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/old-chang-kee-ltd" target="_blank" data-smartkarma-citation="entities:10465:1" rel="noopener">Old Chang Kee (OCK SP)</a> is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings.</li>
<li>OCK reported their FY26 results on 29th May 26. Revenue grew by 1.5% YoY to S$103.5m. Outlet sales grew by 0.6% YoY while non-outlet sales grew by 8.3% YoY.</li>
<li>While its balance sheet is among the strongest in our small-cap coverage, we struggle to identify a clear near-term catalyst that would presently allow for a rating.</li>
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Old Chang Kee (OCK SP) is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings.
OCK reported their FY26 results on 29th May 26. Revenue grew by 1.5% YoY to S$103.5m. Outlet sales grew by 0.6% YoY while non-outlet sales grew by 8.3% YoY.
While its balance sheet is among the strongest in our small-cap coverage, we struggle to identify a clear near-term catalyst that would presently allow for a rating.


Old Chang Kee - FY26 Earnings Update - Resilient but Cost Pressures Starting to Show

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<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: Pharmaceutical and Medical Aesthetics, Proprietary Brands and Digital Platform and E-Pharmacy.</li>
<li>It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.</li>
<li>We remain NEUTRAL on Hyphens as we think the stock currently trades at fair value. </li>
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Hyphens Pharma International (HYP SP) is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Pharmaceutical and Medical Aesthetics, Proprietary Brands and Digital Platform and E-Pharmacy.
It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.
We remain NEUTRAL on Hyphens as we think the stock currently trades at fair value. 


Hyphens Pharma - FY25 Earnings Update - No Clear Catalysts, FY26 Recovery a Low-Bar Normalisation

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<a href="https://www.smartkarma.com/entities/soon-hock-enterprise-holding-pte-ltd" target="_blank" data-smartkarma-citation="entities:45970:1" rel="noopener">Soon Hock Enterprise Holding (SHOCK SP)</a> is an established real estate developer that undertakes property development and property investment in Singapore.</li>
<li>The Group’s management has been involved in the launch of more than 1,200 units of strata-titled industrial properties in Singapore, achieving a total Gross Development Value (GDV) of S$1bn.</li>
<li>We revise our TP downwards on Soon Hock Enterprise based on a 20% discount to its RNAV of S$268.8m, representing an upside of 12.2%.</li>
</ul>



Soon Hock Enterprise Holding (SHOCK SP) is an established real estate developer that undertakes property development and property investment in Singapore.
The Group’s management has been involved in the launch of more than 1,200 units of strata-titled industrial properties in Singapore, achieving a total Gross Development Value (GDV) of S$1bn.
We revise our TP downwards on Soon Hock Enterprise based on a 20% discount to its RNAV of S$268.8m, representing an upside of 12.2%.


Soon Hock Enterprise - FY25 Earnings Update - Stellar Delivers, Skye Presales in Focus

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<li>
<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 1H26 results on 11th Feb 2026. In this note, we talk about the updates.</li>
</ul>



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 1H26 results on 11th Feb 2026. In this note, we talk about the updates.


ISOTeam - 1H26 Earnings Update - Execution Timing Continues to Weigh on Revenue

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<li>Since the Evolve Capital team began its foray into equity research in late 2024, we’ve been active in providing coverage within the small-mid cap space.</li>
<li>Singapore’s economy has outperformed expectations despite tariff-related headwinds. In light of this resilience, we remain constructive on Singapore’s prospects in the year ahead.  </li>
<li>In this note, we present our top ten picks within the SGX Catalist for 2026, which we have primarily selected through bottom-up analysis.</li>
</ul>


Since the Evolve Capital team began its foray into equity research in late 2024, we’ve been active in providing coverage within the small-mid cap space.
Singapore’s economy has outperformed expectations despite tariff-related headwinds. In light of this resilience, we remain constructive on Singapore’s prospects in the year ahead.  
In this note, we present our top ten picks within the SGX Catalist for 2026, which we have primarily selected through bottom-up analysis.


Singapore

OCBC Bank is a Singaporean multinational banking and financial services corporation. It offers a comprehensive suite of services including consumer, corporate, investment, and private banking, alongside insurance, asset management, and stockbroking. The company is headquartered in Singapore and was founded on October 31, 1932.

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OCBC Bank (OCBC SP)

Old Chang Kee - FY26 Earnings Update - Resilient but Cost Pressures Starting to Show

OCK reported their FY26 results on 29th May 26. Revenue grew by 1.5% YoY to S$103.5m. Outlet sales grew by 0.6% YoY while non-outlet sales grew by...

Evolve Capital Advisory Pte Ltd

Hyphens Pharma - FY25 Earnings Update - No Clear Catalysts, FY26 Recovery a Low-Bar Normalisation

We remain NEUTRAL on Hyphens Pharma as we think the stock currently trades at fair value, with Vietnam being the primary drag.

Evolve Capital Advisory Pte Ltd

Soon Hock Enterprise - FY25 Earnings Update - Stellar Delivers, Skye Presales in Focus

We revise our TP downwards on Soon Hock Enterprise based on a 20% discount to its RNAV of S$268.8m, representing an upside of 12.2%.

Evolve Capital Advisory Pte Ltd

ISOTeam - 1H26 Earnings Update - Execution Timing Continues to Weigh on Revenue

ISOTeam reported their 1H26 results on 11th Feb 2026. In this note, we talk about the updates and share our thoughts on the company.

Evolve Capital Advisory Pte Ltd

Catalist GEMs Poised to Shine (2026)

In this note, we present our top ten picks within the SGX Catalist for 2026, which we have primarily selected through bottom-up analysis.

Evolve Capital Advisory Pte Ltd

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