Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

Equity Bottom-Up

<ul><li>At initiation, the main questions were whether profitability truly converted into cash, whether deferred membership income flattered earnings quality, and whether the liquid asset base was as usable as it appeared.</li><li>FY2025 did not overturn the core SUTL case, because the group derives most of its revenue from operating activity and still depends mainly on ONE°15 Sentosa for earnings.</li><li>Full-year revenue rose only 1% to S$39.9m, with sales of goods and services at S$29.9m and membership-related fees and management fees at S$10.0m.</li></ul>

At initiation, the main questions were whether profitability truly converted into cash, whether deferred membership income flattered earnings quality, and whether the liquid asset base was as usable as it appeared.FY2025 did not overturn the core SUTL case, because the group derives most of its revenue from operating activity and still depends mainly on ONE°15 Sentosa for earnings.Full-year revenue rose only 1% to S$39.9m, with sales of goods and services at S$29.9m and membership-related fees and management fees at S$10.0m.

<ul><li>SUTL is a small Singapore-listed operator in the marina and waterfront services ecosystem.</li><li>The model is asset-led and localized, so outcomes depend more on capacity, operating terms, and customer mix than on broad “industry growth” narratives.</li><li>Scale is modest in public market terms, which raises both upside and downside convexity. </li></ul>

SUTL is a small Singapore-listed operator in the marina and waterfront services ecosystem.The model is asset-led and localized, so outcomes depend more on capacity, operating terms, and customer mix than on broad “industry growth” narratives.Scale is modest in public market terms, which raises both upside and downside convexity. 

SUTL Enterprise Limited Initiating Coverage

Singapore

SUTL Enterprise develops, operates, and consults integrated marinas, primarily in Singapore and Malaysia, under its proprietary ONE°15 brand and through third-party management contracts. Its services include marina club operations, luxury yacht chartering with a fleet of over 50 vessels, and marina consultancy. The company was incorporated in 1993 and is headquartered in Singapore.

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SUTL Enterprise (SUTL SP)

SUTL Enterprise Limited: Results Update

At initiation, the main questions were whether profitability truly converted into cash, whether deferred membership income flattered earnings...

ICAM

SUTL Enterprise Limited Initiating Coverage

SUTL is a small Singapore-listed operator in the marina and waterfront services ecosystem. The model is asset-led and localized, so outcomes...

ICAM

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