In today’s briefing:
- Marco Polo Marine Ltd (SGX: 5LY): Initiation Research (23 August 2026)
- ISDN Holdings: Riding the Hydro and Electronics Wave
- Aequitas: Keppel DC REIT Placement – DPU Accretive; past Deals Have Done Well
- August Focus: Macro Resilience, Micro Efficiency and Earnings Delivery
Marco Polo Marine Ltd (SGX: 5LY): Initiation Research (23 August 2026)
-
We think Marco Polo Marine (“MPM”) stands to benefit from industry tailwinds supporting the company’s ship chartering division, with the deployment of its first Commissioning Service Operation Vessel (“CSOV”), the MP Wind Archer, and additional vessels in a tight demand market for offshore vessels.
-
The company’s proposed reverse takeover (“RTO”) to separately list the shipyard business, and the planned listing of indirect subsidiary PKR Offshore (“PKRO”), should unlock value for MPM, and provide these businesses further avenues to raise funding for their respective growth opportunities.
- The strengthening fundamentals appear sustainable whilst not being reflected in the valuations.
ISDN Holdings: Riding the Hydro and Electronics Wave
- ISDN Holdings (“ISDN” or “The Group”) is an industrial automation company that offers a full range of advanced automation solutions and services.
- These solutions and services range from precision components and engineering services to full machine and cloud solutions.
- Its components and systems power semiconductor factories, advanced medical devices, clean energy plants, electric vehicles and more across Asia.
Aequitas: Keppel DC REIT Placement – DPU Accretive; past Deals Have Done Well
- Keppel DC (KDCREIT SP) aims to raise around US$472m to invest in two data centres in Inzai City, Greater Tokyo.
- The firm expects a 2.6% DPU accretion from the acquisition.
- In this note, we comment on the deal dynamics and run the deal through our ECM framework.
August Focus: Macro Resilience, Micro Efficiency and Earnings Delivery
- Yangzijiang Shipbuilding led STI constituents in August with a 22.5% rally, record 1H26 net profit, and increased order-book growth.
- Institutional flows rotated towards developers, with Hongkong Land, City Developments, and UOL accounting for 95% of S$127 million improvement.
- Frencken announced a S$100 million placement for business expansion, manufacturing capacity, and strategic investments, reflecting sector demand trends.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
