Daily Brief Singapore: Multi-Chem, OKP, Osome, Sharpa, Rushowl, Info-Tech Systems and more

• Multi-Chem is a founder-led cybersecurity and IT infrastructure distributor benefiting from long-term growth in cybersecurity, cloud infrastructure and digital transformation spending across the Asia-Pacific region.
• Through its M.Tech subsidiary, the company has built a meaningful position in value-added IT distribution, supported by established vendor relationships, regional scale, recurring customer demand and a strong net cash balance sheet.
• The company has delivered consistent profitability, healthy returns on capital and strong cash generation, supporting a solid record of shareholder returns.

• OKP Holdings (OKP) is a cash-rich, execution-led play on Singapore’s public infrastructure pipeline.

• A decade of specialising in LTA commuter and cycling path works has lifted gross margins from single digits to above 30%, and the order book reached S$797.9m, ~3.4x trailing revenue.

• The shares have re-rated sharply since 2024, but ~S$172.3m of net cash as at 30 June 2026 still underpins modest valuations, ex-cash.

Executive Summary

• Productivity Dividend Delivers, All Theses on Track: FY2025 results support the margin expansion thesis, which is accelerating. AI automation, alongside a sharper focus on core markets and segments, halved EBITDA losses and brought operating cash flow close to breakeven, and management is guiding to profitability in 2027. The banking integration moat and cross-border theses are both tracking as expected, helped by a deeper banking partnership and a stronger push to promote Hong Kong, alongside its existing UAE offering, to international founders.
• AI Integration and Regional Positioning: The company launched a Model Context Protocol server that lets founders securely retrieve financial reports and shareholder records through AI assistants such as Claude and ChatGPT. It is also targeting the wave of AI startups setting up in Singapore on the back of government incentives. Pricing competition in the domestic market remains intense, particularly for foreign founder packages.
• Fundamental and Alternative Data Trajectories: The pvtIQ Fundamental SmartScore© edged higher, driven by a sharp improvement in Unit Economics, while Competition remains the principal drag. The pvtIQ Alt-Data SmartScore© improved more strongly, led by Human Capital and Socials, although Product Affinity has yet to reflect the recent product upgrades.

Executive Summary

• From Dexterous Hands to Commercial Robots: Sharpa is an embodied AI company that has taken its tactile robotic hand from launch to mass production in under a year. The hand is now used by leading research teams, including Google DeepMind and NVIDIA. It is building on this with full robots running on its own AI model, CraftNet, led by a live deployment at a Dairy Queen store in Shanghai and pilot projects in Singapore covering logistics and port operations.
• Proven Founders and Deep Strategic Capital: The company was founded by the three co-founders of Hesai Technology, who built the world’s leading automotive lidar business and took it from a costly niche product to mass production. Sharpa has raised more than US$667.5m to date, and its disclosed investors include Alibaba, Tencent, Meituan, JD.com and Sequoia China. This gives it a long runway to scale manufacturing and defend its lead in tactile sensing.
• Valuation Ahead of Fundamentals: Revenue is undisclosed, and we estimate 2026 sales at about US$43.6 million, implying roughly 76 times our 2026 sales estimate at the announced valuation, with most robot deployments still at pilot stage. Our fair value of about US$2.3b sits below the US$3.3b announced in August 2026. We attribute the gap to a premium for the founders’ track record and strong market enthusiasm for AI robotics, both of which leave investors exposed if commercial scaling is slower than expected.

Executive Summary

• Enterprise Transit Strategic Pivot: RushOwl has successfully transitioned from a consumer-facing on-demand bus-sharing application to a business-to-business mobility platform serving corporate enterprises, schools, and government agencies. As of September 2025, the company reported over 4,000 daily trips and approximately 250,000 app users across Singapore, Hong Kong, and India, and it also runs a public transit service in Brunei, using a hybrid fleet model.
• Recurring Revenue Base: The shift towards long-term subscription contracts of 24 months or more has stabilised the revenue base, lifting revenue to US$7.1m in FY24 and an eight-figure annual contracted run rate by mid-2025. This commercial momentum is supported by a US$10.0m Series A funding round in September 2025 and venture debt from InnoVen Capital SEA in April 2026, which provide capital to scale its proprietary AI routing technology across new Asian markets, although total funding remains modest relative to its expansion plans.
• Working Capital Exhaustion Risk: The planned geographic expansion into the Philippines, South Korea, and Malaysia is expected to accelerate the company’s cash burn rate and heighten its exposure to extended enterprise payment cycles, while the venture debt adds repayment obligations. If new market penetration underperforms or major corporate clients delay invoice settlements, the resulting liquidity squeeze could force the business to raise emergency capital at a depressed valuation.

• Osome Pte. Ltd. has established a robust market position as an AI-powered corporate administration and fintech platform, servicing over 30,000 SMEs and founders across Singapore, Hong Kong, the United Kingdom, and the United Arab Emirates with mission-critical incorporation, corporate secretarial, accounting, and tax compliance solutions.
• The company demonstrated significant operational progress in FY2025, posting S$26.6 million in revenue alongside a 50% year-over-year reduction in EBITDA losses and a 62% improvement in operating cash flow, driven by disciplined cost rationalization and deployment of proprietary AI workflow automation.
• Under new executive leadership led by CEO Eugenio Ferrante and CFO William Chong, Osome has pivoted from growth-at-all-costs to sustainable unit economics, targeting full-year EBITDA profitability by FY2027 while expanding higher-margin embedded fintech integrations and corporate compliance offerings.

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• RushOwl has successfully transitioned from consumer ride-hailing to an enterprise B2B dynamic transit-as-a-service (TaaS) model, capturing recurring revenues and shielding itself from intense consumer ride-hailing competition.
• The platform’s proprietary AI routing engine (RushOS) delivers high route optimization and carbon-efficient pooling, supported by a US$10m Series A funding round led by Gobi Partners and the Hong Kong Investment Corporation (HKIC).
• While revenue visibility is anchored by multi-year corporate subscription contracts (reaching US$7.1m in FY24), intermediate margin expansion remains constrained by hybrid fleet delivery costs and cross-border expansion working capital requirements.

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• Dominant SME SaaS Franchise in Southeast Asia: Info-Tech Systems Ltd (SGX: ITSL SP) is a market-leading cloud-based Human Resource Management Software (HRMS) and accounting SaaS provider commanding high market share across Singapore and Malaysia, serving over 33,000 business clients and 1,000,000+ active platform users with industry-leading retention rates exceeding 90%.
• High-Margin Financial Profile with Fortress Balance Sheet: The Group demonstrates exceptional unit economics characterized by gross margins consistently exceeding 81%, EBITDA margins above 40%, and robust net cash generation, supported by a debt-free balance sheet holding S$76.6m in cash and equivalents against minimal lease liabilities.
• Compelling Valuation Discount with High Capital Returns: At the current price of S$0.83, ITSL trades at an undemanding valuation (~15.4x FY25 P/E; ~6.3x ex-cash EV/EBITDA) representing a steep discount to global vertical SaaS peers, while offering an attractive trailing dividend yield of 4.67% and projected yields up to 6.6% backed by reliable free cash flow conversion.

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