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.

Thematic (Sector/Industry)

<ul>
<li>Singapore recycled only ~5% of its plastic waste in 2023, about 48k tonnes out of ~918k tonnes generated (NEA 2024). </li>
<li>Most plastics are incinerated or exported because virgin resin remains cheaper than recycled material and contamination rates are high. </li>
<li>The sector’s economics are supported by regulation, not market forces. </li>
</ul>


Singapore recycled only ~5% of its plastic waste in 2023, about 48k tonnes out of ~918k tonnes generated (NEA 2024). 
Most plastics are incinerated or exported because virgin resin remains cheaper than recycled material and contamination rates are high. 
The sector’s economics are supported by regulation, not market forces. 


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.

Equity Bottom-Up

Yangzijiang Shipbuilding / Equity Bottom-Up

<ul><li>In 2025, 76 primary-listed companies in Singapore executed share buybacks totaling S$1.65 billion, an 80% increase from 2024.</li><li>UOB, DBS, and OCBC led buybacks with a combined S$1.28 billion, driven by capital management initiatives and dividends.</li><li>Secondary-listed Hongkong Land repurchased US$176 million shares, while City Developments completed an off-market buyback of preference shares.</li></ul>

In 2025, 76 primary-listed companies in Singapore executed share buybacks totaling S$1.65 billion, an 80% increase from 2024.UOB, DBS, and OCBC led buybacks with a combined S$1.28 billion, driven by capital management initiatives and dividends.Secondary-listed Hongkong Land repurchased US$176 million shares, while City Developments completed an off-market buyback of preference shares.

Buyback Consideration Surges 80% in 2025 to S$1.65B

CapitaLand Ascendas REIT / Equity Bottom-Up

<ul><li>Institutions net bought S$396.6 million in Singapore stocks in July, reducing the 7-month net outflow to S$1.67 billion.</li><li>Industrials led net institutional inflows, driven by Keppel, Yangzijiang Shipbuilding, and Seatrium, while REITs saw the largest net outflows.</li><li>mDR's average daily trading turnover increased significantly in July, narrowing its 5-day average bid-ask spread to 150 bps.</li></ul>

Institutions net bought S$396.6 million in Singapore stocks in July, reducing the 7-month net outflow to S$1.67 billion.Industrials led net institutional inflows, driven by Keppel, Yangzijiang Shipbuilding, and Seatrium, while REITs saw the largest net outflows.mDR's average daily trading turnover increased significantly in July, narrowing its 5-day average bid-ask spread to 150 bps.

FTSE ST Industrials Outpaces STI in July with a 13.2% Gain

Offering Senior Secured Loans, Kilde

Kilde

Offering Senior Secured Loans

Kilde connects family offices, funds, and accredited investors to investment-ready private credit deals in developed and emerging markets. We offer senior secured loans from last-mile lending companies with strong capitalization, a healthy balance sheet, and a capable management team.

<ul>
<li>Singapore’s electricity market operates under a competitive framework designed to enhance efficiency and ensure a reliable power supply. </li>
<li>The key entities in this market include power generation companies (Gencos), the wholesale electricity market (WEM), the power grid operator, electricity retailers, and regulatory bodies.</li>
<li>Singapore’s power generation companies (gencos) in the past few years have faced volatility in power generation margins due to fluctuations in LNG prices and wholesale electricity prices (USEP).</li>
</ul>


Singapore’s electricity market operates under a competitive framework designed to enhance efficiency and ensure a reliable power supply. 
The key entities in this market include power generation companies (Gencos), the wholesale electricity market (WEM), the power grid operator, electricity retailers, and regulatory bodies.
Singapore’s power generation companies (gencos) in the past few years have faced volatility in power generation margins due to fluctuations in LNG prices and wholesale electricity prices (USEP).


Singapore Electric Utilities: Spread Volatility Is Over, Embracing Decarbonization

<ul><li>Singapore is transitioning towards a low-carbon future by reducing its reliance on natural gas and expanding into renewable energy sources. Due to land constraints, large-scale renewable projects like hydropower and nuclear energy are not feasible, leading the country to focus on solar energy and electricity imports from Indonesia, Vietnam, and Cambodia.</li><li>The government aims to import 6 GW of low-carbon electricity by 2035, covering 30% of Singapore’s energy needs. Solar energy remains the primary domestic renewable source, with installed capacity growing from 0.01 GWp in 2012 to 1.35 GWp in 1H2024, targeting 2 GWp by 2030.</li><li>As Singapore moves towards its net-zero goal by 2050, the renewable energy market continues to expand, supported by government incentives and cross-border electricity trading.</li></ul>

Singapore is transitioning towards a low-carbon future by reducing its reliance on natural gas and expanding into renewable energy sources. Due to land constraints, large-scale renewable projects like hydropower and nuclear energy are not feasible, leading the country to focus on solar energy and electricity imports from Indonesia, Vietnam, and Cambodia.The government aims to import 6 GW of low-carbon electricity by 2035, covering 30% of Singapore’s energy needs. Solar energy remains the primary domestic renewable source, with installed capacity growing from 0.01 GWp in 2012 to 1.35 GWp in 1H2024, targeting 2 GWp by 2030.As Singapore moves towards its net-zero goal by 2050, the renewable energy market continues to expand, supported by government incentives and cross-border electricity trading.

Renewable Energy: Key Driver Of Singapore’s Energy Transition

Singapore

Sembcorp Industries Ltd provides utilities and integrated services for industrial sites such as power, gas, steam, water, wastewater treatment and other on-site services. The Company's businesses also include marine & offshore engineering and urban development comprising industrial parks and business, commercial and residential spaces.

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Sembcorp Industries (SCI SP)

Plastic Recycling in Singapore

Singapore recycled only ~5% of its plastic waste in 2023, about 48k tonnes out of ~918k tonnes generated (NEA 2024). Most plastics are...

ICAM

Buyback Consideration Surges 80% in 2025 to S$1.65B

In 2025, 76 primary-listed companies in Singapore executed share buybacks totaling S$1.65 billion, an 80% increase from 2024. UOB, DBS, and OCBC...

Singapore Exchange Ltd (SGX)

FTSE ST Industrials Outpaces STI in July with a 13.2% Gain

Institutions net bought S$396.6 million in Singapore stocks in July, reducing the 7-month net outflow to S$1.67 billion. Industrials led net...

Singapore Exchange Ltd (SGX)

Singapore Electric Utilities: Spread Volatility Is Over, Embracing Decarbonization

Singapore’s electricity market operates under a competitive framework designed to enhance efficiency and ensure a reliable power supply. The key...

Kilde

Renewable Energy: Key Driver Of Singapore’s Energy Transition

Singapore is transitioning towards a low-carbon future by reducing its reliance on natural gas and expanding into renewable energy sources. Due to...

Kilde

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52-week Range

Market Cap (USDm)

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