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.

Equity Bottom-Up

Samudera Shipping Line / Equity Bottom-Up

<ul><li>Samudera released a positive set of results for the full year ended  December 2025. Most financial metrics improved compared to 2024:  higher revenue, EBITDA, net profits, earnings per share and dividend  payout. </li><li>However, major uncertainties have emerged since February. First is  renewed uncertainty on US trade tariffs after the US Supreme Court  ruled President Donald Trump’s tariffs as illegal. Since then, Trump has  imposed a global tariff of 15%.</li><li>While this is slightly below the tariff  rates imposed on most Asian countries previously, it remains unclear  whether the 15% rate is temporary and subject to changes. </li></ul>

Samudera released a positive set of results for the full year ended  December 2025. Most financial metrics improved compared to 2024:  higher revenue, EBITDA, net profits, earnings per share and dividend  payout. However, major uncertainties have emerged since February. First is  renewed uncertainty on US trade tariffs after the US Supreme Court  ruled President Donald Trump’s tariffs as illegal. Since then, Trump has  imposed a global tariff of 15%.While this is slightly below the tariff  rates imposed on most Asian countries previously, it remains unclear  whether the 15% rate is temporary and subject to changes. 

Samudera Shipping Line Ltd: March 2026 Update

<ul><li>In our initiation coverage of Samudera in February, we recommended a price target of SGD0.73 to accumulate the stock which was trading at SGD0.85 then.</li><li>The stock did reach a low of SGD0.71 in early April amid US tariff uncertainty before hitting a high of SGD1.05 in late July.</li><li>The stock has since retraced lower to SGD0.955 currently.</li></ul>

In our initiation coverage of Samudera in February, we recommended a price target of SGD0.73 to accumulate the stock which was trading at SGD0.85 then.The stock did reach a low of SGD0.71 in early April amid US tariff uncertainty before hitting a high of SGD1.05 in late July.The stock has since retraced lower to SGD0.955 currently.

Samudera Shipping Line Ltd: Sept 2025 Update

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Ace Hardware Indonesia (ACES IJ)</a>, <a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a>, <a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" data-smartkarma-citation="entities:18869:1" rel="noopener">Erajaya Swasembada (ERAA IJ)</a>, and <a href="https://www.smartkarma.com/entities/pt-barito-renewables-energy-tbk" target="_blank" data-smartkarma-citation="entities:40150:1" rel="noopener">Barito Renewables Energy (BREN IJ)</a>. </li>
<li>There was also a macro insight on Indonesia macro, as BI elected to keep interest rates on hold, and an insight looking at Saingapore's biggest movers in 2Q2024. </li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.</li>
</ul>


The past week saw insights on Ace Hardware Indonesia (ACES IJ), Prodia (PRDA IJ), Erajaya Swasembada (ERAA IJ), and Barito Renewables Energy (BREN IJ). 
There was also a macro insight on Indonesia macro, as BI elected to keep interest rates on hold, and an insight looking at Saingapore's biggest movers in 2Q2024. 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Prodia's Cure, Ace Hardware, and Erajaya's Growing Volumes

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>Yangzijiang Maritime, CAREIT, and Golden Agri-Res will join the iEdge Singapore Next 50 Index on Dec 22.  </li><li>Samudera Shipping Line, Nanofilm Tech, and Aztech Global will move to the Next 50 Index Reserve list.  </li><li>PropNex, China Sunsine Chemical, Banyan Tree, China Aviation Oil, and CSE Global averaged 59% total returns in 2H25.</li></ul>

Yangzijiang Maritime, CAREIT, and Golden Agri-Res will join the iEdge Singapore Next 50 Index on Dec 22.  Samudera Shipping Line, Nanofilm Tech, and Aztech Global will move to the Next 50 Index Reserve list.  PropNex, China Sunsine Chemical, Banyan Tree, China Aviation Oil, and CSE Global averaged 59% total returns in 2H25.

YZJ Maritime, CAREIT & GAR to Join iEdge Singapore Next 50 Index On Dec 22 

Transport Sector, China and Asia-focused Research

Charles De Trenck

Thematic (Sector/Industry)

<p>Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global leader Maersk. NOL&rsquo;s shares rose some 6% to $1.05 and closer to book NAV per share around&nbsp;S$1.4 (and higher when the US dollar drifts higher). But what would make a potential transaction more interesting, if at all, keeping in mind the Hapag IPO pricing was about 25% below the original high end of the range?</p>

Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global leader Maersk. NOL&rsquo;s shares rose some 6% to $1.05 and closer to book NAV per share around&nbsp;S$1.4 (and higher when the US dollar drifts higher). But what would make a potential transaction more interesting, if at all, keeping in mind the Hapag IPO pricing was about 25% below the original high end of the range?

NOL's Latest Potential Merger Discussions... Where is the [Partial] Exit for Temasek?

Singapore

Samudera Shipping Line Ltd is primarily engaged in the transportation of containerized and non-containerized cargo through its Container Shipping, Bulk and Tanker, and Logistics and Others business segments. The company offers feeder and liner services, and transports oil, chemical, gas, liquefied products, and dry bulk. It also provides agency, forwarding, warehousing, and general logistics services. The company was incorporated in Singapore on December 22, 1993, and is headquartered there.

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Samudera Shipping Line (SAMU SP)

Samudera Shipping Line Ltd: March 2026 Update

Samudera released a positive set of results for the full year ended December 2025. Most financial metrics improved compared to 2024: higher...

Wealth Management Alliance

Samudera Shipping Line Ltd: Sept 2025 Update

In our initiation coverage of Samudera in February, we recommended a price target of SGD0.73 to accumulate the stock which was trading at SGD0.85...

Wealth Management Alliance

The Week That Was in ASEAN@Smartkarma - Prodia's Cure, Ace Hardware, and Erajaya's Growing Volumes

The past week saw insights on Ace Hardware Indonesia (ACES IJ), Prodia (PRDA IJ), Erajaya Swasembada (ERAA IJ), and Barito Renewables Energy (BREN...

Angus Mackintosh

YZJ Maritime, CAREIT & GAR to Join iEdge Singapore Next 50 Index On Dec 22

Yangzijiang Maritime, CAREIT, and Golden Agri-Res will join the iEdge Singapore Next 50 Index on Dec 22. Samudera Shipping Line, Nanofilm Tech,...

Singapore Exchange Ltd (SGX)

NOL's Latest Potential Merger Discussions... Where is the [Partial] Exit for Temasek?

Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global...

Charles De Trenck

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