SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<figure class="editor-figure mceNonEditable"><img src="https://api2.sgx.com/sites/default/files/2021-05/Bernard_Emby2.jpg" class="editor-image img-responsive"></figure>
<div class="content-caption">Tricklestar CEO</div>

Growing up, Bernard Emby often rolled his eyes whenever his father tried to remind him about the core values of honesty, integrity and the pursuit of excellence. But over the years, he discovered that these principles had become ingrained in his character. “One fundamental ethic is integrity and doing what you say you are going to do, when you say you are going to do it. The other is, if something is worth doing, you must do it well,” said the Founder, Executive Chairman and CEO of SGX-listed TrickleStar Ltd. “These are deeply held personal values that I instill in my team and family, and they form the foundation of my principles-driven leadership - the style that comes most naturally to me,” he noted. In this complicated world, where challenges arise rapidly and change is a constant, such values are critical to surviving and thriving. “These principles help make sense of what we need to do, and how best to go about running and building our business,” he added. “It doesn’t mean we don’t make mistakes, but integrity and honesty generates goodwill and trust with all stakeholders. Sometimes, we get it right, and sometimes we get it wrong, but our people and partners know they can trust us to do to what we say we are going to do, and they will know why we act in a certain way.” Emby founded TrickleStar in 2008 with the fundamental desire to make the world a slightly better place by improving energy efficiency and reducing greenhouse gas emissions.&nbsp; “My entire working career has been involved in some way with energy-saving technologies,” he said.&nbsp; “I’ve always felt the need to work in an industry that could have a positive impact on the world, and perhaps even make things a little better for the next generation. This sentiment strengthened after I had children, and I felt an even stronger obligation to make a positive contribution for their sake.” Emby, who graduated with a Bachelor of Arts degree from the University of Western Australia, also holds a Graduate Diploma in Business from Curtin University. He began his career in 1993 as a product marketing manager, and gradually rose up the ranks to hold senior management roles in companies ranging from Electronic Lifestyles and Clipsal Integrated Systems to Honeywell Novar ED&amp;S, before striking out on his own 15 years later.&nbsp; Energy Optimisation Looking back on the 12 years of TrickleStar’s history, Emby is grateful for his “first-class” advisors and “patient” financial backers who provided invaluable support. “The lesson, if any, I would pass on is not to think you can do everything yourself, and deliver on your promises to your backers and employees,” he noted. Listed on SGX Catalist in June 2019, TrickleStar is a “green-tech” company that designs and supplies affordable, easy-to-use energy-saving products to help consumers lower energy consumption in their homes and workplaces. These products also minimise environmental impact by reducing energy wastage from appliances and devices.&nbsp; Its portfolio of energy-saving products includes Advanced Power Strips, load controllers, energy monitors, energy meters and surge protectors. These products are primarily purchased by electric utilities, energy efficiency programs, implementation contractors and energy auditors in the US. Headquartered in Kuala Lumpur, Malaysia, TrickleStar is focused on an asset-light business model, where it develops the brand, intellectual property and manages sales of the products. It has outsourced production to multiple electronic contract manufacturing partners in China and Malaysia to achieve better costing for its products.&nbsp; The Group’s primary sales are focused in US and Canada, with plans to expand internationally. Its solutions are included in the list of approved products for energy-efficiency programs in more than 20 states in US and Canada. Following COVID-19, TrickleStar has seen higher demand for Energy Optimisation solutions, Emby noted. “With work-from-home being the default, people are now more aware about the benefits of our products, which cut costs for households and businesses.” The impact from the pandemic also continues to roil the logistics industry. “There's a shortage of some components and shipping costs have jumped enormously. Forward planning on logistics has therefore grown in importance. In response, TrickleStar has kept relatively high levels of inventory to ensure we can deliver against customer demand.” Meanwhile, Emby takes pains to debunk the misperception that TrickleStar is a single-product company. “That’s not entirely correct as we have more than one product, but there is a dominant reliance on our Advanced Power Strips,” he said. “As part of our five-year plan and in our overall strategy, we’re focused on developing new Energy Optimisation devices that will minimise our concentration risks. We now have three new products ready to hit the market this year, and the Group has boosted its sales team in the US to push out these new solutions.” Robust Potential To-date, its most complex and sophisticated products are the Wi-Fi Smart Thermostat and Wi-Fi Water Heater Controller. Both connect to a cloud service called the TrickleStar Portal and include mobile device applications for Android and iOS. Its DryerSaver - an advanced energy-saving gadget for electric clothes dryers that reduces power wastage from over-drying clothes - is also ready for market. “We’ll be selling these devices in the US as well as new geographies, and I hope to see the results in our margins and profits in 2021,” he added. To be sure, TrickleStar’s growth prospects appear bright. “We have more products in the pipeline - over 10 actually, and including one we haven’t announced - which I believe have the potential to be sold to almost every business and household globally.” The Group is also making appointments for sellers in Europe and Asia for its newer devices. “The brand is becoming more valuable and better known as our portfolio expands, he added. “As you can see, I’m really excited about our future!” Nonetheless, challenges loom. For the first time in 2020, the Group witnessed price sensitivity replacing quality considerations in utility programs in the US, its main market.&nbsp; “We saw cheaper and inferior products being marketed, and making some headway. In response, we developed a new brand, PlugLoad, which has fewer features than our premier TrickleStar brand, to allow us to compete more effectively with those programs that have cost as their priority,” Emby noted. The Group’s first PlugLoad orders were received in October FY2020, and the brand is starting to sell into energy efficiency programs. “Despite this, competing in the lower end of the market, where there’s a trade-off between price and safety, is not a space we wish to occupy,” he added. At the end of the day, Emby and the company are, in many ways, inseparable. “I have put my values into TrickleStar, and they are there for all to see. As CEO and founder, the business is also never far from my thoughts.” But when the 50-year-old is with his wife, three children, four dogs and two cats, he makes it a point to give them his undivided attention. “Giving advice to my kids is hard to do,” he admitted, referring to his daughters, aged 13, 15 and 17.&nbsp; “I feel the best approach is to lead by example, to be consistent, fair and predictable in everyday life and interactions. Children are not shaped by a single saying or bit of advice. I’d like to think they are forged by the daily interactions of your family.” Tricklestar Ltd Established in 2008 and listed on SGX Catalist in June 2019, TrickleStar is a “green-tech” company that designs and supplies affordable, easy-to-use energy-saving products to help consumers reduce energy consumption in their homes and workplaces. These products also protect consumer devices and help minimise environmental impact by reducing energy wastage from appliances and devices. Its portfolio of energy-saving products includes Advanced Power Strips, load controllers, energy monitors, energy meters and surge protectors. These products are primarily purchased by electric utilities, energy efficiency programs, implementation contractors and energy auditors in the US. The Group’s primary sales are focused in US and Canada, with plans to expand internationally. Its solutions are included in the list of approved products for energy-efficiency programs in more than 20 states in US and Canada, including Massachusetts, California and South Carolina. The company website is: <a href="http://www.tricklestar.com" target="_blank" rel="noopener">www.tricklestar.com</a> Click&nbsp;<a href="https://www.sgx.com/securities/equities/CYW" target="_blank" rel="noopener">here&nbsp;</a>for the company's StockFacts page. For the year ended 31 December 2020 financial results, click&nbsp;<a href="https://links.sgx.com/1.0.0/corporate-announcements/IF7LGMTMNR75IQNH/649996_TrickleStar-Press%20Release.pdf" target="_blank" rel="noopener">here.</a> About&nbsp;kopi-C: the Company brew
Text: Jennifer Tan-Stanisic Photo: Company file kopi-C&nbsp;is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations. For previous editions of&nbsp;kopi-C: the Company brew,&nbsp;please click&nbsp;<a href="https://www.sgx.com/research-education/market-dialogues" target="_blank" rel="noopener">here</a>. &nbsp; For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to&nbsp;<a href="https://www.sgx.com/jennifer.t@sgx.com" target="_blank" rel="noopener">jennifer.t@sgx.com</a>.


Tricklestar CEO

Growing up, Bernard Emby often rolled his eyes whenever his father tried to remind him about the core values of honesty, integrity and the pursuit of excellence. But over the years, he discovered that these principles had become ingrained in his character.  “One fundamental ethic is integrity and doing what you say you are going to do, when you say you are going to do it. The other is, if something is worth doing, you must do it well,” said the Founder, Executive Chairman and CEO of SGX-listed TrickleStar Ltd.  “These are deeply held personal values that I instill in my team and family, and they form the foundation of my principles-driven leadership - the style that comes most naturally to me,” he noted.  In this complicated world, where challenges arise rapidly and change is a constant, such values are critical to surviving and thriving. “These principles help make sense of what we need to do, and how best to go about running and building our business,” he added.  “It doesn’t mean we don’t make mistakes, but integrity and honesty generates goodwill and trust with all stakeholders. Sometimes, we get it right, and sometimes we get it wrong, but our people and partners know they can trust us to do to what we say we are going to do, and they will know why we act in a certain way.”  Emby founded TrickleStar in 2008 with the fundamental desire to make the world a slightly better place by improving energy efficiency and reducing greenhouse gas emissions.&nbsp;  “My entire working career has been involved in some way with energy-saving technologies,” he said.&nbsp;  “I’ve always felt the need to work in an industry that could have a positive impact on the world, and perhaps even make things a little better for the next generation. This sentiment strengthened after I had children, and I felt an even stronger obligation to make a positive contribution for their sake.”  Emby, who graduated with a Bachelor of Arts degree from the University of Western Australia, also holds a Graduate Diploma in Business from Curtin University.  He began his career in 1993 as a product marketing manager, and gradually rose up the ranks to hold senior management roles in companies ranging from Electronic Lifestyles and Clipsal Integrated Systems to Honeywell Novar ED&amp;S, before striking out on his own 15 years later.&nbsp;  Energy Optimisation  Looking back on the 12 years of TrickleStar’s history, Emby is grateful for his “first-class” advisors and “patient” financial backers who provided invaluable support. “The lesson, if any, I would pass on is not to think you can do everything yourself, and deliver on your promises to your backers and employees,” he noted.  Listed on SGX Catalist in June 2019, TrickleStar is a “green-tech” company that designs and supplies affordable, easy-to-use energy-saving products to help consumers lower energy consumption in their homes and workplaces. These products also minimise environmental impact by reducing energy wastage from appliances and devices.&nbsp;  Its portfolio of energy-saving products includes Advanced Power Strips, load controllers, energy monitors, energy meters and surge protectors. These products are primarily purchased by electric utilities, energy efficiency programs, implementation contractors and energy auditors in the US.  Headquartered in Kuala Lumpur, Malaysia, TrickleStar is focused on an asset-light business model, where it develops the brand, intellectual property and manages sales of the products. It has outsourced production to multiple electronic contract manufacturing partners in China and Malaysia to achieve better costing for its products.&nbsp;  The Group’s primary sales are focused in US and Canada, with plans to expand internationally. Its solutions are included in the list of approved products for energy-efficiency programs in more than 20 states in US and Canada.  Following COVID-19, TrickleStar has seen higher demand for Energy Optimisation solutions, Emby noted. “With work-from-home being the default, people are now more aware about the benefits of our products, which cut costs for households and businesses.”  The impact from the pandemic also continues to roil the logistics industry. “There's a shortage of some components and shipping costs have jumped enormously. Forward planning on logistics has therefore grown in importance. In response, TrickleStar has kept relatively high levels of inventory to ensure we can deliver against customer demand.”  Meanwhile, Emby takes pains to debunk the misperception that TrickleStar is a single-product company. “That’s not entirely correct as we have more than one product, but there is a dominant reliance on our Advanced Power Strips,” he said.  “As part of our five-year plan and in our overall strategy, we’re focused on developing new Energy Optimisation devices that will minimise our concentration risks. We now have three new products ready to hit the market this year, and the Group has boosted its sales team in the US to push out these new solutions.”  Robust Potential  To-date, its most complex and sophisticated products are the Wi-Fi Smart Thermostat and Wi-Fi Water Heater Controller. Both connect to a cloud service called the TrickleStar Portal and include mobile device applications for Android and iOS. Its DryerSaver - an advanced energy-saving gadget for electric clothes dryers that reduces power wastage from over-drying clothes - is also ready for market.  “We’ll be selling these devices in the US as well as new geographies, and I hope to see the results in our margins and profits in 2021,” he added.  To be sure, TrickleStar’s growth prospects appear bright. “We have more products in the pipeline - over 10 actually, and including one we haven’t announced - which I believe have the potential to be sold to almost every business and household globally.”  The Group is also making appointments for sellers in Europe and Asia for its newer devices. “The brand is becoming more valuable and better known as our portfolio expands, he added. “As you can see, I’m really excited about our future!”  Nonetheless, challenges loom. For the first time in 2020, the Group witnessed price sensitivity replacing quality considerations in utility programs in the US, its main market.&nbsp;  “We saw cheaper and inferior products being marketed, and making some headway. In response, we developed a new brand, PlugLoad, which has fewer features than our premier TrickleStar brand, to allow us to compete more effectively with those programs that have cost as their priority,” Emby noted.  The Group’s first PlugLoad orders were received in October FY2020, and the brand is starting to sell into energy efficiency programs. “Despite this, competing in the lower end of the market, where there’s a trade-off between price and safety, is not a space we wish to occupy,” he added.  At the end of the day, Emby and the company are, in many ways, inseparable. “I have put my values into TrickleStar, and they are there for all to see. As CEO and founder, the business is also never far from my thoughts.”  But when the 50-year-old is with his wife, three children, four dogs and two cats, he makes it a point to give them his undivided attention. “Giving advice to my kids is hard to do,” he admitted, referring to his daughters, aged 13, 15 and 17.&nbsp;  “I feel the best approach is to lead by example, to be consistent, fair and predictable in everyday life and interactions. Children are not shaped by a single saying or bit of advice. I’d like to think they are forged by the daily interactions of your family.”  Tricklestar Ltd  Established in 2008 and listed on SGX Catalist in June 2019, TrickleStar is a “green-tech” company that designs and supplies affordable, easy-to-use energy-saving products to help consumers reduce energy consumption in their homes and workplaces. These products also protect consumer devices and help minimise environmental impact by reducing energy wastage from appliances and devices. Its portfolio of energy-saving products includes Advanced Power Strips, load controllers, energy monitors, energy meters and surge protectors. These products are primarily purchased by electric utilities, energy efficiency programs, implementation contractors and energy auditors in the US. The Group’s primary sales are focused in US and Canada, with plans to expand internationally. Its solutions are included in the list of approved products for energy-efficiency programs in more than 20 states in US and Canada, including Massachusetts, California and South Carolina.  The company website is: www.tricklestar.com   Click&nbsp;here&nbsp;for the company's StockFacts page.  For the year ended 31 December 2020 financial results, click&nbsp;here.   About&nbsp;kopi-C: the Company brew
Text: Jennifer Tan-Stanisic Photo: Company file  kopi-C&nbsp;is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.  For previous editions of&nbsp;kopi-C: the Company brew,&nbsp;please click&nbsp;here. &nbsp;  For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to&nbsp;jennifer.t@sgx.com.

TrickleStar: Innovating With Green Technology

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

In this Smartkarma Corporate Webinar, <a href="https://www.smartkarma.com/entities/tricklestar-ltd/overview" target="_blank" rel="noopener">TrickleStar (TRICKLE SP)</a> Director <a href="https://www.smartkarma.com/profiles/gunananthan-nithyanantham" target="_blank" rel="noopener">Gunananthan Nithyanantham</a> will share a short company presentation along with some key aspects about TrickleStar, and then sit down for a fireside chat with Smartkarma Insight Provider, <a href="https://www.smartkarma.com/profiles/kyle-rudden" target="_blank" rel="noopener">Kyle Rudden</a>. A live Q&amp;A session will follow.
<h3>The Corporate Webinar will be hosted on Tuesday, 16 March 2021, 17:00 SGT.</h3>
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<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=87115164632" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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</div>
<div>Corporate Webinars by <a href="https://www.smartkarma.com/home/corporate-solutions/" target="_blank" rel="noopener">Smartkarma Corporate Solutions</a> feature discussions with Corporate IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.</div>

In this Smartkarma Corporate Webinar, TrickleStar (TRICKLE SP) Director Gunananthan Nithyanantham will share a short company presentation along with some key aspects about TrickleStar, and then sit down for a fireside chat with Smartkarma Insight Provider, Kyle Rudden. A live Q&amp;A session will follow.
The Corporate Webinar will be hosted on Tuesday, 16 March 2021, 17:00 SGT.



Register for the Webinar here



Corporate Webinars by Smartkarma Corporate Solutions feature discussions with Corporate IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.

Smartkarma Corporate Webinar | TrickleStar: IoT Solutions for Energy Efficiency & Sustainability

<h2>10 Questions for TrickleStar Limited</h2>
Company Overview TrickleStar designs and supplies affordable, simple and easy-to-use energy-saving products to help consumers reduce energy consumption in their homes and workplaces. The Group’s products are primarily purchased by electric utility companies, energy efficiency programmes, implementation contractors and energy auditors in the U.S. <a href="https://www.sgx.com/securities/equities/CYW" target="_blank" rel="noopener">Link to StockFacts company page</a>
<ol>
<li>What notable developments can shareholders expect from TrickleStar for the rest of 2020 and into next year?</li>
</ol>
<ul>
<li>We concluded 1H2020 with a net profit of US$507K, a significant year-onyear improvement1 . Like many businesses, we faced challenges from COVID-19 and have been impacted by U.S. tariffs. However, our results thus far proved that the Group has handled these challenges well.</li>
<li>We expect sales volumes to remain similar to last year and to maintain profitability for this year. We have a dividend policy of paying 50% of net profit (on various conditions), and we are optimistic on paying a dividend for 2020.</li>
<li>Since our IPO in June 2019, we have grown significantly:</li>
</ul>
<ul>
<li>
<ul style="list-style-type: circle;">
<li>Expanded product portfolio – received encouraging initial market feedback on our new products for 2021</li>
<li>Diversified manufacturing – added 2 new contract manufacturers</li>
<li>Addressed tariff challenges – expanded manufacturing outside of China to minimise U.S. tariffs</li>
</ul>
</li>
<li>The Group will be launching three major new products in early 2021. We believe that these products will diversify us from single product category risk we faced and will underpin our growth strategy over the next 3 years.</li>
</ul>

10 Questions for TrickleStar Limited
Company Overview TrickleStar designs and supplies affordable, simple and easy-to-use energy-saving products to help consumers reduce energy consumption in their homes and workplaces. The Group’s products are primarily purchased by electric utility companies, energy efficiency programmes, implementation contractors and energy auditors in the U.S. Link to StockFacts company page

What notable developments can shareholders expect from TrickleStar for the rest of 2020 and into next year?


We concluded 1H2020 with a net profit of US$507K, a significant year-onyear improvement1 . Like many businesses, we faced challenges from COVID-19 and have been impacted by U.S. tariffs. However, our results thus far proved that the Group has handled these challenges well.
We expect sales volumes to remain similar to last year and to maintain profitability for this year. We have a dividend policy of paying 50% of net profit (on various conditions), and we are optimistic on paying a dividend for 2020.
Since our IPO in June 2019, we have grown significantly:




Expanded product portfolio – received encouraging initial market feedback on our new products for 2021
Diversified manufacturing – added 2 new contract manufacturers
Addressed tariff challenges – expanded manufacturing outside of China to minimise U.S. tariffs


The Group will be launching three major new products in early 2021. We believe that these products will diversify us from single product category risk we faced and will underpin our growth strategy over the next 3 years.


10 in 10 with TrickleStar Limited - Innovating for a Green Future

Malaysia

TrickleStar Ltd. designs, produces, and distributes energy saving products. The Company offers powerstrips, load controllers, energy meters, monitors, and surge protectors. TrickleStar serves customers in Singapore and Malaysia.

TrickleStar Ltd (TRICKLE SP)

TrickleStar: Innovating With Green Technology

Growing up, Bernard Emby often rolled his eyes whenever his father tried to remind him about the core values of honesty, integrity and the...

Singapore Exchange Ltd (SGX)

Smartkarma Corporate Webinar | TrickleStar: IoT Solutions for Energy Efficiency & Sustainability

On 16 March, 5pm SGT, join us as TrickleStar Director Gunananthan Nithyanantham shares a short company presentation, and sits down for a fireside...

Smartkarma Research

10 in 10 with TrickleStar Limited - Innovating for a Green Future

10 Questions for TrickleStar Limited Company OverviewTrickleStar designs and supplies affordable, simple and easy-to-use energy-saving products to...

Singapore Exchange Ltd (SGX)