Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>The core business continues to perform well  with a growing  order backlog</li>
<li>Due to the company's historical issues it has hugely underperformed its smaller peers</li>
<li>The disconnect from the oil price provides  asymmetric upside once the overhang clears</li>
</ul>


The core business continues to perform well  with a growing  order backlog
Due to the company's historical issues it has hugely underperformed its smaller peers
The disconnect from the oil price provides  asymmetric upside once the overhang clears


Seatrium – Overhang Remains but Huge Option Value

<ul>
<li>An overlooked old economy sector in Asia ripe for a comeback</li>
<li>Industry dynamics will provide  a long-term tailwind for the company</li>
<li>Opportunity created by  deletion from an index and corporate restructuring</li>
</ul>


An overlooked old economy sector in Asia ripe for a comeback
Industry dynamics will provide  a long-term tailwind for the company
Opportunity created by  deletion from an index and corporate restructuring


Investment Management, 8VantEdge

8VantEdge

Investment Management

8VantEdge offers a hybrid fundamental stock picking combined with algorithmic rules based on human psychology.

Thematic (Sector/Industry)

<ul>
<li>Singapore’s offshore and marine complex is positioned as an energy transition bridge, applying established engineering, fabrication and marine capabilities across two complementary demand pools: the recovery in deepwater oil and gas and the structural expansion of offshore wind.</li>
<li>Four forces underpin this opportunity: (1) renewed offshore project sanctioning driven by reserve replacement; (2) offshore wind build-out across Europe and North Asia; (3) regional supply-chain localisation in Asia; and (4) an ageing offshore vessel fleet creating replacement demand after years of limited newbuilding.</li>
<li>Global offshore project sanctioning rose 90% year-on-year in the first half of 2026, while offshore wind continues to create demand for foundations, grid infrastructure and specialised vessels. </li>
</ul>


Singapore’s offshore and marine complex is positioned as an energy transition bridge, applying established engineering, fabrication and marine capabilities across two complementary demand pools: the recovery in deepwater oil and gas and the structural expansion of offshore wind.
Four forces underpin this opportunity: (1) renewed offshore project sanctioning driven by reserve replacement; (2) offshore wind build-out across Europe and North Asia; (3) regional supply-chain localisation in Asia; and (4) an ageing offshore vessel fleet creating replacement demand after years of limited newbuilding.
Global offshore project sanctioning rose 90% year-on-year in the first half of 2026, while offshore wind continues to create demand for foundations, grid infrastructure and specialised vessels. 


Offshore & Marine Revival: Energy Transition Bridge

<ul>
<li>Defence and security spending has shifted from a cyclical budget item towards a multi-year commitment, while the scope of funded activities has expanded beyond traditional military platforms.</li>
<li>Four structural forces support this transition: (1) multi-year commitments across NATO and the European Union that raise the spending floor; (2) a broader definition of security that includes cybersecurity and critical infrastructure protection; (3) supply-chain resilience that makes supplier location an increasingly important qualification criterion; and (4) rising electronics and software content across modern platforms.</li>
<li>Together, these trends extend the opportunity beyond defence primes to the technology and industrial suppliers represented in Singapore’s listed market.</li>
</ul>


Defence and security spending has shifted from a cyclical budget item towards a multi-year commitment, while the scope of funded activities has expanded beyond traditional military platforms.
Four structural forces support this transition: (1) multi-year commitments across NATO and the European Union that raise the spending floor; (2) a broader definition of security that includes cybersecurity and critical infrastructure protection; (3) supply-chain resilience that makes supplier location an increasingly important qualification criterion; and (4) rising electronics and software content across modern platforms.
Together, these trends extend the opportunity beyond defence primes to the technology and industrial suppliers represented in Singapore’s listed market.


The Defence and Security Spend Supercycle

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Mitsubishi UFJ Financial (MUFG) / Technical Analysis

Mitsubishi UFJ Financial (MUFG) (8306 JP)

<ul>
<li>Our bullish outlook on global equities (MSCI ACWI) remains intact. Actionable Themes today include Financials, Energy, and Consumer Discretionary (European Luxury Retailers)</li>
<li>We view this pullback as a buying opportunity and we are watching for $116-$117 support to hold on ACWI-US; this is an important resistance-turned-support level dating back to July 2024.</li>
<li>Europe and Japan are on the cusp of major breakouts above critical resistance levels of 5000-5120 on the EURO STOXX 50 and 2740-2820 on the TOPIX</li>
</ul>


Our bullish outlook on global equities (MSCI ACWI) remains intact. Actionable Themes today include Financials, Energy, and Consumer Discretionary (European Luxury Retailers)
We view this pullback as a buying opportunity and we are watching for $116-$117 support to hold on ACWI-US; this is an important resistance-turned-support level dating back to July 2024.
Europe and Japan are on the cusp of major breakouts above critical resistance levels of 5000-5120 on the EURO STOXX 50 and 2740-2820 on the TOPIX


Opportunity Within Europe and Japan; EURO STOXX 50 and TOPIX/Nikkei 225 Near Major Breakouts

Singapore

Seatrium is a Singapore-headquartered engineering firm providing innovative solutions to the global offshore, marine, and energy industries. It specializes in oil & gas newbuilds and conversions, offshore renewables, specialized shipbuilding, and repairs & upgrades. The company was formed in 2023 through the merger of Sembcorp Marine and Keppel Offshore & Marine.

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Seatrium (STM SP)

Seatrium – Overhang Remains but Huge Option Value

Despite historical issues, the company's core business is strong with a growing order backlog, offering potential upside once overhang clears.

Rikki Malik

Seatrium – Offshore Ahoy!

An old economy sector poised for a comeback with long-term growth potential due to industry dynamics. Index deletion and corporate restructuring...

Rikki Malik

Offshore & Marine Revival: Energy Transition Bridge

Singapore’s offshore and marine complex is positioned as an energy transition bridge, applying established engineering, fabrication and marine...

8VantEdge

The Defence and Security Spend Supercycle

Defence and security spending has shifted from a cyclical budget item towards a multi-year commitment, while the scope of funded activities has...

8VantEdge

Opportunity Within Europe and Japan; EURO STOXX 50 and TOPIX/Nikkei 225 Near Major Breakouts

Opportunity Within Europe and Japan $HEDJ $DXJ; EURO $STOXX 50 and $TOPIX/Nikkei 225 Near Major Breakouts. $ACWI above $116. Buys in Financials,...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Seatrium – Overhang Remains but Huge Option Value

​Despite historical issues, the company's core business is strong with a growing order backlog, offering potential upside once overhang clears.

Rikki Malik

Seatrium – Offshore Ahoy!

An old economy sector poised for a comeback with long-term growth potential due to industry dynamics. Index deletion and corporate restructuring...

Rikki Malik

Offshore & Marine Revival: Energy Transition Bridge

Singapore’s offshore and marine complex is positioned as an energy transition bridge, applying established engineering, fabrication and marine...

8VantEdge

The Defence and Security Spend Supercycle

Defence and security spending has shifted from a cyclical budget item towards a multi-year commitment, while the scope of funded activities has...

8VantEdge

Opportunity Within Europe and Japan; EURO STOXX 50 and TOPIX/Nikkei 225 Near Major Breakouts

Opportunity Within Europe and Japan $HEDJ $DXJ; EURO $STOXX 50 and $TOPIX/Nikkei 225 Near Major Breakouts. $ACWI above $116. Buys in Financials,...

Vermilion Research

Despite historical issues, the company's core business is strong with a growing order backlog, offering potential upside once overhang clears.