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>FY2025 moved the case forward, but not in a clean straight line.</li><li>Reported revenue was broadly flat at S$633.6m, while PATMI rose to S$39.8m and EBITDA before exceptional items rose to S$69.7m.</li><li>The balance sheet also strengthened again, with cash at S$214.1m, gross debt down to S$23.2m and net cash at about S$191m. </li></ul>

FY2025 moved the case forward, but not in a clean straight line.Reported revenue was broadly flat at S$633.6m, while PATMI rose to S$39.8m and EBITDA before exceptional items rose to S$69.7m.The balance sheet also strengthened again, with cash at S$214.1m, gross debt down to S$23.2m and net cash at about S$191m. 

Vriddhi Consulting

Punit Khanna

Independent Insight Provider

<ul>
<li>The stock has rallied 12% since we initiated coverage, &amp; now yield is 4.9%</li>
<li>Stock PE multiple is now 20x, and given that it's earnings are not growing, it does not offer much upside.</li>
<li>The business has a moat as the underlying business is stable and mature and difficult for new player to enter the market</li>
</ul>
 <div class="content-highlight">
 <h2>Raising Money for Persons with Disabilities in Singapore</h2>
 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, <a href="https://www.giving.sg/donate/campaign/raising-money-for-person-with-disabilities-empowering-visions-shaping-future" target="_blank" rel="noopener">please visit this URL.</a> 
 </div>


The stock has rallied 12% since we initiated coverage, &amp; now yield is 4.9%
Stock PE multiple is now 20x, and given that it's earnings are not growing, it does not offer much upside.
The business has a moat as the underlying business is stable and mature and difficult for 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. 
    
    

<ul><li>QAF is a Singapore-headquartered food group with a core footprint in bakery manufacturing and distribution led routes to market across multiple countries.</li><li>The group has more than 10,000 employees and ~40 key brands, with production across 16 factories located in Singapore, the Philippines, Malaysia, and Australia.</li><li>It also has more than 10 export markets and a distribution network that includes warehouses, cold store facilities, trucks, and route coverage, which means execution is operationally intensive and any slippage tends to show up first in service levels, wastage, and working capital.</li></ul>

QAF is a Singapore-headquartered food group with a core footprint in bakery manufacturing and distribution led routes to market across multiple countries.The group has more than 10,000 employees and ~40 key brands, with production across 16 factories located in Singapore, the Philippines, Malaysia, and Australia.It also has more than 10 export markets and a distribution network that includes warehouses, cold store facilities, trucks, and route coverage, which means execution is operationally intensive and any slippage tends to show up first in service levels, wastage, and working capital.

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.

Thematic (Sector/Industry)

<ul><li>In 2016, Singapore’s Consumer Staples Sector surged 25.8% on a capitalisation-weighted total return basis. There was a degree of consistency in the returns of the 10 biggest stocks of the Sector with total returns averaging 28.9%. </li><li>Among the 10 biggest stocks of the Consumer Staples Sector, the three best performers were <a href="https://www.smartkarma.com/entities/15597" target="_blank" data-smartkarma-citation="entities:15597">Japfa Ltd (JAP SP)</a>, <a href="https://www.smartkarma.com/entities/20972" target="_blank" data-smartkarma-citation="entities:20972">Super Group Ltd (SUPER SP)</a> and <a href="https://www.smartkarma.com/entities/1142" target="_blank" data-smartkarma-citation="entities:1142">Golden Agri Resources Ltd (GGR SP)</a>. For the nine months ending 30 Sep 2016: Japfa reported operating profit of US$268.4 million, up 90% from a year ago; while GAR reported profit attributable to owners of the company at US$353.3 million compared to a loss of US$9.2 million a year ago.  Super Group was subject to a proposed acquisition by the world’s leading pure-play CPG coffee company, priced at a 62.5% premium to the preceding close.</li><li>The next two best performing sectors were Materials and Information Technology which generated capitalisation-weighted total returns of 17.3% and 14.5% respectively. All Singapore’s key GICS® Sectors generated gains in 2016, with Energy generating the smallest of the gains at 0.9%. </li></ul>

In 2016, Singapore’s Consumer Staples Sector surged 25.8% on a capitalisation-weighted total return basis. There was a degree of consistency in the returns of the 10 biggest stocks of the Sector with total returns averaging 28.9%. Among the 10 biggest stocks of the Consumer Staples Sector, the three best performers were Japfa Ltd (JAP SP), Super Group Ltd (SUPER SP) and Golden Agri Resources Ltd (GGR SP). For the nine months ending 30 Sep 2016: Japfa reported operating profit of US$268.4 million, up 90% from a year ago; while GAR reported profit attributable to owners of the company at US$353.3 million compared to a loss of US$9.2 million a year ago.  Super Group was subject to a proposed acquisition by the world’s leading pure-play CPG coffee company, priced at a 62.5% premium to the preceding close.The next two best performing sectors were Materials and Information Technology which generated capitalisation-weighted total returns of 17.3% and 14.5% respectively. All Singapore’s key GICS® Sectors generated gains in 2016, with Energy generating the smallest of the gains at 0.9%. 

2016 – a Solid Year for STI Consumer Stocks

§ The 10 biggest SGX-listed F&amp;B plays average a market cap of S$3.5 billion, and averaged a 23% gain in the 2016 year through to 26 August. Japfa, Thai Beverage PCL and Jumbo Group were the strongest performers of the 10.§ The next 10 biggest SGX-listed F&amp;B plays average a market cap of S$153 million, and also averaged a 23% gain in the 2016 year through to 26 August. Food Empire Holdings and Katrina Group were the amongst strongest performers of the 10.§ Katrina Group was incorporated in 1995…

§ The 10 biggest SGX-listed F&amp;B plays average a market cap of S$3.5 billion, and averaged a 23% gain in the 2016 year through to 26 August. Japfa, Thai Beverage PCL and Jumbo Group were the strongest performers of the 10.§ The next 10 biggest SGX-listed F&amp;B plays average a market cap of S$153 million, and also averaged a 23% gain in the 2016 year through to 26 August. Food Empire Holdings and Katrina Group were the amongst strongest performers of the 10.§ Katrina Group was incorporated in 1995…

Singapore's Strongest Food & Beverage Stocks in 2016 YTD

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: Results Update

FY2025 moved the case forward, but not in a clean straight line. Reported revenue was broadly flat at S$633.6m, while PATMI rose to S$39.8m and....

ICAM

QAF: Stock Has a Good Run

Stock has rallied 12% with a 4.9% yield, but with a PE multiple of 20x and stagnant earnings, limited upside is expected due to a lack of growth....

Punit Khanna

QAF Limited Initiating Coverage

QAF is a Singapore-headquartered food group with a core footprint in bakery manufacturing and distribution led routes to market across multiple...

ICAM

2016 – a Solid Year for STI Consumer Stocks

In 2016, Singapore’s Consumer Staples Sector surged 25.8% on a capitalisation-weighted total return basis. There was a degree of consistency in...

Singapore Exchange Ltd (SGX)

Singapore's Strongest Food & Beverage Stocks in 2016 YTD

§ The 10 biggest SGX-listed F&B plays average a market cap of S$3.5 billion, and averaged a 23% gain in the 2016 year through to 26 August....

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

QAF Limited: Results Update

FY2025 moved the case forward, but not in a clean straight line. Reported revenue was broadly flat at S$633.6m, while PATMI rose to S$39.8m and....

ICAM

QAF: Stock Has a Good Run

​Stock has rallied 12% with a 4.9% yield, but with a PE multiple of 20x and stagnant earnings, limited upside is expected due to a lack of growth....

Punit Khanna

QAF Limited Initiating Coverage

QAF is a Singapore-headquartered food group with a core footprint in bakery manufacturing and distribution led routes to market across multiple...

ICAM

2016 – a Solid Year for STI Consumer Stocks

In 2016, Singapore’s Consumer Staples Sector surged 25.8% on a capitalisation-weighted total return basis. There was a degree of consistency in...

Singapore Exchange Ltd (SGX)

Singapore's Strongest Food & Beverage Stocks in 2016 YTD

§ The 10 biggest SGX-listed F&B plays average a market cap of S$3.5 billion, and averaged a 23% gain in the 2016 year through to 26 August....

Singapore Exchange Ltd (SGX)

Stock has rallied 12% with a 4.9% yield, but with a PE multiple of 20x and stagnant earnings, limited upside is expected due to a lack of growth....