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

SPDR Straits Times Index ETF / Equity Bottom-Up

<ul>
<li>The Evolve Capital team is excited to begin its foray into equity research, with the ability to offer a more diverse set of offerings alongside our corporate finance solutions.</li>
<li>As we initiate coverage on companies within the SGX space, Evolve Capital is committed to building a repository of insights, showcasing a diverse range of companies that embody growth potential. </li>
<li>We focus on identifying compelling investment stories that can attract local and international investors, aimed at uncovering promising investment opportunities in the Catalist market and offering value through our insights.</li>
</ul>


The Evolve Capital team is excited to begin its foray into equity research, with the ability to offer a more diverse set of offerings alongside our corporate finance solutions.
As we initiate coverage on companies within the SGX space, Evolve Capital is committed to building a repository of insights, showcasing a diverse range of companies that embody growth potential. 
We focus on identifying compelling investment stories that can attract local and international investors, aimed at uncovering promising investment opportunities in the Catalist market and offering value through our insights.


Unveiling Potential Gems Within the Catalist

Goodwill Entertainment Holding / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goodwill-entertainment-holding-pte-ltd" target="_blank" data-smartkarma-citation="entities:44296:1" rel="noopener">Goodwill Entertainment Holding (GWEH SP)</a> is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with F&amp;B concepts, performance halls and dance clubs. </li>
<li>It operates under the brand names HaveFun Family Karaoke, FATEbyhavefun and HaveFun Live Show.</li>
<li>We initiate rated coverage on GEH with a TP of S$0.23, pegged to 5.9x FY24E EV/EBITDA, representing an upside of approximately 32.2%. </li>
</ul>



Goodwill Entertainment Holding (GWEH SP) is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with F&amp;B concepts, performance halls and dance clubs. 
It operates under the brand names HaveFun Family Karaoke, FATEbyhavefun and HaveFun Live Show.
We initiate rated coverage on GEH with a TP of S$0.23, pegged to 5.9x FY24E EV/EBITDA, representing an upside of approximately 32.2%. 


Goodwill Entertainment Holding - Hitting the Notes of Growth

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The <a href="https://www.smartkarma.com/entities/spdr-straits-times-index-etf" target="_blank" data-smartkarma-citation="entities:35880:1" rel="noopener">SPDR Straits Times Index ETF (STTF SP)</a> will need to sell <a href="https://www.smartkarma.com/entities/emperador-inc-1be53f2f-f106-4f4f-b9be-5cf1341e76ae" target="_blank" data-smartkarma-citation="entities:36111:1" rel="noopener">Emperador (EMI SP)</a> at the close of trading on 15 March.</li>
<li>Other global index trackers will need to sell <a href="https://www.smartkarma.com/entities/emperador-inc" target="_blank" data-smartkarma-citation="entities:3485:1" rel="noopener">Emperador (EMP PM)</a> at the close on 15 March.</li>
<li>There will be around US$55m to sell across both lines and varying liquidity has opened up a huge spread between the listings.</li>
</ul>


The SPDR Straits Times Index ETF (STTF SP) will need to sell Emperador (EMI SP) at the close of trading on 15 March.
Other global index trackers will need to sell Emperador (EMP PM) at the close on 15 March.
There will be around US$55m to sell across both lines and varying liquidity has opened up a huge spread between the listings.


STTF Index Rebalance: The Widening Emperador Spread

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goodwill-entertainment-holding-pte-ltd" target="_blank" data-smartkarma-citation="entities:44296:1" rel="noopener">Goodwill Entertainment Holding (GWEH SP)</a> is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with F&amp;B concepts, performance halls and dance clubs.</li>
<li>It operates under the brand names HaveFun Family Karaoke, FATEbyhavefun and HaveFun Live Show.</li>
<li>We maintain our BUY rating on GEH with a TP of S$0.23, pegged to 4.6x FY25E EV/EBITDA, representing an upside of approximately 42.9%.</li>
</ul>



Goodwill Entertainment Holding (GWEH SP) is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with F&amp;B concepts, performance halls and dance clubs.
It operates under the brand names HaveFun Family Karaoke, FATEbyhavefun and HaveFun Live Show.
We maintain our BUY rating on GEH with a TP of S$0.23, pegged to 4.6x FY25E EV/EBITDA, representing an upside of approximately 42.9%.


Goodwill Entertainment Holding - FY24 Earnings Update - Broadening Reach Within F&B and Nightlife

Econ Healthcare Asia Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/econ-healthcare-asia-ltd" target="_blank" data-smartkarma-citation="entities:33015:1" rel="noopener">Econ Healthcare Asia Ltd (ECON SP)</a> received a privatization offer from TPG Capital on 14th Feb 25. </li>
<li>Per the announcement, TPG is offering S$0.33 per share in cash, representing a 20% premium over the last undisturbed price of S$0.275 / share on 14th Jan 25. </li>
<li>While the deal is hardly a fantastic one, we would still recommend that minority shareholders accept the deal and redeploy their funds.</li>
</ul>



Econ Healthcare Asia Ltd (ECON SP) received a privatization offer from TPG Capital on 14th Feb 25. 
Per the announcement, TPG is offering S$0.33 per share in cash, representing a 20% premium over the last undisturbed price of S$0.275 / share on 14th Jan 25. 
While the deal is hardly a fantastic one, we would still recommend that minority shareholders accept the deal and redeploy their funds.


Econ Healthcare (Asia) - Not the Best but Still an Exit Opportunity

Singapore

SPDR Straits Times Index ETF is an exchange-traded fund established in Singapore . The Fund's objective is to replicate as closely as possible, before expenses, the performance of the Straits Times Index. The Fund invests all, or substantially all, of its assets in Index Shares in substantially the same weightings as reflected in the Straits Times Index.SGX Trading Name: STI ETF 100

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SPDR Straits Times Index ETF (STTF SP)

Unveiling Potential Gems Within the Catalist

The Evolve Capital team is excited to begin its foray into equity research, with the ability to offer a more diverse set of offerings alongside our...

Evolve Capital Advisory Pte Ltd

Goodwill Entertainment Holding - Hitting the Notes of Growth

Goodwill Entertainment Holding (GWEH SP) is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with...

Evolve Capital Advisory Pte Ltd

STTF Index Rebalance: The Widening Emperador Spread

The STTF ETF will need to sell Singapore listed Emperador at the close on 15 March. Global passive portfolios will be selling Emperador in the...

Brian Freitas

Goodwill Entertainment Holding - FY24 Earnings Update - Broadening Reach Within F&B and Nightlife

We maintain our BUY rating on GEH with a TP of S$0.23, pegged to 4.6x FY25E EV/EBITDA, representing an upside of approximately 42.9%.

Evolve Capital Advisory Pte Ltd

Econ Healthcare (Asia) - Not the Best but Still an Exit Opportunity

Econ Healthcare Asia Ltd received a privatization offer from TPG Capital on 14th Feb 25. While the deal is hardly fantastic , we would still...

Evolve Capital Advisory Pte Ltd

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