Singapore

• 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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• Strategic Pivot to Sustainable Profitability: Osome has transitioned from a growth-at-all-costs model to an AI-driven operational framework that dramatically improves unit economics. For the fiscal year ended April 2025, the group reported US$20.3m in revenue and halved its EBITDA losses, with management establishing a focus towards full profitability by 2027.

• AI-Enabled Defensibility: By replacing manual back-office tasks with automated ledger categorisation and document extraction algorithms, the platform creates significant switching costs. Corporate clients integrating their live multi-currency banking feeds into the Osome dashboard face severe operational disruption if they change providers, firmly embedding the company into their daily workflows..

• Geographic Expansion and Market Scale: Currently serving 40,000 corporate clients, the group operates a scalable SaaS model anchored in major financial hubs including Singapore, Hong Kong, the United Kingdom, and the United Arab Emirates. This multi-market footprint allows Osome to capture highly mobile tech founders and e-commerce merchants seeking cross-border compliance solutions.

Highlights

• FY26 revenues make significant rise across all four majors

• Apollo Q4 profit jumps 241%; MRF FY26 profit rises 30%

• Rising rubber costs emerge as FY27’s biggest challenge

• A recurring theme in management commentary was the transformative impact of GST rate rationalization introduced during the second half of FY26.

• The BStar Machine Learning and Quantum Computing Index represents the largest and most liquid global companies in the field of ML and Quantum computing.
• There will be five ADDs for the index in June 2026 and a turnover of 20% of the index, which is huge.  US$1.175bn one-way.
• The equal-weighting scheme produces interesting flows for the index. We see US$64+mm to trade for each ADD, but so much other movement means LOTS of capping/funding trades.

• 1Q26 result was poor, missing expectations thanks to the deceleration in the private hire and taxi business that has the highest margin. 
• The conflict in the Middle East exposed ComfortDelGro (CD SP) stable airport route through its corporate package in CabCharge. 
• Comfortdelgro is plugged in to the Robotaxi ecosystem and will benefit from this going forward. 

• Kimly is a credible cash-generative operator, but not a simple asset-light case.
• FY2025 revenue was S$322.1m, PATMI was S$33.3m and cash flow from operations (CFO) was S$85.3m.
• CFO has stayed materially above PATMI across FY2021 to FY2025, which supports reported profit. 

• Singapore Telecommunications led buybacks with 27.1 million shares at S$4.26, part of a S$2 billion programme.
• Embracing Future Holdings’ Chen Lu increased stake to 9.17% with 83 million shares for S$3.9 million.
• Amova Asset Management Asia raised Frencken stake to 6.03%, coinciding with FY26 revenue and profit expectations.

• Delfi is a branded confectionery and distribution business with credible own Brands, Indonesia exposure, Regional Markets breadth and net cash.
• The starting point is positive, but not enough.
• Cocoa, currency, trade spending, Agency Brands volatility and working capital all affect how much reported sales becomes owner cash. 

• Sea Limited reported a solid financial performance in the first quarter of 2026, demonstrating considerable revenue growth across its major business segments—e-commerce (Shopee), digital financial services (Money), and online gaming (Garena).
• Total GAAP revenue increased 47% year-over-year to $7.1 billion, driven primarily by Shopee and Money.
• The company also achieved an adjusted EBITDA of $1 billion, a 9% increase year-over-year, marking a milestone for its overall profitability.

• AI coding agents now spin up 60%+ of new Supabase databases, cementing Supabase as the default backend of AI-generated software.
• Supabase hit $170M ARR in May 2026, up from $101M in 2025 and up ~221% YoY.
• With registered developers growing from 4M to nearly 10M and paying customers from 100K to 250K+ in 7 months (~2.5% customers to registered users) and ARPC roughly flat at ~$700/year, Supabase is growing primarily on its explosive top-of-funnel volume rather than account expansion.

• Embracing Future Holdings (EFH) has executed a significant strategic pivot from a precision medicine medical technology company to a diversified holding company focused on high-growth, technology-enabled lifestyle sectors, including e-commerce, Esports, and AI.
• Despite strong top-line growth in the most recent fiscal year, the company remains deeply unprofitable with widening net losses and severely negative margins, indicating a high-risk, high-reward profile contingent on the successful scaling of its new ventures.
• Valuation appears stretched, with a high price-to-book ratio and negative earnings metrics, reflecting market optimism for its new strategic direction but posing a significant risk if growth expectations are not met or profitability is not achieved.

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• Raffles Interior is a long-established player in the Singapore and Malaysia interior fitting-out market, but faces significant headwinds from intense competition and macroeconomic pressures. The company’s financial performance has been highly volatile, with a recent sharp decline in revenue and a swing to a significant net loss, raising concerns about profitability and stability.
• The company’s growth track record reveals a concerning long-term trend of declining revenue and net income over the past 3, 5, and 7-year periods. Despite this, market capitalization has grown, suggesting a disconnect between market perception and fundamental performance. The company currently pays no dividends.
• Recent corporate governance issues, including a delay in releasing annual results, an ongoing investigation by an Independent Board Committee, and allegations regarding a past takeover offer, have led to a suspension of trading and introduce significant uncertainty for investors. The company has also recently diversified by acquiring a majority stake in a soft drink company.

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Highlights

• Malaysia’s March 2026 rubber output plunges 29.3% year-on-year

• Imports exceed domestic production by more than threefold

• China absorbs 44% of Malaysia’s NR exports in March 2026

• Persistent production weakness translates into lower inventories across the supply chain.

• In Cube’s recentcommentary on Sea Limited’s Q1’26 earnings,one point that stood out was that Shopee VIP is beginning to look more Amazon Prime-like.
• VIP is no longer just about shopping discounts or shipping perks.
• It is becoming a broader membership layer, with lifestyle and non-shopping benefits increasingly used to deepen buyer engagement.

• The truck and bus engine company China Yuchai (CYD) has seen its share price more than triple in a year.
• Although the share price has shot up, CYD trades at around 7.5x EV/Ebitda, not high for a company whose earnings grew 66% in 2025, suggesting that the market may be skeptical about sustainability.
• We certainly are.

• The June 2026 review of the iEdge Singapore Next 50 Index added AEM, Top Glove, UI Boustead REIT, and PC Partner.
• AEM’s 2026 ADT increased to S$34.7 million, with revenue guidance raised to S$550-600 million for FY26.
• PC Partner’s 2026 ADT rose to S$4.6 million, driven by strong growth in graphics card sales and premium products.

• Hotel Properties Limited (HPL) is not a simple hotel recovery stock.
• It is a mixed hotel, property, redevelopment, investment and associate/JV group where asset value must pass through funding needs and competing claims before reaching ordinary shareholders.
• Hotel revenue has recovered, and the asset base includes valuable properties and project exposure, but that is only the starting point. 

• Singapore’s Financial and Technology sectors experienced selective net institutional inflows, with UOB, OCBC, SGX, and UMS leading inflows.
• Global conditions tightened, with selective ETF net inflows totaling S$20 million, led by SPDR Straits Times Index ETF.
• Institutional flows concentrated in Financial Services and Technology sectors, with significant inflows to UOB, OCBC, and Venture Corporation.

• The company is the market leader in ready-mix concrete in Singapore, with an estimated market share of 40%.
• As a leading producer of “carbon mineralised concrete” and with a technology arm called AiR Digital, the company has positioned itself as a green construction technology company.
• Riding on the construction upcycle post pandemic, coupled with the government’s decarbonization drive, the company has done well.

Highlights

• Thailand rubber exports fell over 17% year-on-year in March 2026

• China imports from Thailand plunged below 89,000 tons in March 2026

• STR20 prices surged above US$2370/mt during the May 2026 rally

• Industrial S-REITs in Singapore show resilient performance with positive rental reversions and proactive leasing and capital management.
• CLAR reported S$1.6 billion in acquisitions, including a Japan data centre, with portfolio occupancy at 90.5%.
• MLT and MINT focus on portfolio rejuvenation through divestments and acquisitions, targeting modern assets and data centres.

• Singapore Telecommunications led buybacks with 13.3 million shares at S$4.33 under a S$2 billion programme.
• Ho Bee Holdings acquired 334,700 shares, raising Chua Thian Poh’s deemed interest from 75.737% to 75.788%.
• Nam Cheong’s 1QFY26 PATMI increased 160% to RM78.9 million, with net gearing reduced to 0.17 times.

• OKP is not a simple order-book, cash or property case.
• It is better approached as a contractor recovery and cash-conversion case.
• The central issue is whether stronger revenue, margins and cash flow can become normalized cash flow per share after contractor accounting, balance-sheet claims, property exposure and governance are separated. 

• Skylink’s first major post-reverse take over (RTO) result gives more evidence than our initiating report had.
• Revenue rose to S$35.4m, gross profit rose to S$9.9m, adjusted net profit reached S$4.4m and net operating cash flow was S$12.0m.
• The statutory loss needs careful separation because it included the non-cash reverse acquisition accounting effect and one-off listing expenses. 

• JUMBO Group Limited (“JUMBO”) is a Singapore-based food and beverage (“F&B”) company renowned for its Singaporean-style live seafood specialities.
• Founded in 1987 as a humble seafood restaurant at the East Coast Seafood Centre, the brand quickly gained recognition for its award-winning Chilli Crab and Signature Black Pepper Crab.
• Staying true to its tagline, “Bonding People Through Food ”, JUMBO strives to be synonymous with bringing people together over shared dining experiences. 

Highlights

•  Ivory Coast Q1 rubber exports rise despite wintering phase

•  China Q1 imports from the Ivory Coast decline 26%

• APROMAC intervention in markets fail to enthuse farmers

• Ivory Coast shipped nearly 487,000 tons of rubber during the first quarter of 2026, up nearly 2% year-on-year

• Gemlife Communities Group (GLF AU) and Centurion Accommodation (CAREIT SP) will be added to a global sector index at the close on 19 June.
• We estimate passive trackers will need to buy between 6-8x ADV in the stocks with flow in the US$20-24m range.
• There will be positioning in Gemlife Communities Group (GLF AU) looking to unwind on a move higher. There appears to be little positioning in Centurion Accommodation (CAREIT SP). 

• Ever Glory has changed from the IPO-era Sunbeam Mechanical and Electrical (M&E) base into a larger Mainboard-listed group with Sunbeam M&E, Fire-Guard, Guthrie Engineering (GE), Ever Capital, Tek Guthrie and property interests.
• FY2025 revenue rose to S$116.4m, with GE contributing S$54.5m from 1 July 2025.
• Pro forma FY2025 revenue would have been S$180.8m if GE had been acquired from 1 January 2025. 

• Over 5M26, 57 primary-listed Singapore stocks repurchased S$1.26B in shares, up from S$930M in 5M25.
• Jardine Matheson and Hongkong Land conducted buybacks worth US$217M and US$98M respectively during 5M26.
• Singtel executed S$226M in share buybacks in FY26, alongside S$3.9B in asset recycling proceeds.

• Raffles Medical Group’s revenue reached S$765.3 million in 2025, with Profit After Tax and Minority Interests rising 22% to S$38.5 million in 2H25.
• The Group operates three hospitals in China, with the Beijing hospital profitable and others showing steady improvement in services and patient volumes.
• Raffles Medical Group is listed on the Singapore Exchange and operates in 12 cities across five countries in Asia.

• Over five sessions, 22 primary-listed companies conducted buybacks totaling S$88.9 million, with Singapore Telecommunications leading with 14 million shares.
• Azure Capital completed the acquisition of 22,074,000 Trek 2000 International shares, becoming a substantial shareholder with a 7.3% interest.
• Frasers Logistics & Commercial Trust acquired four logistics properties in Germany and the Netherlands for €294.9 million, funded through debt.

• Thomson has a meaningful regional healthcare platform across Singapore, Malaysia and Vietnam.
• FY2025 revenue was S$394.7m, up from S$240.4m in FY2021, with Singapore contributing S$190.4m, Malaysia S$105.8m and Vietnam S$98.5m.
• The group has 820 licensed beds across the three markets, plus clinics, fertility centres, diagnostics and specialist services. 

• United Hampshire (UHREIT) owns a useful portfolio, but the units are not yet a fully proven income case.
• The assets are largely U.S. grocery and daily-needs retail, with a smaller self storage exposure.
• FY2025 portfolio value was US$774.3m across 20 Grocery & Necessity properties and two Self-Storage properties, with 3.6m sq ft of net lettable area.

• Net institutional inflows in Singapore’s Technology sector reached S$572.6 million, concentrated in semiconductor production and AI hardware segments.
• Valuation expansion is led by semiconductor-linked companies with AEM Holdings, UMS Integration, and Frencken Group showing significant P/E increases.
• InnoTek’s valuation reflects AI hardware demand, supported by institutional investments and its positioning in AI server supply chains.