Dealing, Product Financing and Custody Services, Tickrs

Tickrs

Dealing, Product Financing and Custody Services

Tickrs Financial Singapore Pte Ltd (TFS) obtained Capital Markets Services (CMS) License from the Monetary Authority of Singapore (MAS) in 2022. Product offering include stock trading services across 10 global markets, futures trading, fixed income and wealth management products offering.

Equity Bottom-Up

<ul><li>Despite short-term earnings volatility, we see STC as a compelling deep value investment with multiple levers for unlocking shareholder value.</li><li>Our conviction in STC’s BUY rating rests on the following key points: • Deep Asset Value &amp; Upside Optionality: STC’s sum-of-parts remains substantially undervalued by the market.</li><li>The stock trades at ~0.5× book and an even steeper ~50% discount to RNAV (estimated ~$3.20/share).</li></ul>

Despite short-term earnings volatility, we see STC as a compelling deep value investment with multiple levers for unlocking shareholder value.Our conviction in STC’s BUY rating rests on the following key points: • Deep Asset Value &amp; Upside Optionality: STC’s sum-of-parts remains substantially undervalued by the market.The stock trades at ~0.5× book and an even steeper ~50% discount to RNAV (estimated ~$3.20/share).

The Straits Trading Company Update : 1H FY2025 Results Update

<ul><li>The Straits Trading Company Limited (“Straits Trading”; SGX: S20) is a Singapore-listed diversified conglomerate with strategic holdings across the specialty mining and metals sector and real estate investment and development, both locally and regionally.</li><li>As of June 2025, Straits Trading has a market capitalisation of approximately S$660 million, based on 450.8 million outstanding shares trading at around S$1.46 per share.</li><li>The stock is currently trading at a significant discount to intrinsic value, presenting a compelling deep-value opportunity for institutional investors.</li></ul>

The Straits Trading Company Limited (“Straits Trading”; SGX: S20) is a Singapore-listed diversified conglomerate with strategic holdings across the specialty mining and metals sector and real estate investment and development, both locally and regionally.As of June 2025, Straits Trading has a market capitalisation of approximately S$660 million, based on 450.8 million outstanding shares trading at around S$1.46 per share.The stock is currently trading at a significant discount to intrinsic value, presenting a compelling deep-value opportunity for institutional investors.

The Straits Trading Company Initiation : Asset-Rich, Market-Overlooked

Singapore

The Straits Trading Company Limited is a Singapore-based conglomerate-investment company with operations and financial interests in resources, property, and hospitality. Its activities include tin smelting, property investment, development, and management, as well as hotel ownership and management. The company was founded in Singapore in 1887.

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Straits Trading (STRTR SP)

The Straits Trading Company Update : 1H FY2025 Results Update

Despite short-term earnings volatility, we see STC as a compelling deep value investment with multiple levers for unlocking shareholder value. Our...

Tickrs

The Straits Trading Company Initiation : Asset-Rich, Market-Overlooked

202112304K 160 Robinson Road #31-01 SBF Center Singapore 068914 E-mail: [email protected] Tel: +65 6011 1700 THE STRAITS TRADING COMPANY...

Tickrs

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