One-Stop Financial Services, uSMART Securities Pte Ltd

uSMART Securities

One-Stop Financial Services

uSMART Securities Pte Ltd

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

Equity Bottom-Up

<ul>
<li>
<p>QAF is a Singapore-listed food group with Bakery and Distribution &amp; Warehousing operations across Singapore, the Philippines, Malaysia and Australia.</p>
</li>
<li>
<p>The Group also holds a 50% equity-accounted interest in Gardenia Bakeries (KL) Sdn Bhd (GBKL).</p>
</li>
<li>Maintain HOLD; TP to S$1.01 from S$1.02. </li>
</ul>



QAF is a Singapore-listed food group with Bakery and Distribution &amp; Warehousing operations across Singapore, the Philippines, Malaysia and Australia.


The Group also holds a 50% equity-accounted interest in Gardenia Bakeries (KL) Sdn Bhd (GBKL).

Maintain HOLD; TP to S$1.01 from S$1.02. 


Qaf Limited: Maintain HOLD; Modest Core Improvement, but Execution Proof Still Needed.

Vriddhi Consulting

Punit Khanna

Independent Insight Provider

<ul>
<li>QAF stock has been steady as investors look at its steady dividend yield, 5.3%</li>
<li>Stock is being priced as a steady dividend yield play, which we think is wrong</li>
<li>We don't see much upside in the stock and see better value in consumer plays in the region</li>
</ul>
        <div class="content-highlight">
        <h2>Raising Money for Persons with Disabilities in Singapore</h2>
        <p><strong><em>For your kind consideration</em></strong></p>
        <p><em>This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.</em></p>
        <p><em>All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.</em></p>
        <p data-start="635" data-end="669">To contribute, <a href="https://www.giving.sg/donate/campaign/raising-money-for-person-with-disabilities-in-singaporee" target="_blank" rel="noopener">please visit this URL.</a> </p>
        </div>
        


QAF stock has been steady as investors look at its steady dividend yield, 5.3%
Stock is being priced as a steady dividend yield play, which we think is wrong
We don't see much upside in the stock and see better value in consumer plays in the region

        
        Raising Money for Persons with Disabilities in Singapore
        For your kind consideration
        This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.
        All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.
        To contribute, please visit this URL. 
        
        

Qaf Limited: Investors Should Look Beyond Dividend Yield

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.

<ul><li>Revenue did not move, at S$306.7m against S$306.1m, and profit attributable to owners halved to S$1.9m from S$3.9m.</li><li>Between them, profit before tax excluding two one-off charges rose to S$16.5m from S$8.4m, a rise QAF puts at 96%, and most of it is a conversion entry rather than trading.</li><li>Below the operating line sit S$10.0m against the Singapore closure and S$3.9m against the joint venture. </li></ul>

Revenue did not move, at S$306.7m against S$306.1m, and profit attributable to owners halved to S$1.9m from S$3.9m.Between them, profit before tax excluding two one-off charges rose to S$16.5m from S$8.4m, a rise QAF puts at 96%, and most of it is a conversion entry rather than trading.Below the operating line sit S$10.0m against the Singapore closure and S$3.9m against the joint venture. 

<ul><li>QAF Limited is a Singapore-listed consumer food group manufacturing and distributing branded bakery products including Gardenia, Farmland, and Bakers Maison across Singapore, Malaysia, the Philippines, and Australia, and trading food, beverages, and related ingredients across the broader Asia-Pacific region via its Distribution &amp; Warehousing segment.</li><li>QAF Limited is a Singapore-based bakery and food distribution group with manufacturing and distribution operations across Singapore, the Philippines, Malaysia, and Australia, through 15 factories and an extensive distribution network spanning approximately 82,000 retail touchpoints.</li><li>The Group operates two segments: Bakery (~72% of revenue) and Distribution &amp; Warehousing (~26%), supplemented by its 50%-owned Malaysian joint venture, Gardenia Bakeries (KL) Sdn Bhd (GBKL).</li></ul>

QAF Limited is a Singapore-listed consumer food group manufacturing and distributing branded bakery products including Gardenia, Farmland, and Bakers Maison across Singapore, Malaysia, the Philippines, and Australia, and trading food, beverages, and related ingredients across the broader Asia-Pacific region via its Distribution &amp; Warehousing segment.QAF Limited is a Singapore-based bakery and food distribution group with manufacturing and distribution operations across Singapore, the Philippines, Malaysia, and Australia, through 15 factories and an extensive distribution network spanning approximately 82,000 retail touchpoints.The Group operates two segments: Bakery (~72% of revenue) and Distribution &amp; Warehousing (~26%), supplemented by its 50%-owned Malaysian joint venture, Gardenia Bakeries (KL) Sdn Bhd (GBKL).

QAF Limited Initiation Coverage (7 July 2026)

<ul>
<li>Singapore small-mid cap stocks are having a good run in anticipation of Market Equity Development Programme. QAF may appeal to yield investors</li>
<li>QAF is a well run number 1 bread company in Singapore, Malaysia and Philippines</li>
<li>Business is stable and mature making it difficult for a new player to enter the market</li>
</ul>
<div class="content-highlight">
<h2>Raising Money for Persons with Disabilities in Singapore</h2>
<p><strong><em>For your kind consideration</em></strong></p>
<p><em>This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.</em></p>
<p><em>All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.</em></p>
<p data-start="635" data-end="669">To contribute, <a href="https://www.giving.sg/donate/campaign/giving-sg-donate-campaign" target="_blank" rel="noopener">please visit this URL.</a> </p>
</div>


Singapore small-mid cap stocks are having a good run in anticipation of Market Equity Development Programme. QAF may appeal to yield investors
QAF is a well run number 1 bread company in Singapore, Malaysia and Philippines
Business is stable and mature making it difficult for a new player to enter the market


Raising Money for Persons with Disabilities in Singapore
For your kind consideration
This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.
All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.
To contribute, please visit this URL. 


QAF: Regional Consumer Stock with Appealing 5.6% Dividend Yield

Singapore

QAF Ltd. is an investment holding company primarily engaged in the manufacture and distribution of bread, bakery, and confectionery products, including the Gardenia brand, and the trading and distribution of various food and beverage products under brands like Cowhead and Farmland. The company also provides warehousing logistics services and is involved in primary production, including pork. QAF Ltd. is headquartered in Singapore and was founded in 1950.

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QAF (QAF SP)

Qaf Limited: Maintain HOLD; Modest Core Improvement, but Execution Proof Still Needed.

QAF is a Singapore-listed food group with Bakery and Distribution & Warehousing operations across Singapore, the Philippines, Malaysia and...

uSMART Securities

Qaf Limited: Investors Should Look Beyond Dividend Yield

QAF is the larget bakery operator in Singapore, Malaysia and Phi;ippines with 5.3% dividend yield but earnings are flat and dividend is not...

Punit Khanna

QAF Limited: 1HFY2026 Results Update

Revenue did not move, at S$306.7m against S$306.1m, and profit attributable to owners halved to S$1.9m from S$3.9m. Between them, profit before...

ICAM

QAF Limited Initiation Coverage (7 July 2026)

Southeast Asia’s Leading Bread Franchise with Undemanding Valuation. QAF Limited is a Singapore-listed consumer food group...

uSMART Securities

QAF: Regional Consumer Stock with Appealing 5.6% Dividend Yield

QAF is the number 1 bread company in Singapore, Malaysia and Philippines, its a stable business and offers 5.6% dividend yield

Punit Khanna

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Qaf Limited: Maintain HOLD; Modest Core Improvement, but Execution Proof Still Needed.

QAF is a Singapore-listed food group with Bakery and Distribution & Warehousing operations across Singapore, the Philippines, Malaysia and...

uSMART Securities

Qaf Limited: Investors Should Look Beyond Dividend Yield

QAF is the larget bakery operator in Singapore, Malaysia and Phi;ippines with 5.3% dividend yield but earnings are flat and dividend is not...

Punit Khanna

QAF Limited: 1HFY2026 Results Update

Revenue did not move, at S$306.7m against S$306.1m, and profit attributable to owners halved to S$1.9m from S$3.9m. Between them, profit before...

ICAM

QAF Limited Initiation Coverage (7 July 2026)

Southeast Asia’s Leading Bread Franchise with Undemanding Valuation. QAF Limited is a Singapore-listed consumer food group...

uSMART Securities

QAF: Regional Consumer Stock with Appealing 5.6% Dividend Yield

​QAF is the number 1 bread company in Singapore, Malaysia and Philippines, its a stable business and offers 5.6% dividend yield

Punit Khanna

QAF is the number 1 bread company in Singapore, Malaysia and Philippines, its a stable business and offers 5.6% dividend yield