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/hyphens-pharma-international-ltd" target="_blank" data-smartkarma-citation="entities:28034:1" rel="noopener">Hyphens Pharma (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 maintain NEUTRAL on Hyphens with a revised target price of S$0.40/share, based on 10.5x FY26E P/E and at a slight discount to the peer average.</li>
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Hyphens Pharma (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 maintain NEUTRAL on Hyphens with a revised target price of S$0.40/share, based on 10.5x FY26E P/E and at a slight discount to the peer average.


Hyphens Pharma - 1H26 Earnings Update - Record Margins but Catalysts Still Key for Rerating

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<a href="https://www.smartkarma.com/entities/gke-corporation-limited" target="_blank" data-smartkarma-citation="entities:15893:1" rel="noopener">GKE Corporation (GKEC SP)</a> is an integrated provider of warehousing and logistics solutions that include general cargo storage, dangerous cargo storage, bonded and license warehousing services, amongst others.</li>
<li>It also has strategic investments, which includes an infrastructural materials and services business in China, as well as agriculture and retail and distribution in Singapore.</li>
<li>GKE reported their FY26 results on 30th Jul 26. In this note, we talk about their FY26 earnings update. </li>
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GKE Corporation (GKEC SP) is an integrated provider of warehousing and logistics solutions that include general cargo storage, dangerous cargo storage, bonded and license warehousing services, amongst others.
It also has strategic investments, which includes an infrastructural materials and services business in China, as well as agriculture and retail and distribution in Singapore.
GKE reported their FY26 results on 30th Jul 26. In this note, we talk about their FY26 earnings update. 


GKE Corporation - FY26 Earnings Update - Record Revenue Masks Softness in Core Segments

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<a href="https://www.smartkarma.com/entities/okp-holdings-limited" target="_blank" data-smartkarma-citation="entities:13193:1" rel="noopener">OKP (OKP SP)</a> is an SGX Mainboard-listed civil engineering and infrastructure group specialising in public-sector transport and commuter infrastructure. It holds an A1 grade civil engineering status.</li>
<li>The group's work spans expressways, flyovers, vehicular bridges, urban and arterial roads, airport infrastructure and oil-and-gas-related infrastructure.</li>
<li>We initiate coverage on OKP Holdings with a BUY rating and a TP of S$0.98/share</li>
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OKP (OKP SP) is an SGX Mainboard-listed civil engineering and infrastructure group specialising in public-sector transport and commuter infrastructure. It holds an A1 grade civil engineering status.
The group's work spans expressways, flyovers, vehicular bridges, urban and arterial roads, airport infrastructure and oil-and-gas-related infrastructure.
We initiate coverage on OKP Holdings with a BUY rating and a TP of S$0.98/share


OKP Holdings Initiation - Staying Prudent While Riding The Construction Upcycle

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<a href="https://www.smartkarma.com/entities/asl-marine-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17092:1" rel="noopener">ASL Marine (ASL SP)</a> is an SGX mainboard-listed specializing in marine services group shipbuilding, ship repair and conversion, and ship chartering. </li>
<li>Its integrated model lets it build, repair and operate its own tonnage. Its Batam graving dock is one of the few yards in the region able to dry-dock Capesize tonnage.</li>
<li>We initiate coverage on ASL Marine with a BUY rating and a SOTP-based TP of S$0.42/share. </li>
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ASL Marine (ASL SP) is an SGX mainboard-listed specializing in marine services group shipbuilding, ship repair and conversion, and ship chartering. 
Its integrated model lets it build, repair and operate its own tonnage. Its Batam graving dock is one of the few yards in the region able to dry-dock Capesize tonnage.
We initiate coverage on ASL Marine with a BUY rating and a SOTP-based TP of S$0.42/share. 


ASL Marine Initiation - A Deleveraging-Led Earnings Inflection

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<a href="https://www.smartkarma.com/entities/iwow-technology-limited" target="_blank" data-smartkarma-citation="entities:36147:1" rel="noopener">IWOW Technology (IWOW SP)</a> is a one-stop end-to-end wireless IoT technology provider specialising in offering vertically integrated solutions and a telecommunications infrastructure solutions provider.</li>
<li>The firm reported its FY26 results on 29th May 2026. Revenue was up 19% YoY, reversing the 24% decline in FY25, led by the WES and DES segments. </li>
<li>With its latest proposed acquisition of The Gentle Group, we struggle to see where the synergy lies between its existing tech offerings and Gentle Group’s food offerings.</li>
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IWOW Technology (IWOW SP) is a one-stop end-to-end wireless IoT technology provider specialising in offering vertically integrated solutions and a telecommunications infrastructure solutions provider.
The firm reported its FY26 results on 29th May 2026. Revenue was up 19% YoY, reversing the 24% decline in FY25, led by the WES and DES segments. 
With its latest proposed acquisition of The Gentle Group, we struggle to see where the synergy lies between its existing tech offerings and Gentle Group’s food offerings.


IWOW Technology - FY26 Earnings Update - Broadening into the Silver Economy but Order Book Lagging

Thailand

UOB Kay Hian Securities (Thailand) Public Company Limited is a financial services company operating in Thailand. It engages in securities brokerage, securities trading, securities underwriting, and derivatives agent businesses, offering products such as online trading, mutual funds, and fixed income. The company was incorporated in 1998 and is headquartered in Bangkok, Thailand.

UOB Kay Hian Securities (Thailand) (UOBKH TB)

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UOB Kay Hian Securities (Thailand) (UOBKH TB)

Hyphens Pharma - 1H26 Earnings Update - Record Margins but Catalysts Still Key for Rerating

We maintain NEUTRAL on Hyphens with a revised target price of S$0.40/share, based on 10.5x FY26E P/E and at a slight discount to the peer average.

Evolve Capital Advisory Pte Ltd

GKE Corporation - FY26 Earnings Update - Record Revenue Masks Softness in Core Segments

GKE reported their FY26 results on 30th Jul 26. In this note, we talk about their FY26 earnings update and share our thoughts.

Evolve Capital Advisory Pte Ltd

OKP Holdings Initiation - Staying Prudent While Riding The Construction Upcycle

OKP (OKP SP) is an SGX Mainboard-listed civil engineering and infrastructure group specialising in public-sector transport and commuter...

Evolve Capital Advisory Pte Ltd

ASL Marine Initiation - A Deleveraging-Led Earnings Inflection

ASL Marine (ASL SP) is an SGX mainboard-listed specializing in marine services group shipbuilding, ship repair and conversion, and ship chartering.

Evolve Capital Advisory Pte Ltd

IWOW Technology - FY26 Earnings Update - Broadening into the Silver Economy but Order Book Lagging

iWOW reported its FY26 results on 29th May 2026. Revenue was up 19% YoY, reversing the 24% decline in FY25, led by the WES and DES segments.

Evolve Capital Advisory Pte Ltd

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