Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/old-chang-kee-ltd" target="_blank" data-smartkarma-citation="entities:10465:1" rel="noopener">Old Chang Kee (OCK SP)</a>  is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings.</li>
<li>OCK reported their 1H26 earnings update on 12th Nov 25. Revenue growth was flat at only 0.2% YoY, with both outlet and non-outlet sales remaining stable. </li>
<li>Ideally, we would like to see OCK introduce new key catalysts to spur top line growth, especially given increasing cost pressures in the form of wages and rental.</li>
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Old Chang Kee (OCK SP)  is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings.
OCK reported their 1H26 earnings update on 12th Nov 25. Revenue growth was flat at only 0.2% YoY, with both outlet and non-outlet sales remaining stable. 
Ideally, we would like to see OCK introduce new key catalysts to spur top line growth, especially given increasing cost pressures in the form of wages and rental.


Old Chang Kee - 1H26 Earnings Update - Sector Weakness Highlights Need for Fresh Growth Catalysts

Soon Hock Enterprise Holding / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/soon-hock-enterprise-holding-pte-ltd" target="_blank" data-smartkarma-citation="entities:45970:1" rel="noopener">Soon Hock Enterprise Holding (SHOCK SP)</a> is an established real estate developer that undertakes property development and property investment in Singapore.</li>
<li>The Group’s management has been involved in the launch of more than 1,200 units of strata-titled industrial properties in Singapore, achieving a total Gross Development Value (GDV) of S$1bn.</li>
<li>We initiate coverage on Soon Hock Enterprise with a RNAV-based TP of S$0.74, representing an upside of 27.6%.</li>
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Soon Hock Enterprise Holding (SHOCK SP) is an established real estate developer that undertakes property development and property investment in Singapore.
The Group’s management has been involved in the launch of more than 1,200 units of strata-titled industrial properties in Singapore, achieving a total Gross Development Value (GDV) of S$1bn.
We initiate coverage on Soon Hock Enterprise with a RNAV-based TP of S$0.74, representing an upside of 27.6%.


Soon Hock Enterprise Initiation - Established Player with Consistent Execution

Oiltek International Ltd / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/oiltek-international-ltd" target="_blank" data-smartkarma-citation="entities:36016:1" rel="noopener">Oiltek International Ltd (OTEK SP)</a> is a process engineering and technology solutions provider specializing in edible oils and renewable energy. Its solutions cater to all types of vegetable oils. </li>
<li>This includes palm oil, soybean and rapeseed oil and cover a wide range of applications including edible and non-edible oil refining, and POME (palm oil mill effluent) biogas recovery systems.</li>
<li>We initiate rated coverage on Oiltek with a DCF-based TP of S$1.22, implying a 40.7x FY26E P/E, representing an upside of approximately 20.8%.</li>
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Oiltek International Ltd (OTEK SP) is a process engineering and technology solutions provider specializing in edible oils and renewable energy. Its solutions cater to all types of vegetable oils. 
This includes palm oil, soybean and rapeseed oil and cover a wide range of applications including edible and non-edible oil refining, and POME (palm oil mill effluent) biogas recovery systems.
We initiate rated coverage on Oiltek with a DCF-based TP of S$1.22, implying a 40.7x FY26E P/E, representing an upside of approximately 20.8%.


Oiltek International Initiation - Asset-Light and Well Positioned for Growth

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<a href="https://www.smartkarma.com/entities/dezign-format-group-limited" target="_blank" data-smartkarma-citation="entities:45666:1" rel="noopener">Dezign Format Group (DFG SP)</a> is a design-and-build specialist offering experiential marketing and events management solutions, with a key focus on the MICE industry.</li>
<li>It has worked with a variety of global luxury brands and integrated resorts, with many of its projects being directly sourced rather than through open tender.</li>
<li>We initiate rated coverage on DF with a DCF-based TP of S$0.40, implying a 14.4x FY25E P/E, representing an upside of approximately 33.3%.</li>
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Dezign Format Group (DFG SP) is a design-and-build specialist offering experiential marketing and events management solutions, with a key focus on the MICE industry.
It has worked with a variety of global luxury brands and integrated resorts, with many of its projects being directly sourced rather than through open tender.
We initiate rated coverage on DF with a DCF-based TP of S$0.40, implying a 14.4x FY25E P/E, representing an upside of approximately 33.3%.


Dezign Format Initiation - Scaling Within a Niche Space

Hyphens Pharma International / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/hyphens-pharma-international" target="_blank" data-smartkarma-citation="entities:28034:1" rel="noopener">Hyphens Pharma International (HYP SP)</a> is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Pharmaceutical and Medical Aesthetics, Proprietary Brands and Digital Platform and E-Pharmacy.</li>
<li>It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.</li>
<li>We remain NEUTRAL on Hyphens with a TP of S$0.375, pegged to 10x FY26E P/E, representing an upside of approximately 10.3%. </li>
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Hyphens Pharma International (HYP SP) is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Pharmaceutical and Medical Aesthetics, Proprietary Brands and Digital Platform and E-Pharmacy.
It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.
We remain NEUTRAL on Hyphens with a TP of S$0.375, pegged to 10x FY26E P/E, representing an upside of approximately 10.3%. 


Hyphens Pharma - 1H25 Earnings Update - Near Term Performance Likely Subdued Before Modest Recovery

Singapore

UOB-Kay Hian Holdings Limited is an investment holding company whose subsidiaries provide management services.  The Company provides stock broking, futures broking, investment trading, nominee services, margin financing, and research activities.

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UOB Kay Hian Holdings (UOBK SP)

Old Chang Kee - 1H26 Earnings Update - Sector Weakness Highlights Need for Fresh Growth Catalysts

OCK reported their 1H26 earnings update on 12th Nov 25. Revenue growth was flat at only 0.2% YoY, with both outlet and non-outlet sales remaining...

Evolve Capital Advisory Pte Ltd

Soon Hock Enterprise Initiation - Established Player with Consistent Execution

Soon Hock Enterprise Holding (SHOCK SP) is an established real estate developer that undertakes property development and property investment in...

Evolve Capital Advisory Pte Ltd

Oiltek International Initiation - Asset-Light and Well Positioned for Growth

We initiate rated coverage on Oiltek with a DCF-based TP of S$1.22, implying a 40.7x FY26E P/E, representing an upside of approximately 20.8%.

Evolve Capital Advisory Pte Ltd

Dezign Format Initiation - Scaling Within a Niche Space

Dezign Format Group (DFG SP) is a design-and-build specialist offering experiential marketing and events management solutions, with a key focus on...

Evolve Capital Advisory Pte Ltd

Hyphens Pharma - 1H25 Earnings Update - Near Term Performance Likely Subdued Before Modest Recovery

We remain NEUTRAL on Hyphens with a TP of S$0.375, pegged to 10x FY26E P/E, representing an upside of approximately 10.3%.

Evolve Capital Advisory Pte Ltd

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