Singapore

• UltraGreen.AI (2594794D SP) is looking to raise US$400m in its upcoming Singapore IPO.
• UltraGreen is a global leader in Fluorescence Guided Surgery (FGS), a surgical approach that helps doctors see things inside the body that are normally invisible under regular white light.
• We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.

Highlights

• Consumption outpaces domestic production growth

• Imports decline despite steady industrial demand

• Fresh probe into halobutyl rubber dumping

The first four months of the financial year illustrated an industry striving for balance — one still navigating between domestic self-sufficiency ambitions and dependence on imports for certain specialized grades. Demand from tire makers, which account for nearly two-thirds of synthetic rubber use in India, remained stable amid mixed trends in automotive production and exports. 

• This insight compares the iEdge Singapore Next 50 Index with regional mid-cap indices, focusing on methodology, sector composition, and historical performance. 
• Combining flagship and next-tier indices can broaden sector exposure and balance within an Asia-focused equity portfolio. 
• A volatility-driven allocation strategy is presented, showing that dynamic mid-cap exposure can help moderate drawdowns and enhance returns during market cycles.

• Institutions were net sellers of Singapore stocks from Nov 14 to Nov 20, with a net outflow of S$131 million.
• United Overseas Bank led share buybacks, acquiring 997,700 shares at an average price of S$34.01, totaling S$58.2 million.
• Wing Tai Holdings’ Cheng Wai Keung increased his interest to 62.24%, while Banyan Tree Holdings’ Goodview Properties raised its stake to 6.06%.

• In 3Q25, Singapore office REITs like CICT, MPACT, and Suntec REIT reported strong occupancy and positive rental reversions.
• CICT’s office portfolio occupancy rose to 96.2%, with a 1.9% rent increase, and full ownership of CapitaSpring.
• Keppel REIT achieved a 12.0% rental reversion, maintaining 96.3% occupancy, with a WALE of 4.7 years.

• UltraGreen.ai’s IPO valuation of US$1.6 billion is 6x the total 2030 market size for FGS systems. Such valuation is not based on current financial performance but on future growth expectations.
• For UltraGreen.ai to justify its valuation, it would need to capture a dominant/growing share of this expanding market. This creates a high risk of valuation correction if growth is slower-than-expected.
• The entire AI sector has been full of bubble.A market-wide correction could impact UltraGreen.ai’s valuation regardless of its individual performance.US$1.3bn is a comfortable valuation for us to invest in UltraGreen.ai.

• UltraGreen.AI (2594794D SP) is looking to raise US$400m in its upcoming Singapore IPO.
• Ultragreen is a global leader in Fluorescence Guided Surgery (FGS), a surgical approach that helps doctors see things inside the body that are normally invisible under regular white light.
• In this note, we look at the company’s past performance.

• Back on the 24th October, Ray Zage (director) and James Lu (chairman), collectively holding ~60% in Grindr (GRND US), proposed to take the company private in a US$3.5bn deal.
• The non-binding cash Offer of $18/share, is a 51% premium to undisturbed. A condition to a firm Offer may incorporate a majority of minority vote.
• While the Special Committee considers the proposal, James Lu has unusually opted to step down. Currently trading at a ~30% gross spread to indicative terms. 

• UltraGreen.AI Has filed for Singapore IPO. The IPO will consist of fresh issue as well as OFS from Renew Group Private Limited. Citigroup and DBS Bank are the joint bookrunners.
• The company intends to use the IPO proceeds for funding the capex and development of the products, and pursuing strategic investments and acquisitions to support expansion plans in new geographies.
• Ultragreen’s strong competitive moat, track record of revenue growth and margin expansion, and significant cash generation position it for continued success and leadership in the fluorescence-guided surgery-based imaging market.

Highlights

• Choppy and rangebound price movement expected in November 

• Narrowing SIR 20 vs INE spread could encourage substitution

• September import and export trend diverged

• Downstream restocking was selective rather than programmatic, leaving spot premiums capped

• Elite UK REIT offers a unique, counter-cyclical investment proposition with a portfolio of 148 properties primarily leased to the UK Government, providing stable, sovereign-backed cash flows.
• The REIT’s primary risk is its high tenant concentration, with the Department for Work and Pensions (DWP) being the main lessee. Management is actively mitigating this by diversifying into growth sectors such as Purpose-Built Student Accommodation (PBSA) and data centres.
• Trading at a discount to its Net Asset Value and offering a high dividend yield, the REIT presents an attractive valuation, though this is balanced by risks associated with its high gearing and the uncertainty of future DWP lease renewals beyond 2028.

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• In the latest earnings results, Grab Holdings Limited showcased a mix of strong performance and strategic development, underscored by various operational highlights and anticipated challenges.
• The company reported substantial growth across its segments, reflecting increased user engagement and strategic product innovations.
• In terms of financial performance, Grab saw an impressive year-over-year increase in monthly transacting users by approximately 6 million, reaching 48 million.

• Skylink provides financing and fleet solutions centered on commercial vehicles, ride-hailing cars, and related after-sales services.
• The model combines principal loan book generation, vehicle ownership and remarketing, and workshop support.
• Revenue is recognized on transfer of control for vehicle sales and over time for service elements where contracted.

• AvePoint is a global subscription software company that helps organizations manage, protect and govern collaboration data sitting in cloud platforms such as Microsoft 365 and other SaaS tools.
• Its platform combines backup, data protection, governance and modernization so that customers can keep using these tools and newer AI features without losing control of security or compliance.
• In 2024 it generated US$330m of revenue, up 22% from 2023, with SaaS contributing roughly 70% of the total and recurring revenue 87%.

• STI ETFs saw a 36% year-on-year AUM increase to S$3.38 billion, with S$349 million net inflows year-to-date.
• STI banks’ combined Non-Interest Income exceeded S$5 billion in 3Q25, with DBS, OCBC, and UOB comprising 50.4% of the Index.
• ST Engineering led STI constituents with an 85% total return and a 74% target price upgrade in 2025.

• Singapore Airlines (SIA SP) is growing its footprint in India, presenting an interesting opportunity for long term investors. 
• However, it may come slightly costly in the near term as Indian aviation infrastructure is not that ready just yet. 
• Singapore Airlines (SIA SP) does not trade at a significant discount to its peers from PER and PBR. 

• Carousell is a leading online classifieds and recommerce platform in Southeast Asia, with a strong brand presence and a large, active user base. The company is strategically focused on achieving profitability by diversifying its revenue streams, controlling costs, and expanding into high-margin categories like luxury goods and automobiles.
• The company faces intense competition from larger, well-funded e-commerce giants such as Shopee and Lazada, as well as other specialized platforms. Key challenges include monetizing its large user base effectively and mitigating the risks associated with scams and fraudulent activities on its platform.
• Recent financial performance indicates a positive trend towards profitability, with narrowing losses and steady revenue growth. Future growth is expected to be driven by strategic acquisitions, technological advancements including the use of AI, and capitalizing on the growing consumer trend towards sustainability and the circular economy.

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• Singtel maintains a dominant market position in Singapore and a strong presence in Australia through Optus, underpinned by a robust and extensive network infrastructure.
• The company is navigating a strategic pivot towards high-growth areas such as ICT services (NCS), data centres (Nxera), and 5G development to offset declines in legacy services and capitalize on digitalization trends.
• While facing significant near-term risks and reputational challenges at its Australian subsidiary Optus, Singtel’s diversified earnings base, contributions from regional associates, and a commitment to shareholder returns provide a degree of stability.

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• Institutions recorded a net inflow of S$236 million in Singapore stocks from Nov 7 to Nov 13, reversing prior outflows.
• United Overseas Bank led share buybacks with 1,071,900 shares at an average price of S$33.95, totaling S$56.5 million.
• Fuxing China Group raised S$1.245 million through a placement of 3 million shares at S$0.415 each.

• The vote on Mandarin Oriental International (MAND SP)’s privatisation offer from Jardine Matheson Holdings (JM SP) (US$2.75 cash + US$0.60 special dividend) is on 8 December. 
• While the OCB sale completion (a scheme condition) carries timing risk, the Board continues to expect to complete the OCB sale by 31 December.
• The offer is conceivably light as Jardine’s dividends from the OCB sale comfortably cover the scheme cost. However, the offer remains reasonable on several fronts, and the vote is low-risk.  

• Concurrent with the sale of 13 floors of OCB to Alibaba, Jardine Matheson (JM SP) is seeking to privatise Mandarin Oriental (MAND SP) at US$3.35/share by way of a Scheme.
• The Offer Price is a 52.3% premium to undisturbed, and a 53.7% premium to NAV. Clean deal. And MAND has consistently traded tight to terms. 
• The Scheme Doc is now out for MAND. The Court Meeting is the 8th December. As with Jardine Strategic Holdings (JS SP)‘s 2021 takeover, there is no independent assessment report. 

• Lum Chang Creations Limited (LCC) is a niche urban – revitalization specialist, that covers complex conservation and restoration of heritage assets, flagship interior fit -outs for retail/hospitality/healthcare, and A&A (Additions and Alterations) works that upgrade brownfield buildings.
• The company’s service include aftercare for retail programs and selective in-house joinery to control quality on signature elements.
• The operating model is asset -light, with a focus on specialist know -how, repeatable delivery processes, and disciplined subcontractor management.

• Total earnings in nine months of 2025 surge by 38% to US$549 million  
• Domestic consumption surges 102% year-on-year to 86,539 tons  
• New highly productive clones set to hit plantations, boosting sector  

• NTT DC REIT is a pure -play data center trust backed by a global sponsor and listed in Singapore.
• It holds six stabilized facilities across the U.S., Europe, and Asia with a total design IT load of about 90 MW and 94% occupancy.
• The portfolio comprises of six assets across key hubs with high occupancy and a diversified tenant base.

• Volume and mix: Larger, multi -site retail rollouts and attractions work packages carry better labor utilization and subcontractor terms than one -off event builds.
• Scope control: Gross margin sits in change -order discipline, procurement timing, and fabrication reuse. Slippage shows up first in subcontractor costs and overtime.
• Cash conversion: Upfront deposits and milestone invoicing offset receivable build. Account receivable (AR) discipline and collection cadence are the first line of defense for free cash flow.

• Grab Holdings (GRAB US) 3Q2025 results more than justified previous upgrades to company guidance, with further confirmation and optimism for a strong finish to the year. 
• Margins were close to steady state for Mobility, with incremental margin improvements for deliveries. Financial services continues to scale loans, with year-end targets in sight and breakeven expected in 2026.
• Grab Mart is becoming increasingly important at 10% of deliveries GMV, with strong prospects for deeper penetration, combining with Grab Food. Valuations remain attractive versus growth, with real profits.

• Losses persist as operating expense runs ahead of scale and financing inflows fund burn.
• Operating cash flow was negative in FY2022 –3M2025 and cash rose mainly from equity.
• Finance costs arise from deemed interest on an amount due to a shareholder (effective 9.1%), with repayment scheduled 2027 –2029.

• Diversified Conglomerate with Deep Myanmar Focus: Yoma Strategic Holdings is a Singapore-listed conglomerate with a significant and long-standing presence in Myanmar. Its operations are diversified across five core sectors: Real Estate (Yoma Land), Food and Beverage (Yoma F&B), Automotive and Heavy Equipment (Yoma Motors), Mobile Financial Services (Wave Money), and Leasing. This diversification provides some resilience against sector-specific downturns, although the company’s fortunes are intrinsically linked to the challenging macro environment in Myanmar.
• Navigating a Difficult Operating Environment: The company is currently operating in an extremely challenging environment characterized by political instability, social unrest, high inflation, and currency volatility following the military coup in February 2021. These factors have led to a significant economic contraction, impacting consumer demand, disrupting supply chains, and creating a volatile and uncertain business landscape. The company’s financial performance has been affected, with recent results showing revenue declines in USD terms, primarily due to the depreciation of the Myanmar Kyat (MMK).
• Strategic Focus on Resilience and Long-Term Growth: Despite the headwinds, Yoma Strategic is focused on navigating the current challenges while positioning itself for long-term growth. The company has demonstrated resilience in its real estate segment, with continued sales of residential properties. Management is focused on deleveraging the balance sheet and generating cash flow. The long-term thesis rests on the eventual stabilization and recovery of the Myanmar economy, where Yoma’s established presence and diversified portfolio would be well-positioned to capitalize on the growth potential of a young and populous market.

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