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/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>
</ul>



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

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<a href="https://www.smartkarma.com/entities/old-chang-kee-ltd" target="_blank" data-smartkarma-citation="entities:10465:1" rel="noopener">Old Chang Kee (OCK SP)</a> is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings.</li>
<li>OCK reported their FY26 results on 29th May 26. Revenue grew by 1.5% YoY to S$103.5m. Outlet sales grew by 0.6% YoY while non-outlet sales grew by 8.3% YoY.</li>
<li>While its balance sheet is among the strongest in our small-cap coverage, we struggle to identify a clear near-term catalyst that would presently allow for a rating.</li>
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Old Chang Kee (OCK SP) is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings.
OCK reported their FY26 results on 29th May 26. Revenue grew by 1.5% YoY to S$103.5m. Outlet sales grew by 0.6% YoY while non-outlet sales grew by 8.3% YoY.
While its balance sheet is among the strongest in our small-cap coverage, we struggle to identify a clear near-term catalyst that would presently allow for a rating.


Old Chang Kee - FY26 Earnings Update - Resilient but Cost Pressures Starting to Show

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<a href="https://www.smartkarma.com/entities/hyphens-pharma-international" target="_blank" data-smartkarma-citation="entities:28034:1" rel="noopener">Hyphens Pharma International (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 remain NEUTRAL on Hyphens as we think the stock currently trades at fair value. </li>
</ul>



Hyphens Pharma International (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 remain NEUTRAL on Hyphens as we think the stock currently trades at fair value. 


Hyphens Pharma - FY25 Earnings Update - No Clear Catalysts, FY26 Recovery a Low-Bar Normalisation

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<a href="https://www.smartkarma.com/entities/soon-hock-enterprise-holding-pte-ltd" target="_blank" data-smartkarma-citation="entities:45970:1" rel="noopener">Soon Hock Enterprise Holding (SHOCK SP)</a> is an established real estate developer that undertakes property development and property investment in Singapore.</li>
<li>The Group’s management has been involved in the launch of more than 1,200 units of strata-titled industrial properties in Singapore, achieving a total Gross Development Value (GDV) of S$1bn.</li>
<li>We revise our TP downwards on Soon Hock Enterprise based on a 20% discount to its RNAV of S$268.8m, representing an upside of 12.2%.</li>
</ul>



Soon Hock Enterprise Holding (SHOCK SP) is an established real estate developer that undertakes property development and property investment in Singapore.
The Group’s management has been involved in the launch of more than 1,200 units of strata-titled industrial properties in Singapore, achieving a total Gross Development Value (GDV) of S$1bn.
We revise our TP downwards on Soon Hock Enterprise based on a 20% discount to its RNAV of S$268.8m, representing an upside of 12.2%.


Soon Hock Enterprise - FY25 Earnings Update - Stellar Delivers, Skye Presales in Focus

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<li>
<a href="https://www.smartkarma.com/entities/old-chang-kee-ltd" target="_blank" data-smartkarma-citation="entities:10465:1" rel="noopener">Old Chang Kee (OCK SP)</a>  is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings.</li>
<li>OCK reported their 1H26 earnings update on 12th Nov 25. Revenue growth was flat at only 0.2% YoY, with both outlet and non-outlet sales remaining stable. </li>
<li>Ideally, we would like to see OCK introduce new key catalysts to spur top line growth, especially given increasing cost pressures in the form of wages and rental.</li>
</ul>



Old Chang Kee (OCK SP)  is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings.
OCK reported their 1H26 earnings update on 12th Nov 25. Revenue growth was flat at only 0.2% YoY, with both outlet and non-outlet sales remaining stable. 
Ideally, we would like to see OCK introduce new key catalysts to spur top line growth, especially given increasing cost pressures in the form of wages and rental.


Old Chang Kee - 1H26 Earnings Update - Sector Weakness Highlights Need for Fresh Growth Catalysts

China

Yangzijiang Shipbuilding is a large conglomerate primarily engaged in shipbuilding and offshore engineering, producing a broad range of commercial vessels including containerships, bulk carriers, oil tankers, and LNG/gas carriers. The company also provides ship repairing services, manufactures large-scale steel structures, and offers ship design services. It was founded in 1956 and is headquartered in Jingjiang, China.

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Yangzijiang Shipbuilding (YZJSGD SP)

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

Old Chang Kee - FY26 Earnings Update - Resilient but Cost Pressures Starting to Show

OCK reported their FY26 results on 29th May 26. Revenue grew by 1.5% YoY to S$103.5m. Outlet sales grew by 0.6% YoY while non-outlet sales grew by...

Evolve Capital Advisory Pte Ltd

Hyphens Pharma - FY25 Earnings Update - No Clear Catalysts, FY26 Recovery a Low-Bar Normalisation

We remain NEUTRAL on Hyphens Pharma as we think the stock currently trades at fair value, with Vietnam being the primary drag.

Evolve Capital Advisory Pte Ltd

Soon Hock Enterprise - FY25 Earnings Update - Stellar Delivers, Skye Presales in Focus

We revise our TP downwards on Soon Hock Enterprise based on a 20% discount to its RNAV of S$268.8m, representing an upside of 12.2%.

Evolve Capital Advisory Pte Ltd

Old Chang Kee - 1H26 Earnings Update - Sector Weakness Highlights Need for Fresh Growth Catalysts

OCK reported their 1H26 earnings update on 12th Nov 25. Revenue growth was flat at only 0.2% YoY, with both outlet and non-outlet sales remaining...

Evolve Capital Advisory Pte Ltd

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