Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

Equity Bottom-Up

<ul>
<li>FY2025 was a peak activity year that resets expectations, but it also makes “normalized” earnings harder to judge.</li>
<li>Revenue rose to S$167.4m in FY2025 from S$119.5m in FY2024, and operating profit rose to S$53.9m from S$34.6m.</li>
<li>The key question is whether cash generation stays strong when programme-linked work fades and capex remains elevated.</li>
</ul>


FY2025 was a peak activity year that resets expectations, but it also makes “normalized” earnings harder to judge.
Revenue rose to S$167.4m in FY2025 from S$119.5m in FY2024, and operating profit rose to S$53.9m from S$34.6m.
The key question is whether cash generation stays strong when programme-linked work fades and capex remains elevated.


Thematic (Sector/Industry)

<ul><li>Singapore's EV charging network is impressive with ~15,300 chargers deployed, and COE quotas structured to accelerate electrification.</li><li>But this growth has been driven more by regulation, subsidies, and public mandates than by genuine market demand.</li><li>The bulk of adoption has come from corporate fleets (taxis, buses, and logistics operators) where high daily mileage makes electrification viable.</li></ul>

Singapore's EV charging network is impressive with ~15,300 chargers deployed, and COE quotas structured to accelerate electrification.But this growth has been driven more by regulation, subsidies, and public mandates than by genuine market demand.The bulk of adoption has come from corporate fleets (taxis, buses, and logistics operators) where high daily mileage makes electrification viable.

Singapore

Provides automotive testing and inspection services

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Vicom Ltd (VCM SP)

VICOM Limited Initiating Coverage

FY2025 was a peak activity year that resets expectations, but it also makes “normalized” earnings harder to judge. Revenue rose to S$167.4m in...

ICAM

EV and Sustainable Transport

Singapore's EV charging network is impressive with ~15,300 chargers deployed, and COE quotas structured to accelerate electrification.

ICAM

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