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>Penguin International Limited’s (PIL) FY2025 revenue rose 13.2% to S$267.0m, with shipbuilding, repair and maintenance up 4.6% to S$196.4m and vessel chartering up 46.6% to S$70.6m.</li><li>This shift is important because chartering became a larger part of group revenue, rising from 20.4% in FY2024 to 26.4% in FY2025.</li><li>The group is therefore less dependent on a single delivery cycle than before.</li></ul>

Penguin International Limited’s (PIL) FY2025 revenue rose 13.2% to S$267.0m, with shipbuilding, repair and maintenance up 4.6% to S$196.4m and vessel chartering up 46.6% to S$70.6m.This shift is important because chartering became a larger part of group revenue, rising from 20.4% in FY2024 to 26.4% in FY2025.The group is therefore less dependent on a single delivery cycle than before.

Penguin International Limited: Results Update

<ul><li>Penguin operates two core segments: vessel chartering, and shipbuilding plus ship repairs and maintenance.</li><li>The shipbuilding segment focuses on high-speed aluminium commercial vessels, alongside repairs and maintenance services.</li><li>The integrated model matters because it can recycle market knowledge into design choices, but it also combines two very different cash cycles in one balance sheet. </li></ul>

Penguin operates two core segments: vessel chartering, and shipbuilding plus ship repairs and maintenance.The shipbuilding segment focuses on high-speed aluminium commercial vessels, alongside repairs and maintenance services.The integrated model matters because it can recycle market knowledge into design choices, but it also combines two very different cash cycles in one balance sheet. 

Penguin International Limited Initiating Coverage

Thematic (Sector/Industry)

<ul><li>Defence technology, surveillance and security systems exposure on SGX is real, but narrow.</li><li>The theme is not a pure drone screen and not a broad defence-stock screen. It covers systems used to detect, monitor, communicate, coordinate and respond across defence, public safety, airspace, ports and critical infrastructure.</li><li>The listed map has one broad anchor, several narrower operating routes and a small watchlist of boundary names. </li></ul>

Defence technology, surveillance and security systems exposure on SGX is real, but narrow.The theme is not a pure drone screen and not a broad defence-stock screen. It covers systems used to detect, monitor, communicate, coordinate and respond across defence, public safety, airspace, ports and critical infrastructure.The listed map has one broad anchor, several narrower operating routes and a small watchlist of boundary names. 

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.

<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.

Singapore

Penguin International Limited is a Singaporean designer, builder, owner, and operator of aluminium high-speed craft, including crewboats, passenger ferries, and security vessels. The company offers shipbuilding, repair, and marine and offshore services, operating shipyards in Singapore and Batam, Indonesia. Headquartered in Singapore, the company was incorporated in 1976.

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Penguin International (PBS SP)

Penguin International Limited: Results Update

Penguin International Limited’s (PIL) FY2025 revenue rose 13.2% to S$267.0m, with shipbuilding, repair and maintenance up 4.6% to S$196.4m and...

ICAM

Penguin International Limited Initiating Coverage

Penguin operates two core segments: vessel chartering, and shipbuilding plus ship repairs and maintenance. The shipbuilding segment focuses on...

ICAM

Singapore Defence and Security Systems

Defence technology, surveillance and security systems exposure on SGX is real, but narrow. The theme is not a pure drone screen and not a broad...

ICAM

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

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