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>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>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. 

<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.

<ul><li>Institutions were net sellers of Singapore stocks with a net outflow of S$156 million from March 6-12.</li><li>Over five sessions, 30 companies conducted share buybacks totaling S$65 million, with significant buybacks by Stoneweg Europe and Hongkong Land.</li><li>Beng Kuang Marine raised S$5 million through a share placement to support working capital, increasing share capital by 7.5%.</li></ul>

Institutions were net sellers of Singapore stocks with a net outflow of S$156 million from March 6-12.Over five sessions, 30 companies conducted share buybacks totaling S$65 million, with significant buybacks by Stoneweg Europe and Hongkong Land.Beng Kuang Marine raised S$5 million through a share placement to support working capital, increasing share capital by 7.5%.

Institutional Outflows Persist, as Buybacks Sustain and Insiders Accumulate

Lincotrade & Associates / Equity Bottom-Up

<ul><li>Institutions were net buyers of Singapore stocks with S$208 million inflow; major inflows included OCBC, Hongkong Land, and Singtel.</li><li>Over five sessions, 19 companies conducted share buybacks totaling S$11.5 million; UOB led with 190,000 shares.</li><li>Director transactions included substantial acquisitions by Asdew Acquisitions in Low Keng Huat and Tan Chee Khoon in Lincotrade & Associates.</li></ul>

Institutions were net buyers of Singapore stocks with S$208 million inflow; major inflows included OCBC, Hongkong Land, and Singtel.Over five sessions, 19 companies conducted share buybacks totaling S$11.5 million; UOB led with 190,000 shares.Director transactions included substantial acquisitions by Asdew Acquisitions in Low Keng Huat and Tan Chee Khoon in Lincotrade & Associates.

Net Institutional Inflow Continues; QAF, XMH, JEP Directors Add

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: 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: 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 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

Institutional Outflows Persist, as Buybacks Sustain and Insiders Accumulate

Institutions were net sellers of Singapore stocks with a net outflow of S$156 million from March 6-12. Over five sessions, 30 companies conducted...

Singapore Exchange Ltd (SGX)

Net Institutional Inflow Continues; QAF, XMH, JEP Directors Add

Institutions were net buyers of Singapore stocks with S$208 million inflow; major inflows included OCBC, Hongkong Land, and Singtel. Over five...

Singapore Exchange Ltd (SGX)

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