Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/iwow-technology-limited" target="_blank" data-smartkarma-citation="entities:36147:1" rel="noopener">IWOW Technology (IWOW SP)</a> is a one-stop end-to-end wireless IoT technology provider specialising in offering vertically integrated solutions and a telecommunications infrastructure solutions provider.</li>
<li>The firm reported its FY26 results on 29th May 2026. Revenue was up 19% YoY, reversing the 24% decline in FY25, led by the WES and DES segments. </li>
<li>With its latest proposed acquisition of The Gentle Group, we struggle to see where the synergy lies between its existing tech offerings and Gentle Group’s food offerings.</li>
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IWOW Technology (IWOW SP) is a one-stop end-to-end wireless IoT technology provider specialising in offering vertically integrated solutions and a telecommunications infrastructure solutions provider.
The firm reported its FY26 results on 29th May 2026. Revenue was up 19% YoY, reversing the 24% decline in FY25, led by the WES and DES segments. 
With its latest proposed acquisition of The Gentle Group, we struggle to see where the synergy lies between its existing tech offerings and Gentle Group’s food offerings.


IWOW Technology - FY26 Earnings Update - Broadening into the Silver Economy but Order Book Lagging

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<a href="https://www.smartkarma.com/entities/soon-hock-enterprise-holding-pte-ltd" target="_blank" data-smartkarma-citation="entities:45970:1" rel="noopener">Soon Hock Enterprise Holding (SHOCK SP)</a> is an established real estate developer that undertakes property development and property investment in Singapore.</li>
<li>The Group’s management has been involved in the launch of more than 1,200 units of strata-titled industrial properties in Singapore, achieving a total Gross Development Value (GDV) of S$1bn.</li>
<li>We revise our TP downwards on Soon Hock Enterprise based on a 20% discount to its RNAV of S$268.8m, representing an upside of 12.2%.</li>
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Soon Hock Enterprise Holding (SHOCK SP) is an established real estate developer that undertakes property development and property investment in Singapore.
The Group’s management has been involved in the launch of more than 1,200 units of strata-titled industrial properties in Singapore, achieving a total Gross Development Value (GDV) of S$1bn.
We revise our TP downwards on Soon Hock Enterprise based on a 20% discount to its RNAV of S$268.8m, representing an upside of 12.2%.


Soon Hock Enterprise - FY25 Earnings Update - Stellar Delivers, Skye Presales in Focus

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<li>Since the Evolve Capital team began its foray into equity research in late 2024, we’ve been active in providing coverage within the small-mid cap space.</li>
<li>Singapore’s economy has outperformed expectations despite tariff-related headwinds. In light of this resilience, we remain constructive on Singapore’s prospects in the year ahead.  </li>
<li>In this note, we present our top ten picks within the SGX Catalist for 2026, which we have primarily selected through bottom-up analysis.</li>
</ul>


Since the Evolve Capital team began its foray into equity research in late 2024, we’ve been active in providing coverage within the small-mid cap space.
Singapore’s economy has outperformed expectations despite tariff-related headwinds. In light of this resilience, we remain constructive on Singapore’s prospects in the year ahead.  
In this note, we present our top ten picks within the SGX Catalist for 2026, which we have primarily selected through bottom-up analysis.


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<li>
<a href="https://www.smartkarma.com/entities/iwow-technology-ltd" target="_blank" data-smartkarma-citation="entities:36147:1" rel="noopener">IWOW Technology Ltd (IWOW SP)</a> is a one-stop end-to-end wireless IoT technology provider specialising in offering vertically integrated solutions and a telecommunications infrastructure solutions provider.</li>
<li>IWOW uses open and proprietary wireless communication technologies to create customized Internet-of-Things (IoT) solutions for consumers which connect devices and sensors to cloud application servers for a variety of applications.</li>
<li>The firm reported its 1H26 results on 10th Nov 2025. In this note, we provide an update on its 1H26 earnings.</li>
</ul>



IWOW Technology Ltd (IWOW SP) is a one-stop end-to-end wireless IoT technology provider specialising in offering vertically integrated solutions and a telecommunications infrastructure solutions provider.
IWOW uses open and proprietary wireless communication technologies to create customized Internet-of-Things (IoT) solutions for consumers which connect devices and sensors to cloud application servers for a variety of applications.
The firm reported its 1H26 results on 10th Nov 2025. In this note, we provide an update on its 1H26 earnings.


IWOW Technology - 1H26 Earnings Update - Limited Near-Term Catalysts, but Net Cash Still a Positive

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<a href="https://www.smartkarma.com/entities/beverly-jcg-ltd" target="_blank" data-smartkarma-citation="entities:11480:1" rel="noopener">Beverly JCG Ltd (JCGI SP)</a> is a SGX-Catalist listed company. It offers a broad suite of services including invasive and non-invasive aesthetic procedures, dentistry and wellness treatments, amongst others.</li>
<li>As of Aug 2025, the firm has a total of two Ministry of Health licensed hospitals, four aesthetic and three dental clinics, most of which are located in Klang Valley.</li>
<li>BJCG reported their 1H25 results on 12th Aug 2025. In this note, we talk about the updates.</li>
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Beverly JCG Ltd (JCGI SP) is a SGX-Catalist listed company. It offers a broad suite of services including invasive and non-invasive aesthetic procedures, dentistry and wellness treatments, amongst others.
As of Aug 2025, the firm has a total of two Ministry of Health licensed hospitals, four aesthetic and three dental clinics, most of which are located in Klang Valley.
BJCG reported their 1H25 results on 12th Aug 2025. In this note, we talk about the updates.


Beverly JCG - 1H25 Earnings Update - Turnaround Remains a Work in Progress

Singapore

Singapore Telecommunications is Asia's leading communications technology group, providing next-generation communication, 5G, technology services, and infotainment to consumers and businesses. It offers mobile, broadband, TV, fixed-line telephony, IT and network services, data centers, managed cloud, IoT, and cybersecurity solutions. The company is headquartered in Singapore and was founded in 1879.

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Singapore Telecommunications (ST SP)

IWOW Technology - FY26 Earnings Update - Broadening into the Silver Economy but Order Book Lagging

iWOW reported its FY26 results on 29th May 2026. Revenue was up 19% YoY, reversing the 24% decline in FY25, led by the WES and DES segments.

Evolve Capital Advisory Pte Ltd

Soon Hock Enterprise - FY25 Earnings Update - Stellar Delivers, Skye Presales in Focus

We revise our TP downwards on Soon Hock Enterprise based on a 20% discount to its RNAV of S$268.8m, representing an upside of 12.2%.

Evolve Capital Advisory Pte Ltd

Catalist GEMs Poised to Shine (2026)

In this note, we present our top ten picks within the SGX Catalist for 2026, which we have primarily selected through bottom-up analysis.

Evolve Capital Advisory Pte Ltd

IWOW Technology - 1H26 Earnings Update - Limited Near-Term Catalysts, but Net Cash Still a Positive

iWOW Technology reported its 1H26 results on 10th Nov 2025. In this note, we provide an update on its 1H26 earnings as well as share some of our...

Evolve Capital Advisory Pte Ltd

Beverly JCG - 1H25 Earnings Update - Turnaround Remains a Work in Progress

Beverly JCG Ltd (JCGI SP) is a SGX-Catalist listed company. BJCG reported their 1H25 results on 12th Aug 2025. In this note, we talk about the...

Evolve Capital Advisory Pte Ltd

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