Vriddhi Consulting

Punit Khanna

Independent Insight Provider

Equity Bottom-Up

<ul>
<li>Results are steady. Revenues are flat with gross profit marginally down.</li>
<li>There are 2 exceptions : S $5.5 mn impairment on PPE at Nantong due to economic slowdown and fx loss of US $5.5 mn</li>
<li>Declares 2 cents dividend, ROE of 10% on Balance Sheet which has 30% excess cash and Book Value of Cash S$ 1.46</li>
</ul>
<div class="content-highlight">
<h2>Raising Money for Persons with Disabilities in Singapore</h2>
For your kind consideration
This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.
All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.
To contribute, <a href="https://www.giving.sg/donate/campaign/giving-sg-donate-campaign" target="_blank" rel="noopener">please visit this URL.</a> 
</div>


Results are steady. Revenues are flat with gross profit marginally down.
There are 2 exceptions : S $5.5 mn impairment on PPE at Nantong due to economic slowdown and fx loss of US $5.5 mn
Declares 2 cents dividend, ROE of 10% on Balance Sheet which has 30% excess cash and Book Value of Cash S$ 1.46


Raising Money for Persons with Disabilities in Singapore
For your kind consideration
This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.
All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.
To contribute, please visit this URL. 


<ul>
<li>Spindex is an illiquid but well managed company listed in Singapore</li>
<li>It trades at less than 2X EV/EBDITA multiple  while its competitor Innovalues got privatised at 9 X EV/EBDITA</li>
<li>With 60% of market cap in cash, ex-cash current assets are more than total liabilities, offering limited downside</li>
</ul>


Spindex is an illiquid but well managed company listed in Singapore
It trades at less than 2X EV/EBDITA multiple  while its competitor Innovalues got privatised at 9 X EV/EBDITA
With 60% of market cap in cash, ex-cash current assets are more than total liabilities, offering limited downside


Spindex (SPE SP) Illiquid but Very Cheap Company

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The gold rush continues with another Canadian outfit bidding to take over an Aussie-listed West African gold play. </li>
<li>Junior miner <a href="https://www.smartkarma.com/entities/african-gold-ltd" target="_blank" data-smartkarma-citation="entities:29028:1" rel="noopener">African Gold (A1G AU)</a>has entered into a Scheme with <a href="https://www.smartkarma.com/entities/montage-gold-corp" target="_blank" data-smartkarma-citation="entities:43368:1" rel="noopener">Montage Gold (MAU CN)</a>. African Gold shareholders will receive 0.0628 new MAU shares for every A1G share.</li>
<li>That backs out an implied value of A$0.50/share. Independent directors, holding 11.6% of shares out, are supportive. Montage holds 17.3%. Clean deal.</li>
</ul>


The gold rush continues with another Canadian outfit bidding to take over an Aussie-listed West African gold play. 
Junior miner African Gold (A1G AU)has entered into a Scheme with Montage Gold (MAU CN). African Gold shareholders will receive 0.0628 new MAU shares for every A1G share.
That backs out an implied value of A$0.50/share. Independent directors, holding 11.6% of shares out, are supportive. Montage holds 17.3%. Clean deal.


African Gold Ltd (A1G AU) Enters Scheme With Montage Gold (MAU CN)

<ul>
<li>Late Friday (28th November), general building contractor <a href="https://www.smartkarma.com/entities/low-keng-huat-singapore-ltd" target="_blank" data-smartkarma-citation="entities:1928:1" rel="noopener">Low Keng Huat Singapore (LKH SP)</a> ("LKH") announced a voluntary conditional Offer from Dato' Marco Low Peng Kiat, LKH's controlling shareholder (54.13%).</li>
<li>Low is offering S$0.72/share, a so-so 17.1% premium to undisturbed, but a decade-high price. Plus the share price is up 104% YTD. Recent results (to 31st July) were also underwhelming.</li>
<li>The Offer has a 90% acceptance hurdle condition. Low does not intend to maintain listing. The price hasn't been declared final, possibly leading to a bump in the home stretch. </li>
</ul>


Late Friday (28th November), general building contractor Low Keng Huat Singapore (LKH SP) ("LKH") announced a voluntary conditional Offer from Dato' Marco Low Peng Kiat, LKH's controlling shareholder (54.13%).
Low is offering S$0.72/share, a so-so 17.1% premium to undisturbed, but a decade-high price. Plus the share price is up 104% YTD. Recent results (to 31st July) were also underwhelming.
The Offer has a 90% acceptance hurdle condition. Low does not intend to maintain listing. The price hasn't been declared final, possibly leading to a bump in the home stretch. 


<ul>
<li>For November 2025, eight new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$10bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in November was ~31%, with a year-to-date average of ~48%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For November 2025, eight new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$10bn.
The average premium for the new transactions announced (or first discussed) in November was ~31%, with a year-to-date average of ~48%.
The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.


(Mostly) Asia M&A, Nov 2025 Wrap: Qube, Forum Engineering, National Storage REIT, Star Micronics

Singapore

Spindex Industries Limited manufactures, imports, exports, and deals mechanical, electrical, and electronic parts.  The Company also manufactures and trades precision machine parts, plastic molds and injections, and other related plastic and engineering materials.

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Spindex Industries (SPE SP)

Spindex : 2nd Half/Full Year Results

Steady results with flat revenues, slight decrease in gross profit margin. Exceptions include impairment on PPE and fx loss. Declares 2 cents...

Punit Khanna

Spindex (SPE SP) Illiquid but Very Cheap Company

Spindex, a well-managed illiquid company in Singapore, trades at a low EV/EBDITA and well below Privatisation or takeover value

Punit Khanna

African Gold Ltd (A1G AU) Enters Scheme With Montage Gold (MAU CN)

As this is a cross-border trade, you could try to go short MAU late in its trading day; long African Gold, early in its trading day; however the...

David Blennerhassett

Low Keng Huat (LKH SP)'s Clean MBO

Clean deal. If super illiquid arbs are your bag, get involved at S$0.70/share or better, assuming late Jan 2026 payment. A bump in terms cannot be...

David Blennerhassett

(Mostly) Asia M&A, Nov 2025 Wrap: Qube, Forum Engineering, National Storage REIT, Star Micronics

For the month of November, 8 new deals were discussed on Smartkarma with an overall deal size of ~US$10bn. The average premium for the new deals...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Spindex : 2nd Half/Full Year Results

​Steady results with flat revenues, slight decrease in gross profit margin. Exceptions include impairment on PPE and fx loss. Declares 2 cents...

Punit Khanna

Spindex (SPE SP) Illiquid but Very Cheap Company

​Spindex, a well-managed illiquid company in Singapore, trades at a low EV/EBDITA and well below Privatisation or takeover value

Punit Khanna

African Gold Ltd (A1G AU) Enters Scheme With Montage Gold (MAU CN)

As this is a cross-border trade, you could try to go short MAU late in its trading day; long African Gold, early in its trading day; however the...

David Blennerhassett

Low Keng Huat (LKH SP)'s Clean MBO

Clean deal. If super illiquid arbs are your bag, get involved at S$0.70/share or better, assuming late Jan 2026 payment. A bump in terms cannot be...

David Blennerhassett

(Mostly) Asia M&A, Nov 2025 Wrap: Qube, Forum Engineering, National Storage REIT, Star Micronics

For the month of November, 8 new deals were discussed on Smartkarma with an overall deal size of ~US$10bn. The average premium for the new deals...

David Blennerhassett

Steady results with flat revenues, slight decrease in gross profit margin. Exceptions include impairment on PPE and fx loss. Declares 2 cents...

Spindex, a well-managed illiquid company in Singapore, trades at a low EV/EBDITA and well below Privatisation or takeover value