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>FY2025 weakened the operating case rather than resolving it.</li><li>Revenue fell 8.9% to S$231.4m and results from operating activities fell 18.3% to S$18.4m. PATMI declined 10.3% to S$16.9m.</li><li>The main point is that headline profit fell less than operating profit because treasury support and easier comparisons softened the damage.</li></ul>

FY2025 weakened the operating case rather than resolving it.Revenue fell 8.9% to S$231.4m and results from operating activities fell 18.3% to S$18.4m. PATMI declined 10.3% to S$16.9m.The main point is that headline profit fell less than operating profit because treasury support and easier comparisons softened the damage.

Tat Seng Packaging Group Limited Results Update

<ul><li>Tat Seng manufactures and sells corrugated paper products, plus other packaging products, with operations split between Singapore and the People’s republic of China (PRC).</li><li>The revenue base is PRC-heavy, with PRC revenue at S$208.0m in FY2024 versus Singapore at S$46.0m, or about 82% to 18% by segment.</li><li>Customer exposure is shown by sector, with “Printing, Publishers &amp; Converters” and “Medical &amp; Healthcare, Pharmaceutical &amp; Chemical” as the two largest buckets in FY2024, while electronics and food and beverage are smaller.</li></ul>

Tat Seng manufactures and sells corrugated paper products, plus other packaging products, with operations split between Singapore and the People’s republic of China (PRC).The revenue base is PRC-heavy, with PRC revenue at S$208.0m in FY2024 versus Singapore at S$46.0m, or about 82% to 18% by segment.Customer exposure is shown by sector, with “Printing, Publishers &amp; Converters” and “Medical &amp; Healthcare, Pharmaceutical &amp; Chemical” as the two largest buckets in FY2024, while electronics and food and beverage are smaller.

Tat Seng Packaging Group Limited Initiating Coverage

Thematic (Sector/Industry)

<ul>
<li>Singapore recycled only ~5% of its plastic waste in 2023, about 48k tonnes out of ~918k tonnes generated (NEA 2024). </li>
<li>Most plastics are incinerated or exported because virgin resin remains cheaper than recycled material and contamination rates are high. </li>
<li>The sector’s economics are supported by regulation, not market forces. </li>
</ul>


Singapore recycled only ~5% of its plastic waste in 2023, about 48k tonnes out of ~918k tonnes generated (NEA 2024). 
Most plastics are incinerated or exported because virgin resin remains cheaper than recycled material and contamination rates are high. 
The sector’s economics are supported by regulation, not market forces. 


Singapore

Tat Seng Packaging designs, manufactures, and sells corrugated paper products and other packaging solutions, including corrugated paper boards, cartons, die-cut boxes, and heavy-duty packaging. The company also provides related products such as tapes, stretch films, and foams. Headquartered in Singapore, it was founded in 1968.

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Tat Seng Packaging (TSP SP)

Tat Seng Packaging Group Limited Results Update

FY2025 weakened the operating case rather than resolving it. Revenue fell 8.9% to S$231.4m and results from operating activities fell 18.3% to...

ICAM

Tat Seng Packaging Group Limited Initiating Coverage

Tat Seng manufactures and sells corrugated paper products, plus other packaging products, with operations split between Singapore and the People’s...

ICAM

Plastic Recycling in Singapore

Singapore recycled only ~5% of its plastic waste in 2023, about 48k tonnes out of ~918k tonnes generated (NEA 2024). Most plastics are...

ICAM

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