Old Chang Kee Initiation - Defying the Dip, Resilience Amidst F&B Headwinds
We initiate non-rated coverage on Old Chang Kee. Post-COVID, the firm’s revenue had steadily recovered to pre-COVID levels by FY23, with a notable...
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IWOW Technology - FY25 Earnings Update - Sales Declined but Order Book Growth Signals Hope
IWOW Technology Ltd (IWOW SP) is a one-stop end-to-end wireless IoT technology provider. The firm reported its FY25 results on 29th May 2025. In...
317 Views
Beverly JCG Initiation - Maiden Profit Turnaround After 12 Years
We initiate non-rated coverage on Beverly JCG (BJCG). In 1Q25, the firm has turned its first quarterly profit after 12 years in operation, with...
213 Views
Hyphens Pharma Initiation - Decent Fundamentals, Weak Valuations
We initiate rated coverage on Hyphens with a TP of S$0.365, pegged to 9.5x FY25E P/E, representing an upside of approximately 28.1%.
387 Views
Maynilad Water Services Pre-IPO - The Negatives - Growth Hasn’t Always Been as Strong
Maynilad Water Services (MYNLD PH) (MWS) is looking to raise at least US$633m in its upcoming Philippines IPO. In this note, we talk about the not...
622 Views