Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

<ul>
<li>Singapore’s small- and mid-cap equities have surged over the past month, defying a generally cautious macroeconomic backdrop.</li>
<li>The rally is widely linked to expectations of significant capital inflows from the Monetary Authority of Singapore’s (MAS) Equity Market Development Programme (EQDP).</li>
<li>A firm Singapore dollar and comparatively attractive dividend yields have further supported investor interest in these stocks.</li>
</ul>


Singapore’s small- and mid-cap equities have surged over the past month, defying a generally cautious macroeconomic backdrop.
The rally is widely linked to expectations of significant capital inflows from the Monetary Authority of Singapore’s (MAS) Equity Market Development Programme (EQDP).
A firm Singapore dollar and comparatively attractive dividend yields have further supported investor interest in these stocks.


55 SGX Stocks Up >15% in a Month – EQDP Attracting Investor Attention

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.

<ul><li>American Century Investment increased its stake in Rex International to over 5% through the AVDV ETF, holding 5.3% of Rex's shares.</li><li>The AVDV ETF targets small-cap stocks in non-US developed markets, focusing on low valuations and strong profitability.</li><li>In 2025, 22 of 30 SGX-listed stocks in the AVDV ETF saw increased average daily turnover compared to 2024.</li></ul>

American Century Investment increased its stake in Rex International to over 5% through the AVDV ETF, holding 5.3% of Rex's shares.The AVDV ETF targets small-cap stocks in non-US developed markets, focusing on low valuations and strong profitability.In 2025, 22 of 30 SGX-listed stocks in the AVDV ETF saw increased average daily turnover compared to 2024.

30 Singapore Stocks Through the Lens of a US Small Cap Value ETF 

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/isoteam-ltd" target="_blank" data-smartkarma-citation="entities:6201:1" rel="noopener">Isoteam Ltd (ISO SP)</a> is a SGX-Catalist listed company with a focus on Singapore’s building maintenance and estate upgrading industry, providing solutions across the entire lifecycle of buildings and infrastructure. </li>
<li>Since inception, the firm has completed over 900 projects on more than 7,500 buildings. Its projects are mainly based in Singapore, with approximately 70% derived from public sector contracts. </li>
<li>We initiate non-rated coverage on ISOTeam. Post-COVID, the firm's order book has rebounded and profitability is back in the black since FY23. </li>
</ul>



Isoteam Ltd (ISO SP) is a SGX-Catalist listed company with a focus on Singapore’s building maintenance and estate upgrading industry, providing solutions across the entire lifecycle of buildings and infrastructure. 
Since inception, the firm has completed over 900 projects on more than 7,500 buildings. Its projects are mainly based in Singapore, with approximately 70% derived from public sector contracts. 
We initiate non-rated coverage on ISOTeam. Post-COVID, the firm's order book has rebounded and profitability is back in the black since FY23. 


ISOTeam Initiation - Order Book Close to Record High

<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>Food Empire Holdings achieved 12% revenue growth in FY24, reaching US$476 million, and debuted on the 2025 Fortune Southeast Asia 500 list.</li><li>Yangzijiang Financial Holding, Centurion Corporation, and Wee Hur Holdings were among the top five stocks with significant net institutional inflow.</li><li>The FTSE ST Small Cap Index maintained a 6.3% dividend yield as of May, exceeding the FTSE Asia Pacific Small Cap Index's 2.4%.</li></ul>

Food Empire Holdings achieved 12% revenue growth in FY24, reaching US$476 million, and debuted on the 2025 Fortune Southeast Asia 500 list.Yangzijiang Financial Holding, Centurion Corporation, and Wee Hur Holdings were among the top five stocks with significant net institutional inflow.The FTSE ST Small Cap Index maintained a 6.3% dividend yield as of May, exceeding the FTSE Asia Pacific Small Cap Index's 2.4%.

Five Stocks that Led the FTSE ST Small Cap Index in 1H25

Singapore

Wee Hur Holdings Ltd. is a Singapore-based investment holding company primarily engaged in construction, property development, fund management, and alternative investments. The company constructs residential, industrial, institutional, and commercial properties, and develops and sells residential and industrial properties in Singapore and mixed-use properties in Australia. It also operates workers' dormitories and purpose-built student accommodation. Wee Hur Holdings was founded in 1980 and is headquartered in Singapore.

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Wee Hur Holdings (WHUR SP)

55 SGX Stocks Up >15% in a Month – EQDP Attracting Investor Attention

List of 55 SGX stocks (> USD 100 mn Mkt cap) that appreciated more than 15% in the past month - likely driven by anticipated impact of fund inflows...

Devi Subhakesan

30 Singapore Stocks Through the Lens of a US Small Cap Value ETF

American Century Investment increased its stake in Rex International to over 5% through the AVDV ETF, holding 5.3% of Rex's shares. The AVDV ETF...

Singapore Exchange Ltd (SGX)

ISOTeam Initiation - Order Book Close to Record High

Isoteam is a SGX-Catalist listed company focusing on Singapore’s building maintenance and estate upgrading industry, providing solutions across the...

Evolve Capital Advisory Pte Ltd

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)

Five Stocks that Led the FTSE ST Small Cap Index in 1H25

Food Empire Holdings achieved 12% revenue growth in FY24, reaching US$476 million, and debuted on the 2025 Fortune Southeast Asia 500...

Singapore Exchange Ltd (SGX)

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52-week Range

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