Singapore

Executive Summary

• Strategic Pivot to Profitability: Lazada operates a mature third-party e-commerce marketplace across six Southeast Asian countries, connecting approximately 160.0m active monthly users with local and international brands, and now ranks third in the region by GMV. Having shifted its operational focus from aggressive market share acquisition towards sustainable margins, the platform recorded its first month of positive EBITDA in July 2024, and has since executed a 5.0% regional workforce reduction while integrating artificial intelligence to drive conversion efficiency, although revenue is estimated to have declined by around 11% in FY2026.
• Proprietary Infrastructure and Strategic Backing: The core value driver is the company’s structural moat, underpinned by an end-to-end proprietary logistics network spanning 17 cities and the advanced Project Voyager technology stack. This operational advantage is secured by the deep financial and strategic backing of its parent company, Alibaba Group, which provides a highly secure runway in a regional platform market that reached US$157.6b in 2025.
• Intense Competition and Share Loss: The platform faces fierce rivalry from Shopee, the regional market leader, and fast-growing social-commerce challengers such as TikTok Shop, which benefit from lower customer acquisition costs and higher organic engagement and have already pushed Lazada into third place by GMV. Further share erosion could force a return to margin-compressing promotional spending, particularly if rivals continue to weaponise pricing, seller subsidies and integrated video commerce capabilities.

• Singapura Finance (“SF”) is a Singapore-based financial services firm that offers loans for both consumers and corporates.

• Other services include savings and fixed deposits.

• The firm has seven branches located in populous areas to serve its client base that’s spread throughout Singapore.

• Structural cost reset, not a coal-price bet.

• The MBJ integrated haul road + barging chain (capex ~US$150 mil) removes third-party trucking on TRA coal and takes ~US$7–8/t out of the annual cost base.

• That is a self-help margin gain that survives a flat coal price.

• Pan-Regional Marketplace Scale: Klook operates as a scaled digital aggregator for the Asia-Pacific experience economy, connecting retail travellers with local operators across 4,200 global destinations. The mobile-first platform has transitioned from a regional booking tool into a comprehensive travel infrastructure provider, culminating in a formal United States IPO filing in late 2025.
• Exceptional Institutional Capitalisation: The company is underpinned by an asset-light business model and over US$1.0b in cumulative funding from top-tier sponsors including SoftBank Group and Bessemer Venture Partners. This substantial financial backing provides the necessary capital to scale its proprietary digital ecosystem, drive higher-margin ancillary services, and execute strategic cross-border partnerships ahead of a prospective public listing.
• Structural Working Capital Deficit: Klook’s Singapore operating subsidiary reported current liabilities exceeding current assets by S$37.1m at the end of FY24 and relies on a letter of financial support from its parent. Foreign exchange exposure on cross-border settlements adds to this pressure, although the wider group held over US$200m in cash, deposits and treasury products at 30 September 2025.

• Over five sessions, 60 director interests and substantial shareholdings were filed, including 23 acquisitions and two disposals by directors/CEOs.
• Seatrium launched a new S$200 million Share Buyback Programme, funded from existing cash, doubling the previous programme.
• Alan Goh of Katrina Group sold 12.6 million shares, reducing his interest to 76.7%, with BYD By 1826 acquiring 5%.

Highlights

• Malaysia sees over 90% probability of very strong El Niño by October–December

• Vietnam sees 98% probability of very strong El Niño during October–December

• China’s rubber regions show sharply contrasting drought and rainfall risks

• Institutional investors recorded a net outflow of S$336 million across Singapore-listed stocks from 31 August to 25 September.
• Yangzijiang Shipbuilding saw the largest reversal with S$73.78 million net buying from 14–25 September after prior net selling.
• UI Boustead REIT and CapitaLand Ascott Trust reversed outflows with recent net buying of S$17.23 million and S$6.70 million, respectively.

• Soon Hock Enterprise (SHOCK SP) is an established Singapore industrial property developer and investor, with an operating track record dating back to 1960 and deep expertise in strata-titled B1/B2 industrial and commercial developments.
• Following strong FY25 financial results (Revenue of SGD 227.91M; Net Profit of SGD 37.91M) and better-than-expected 1H26 profitability driven by Stellar@Tampines, the group is transitioning to its next major growth phase centered on Skye@Tuas, Senang Crescent, and the Kewalram House redevelopment.
• At a current price of SGD 0.58, the stock offers an attractive entry point relative to Maybank Research‘s RNAV-based target price of SGD 0.81, underpinned by multi-year revenue visibility through FY28 and a supportive 5.3% dividend yield.

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Executive Summary

• Strategic Pivot to Enterprise Logistics: Ninja Van is restructuring its Southeast Asian operations to transition away from commoditised e-commerce parcel delivery towards higher-margin business-to-business and cold chain services. Following a withdrawal from the Vietnamese express market, the company is scaling specialised offerings such as temperature-controlled transit and less-than-truckload freight to capture more defensible revenue streams.
• Improved Operational Cost Efficiency: Recent cloud infrastructure migrations have improved peak delivery efficiency by 40%, while targeted workforce reductions and exits from unprofitable volume have lowered operating costs. This disciplined focus on margin preservation over top-line expansion enabled the company to narrow its pre-tax losses by nearly a third in FY2025 to US$102.0m, despite revenue contracting to US$702.0m.
• Platform Captive Fleet Competition: The expansion of in-house delivery networks by major e-commerce platforms continues to capture market share and compress third-party logistics margins. Together with a tighter funding environment, this loss of pricing power contributed to an internal funding round that cut its valuation by half to about US$1.0b and necessitates ongoing operational downsizing.

• We think Pan-United (PanU) is a high-quality, cash-generative play on Singapore’s construction upcycle.

• As the country’s largest ready-mixed concrete supplier, it converts a steady domestic construction pipeline into volume growth, and it has re-rated on rising earnings, a net cash balance sheet and a growing dividend.

• PanU is no longer simply a low growth Singapore construction materials supplier.

• We think BRC Asia Limited (“BRC”) is a structural play on Singapore’s construction sector via its dominant position within the reinforcing steel sub-sector.
• Its highly automated prefabrication facilities deliver critical on-site manpower savings, and its large-scale delivery network creates high barriers to entry.
• Consequently, it generated a resilient net profit margin of 6.1% in FY2025.

Executive Summary

• Regional Infrastructure Leadership: Charge+ operates one of the two largest electric vehicle charging networks in Singapore, with over 4,000 points locally and more than 6,000 across Southeast Asia, and is currently executing a cross-border expansion to complete a 5,000-kilometre charging highway to Vietnam. The company leverages proprietary ultra-slim hardware and a centralised smart software platform to secure exclusive, long-term contracts across high-density residential and commercial real estate.
• Favourable Regulatory Tailwinds: The investment case is anchored by state-mandated decarbonisation targets across Southeast Asia, which provide a highly visible and durable demand curve for charging infrastructure. By capturing early market share through strategic partnerships with major property developers and fleet operators, the company establishes high switching costs and secures a captive user base that drives recurring revenue.
• Heavy Capital Intensity Exposure: The business model requires continuous, substantial capital expenditure to manufacture and deploy physical hardware across multiple jurisdictions, structurally constraining near-term profitability and widening pre-tax losses to US$1.6m in FY24. This asset-heavy approach leaves the company highly dependent on external financing rounds and exposes gross margins to volatile wholesale energy prices.

• Advanced Packaging Foundry Scale-Up: Silicon Box operates as a dedicated semiconductor packaging provider, transitioning from concept to commercialisation through its US$2.0b manufacturing facility in Singapore. The company leverages proprietary panel-level chiplet integration technology to address critical supply chain bottlenecks, having commenced mass production and secured early enterprise customer shipments within three years of its founding.
• Institutional Capitalisation And Backing: The investment case is anchored by strong capital generation velocity, evidenced by a US$302.5m Series B round that propelled the company to a valuation exceeding US$1.5b. Backed by a syndicate of top-tier institutional investors and corporate venture arms of major semiconductor incumbents, the firm possesses the deep funding capacity and ecosystem integration required to scale its operations globally.
• Capital Intensity and Execution Risk: The fundamentally asset-heavy manufacturing model imposes a heavy depreciation burden and structural margin compression during the ongoing facility ramp-up phase. Any construction delays, equipment supply chain disruptions, or yield degradation across its multibillion-dollar expansion projects in Singapore and Italy will directly threaten liquidity and force dilutive emergency equity raises.

• DBS Group Holdings Ltd (DBS SP) is Southeast Asia’s largest banking group by assets, delivering structural earnings resilience with FY25 revenue of SGD 37.62bn and net profit of SGD 10.90bn, driven by its low-cost CASA deposit franchise, digital leadership, and regional wealth expansion.
• Key strategic catalysts center on DBS’s aggressive wealth management roadmap targeting SGD 1.0tn in AUM over the next four years (up from SGD 680bn), extensive enterprise AI deployment supporting an enduring ~17% ROE target, and solid loan growth (+8.3% YoY).
• Capital management remains best-in-class with a 3.79% dividend yield and a 5-year dividend CAGR of 25.18%, though institutional investors should monitor headwinds from benchmark interest rate normalization on Net Interest Income (NII) and regulatory developments in Greater China.

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• Accelerating Operational and Financial Inflection: XMH Holdings Ltd. has delivered strong compound growth, with revenue expanding from S$124.17M in 2024 to S$185.36M in 2026 (a 22.2% CAGR) and net profit rising from S$12.55M to S$31.56M (a 58.6% CAGR), underpinned by net profit margin expansion to 17.03%.
• Favorable Regional Marine and Industrial Power Tailwinds: The Group is capitalizing on sustained demand for marine propulsion systems driven by regional fleet renewal in Southeast Asian tug, barge, and offshore support vessel (OSV) markets, complemented by project-driven industrial genset demand via its Mech-Power Generator (MPG) subsidiary.
• Robust Cash Generation and Balance Sheet Strength: Operating cash flows reached S$22.10M in 2026 with free cash flow to equity (FCFE) of S$21.76M, supported by steady gross margins (~34%) and disciplined working capital allocation, providing high financial flexibility.

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Executive Summary

• Validation of Margin Resilience and ASEAN Expansion: The baseline theses are broadly tracking as expected, evidenced by a strategic pivot toward higher-value enterprise solutions that drove expansion in gross profit margin to 54.2% despite a 28% top-line contraction, although operational efficiency has lagged as pre-tax losses widened to US$11.9m. This transition toward higher-quality, institutional-grade earnings is further supported by the integration of Vietnamese payment rails and the rollout of advanced foreign exchange capabilities.

• Accelerated Regional Integration and Margin Expansion: The group reported full-year 2025 revenue of US$30.1m and gross profit of US$16.3m, reflecting a deliberate shedding of low-margin transaction volume that lifted gross profit margin by 11.9 percentage points. Concurrently, the company deepened its regional infrastructure by signing definitive agreements to integrate with METech, securing direct Vietnamese Dong collection and payout rails, and operationalising its Capital Markets Services licence.

• Qualitative Evolution of Fundamental and Alternative Metrics: The pvtIQ Fundamental SmartScore© maintains a solid standing, anchored by strong Governance, Unit Economics and Moat dimensions alongside a stable Management rating, though the Growth category remains constrained by the strategic moderation in revenue. The pvtIQ Alt-Data SmartScore© reflects a specialised enterprise footprint, supported by improving Human Capital and steady Socials momentum but limited by a lower Authority standing due to a reliance on direct institutional partnerships.

Executive Summary

• Localised Enterprise Artificial Intelligence: WIZ.AI operates a B2B generative AI voice agent platform that automates high-volume customer communications, primarily across Southeast Asia, with expansion into Latin America, the Middle East, and the US. The company differentiates itself through native fluency in complex regional dialects, although this edge is likely to narrow as general-purpose foundation models improve, and it processes over 100.0m automated calls per month for more than 300 enterprise customers, mainly in regulated sectors. In May 2026, it extended into multi-agent inbound customer service with the launch of Wizlynn.
• Growth Recovery With a Fragile Profit Base: Revenue grew by 82% to US$23.5m in FY25, and the company recorded its first pre-tax profit of US$4.5m. However, the turnaround came as much from cost reductions as from revenue growth, and the October 2025 Series B was raised at a flat valuation, so the durability of this momentum is still to be proven.
• Executive Leadership Transition Risk: Co-founder Jennifer Zhang’s departure from her President role in July 2026 to launch a new venture leaves strategic and technical leadership concentrated in CEO Jianfeng Lu, creating material key-person risk. With a relatively thin executive bench below the CEO, this tests management depth as the company faces intense competition from well-capitalised global conversational platforms.

• Regional AI Infrastructure Pivot: Racks Central is transitioning from a single-site Singapore colocation provider into a multinational digital infrastructure platform targeting artificial intelligence workloads. The company is developing a pipeline of around 600 megawatts of liquid-cooled capacity in Johor and Batam, extending its Singapore base into a corridor designed to serve hyperscale and cloud customers.
• Institutional Capital Backing: Institutional Capital Backing: In June 2026, the company secured a strategic investment of an undisclosed amount from the US$1.0b China-ASEAN Investment Cooperation Fund II, with ESR acting as sub-investment adviser. This backing validates the platform and supports its early Johor phases, although the scale of the build-out will require further project financing.
• Cross-Border Execution Complexity: Managing concurrent large-scale projects across three distinct sovereign markets introduces material regulatory, construction, and operational vulnerabilities for a relatively lean workforce. The aggressive development pipeline remains highly exposed to grid energisation delays, supply-chain bottlenecks, and a strict dependency on utility partners to deliver contracted power on schedule.

• By implementing centralized risk management and cross-bank end-to-end payment links, XTransfer address the challenges faced by small/medium-sized enterprises in cross-border payments. The technology-driven low-cost structure has formed an uncopyable moat.
• XTransfer relies on its leading advantage to maintain a faster TPV growth rate than the industry, with expected TPV growth rates of 55%, 45%, 35% from 2026 to 2028, respectively.
• Referring to the valuation of high growth fintech platforms in the Hong Kong stock market, approximately US$3-3.8 billion (P/S of 8-10x) based on 2026 forecast could be reasonable valuation range.

• We think ASL Marine is a differentiated play on the Asia Pacific marine infrastructure and offshore vessel markets with its vertically integrated model.

• Its extensive shipyard infrastructure, chartering fleet, alongside proprietary dredging engineering capabilities, allow the company to capture value across the asset lifecycle.

• ASL Marine’s operating cash flows have  supported an ongoing fleet renewal and deleveraging of its balance sheet.

• FY2026 Results: Zixin delivered an exceptionally strong performance in FY26.
• Revenue up by 43.0% YoY to RMB607.5 million, primarily driven by solid contributions from the Product Innovation & Food Production segment, which accounted for 68.0% of total revenue, followed by Cultivation & Supply at 31.2% and Recovery & Recycling at 0.7%.
• Alongside the strong revenue growth, gross profit increased by 32.0% YoY to RMB177.3 million, while gross margin remained relatively stable at around 30%, consistent with previous financial years. 

• Pacific Radiance is a post-restructuring recovery story in the offshore marine sector.

• After a court sanctioned debt restructuring in 2022, it has rebuilt a smaller business that has returned to accounting profitability around offshore support vessel (OSV) chartering and its
  Singapore shipyard.

• The shares trade at a discount to both net asset value and peers, perhaps reflecting concerns around earnings quality (including from the SGX’s queries), related party transactions, a concentrated register and founder Pang Yoke Min’s role as both Executive Chairman and CEO.

• FY 2025 generated net profit, removing bankruptcy risk for Grab (GRAB US) .
• Grab posted strong revenue growth momentum, achieved record revenue, and had positive FCF while it was trading at a discount to its global peers. 
• Its CEO, Anthony Tan, bought back around USD 30 million worth of Grab shares recently. 

Highlights

• El Niño expected to strengthen, with nearly 100% persistence probability through February 2027

• Indonesia wildfire emissions reached 19.7 million metric tons CO2 in early September

• August 2026 was the hottest August globally, intensifying rubber supply concerns

• Yangzijiang Shipbuilding Holdings reversed S$40 million outflow to S$219 million inflow in 3Q26, totaling S$180 million net flow.
• Keppel achieved S$123 million net institutional flow in 2026, reversing S$36 million outflow with S$159 million inflow in 3Q26.
• Thai Beverage narrowed net institutional outflow to S$2 million in 2026, reversing S$34 million outflow with S$32 million inflow.

Executive Summary

• Accelerating Growth and Margin Optimisation Thesis Validated: The baseline thesis of accelerating top-line growth via disciplined market consolidation is tracking ahead of expectations, evidenced by the company outpacing its core markets in the first half of 2026. The shift towards automated, direct-to-consumer channels is yielding operating leverage, though the group must balance this organic expansion against its regional acquisition strategy and an active strategic review.
• Aggressive Regional Expansion Amidst Sharply Improving Profitability: Oona Insurance has transitioned into a period of aggressive regional expansion, driven by strong first-half financial performance that defied broader macroeconomic headwinds. The firm recorded rising net income and premium growth that outpaced the wider industry, allowing management to actively evaluate acquisition targets across Southeast Asia while deepening its retail presence through embedded digital partnerships.
• Fundamental Strengthening and Elevated Exit Readiness: The pvtIQ Fundamental SmartScore© maintains a strong standing, with Growth and Unit Economics acting as positive catalysts following profitable underwriting execution. The pvtIQ Alt-Data SmartScore© presents a bifurcated profile where strong Product Affinity is offset by drags in Human Capital, while the pvtIQ Exit Indicator SmartScore© remains elevated, keeping a near-term liquidity event a live possibility even as the firm prioritises further scale.

• Regional Duopoly Positioning: 99 Group (or 99.co in this report) operates as one of two leading digital property marketplaces across Singapore and Indonesia, leveraging a multi-sided platform to connect home seekers, agents, and developers. The company has consolidated its regional footprint through strategic acquisitions, including the integration of SRX and Rumah123, establishing a duopoly alongside the market leader.
• Asset-Light Strategic Value: The core investment thesis rests on the platform’s highly scalable digital model and its backing by a premier syndicate of institutional investors, including Peak XV Partners and Gaw Capital Partners. Furthermore, the presence of a major global strategic shareholder provides a highly credible, direct pathway for a future trade sale.
• Top-Line Growth Has Stalled: After three years of rapid expansion, revenue plateaued in FY24, easing 3.5% to US$15.8m from US$16.4m in FY23, following growth of 146% in FY21 and 73% in FY22. Losses have narrowed sharply, with the loss before tax falling to US$7.5m in FY24 from US$21.8m in FY22, but the group remains loss-making and dependent on shareholder funding to bridge to breakeven.

Executive Summary

• Accelerating AI and improving unit economics: The baseline investment theses are accelerating as the company deploys its autonomous artificial intelligence travel assistant in Indonesia and acquires Eazy Digital to strengthen its regional enterprise software suite. Furthermore, the strategic expansion into life insurance distribution diversifies the product mix, supporting the structural margin expansion needed to bring the company within reach of earnings breakeven.
• Strategic acquisitions and life insurance expansion: The company executed aggressive horizontal and vertical expansion to capitalise on structural insurance reforms across Southeast Asia.
  The acquisition of Eazy Digital, a Singapore-headquartered agency management platform with a strong Thai footprint, and the deployment of an autonomous sales agent in Indonesia address legacy distribution friction, while a strategic partnership with Chubb Life in Vietnam and Indonesia begins to diversify the revenue base beyond general microinsurance.
• Margin catalysts support fundamental standing: The pvtIQ Fundamental SmartScore© maintains a top-tier standing, anchored by strength in Growth and Capital Raising, with the push into higher-margin life insurance providing a catalyst to ease historical unit economic pressures. Concurrently, the pvtIQ Alt-Data SmartScore© retains a mid-ranked position, as strong Product Affinity and Socials offset weaker Authority and Human Capital readings.

• Micro-Mechanics (Holdings) Limited (“MMH” or “The Group”) is a Singapore-based precision engineering company that designs, manufactures, and markets high-precision tools and parts for process-critical applications for the semiconductor and other high technology industries.
• The group operates across two segments: Consumable Tools, which are small, consumable precision tools used in the assembly and testing of semiconductor chips, and Wafer Fabrication Equipment (WFE), which are precision components used in the semiconductor wafer fabrication process.
• By serving both back-end and front-end processes, MMH operates in a niche and essential segment of the semiconductor supply chain.​

Executive Summary

• Ecosystem Expansion and AI Integration Accelerate: The baseline investment theses remain intact, with ecosystem integration driving scale through new embedded protection partnerships with ING and Stellantis Financial Services. Artificial intelligence initiatives are advancing via a risk-detection collaboration with LG Electronics, while regional leadership restructurings and brand consolidations preserve the structural readiness for an eventual liquidity event.
• Global Consolidation and Enterprise Partnership Expansion: Bolttech deepened its enterprise distribution channels by securing a major European agreement with ING and launching a US programme with Stellantis Financial Services. To support this geographic scaling, the company consolidated its international acquisitions under a unified brand and executed a coordinated leadership rotation across its core operating regions.
• Fundamental and Alternative Data Trajectories: The pvtIQ Fundamental SmartScore© maintains a strong profile, with Unit Economics the primary upward driver offsetting slight normalisation in the Growth and Market Opportunity dimensions, though Governance remains the lowest-scoring dimension despite a marginal improvement. The pvtIQ Alt-Data SmartScore© exhibits a mid-ranked profile, with relatively stronger Human Capital and Authority components offset by a lagging Socials dimension, while the pvtIQ Exit Indicator SmartScore© reflects a highly capitalised business tempered by low immediate exit pressure.

• Global Scale in Embedded InsurTech: Bolttech has rapidly positioned itself as a premier global B2B2C embedded insurance and device protection exchange, facilitating over US$75 billion in annualized quoted premiums across 35+ markets and connecting more than 700 distribution partners with 250+ licensed insurance carriers.
• Asset-Light, API-Driven Infrastructure: By leveraging a cloud-native insurance exchange and single-API integration architecture, Bolttech captures recurring technology and commission-based transaction revenue without shouldering direct balance sheet underwriting risk, driving structural operating leverage.
• Blue-Chip Strategic Backing & Pre-IPO Posture: Supported by tier-1 institutional and strategic investors including Pacific Century Group, Tokio Marine, Generali, Sumitomo Corporation, and Baillie Gifford, Bolttech completed its US$147 million Series C round at a US$2.1 billion valuation, positioning the company as an attractive institutional pre-IPO candidate with estimated ARR exceeding US$320 million.

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• Over five sessions to 17 September, 75 director interests and substantial shareholdings were filed for 40 primary-listed stocks, with 18 acquisitions and six disposals by directors or CEOs, and nine acquisitions and eight disposals by substantial shareholders.
• All-Link Air & Sea’s Executive Director Tang Ying increased her stake to 57.94% after acquiring 2.3 million shares for S$1.22 million, following a 38.2% revenue increase in 1HFY26.
• Amova Asset Management increased its stake in Frencken Group to 8.09% on 14 September, while Frencken completed a S$100 million private placement for business expansion and strategic investments.

• Regional Superapp Transition: Traveloka has successfully evolved from a pure-play online travel agency into a comprehensive Southeast Asian lifestyle superapp, integrating transportation, accommodation, and local services. This strategic pivot has secured a dominant regional footprint with over 40 million monthly active users and 140 million application downloads across multiple Asia-Pacific markets.
• Structural Profitability and Scale: The platform demonstrates favourable unit economics driven by an asset-light brokerage model and the integration of high-margin embedded financial services such as buy-now-pay-later products. This operational leverage enabled a successful transition to structural profitability, evidenced by PBT of US$41.1m on revenue of US$344.4m in FY24, up from US$11.9m on US$286.0m in FY23.
• Intense Sector Rivalry: The company operates in a highly contested digital travel market against well-capitalised global incumbents and regional platforms, necessitating elevated sales and marketing expenditures to defend market share. This sustained competitive pressure compounds existing balance sheet vulnerabilities, highlighted by a US$48.9m net liability position and structural accumulated losses at the end of FY23.

Highlights

• Natural rubber exports rose 10.7% MoM to above 110,000 tons in June

• Export earnings jumped 17% as higher prices offset lower shipments

• China shipments surged 36.4%, the strongest growth among major destinations

• Dominant Regional Medical Network: Docquity has established a verified digital community of healthcare professionals across Southeast Asia and the Middle East, scaling to over 500,000 users. By providing essential continuing medical education and peer collaboration tools, the platform has secured a highly engaged digital community of healthcare professionals across Southeast Asia, North Asia and the Middle East, scaling to over 500,000 users.
• Enterprise Monetisation Engine: The core investment case rests on the company’s transition from a pure networking utility to an artificial intelligence-driven intelligence layer for life sciences companies. By monetising physician engagement signals through its data and insights offering, formalised in January 2026 as the Docquity Engage™ intelligence engine, Docquity captures recurring revenue from multinational pharmaceutical clients, having grown operating revenue by 29.7% year-on-year to US$5.2m in FY24.
• Escalating Financial Losses: The company remains loss-making at the operating level and reported a pre-tax loss of US$61.1m in FY24, although this figure is dominated by non-cash revaluations of preference shares classified as debt. The same revaluations lifted total liabilities to US$96.6m, while cash more than halved during FY24 as operations continued to consume funds, leaving the business reliant on further external capital

Executive Summary

• Omnichannel Recommerce Transition: Carousell has successfully evolved from an asset-light classifieds application into a managed omnichannel recommerce platform across Greater Southeast Asia. This strategic shift is anchored by the rollout of 29 physical stores and integrated authentication services, which enabled the group to achieve positive full-year EBITDA in the FY25 financial year.
• High-Margin Transaction Growth: The primary growth driver is the rapid expansion of the managed recommerce division, which grew 40.0% year-on-year to account for 45.0% of the US$140.6m total revenue in FY25. By internalising the transaction flow through proprietary payment gateways and physical inspection infrastructure, the company captures more value per transaction than traditional peer-to-peer listings, albeit at a lower percentage margin than its classifieds advertising base.
• Regulatory Fraud Compliance Burden: The platform faces intense regulatory scrutiny from regional authorities regarding elevated peer-to-peer scam activity across its digital classifieds ecosystem. Compliance frameworks such as Singapore’s E-Commerce Code, under which Carousell has piloted enhanced identity verification for high-risk sellers, add operational overhead, and regulators have warned that a broader mandate covering all sellers would introduce onboarding friction that could threaten listing liquidity.

Executive Summary

• Validation of Capital-Efficient Payment Infrastructure: The baseline investment theses are tracking as expected or better, with the product-led acquisition and retention thesis tracking ahead of expectations following the rollout of complementary software bundles like the CFO Stack. The company continues to monetise alternative payment shifts and scale its regional footprint efficiently, managing triple-digit growth in emerging markets with a lean headcount, though it continues to navigate a highly contested sector.
• Expansion into B2B Workflows and AI Integration: The company expanded its product suite beyond consumer checkouts to capture digitising business-to-business payments through the launch of fixed-fee corporate collections. This strategic pivot, combined with artificial intelligence partnerships and a newly secured Philippine payment licence, strengthens its competitive positioning against global gateways and local digital wallets.

• Strengthening Growth Profile Against Persistent Margin Pressures: The pvtIQ Fundamental SmartScore© profile is anchored by top-tier ratings in the Growth and Market Opportunity dimensions, though Unit Economics and Competition (both 3.0) remain the principal drags, the former reflecting a low blended take-rate that is expected to hold broadly flat across the forecast period. The pvtIQ Alt-Data SmartScore© reflects strong Product Affinity and Socials, offset by a mid-ranked Authority dimension, while the pvtIQ Exit Indicator SmartScore© suggests a trade sale has become the most probable long-term (beyond three years) liquidity pathway, with remaining private still the most likely near-term outcome.

Executive Summary

• Pan-Regional Automotive Ecosystem: Carro has grown from a pure-play digital used-car marketplace into a full-stack mobility platform spanning eight Asia-Pacific markets. It pairs proprietary AI-driven pricing and inspection with a physical network of showrooms and workshops, and has recently pushed into mature markets such as Australia while securing direct distribution agreements with emerging electric vehicle manufacturers, extending its reach from used-car trading into new-vehicle retail.
• High-Margin Ancillary Monetisation: The central value driver is Carro’s ability to cross-sell financing, extended warranties, and motor insurance, which together generate over 55.0% of total gross profit and steadily lift group margins even as the low-margin car trade scales. Volume growth in the core car trade carried revenue to a record US$898.0m (S$1.2b) in FY25, while this mix shift lifted EBITDA to US$32.0m (S$43.0m), its fourth consecutive year of positive EBITDA, and underpins a potential Nasdaq IPO raising up to US$500.0m, with a possible secondary listing in Singapore.

  Auto Financing Credit Exposure: Through its Genie Financial Services arm, Carro carries an auto-financing book of around US$500.0m, which makes the group part marketplace and part lender and exposes it directly to consumer default risk. A regional downturn or a sustained high-interest-rate environment across core Southeast Asian markets would drive higher non-performing loan provisions and erode the earnings base, though the book’s sub-0.5% NPL rate and the collateral value of the underlying vehicles provide some cushion, albeit one that would narrow if used-car prices soften in the same downturn.