IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/spindex-industries-ltd" target="_blank" data-smartkarma-citation="entities:17868:1" rel="noopener">Spindex Industries (SPE SP)</a> disclosed a privatisation through a scheme of arrangement from the Chairman and PrimeMovers Equity at S$1.43 per share. Including the FY2025 dividend, the total offer is S$1.45.</li>
<li>While the offer is attractive compared to historical trading ranges, it is light in comparison to peer and precedent transaction multiples. It is also below book value. </li>
<li>The offer has not been declared final. However, the lack of a disinterested shareholder holding a blocking stake and moderate retail ownership lowers the vote risk.  </li>
</ul>



Spindex Industries (SPE SP) disclosed a privatisation through a scheme of arrangement from the Chairman and PrimeMovers Equity at S$1.43 per share. Including the FY2025 dividend, the total offer is S$1.45.
While the offer is attractive compared to historical trading ranges, it is light in comparison to peer and precedent transaction multiples. It is also below book value. 
The offer has not been declared final. However, the lack of a disinterested shareholder holding a blocking stake and moderate retail ownership lowers the vote risk.  


Spindex Industries (SPE SP): PrimeMovers Equity-Sponsored MBO at S$1.43

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

<ul><li>The FTSE ST Industrials Index saw a 17% total return in 2025, with S$588M net institutional inflows.</li><li>ST Engineering achieved a 78% total return, driven by diversified business and strategic digital investments.</li><li>OKP Holdings' share price surged 200% YTD, supported by a S$736M order book and AI-driven automation.</li></ul>

The FTSE ST Industrials Index saw a 17% total return in 2025, with S$588M net institutional inflows.ST Engineering achieved a 78% total return, driven by diversified business and strategic digital investments.OKP Holdings' share price surged 200% YTD, supported by a S$736M order book and AI-driven automation.

Industrials Lead the Charge: FTSE ST Industrials Outpaced STI Since February

<ul><li>Singapore's Mid-to-Small Cap group averaged S$40 million daily trading turnover, with Technology stocks contributing 35% over 8 weeks.</li><li>UMS, CSE Global, and Valuetronics ranked among the top 10 Mid-to-Small Cap stocks with highest net institutional inflow.</li><li>PC Partner Group anticipates FY24 net profit of at least HK$250 million, up from HK$60 million in FY23.</li></ul>

Singapore's Mid-to-Small Cap group averaged S$40 million daily trading turnover, with Technology stocks contributing 35% over 8 weeks.UMS, CSE Global, and Valuetronics ranked among the top 10 Mid-to-Small Cap stocks with highest net institutional inflow.PC Partner Group anticipates FY24 net profit of at least HK$250 million, up from HK$60 million in FY23.

Tech Sector's Recent Influence on Singapore's Mid-to-Small Cap Stocks

<ul><li>Back in 1H24, Gartner projected significant growth in global semiconductor sales for 2024 and 2025, driven by a rebound in AI chips, memory pricing, PCs, smartphones, and consumer devices.</li><li>Aztech, Valuetronics and ISDN have shown mixed returns this year, with Valuetronics trading above its 5-year P/S average.</li><li>Aztech, Valuetronics and ISDN have been enhancing their manufacturing operations with Manufacturing Execution Systems (MES), leveraging software to increase production efficiency.</li></ul>

Back in 1H24, Gartner projected significant growth in global semiconductor sales for 2024 and 2025, driven by a rebound in AI chips, memory pricing, PCs, smartphones, and consumer devices.Aztech, Valuetronics and ISDN have shown mixed returns this year, with Valuetronics trading above its 5-year P/S average.Aztech, Valuetronics and ISDN have been enhancing their manufacturing operations with Manufacturing Execution Systems (MES), leveraging software to increase production efficiency.

Recent Driving Forces in the Technology Sector

Hong Kong

Valuetronics is an integrated Electronics Manufacturing Service (EMS) provider, offering design, engineering, manufacturing, and supply chain support for electronic and electro-mechanical products. The company specializes in Original Equipment Manufacturing (OEM) services, including PCBA and box-build assembly, for products such as smart lighting, printers, automotive, and medical equipment. It was established in 1992 and is headquartered in Hong Kong.

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Valuetronics (VALUE SP)

Spindex Industries (SPE SP): PrimeMovers Equity-Sponsored MBO at S$1.43

While the offer is attractive compared to historical trading ranges, it is light in comparison to peer and precedent transaction multiples....

Arun George

Industrials Lead the Charge: FTSE ST Industrials Outpaced STI Since February

The FTSE ST Industrials Index saw a 17% total return in 2025, with S$588M net institutional inflows. ST Engineering achieved a 78% total return,...

Singapore Exchange Ltd (SGX)

Tech Sector's Recent Influence on Singapore's Mid-to-Small Cap Stocks

Singapore's Mid-to-Small Cap group averaged S$40 million daily trading turnover, with Technology stocks contributing 35% over 8 weeks. UMS, CSE...

Singapore Exchange Ltd (SGX)

Company Spotlight: Valuetronics

Company Spotlight: Valuetronics

Singapore Exchange Ltd (SGX)

Recent Driving Forces in the Technology Sector

Back in 1H24, Gartner projected significant growth in global semiconductor sales for 2024 and 2025, driven by a rebound in AI chips, memory...

Singapore Exchange Ltd (SGX)

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