Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

Equity Bottom-Up

<ul><li>OKP is not a simple order-book, cash or property case.</li><li>It is better approached as a contractor recovery and cash-conversion case.</li><li>The central issue is whether stronger revenue, margins and cash flow can become normalized cash flow per share after contractor accounting, balance-sheet claims, property exposure and governance are separated. </li></ul>

OKP is not a simple order-book, cash or property case.It is better approached as a contractor recovery and cash-conversion case.The central issue is whether stronger revenue, margins and cash flow can become normalized cash flow per share after contractor accounting, balance-sheet claims, property exposure and governance are separated. 

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 were net sellers of Singapore stocks, with a net outflow of S$631 million from April 17-23.  </li><li>Singtel led share buybacks, purchasing 15.2 million shares under its S$2 billion value realisation programme.  </li><li>CICT raised S$750 million via private placement to finance the acquisition of Paragon on Orchard Road.</li></ul>

Institutions were net sellers of Singapore stocks, with a net outflow of S$631 million from April 17-23.  Singtel led share buybacks, purchasing 15.2 million shares under its S$2 billion value realisation programme.  CICT raised S$750 million via private placement to finance the acquisition of Paragon on Orchard Road.

JEP, XMH Chairs Up Stakes; AGT Becomes OKP Substantial Shareholder; MoneyMax Placement

Dealing, Product Financing and Custody Services, Tickrs

Tickrs

Dealing, Product Financing and Custody Services

Tickrs Financial Singapore Pte Ltd (TFS) obtained Capital Markets Services (CMS) License from the Monetary Authority of Singapore (MAS) in 2022. Product offering include stock trading services across 10 global markets, futures trading, fixed income and wealth management products offering.

<ul><li>Record Order Book Provides Multi-Year Revenue Visibility The recently awarded S$87.3 million LTA contract for the Jurong Region Line commuter infrastructure lifts OKP's net construction order book to S$627.2 million as of March 2026 (total order book including maintenance: S$672.2 million), with projects extending to 2031.</li><li>This equates to 2.8x FY2025 revenue, providing substantial forward earnings coverage.</li><li>Critically, the order book is heavily weighted toward public sector contracts with government agencies (LTA, PUB, JTC), which carry lower counterparty risk and more predictable payment profiles.</li></ul>

Record Order Book Provides Multi-Year Revenue Visibility The recently awarded S$87.3 million LTA contract for the Jurong Region Line commuter infrastructure lifts OKP's net construction order book to S$627.2 million as of March 2026 (total order book including maintenance: S$672.2 million), with projects extending to 2031.This equates to 2.8x FY2025 revenue, providing substantial forward earnings coverage.Critically, the order book is heavily weighted toward public sector contracts with government agencies (LTA, PUB, JTC), which carry lower counterparty risk and more predictable payment profiles.

OKP Holdings Update : Record Earnings, Record Order Book: The Infrastructure Upcycle Delivers

<ul><li>SMID stocks in Singapore saw S$472 million net institutional inflows in 2H25, reversing S$150 million outflows from 1H25.</li><li>Technology sector led SMID inflows with S$308 million, driven by AI adoption and CSE Global's 50% share price increase.</li><li>Construction sector growth boosted nine SMID stocks, with OKP Holdings securing a S$258 million contract, increasing its order book.</li></ul>

SMID stocks in Singapore saw S$472 million net institutional inflows in 2H25, reversing S$150 million outflows from 1H25.Technology sector led SMID inflows with S$308 million, driven by AI adoption and CSE Global's 50% share price increase.Construction sector growth boosted nine SMID stocks, with OKP Holdings securing a S$258 million contract, increasing its order book.

Fundamentals Driving Recent SMID Institutional Flows

Investment Management, 8VantEdge

8VantEdge

Investment Management

8VantEdge offers a hybrid fundamental stock picking combined with algorithmic rules based on human psychology.

Thematic (Sector/Industry)

<ul><li>Singapore's construction sector offers a rare convergence of government-guaranteed demand visibility and structural ESG transformation.</li><li>The URA Draft Master Plan 2025 and LTA Land Transport Master Plan 2040 lock in a decade-long pipeline of urbanisation, rail, and active mobility infrastructure works.</li><li>Carbon tax escalation and mandatory green disclosure are simultaneously raising the compliance bar, concentrating contract awards among operators with embedded sustainability capabilities.</li></ul>

Singapore's construction sector offers a rare convergence of government-guaranteed demand visibility and structural ESG transformation.The URA Draft Master Plan 2025 and LTA Land Transport Master Plan 2040 lock in a decade-long pipeline of urbanisation, rail, and active mobility infrastructure works.Carbon tax escalation and mandatory green disclosure are simultaneously raising the compliance bar, concentrating contract awards among operators with embedded sustainability capabilities.

ESG-Driven Real Estate - Building Tomorrow: Singapore's Construction Champions of the URA & LTA

Singapore

OKP Holdings Limited is a leading transport infrastructure and civil engineering group in Singapore, specializing in the construction of airport runways, expressways, vehicular bridges, urban roads, and oil and gas-related infrastructure. The Group also undertakes maintenance works for roads and road-related facilities, and has expanded into property development and investments. Headquartered in Singapore, the company traces its origins to a sole proprietorship established in 1966.

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OKP (OKP SP)

OKP Holdings Limited Initiating Coverage

OKP is not a simple order-book, cash or property case. It is better approached as a contractor recovery and cash-conversion case. The central...

ICAM

JEP, XMH Chairs Up Stakes; AGT Becomes OKP Substantial Shareholder; MoneyMax Placement

Institutions were net sellers of Singapore stocks, with a net outflow of S$631 million from April 17-23. Singtel led share buybacks, purchasing...

Singapore Exchange Ltd (SGX)

OKP Holdings Update : Record Earnings, Record Order Book: The Infrastructure Upcycle Delivers

Record Order Book Provides Multi-Year Revenue Visibility The recently awarded S$87.3 million LTA contract for the Jurong Region Line commuter...

Tickrs

Fundamentals Driving Recent SMID Institutional Flows

SMID stocks in Singapore saw S$472 million net institutional inflows in 2H25, reversing S$150 million outflows from 1H25. Technology sector led...

Singapore Exchange Ltd (SGX)

ESG-Driven Real Estate - Building Tomorrow: Singapore's Construction Champions of the URA & LTA

Singapore's construction sector offers a rare convergence of government-guaranteed demand visibility and structural ESG transformation. The URA...

8VantEdge

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