Singapore

• Thesis Acceleration – Structural Moat Drives Landmark Profitability: Trust Bank’s (or “Trust”) core investment thesis is accelerating, validated by its landmark achievement as the first Singaporean full digital bank¹ to reach profitability in March 2026.
• Landmark Profitability and Product Ecosystem Scaling: Trust’s breakthrough was catalysed by rapid product ecosystem expansion, including the January 2026 launch of fractional US stock trading and the subsequent April 2026 introduction of the AutoInvest feature, supported by a zero-commission incentive running throughout 2026 to deepen multi-product customer engagement.
• Financial Maturation and Structural De-Risking (pvtIQ Metrics Evaluation): The evolution of the pvtIQ data points between the last report on Trust Bank reflects a profound structural change for the bank, highlighted by a +0.5 point advancement in its composite SmartScore to an impressive 4.8 rating.

• The past 1 month’s share price appreciation combined with the uncertainty of the Straits of Hormuz reopening casts doubt. 
• The recent JV announcement between Singapore Airlines (SIA SP) and Air China (753 HK) will improve SIA’s margin structurally. 
• Air India’s crisis is not over and drags SIA share price lower but most of it has been priced in while the Air China’s JV has not been priced in. 

Highlights

• Malaysia’s NR production down 8.8% MoM to 18,515 tonnes in April 2026 

• Imports decline by 24.5% MoM to 55,353 tonnes in April

• Exports rise by 12.7% MoM 37,360 tonnes in April 2026

• China remained the dominant export destination for Malaysia, absorbing 50.8 percent of total exports

• Over five sessions to 25 June, directors and CEOs reported 21 acquisitions and five disposals across 30 primary-listed stocks.
• Soon Hock Enterprise’s Executive Chairman increased his direct interest to 73.32% with a purchase of 2,033,000 shares.
• Lum Chang Creations entered a placement agreement for up to 35 million shares, raising up to S$11.4 million.

• Foundation Healthcare, Singapore’s largest private multi-specialty healthcare network, has filed for Singapore IPO. The IPO will consist of fresh issue as well as OFS from SeaTown (indirectly owned by Temasek).
• The company plans to use IPO proceeds to fund acquisitions in Singapore, investments to support expansion plans in new geographies, and for general corporate and working capital purposes.
• Foundation Healthcare has a proven track record of strong growth in revenue and Adjusted EBITDA. With scalable business model, bottomline outpaced revenue growth.

• Structural deceleration in China and relentless foreign exchange losses have permanently impaired growth, triggering a 9.8% contraction in the full-year distribution per unit.
• A strong SGD structurally suppresses regional income. The cessation of distribution-boosting divestment gains exposes a weak organic baseline, forcing an imminent valuation downgrade.
• The market severely misprices this secular decline. Proposed renminbi fund divestments are insufficient to mask negative rental reversions, fundamentally invalidating the historical premium valuation.

Highlights

• Glove exports surge 22.95% as rubber export earnings rise

• El Niño may ease excessive rainfall, improving tapping opportunities

• Manufacturers invest despite shrinking domestic rubber production base

• Foundation Healthcare (2231723D SP) is looking to raise up to US$226m in its upcoming Singapore IPO.
• Foundation Healthcare Holdings operates as an integrated private healthcare platform in Singapore. Its core business and primary revenue driver are its clinics.
• In this note, we talk about the company’s past performance and valuations.

• NetLink is a regulated monopoly. Singapore’s sole nationwide passive fibre operator, pricing locked by IMDA through 2029. The income floor is government-guaranteed.
• Nine consecutive years of DPU growth since IPO. Currently yielding 5.5% — a 243bps spread over the SGS 10-year. Every 50bps rate decline drives 5–7% unit price upside.
• Our FV of S$1.13 (based on FY27E exit yield of 4.8%) implies 15% upside. High earnings visibility (IMDA-regulated pricing, monopoly infrastructure) coupled with 9 consecutive years of DPU growth.

• Sleek is a rapidly growing, tech-enabled corporate services provider targeting the SME segment with an all-in-one platform for incorporation, accounting, compliance, and fintech services.
• The company’s proprietary AI and software, including ‘Sleek Books’ and ‘SleekSign’, are key differentiators, driving margin improvement and enabling scalable growth without a proportional increase in headcount.
• Expansion into high-margin fintech services, supported by a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), presents a significant growth vector, alongside geographic expansion into the UK and Australia.

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 Highlights

• April exports plunge 31% from March 2026 levels

• China imports from Thailand fall 47% month-on-month

• Wintering supports prices despite weak global demand

• From over 224,000 tons in March 2026, overall exports dropped to just over 155,000 tons in April 2026.

• Singtel is an underappreciated global telco, with EPS growth above GDP, and DY consistently above market average. This is the steady blue-chip you can bet your house. 
• Three pillars to our investment thesis: (1) earnings growth – 7-8% p.a.; (2) dividend yield of ~4.2% at 55% payout; and (3) share buyback of S$2bn buyback over 3-years.
• Our fair value of S$4.91 -derived from SOTP & 10% hold-co discount implies a 11% UPSIDE potential from current market price plus a 4.2% dividend yield. 

• Hirose Tusyo Inc. launched its electronic FX trading engine in SGX FX’s SG1 data centre in Singapore.
• The new engine enhances Hirose’s FX services, offering spot, forwards, swaps, NDFs, metals, and CFDs.
• This deployment aligns with MAS’s vision to establish Singapore as a leading FX hub during Asian trading hours.

• Riverstone Holdings carries approximately RM700 million in net cash with no debt as of 31 March 2026.
• Cleanroom gloves contribute around 70% of Riverstone’s gross profit, despite only 20% of production capacity being allocated to them.
• Riverstone plans to continue paying out approximately 100% of earnings plus a special dividend equal to annual depreciation.

• Kimly (KMLY SP) is a defensive, stable consumer business that is very much integrated into Singapore’s way of living. 
• Unlike its peers, such as Oriental Kopi, which are still growing and expanding their physical presence rather aggressively, Kimly has done it carefully.
• Investors will pay less than 6x EV/EBITDA for a consistent 5% dividend. 

• Company Delisted: SP Corporation was delisted from the Singapore Exchange on December 23, 2022, following a privatization acquisition by its parent company, Tuan Sing Holdings Limited. This report is based on the last publicly available information.
• Diversified but Volatile Operations: The company operates a diversified portfolio, primarily in commodities trading (coal, rubber, metals), alongside tyre distribution and geotechnical services. This model exposes it to commodity price volatility, reflected in its financial performance.
• Contrasting Financial Trends: Historically, the company has exhibited a significant decline in revenue and net income, culminating in a net loss in its last full reported year (FY2021). In stark contrast, operating and free cash flow have shown strong positive growth over the same period, indicating effective working capital management.

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Highlights

• Vietnam exports 68,670 tonnes of NR worth US$137.18 million in April 2026

• Jan-April exports reach 455,181 tonnes worth US$844.76 million

• Exports to China during April 2026 fell by 20.7 percent YoY

• Singapore’s electronic NODX rose 94.8% year-on-year in May 2026, driven by AI-related demand for integrated circuits.
• UMS Integration, AEM Holdings, and Frencken Group attracted over S$680 million in net institutional inflows year-to-date.
• Addvalue Technologies’ revenue grew 59.9% to US$24.8 million in FY2026, driven by space connectivity and digital radio solutions demand.

Highlights

• Jan-April 2026 tire exports jump 42% to US$472 million

• Tire cluster expansion boosts Cambodia’s rubber industrialization

• Kratie emerges as a key Cambodia tire manufacturing corridor

• The Sailun Group officially opened its factory in Svay Rieng on 18 November 2022, making it Cambodia’s first and foremost functioning tire production facility, and the total number is now inching close to the dozen mark, with Chinese backing. 

• Robust Revenue Trajectory and Pathway to Profitability: Sleek has demonstrated strong top-line expansion with a historical revenue CAGR of 32.6% from 2020 to 2024, reaching US$14.0m. The firm achieved operating profitability in its core Singapore market in the 2Q24, driven by a 30% YoY growth in its active client base alongside improved operational leverage.

• Strategic Transition into Embedded Finance: The acquisition of a MPI licence from the MAS transitions the company from a pure corporate administration platform into a broader fintech provider. This allows the cross-selling of high-margin financial products, such as multi-currency business accounts and virtual cards, to its base of over 15,000 active businesses.

• Scalability Driven by Artificial Intelligence Integration: By developing a proprietary accounting ledger and deploying small-language models to automate bookkeeping processes, the group has successfully scaled its transaction capacity without a linear increase in headcount. This technological infrastructure secures gross margin improvements and provides a highly scalable foundation for its geographic expansion into the UK and Australia.

• Privatization and Strategic Overhaul: M1 was delisted from the Singapore Exchange in April 2019 after a successful buyout by Konnectivity Pte. Ltd., a joint venture between Keppel Corporation and Singapore Press Holdings (SPH). The move was aimed at arresting a decline in shareholder value and enabling a multi-year transformation to enhance competitiveness in a challenging market.
• Intensifying Competitive Landscape: The Singaporean telecom market is mature and highly competitive, characterized by price pressures from a fourth Mobile Network Operator (MNO), Simba (formerly TPG), and numerous Mobile Virtual Network Operators (MVNOs). This environment has compressed margins and necessitated strategic shifts among incumbent operators.
• Focus on 5G and Enterprise Solutions: Post-privatization, M1 has pivoted towards a ‘digital-first’ strategy, focusing on the rollout of its 5G Standalone (SA) network and expanding its suite of enterprise services. Key growth areas include IoT, cybersecurity, cloud solutions, and developing industry-specific 5G use cases to create new revenue streams beyond traditional consumer mobile and broadband services.

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