components used in semiconductor wafer fabrication equipment.</li>
<li>By serving both back-end and front-end processes, Micro-Mechanics operates in a niche and essential segment of the semiconductor supply chain.</li>
</ul>


Micro-Mechanics (Holdings) Limited is a Singapore-based precision engineering company that designs, manufactures, and markets high-precision tools and parts for process-critical applications for the semiconductor and other high technology industries.
The group operates across two segments: Consumable Tools, which are tiny, consumable precision tools used in the assembly and testing of semiconductor chips, and Wafer Fabrication Equipment (WFE) Parts, which are precision components used in semiconductor wafer fabrication equipment.
By serving both back-end and front-end processes, Micro-Mechanics operates in a niche and essential segment of the semiconductor supply chain.


Micro-Mechanics (Holdings) Limited - Next Generation Supplier of the Semicon Industry

The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

Thematic (Sector/Industry)

<ul><li>Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the Artificial Intelligence (AI) sector, both directly and indirectly.</li><li>On direct exposure, we identify companies listed on the SGX – mainly in the upstream (including data centres) and midstream segments - which are, to a large or some extent, involved in AI. Downstream AI companies are predominately end-users and applications.</li><li>As a rough guide, the market capitalization of these companies totals around SGD21.3bn, accounting for a relatively small share of about 2.7% of the aggregated capitalization of SGD773bn of the FTSE Straits Times All Share Index (which comprises the top 98% of companies in the SGX Mainboard universe).</li></ul>

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the Artificial Intelligence (AI) sector, both directly and indirectly.On direct exposure, we identify companies listed on the SGX – mainly in the upstream (including data centres) and midstream segments - which are, to a large or some extent, involved in AI. Downstream AI companies are predominately end-users and applications.As a rough guide, the market capitalization of these companies totals around SGD21.3bn, accounting for a relatively small share of about 2.7% of the aggregated capitalization of SGD773bn of the FTSE Straits Times All Share Index (which comprises the top 98% of companies in the SGX Mainboard universe).

<ul><li>Singapore’s non-oil domestic exports (NODX) unexpectedly fell 3.5% y/y in May, the worst in seven months.</li><li>The contraction was led by a slump in exports to the US (-20.6% y/y), suggesting that the front-loading ahead of US tariffs has faded.</li><li>Meanwhile, manufacturing PMI has slipped into the contractionary zone since April, last seen nearly two years ago.</li></ul>

Singapore’s non-oil domestic exports (NODX) unexpectedly fell 3.5% y/y in May, the worst in seven months.The contraction was led by a slump in exports to the US (-20.6% y/y), suggesting that the front-loading ahead of US tariffs has faded.Meanwhile, manufacturing PMI has slipped into the contractionary zone since April, last seen nearly two years ago.

Offering Senior Secured Loans, Kilde

Kilde

Offering Senior Secured Loans

Kilde connects family offices, funds, and accredited investors to investment-ready private credit deals in developed and emerging markets. We offer senior secured loans from last-mile lending companies with strong capitalization, a healthy balance sheet, and a capable management team.

<ul>
<li>The industrial machinery sector in Singapore includes companies that manufacture semiconductor equipment, precision engineering tools, robotics, and automation solutions. The growth in the industry is closely linked to the manufacturing sector.</li>
<li>The increasing demand for semiconductor chips has emerged as a key driver of growth in recent years.</li>
<li>Singapore’s manufacturing sector expanded by 4.3% y/y in 2024 and is expected to expand at a robust pace in 2025 as well evident by a 9.1% y/y jump in manufacturing output in January 2025.</li>
</ul>


The industrial machinery sector in Singapore includes companies that manufacture semiconductor equipment, precision engineering tools, robotics, and automation solutions. The growth in the industry is closely linked to the manufacturing sector.
The increasing demand for semiconductor chips has emerged as a key driver of growth in recent years.
Singapore’s manufacturing sector expanded by 4.3% y/y in 2024 and is expected to expand at a robust pace in 2025 as well evident by a 9.1% y/y jump in manufacturing output in January 2025.


Singapore Industrial Machinery: Manufacturing Growth Driving Machinery Sector

Singapore

Micro-Mechanics Holdings Limited designs and manufactures precision tools.  The Company also provides effective solutions and total support services to its customers.

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Micro Mechanics (Holdings) (MMH SP)

Micro-Mechanics AGM: High Quality Company Waiting for Upturn

Micro Mechanics (Holdings) AGM reveals muted growth in 1Q26, with China as key market. Strong financials include no debt, high margins, ROE, and...

Nicolas Van Broekhoven

Micro-Mechanics (Holdings) Limited - Next Generation Supplier of the Semicon Industry

Micro-Mechanics (Holdings) Limited is a Singapore-based precision engineering company that designs, manufactures, and markets high-precision tools...

SAC Capital

Singapore Equity Strategy: November 2025

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the...

Wealth Management Alliance

Singapore Equity Strategy: June 2025

Singapore’s non-oil domestic exports (NODX) unexpectedly fell 3.5% y/y in May, the worst in seven months. The contraction was led by a slump...

Wealth Management Alliance

Singapore Industrial Machinery: Manufacturing Growth Driving Machinery Sector

The industrial machinery sector in Singapore includes companies that manufacture semiconductor equipment, precision engineering tools, robotics,...

Kilde

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