Singapore

• Yeo Hiap Seng Ltd (“Yeo’s”) is a Singapore-based food & beverage company that was founded in 1900.
• The company’s main business involves the manufacturing & distribution of food & beverage products.
• In addition to being a household name in the Asian market, Yeo’s has an international presence that extends to the Asia-Pacific, Europe, North America, and Oceanic regions. 

Highlights

• India NR production rises 3.4% to 905,000 tonnes in 2025-26.

• Compounded rubber imports surge 42% despite falling direct NR imports.

• RSS-4 prices retreat after touching US$2,740/mt peak in May 2026.

• Baker Technology Limited (“BTL”) is a manufacturer and provider of specialised marine offshore equipment & services, focused on the oil & gas and renewables industries.
• BTL’s main business is in the design, construction, operation and chartering of mobile offshore units and Offshore Supply Vessels (“OSVs”), along with the design and construction of a wide range of equipment & components for the marine offshore industry (specifically, for oil & gas and renewables).
• BTL also owns & operates a liftboat called the Blue Titanium.

• SATS reported record FY26 revenue of S$6.35 billion, with a 17.0% increase in net profit from FY25.
• Venture Corporation’s revenue rose 1.9% YoY to S$628.5 million, supported by demand in technology segments.
• UMS Integration’s 1QFY26 revenue increased 20% YoY to S$69.4 million, with net profit rising 43% YoY.

• Trek 2000 is undergoing a significant strategic pivot from its legacy in consumer data storage to high-growth sectors, including MedTech, AI-powered solutions, and renewable energy, leveraging its extensive intellectual property portfolio.
• The company has demonstrated a remarkable financial turnaround, with a significant increase in net income and operating cash flow in the most recent fiscal year, despite stagnant revenue. This suggests improved operational efficiency and successful strategic divestments.
• Significant corporate governance risks persist due to a past accounting scandal involving the company’s founder and former chairman. While the management team has been refreshed and governance structures enhanced, the legacy issue remains a key consideration for investors.

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• Sea Ltd (SE US) booked another solid set of results in 1Q2026, hitting record numbers on several metrics for both Shopee and Monee, with Garena also seeing renewed growth. 
• Shopee booked strong growth in GMV, gross order volume and revenue, and monthly active buyers in 1Q2026. Shopee invested in building logistics, fulfilment, and content, building foundations for future growth. 
• Monee booked +70% YoY loan growth in 1Q2026, with credit costs remaining healthy. Sea Ltd remains our top pick to play consumption and the digital economy in all Southeast Asia,

• Fullerton Healthcare is a leading vertically integrated healthcare platform in the Asia-Pacific region, strategically positioned to capitalize on the growing demand for corporate healthcare solutions. Its extensive network of over 550 facilities and a large panel of providers across nine markets allows for a comprehensive service offering, from managed care to specialty services.
• The company’s growth trajectory is supported by strong financial backing from prominent investors, including RRJ Capital, Far East Drug, and Mitsubishi Corporation. This has fortified its balance sheet, enabling both organic expansion and strategic acquisitions to deepen its market presence and service capabilities, particularly in digital and AI-enabled healthcare.
• While the company has a strong operational footprint, its history includes a deferred IPO and internal shareholder disputes, which have been resolved. Future success will depend on navigating the competitive landscape, integrating its diverse operations, and executing its digital transformation strategy to maintain its value proposition of providing affordable and accessible care.

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Highlights

• Q1 2026 rubber exports dip 0.96% to US$248.86 million

• February exports fall 5.66%; tires and gloves weaken

• Glove exports drop 11.09% in March, dragging sector

• The March slowdown cannot be read in isolation from global developments. Escalating geopolitical tensions linked to the US–Israel conflict with Iran introduced significant logistical disruptions, directly affecting Sri Lanka’s export flows.

• UltraGreen.ai (UGAI SP) raised US$400m in its Singapore IPO in December 2025.
• 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 will talk about the lockup dynamics and possible placement.

• Fraser and Neave (F&N) is a well-established Singaporean conglomerate with a dominant position in the Food & Beverage (F&B) markets of Singapore and Malaysia, supported by a portfolio of iconic brands and an extensive distribution network.
• The company demonstrates financial stability through consistent revenue growth and a strong commitment to shareholder returns, evidenced by a stable and attractive dividend yield. However, long-term earnings growth has been modest, reflecting its maturity and the competitive landscape.
• Future growth is expected to be driven by product innovation in healthier categories and potential synergies with its major shareholder, ThaiBev. However, the company faces significant headwinds from intense industry competition and the secular decline of its Publishing & Printing division.

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• HPL possesses a high-quality, geographically diversified portfolio of luxury and upscale hotels, often operated under prestigious international brands like Four Seasons, providing a strong foundation in the recovering global travel market.
• The company is embarking on a significant redevelopment project on Singapore’s prime Orchard Road, which presents a substantial long-term value creation opportunity, though it also entails considerable execution risk and capital expenditure.
• Recent financial performance has been challenged, swinging to a net loss in FY2025 due to high finance costs and mark-to-market losses, which has pressured profitability and led to a reduction in dividends, clouding the near-term outlook despite revenue growth.

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• Dominant Market Position with Strong Parentage: As the largest physical jet fuel trader in the Asia Pacific and the exclusive importer of bonded jet fuel into China, CAO enjoys a significant competitive advantage. Its strategic importance is reinforced by its majority shareholder, the state-owned China National Aviation Fuel Group (CNAF), which provides privileged access to the burgeoning Chinese aviation market.
• Favorable Industry Tailwinds and Growth Prospects: The ongoing recovery and projected long-term growth of China’s aviation sector provide a strong demand foundation for CAO’s core business. The company is also strategically positioning itself to capitalize on the emerging market for Sustainable Aviation Fuel (SAF), which presents a significant long-term growth opportunity.
• Robust Financials and Potential for Enhanced Shareholder Returns: CAO maintains a strong balance sheet with a substantial net cash position, providing financial flexibility for strategic investments and the potential for increased dividend payouts. The company’s asset-light business model contributes to strong returns on equity.

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• Unique Asset-Light Financial Platform: Yangzijiang Maritime operates a differentiated, asset-light business model, functioning as an integrated maritime financial platform. It captures value across the entire vessel lifecycle—from procurement and construction to chartering, financing, and eventual sale—without the heavy fixed costs of shipyard ownership.
• Fortress Balance Sheet and Growth Trajectory: The company possesses exceptional financial strength, characterized by a zero-debt balance sheet and a substantial cash position of approximately US$400 million. This provides significant capacity to deploy capital into higher-yielding maritime assets and introduce leverage to amplify returns, targeting a 15-20% earnings CAGR.
• Navigating Industry Headwinds: While the company’s strategic transition and financial health are strong internal drivers, it faces a challenging external environment. The global shipping industry is forecast to enter a downturn in 2026, marked by significant vessel oversupply and declining freight rates, which presents a key risk to sector-wide profitability.

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• Dominant Public Transport Core with Growing International Diversification: ComfortDelGro commands a significant share of Singapore’s public transport market, providing stable, contract-based revenue. The company is strategically expanding its global footprint, particularly in the UK and Australia, with overseas operations now contributing to over half of its revenue, mitigating reliance on the domestic market.
• Challenged but Adapting Point-to-Point Segment: The traditional taxi business faces significant headwinds from intense competition from ride-hailing platforms and a declining fleet size. In response, the company is investing in a new ‘Next-Generation’ driving centre, exploring autonomous vehicle technology, and focusing on premium services to navigate the structural shifts in the point-to-point transport industry.
• Attractive Shareholder Returns vs. Near-Term Headwinds: The company maintains a strong commitment to shareholder returns, evidenced by a high dividend payout policy and an attractive yield. However, near-term profitability is challenged by rising operating costs, particularly fuel, and margin pressures across its key segments, leading to recent earnings downgrades by analysts.

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• We initiate coverage of Old Chang Kee (OCK), one of the oldest and largest local F&B chains in Singapore (SG), with a BUY recommendation because the market for the company’s food products is still far from being saturated.
• Staying competitive and innovating have been key to OCK’s success in growing the business into one with revenues of > $104 mil.
• This still represents only a miniscule 0.5% of the $19.3bn SG F&B sector. There is still more upside for the 70-year young company.

Highlights

• Q1 rubber export returns jump 42.5% to US$649 million

• Estimated production stands around 70,000 tonnes in Q1

• Domestic consumption at around 28,000 tonnes

• Monthly trends suggest varying performance. Export earnings surged to US$239 million in January, up over 66 percent year-on-year, while cumulative exports reached US$420 million over January and February.

• MariBank is strategically positioned to capture market share within Singapore’s digital banking landscape by leveraging the extensive ecosystem of its parent company, Sea Limited, particularly the e-commerce platform Shopee. This provides a significant customer acquisition and data analysis advantage.
• The bank has demonstrated rapid growth in key metrics, including total assets, customer deposits, and loan book expansion since its launch. However, this growth has been accompanied by significant operating losses, highlighting the ongoing challenge of achieving profitability in a competitive market.
• Future success will depend on its ability to successfully cross-sell higher-margin products like loans and investments to its acquired user base, manage credit risk effectively as its loan portfolio matures, and differentiate itself from both incumbent banks and other digital challengers.

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• Starhill Global REIT offers investors a high dividend yield supported by a portfolio of prime, well-located retail and office assets, particularly its flagship properties on Singapore’s Orchard Road.
• The REIT’s financial position is stable, characterized by a moderate gearing ratio and a high proportion of income derived from long-term master and anchor leases, which provides cash flow visibility.
• Key challenges include a weak share price momentum, exposure to the cyclical retail sector facing structural headwinds from e-commerce, and underperformance in its Australian portfolio.

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• Macro Rotation Trigger: Global volatility is forcing capital into ultra-defensive assets. FCT’s 99.8% occupied, necessity-driven Singapore suburban retail portfolio is the ultimate inflation-insulated safe haven.
• Explosive Operational Metrics: Boasting a massive +6.5% rental reversion and surging Net Property Income, FCT’s impenetrable pricing power ensures highly predictable, non-dilutive DPU expansion.
• Bulletproof Balance Sheet: With zero FY26 refinancing risk, an extended 3.92-year debt maturity, and locked 40% leverage, FCT’s fortress financials eliminate downside while priming for rate-cut upside.

• Stoneweg Europe Stapled Trust (SERT) offers investors exposure to a diversified portfolio of European commercial real estate, with a strategic pivot towards high-growth logistics and data center assets.
• The trust is characterized by a high dividend yield and an attractive valuation relative to peers, but has faced headwinds with declining revenues and dividend payouts in recent years.
• Future performance is contingent on the successful execution of its portfolio repositioning strategy and navigating macroeconomic factors in Europe, including interest rate fluctuations and economic growth.

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• Dominant Market Leader in a Resilient Growth Sector: Trip.com Group stands as a top-three global Online Travel Agency (OTA) by revenue, with a commanding market share of approximately 55% in China’s high-end and business travel segments. The company is strategically positioned to capitalize on the robust recovery and long-term growth of global and Chinese outbound travel, which is projected to expand at a CAGR of 9.6% between 2026 and 2036.
• Strong Financial Performance and Profitability: The company has demonstrated a consistent track record of strong top-line growth, with revenues increasing steadily over the past three years. Profitability is robust, with high gross margins consistently above 80% and a strong return on equity, indicating efficient management and a durable competitive advantage.
• Strategic Focus on International Expansion: While maintaining its leadership in China, Trip.com Group is aggressively pursuing a globalization strategy. Management aims to increase international revenue to over one-third of the group’s total by 2026–2027, up from approximately 15% in 2024, by leveraging its multi-brand portfolio, including the global-facing Trip.com and Skyscanner platforms.

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• Singapore Telecommunications led buybacks with 25.5 million shares at S$4.76 each, under a S$2 billion programme.
• Aspial Lifestyle’s Chairman increased his stake, acquiring 2,108,300 shares, amid a fund-raising initiative and earnings growth.
• Raffles Medical’s Chairman increased his stake to 252,445,223 shares, focusing on China expansion and capital management.

• S-REITs have seen S$925 million in net retail buying in 2026, double the pace of 2025.
• UI Boustead REIT increased occupancy to 92.2% and co-invested in Japan’s UIB Konan Phase 3 logistics.
• CapitaLand India Trust and CapitaLand Ascendas REIT drive income through leasing momentum and diversified industrial portfolios.

• Strong Results for the full year with revenues up 15%
• Profit excluding fair value gain on investment properties was up 17%
• The company has been buying back shares, which we think is a good way to deploy capital rather than investing in properties

• JustCo is a leading flexible workspace provider in the Asia-Pacific region, well-positioned to capitalize on the structural shift towards hybrid work models. The company has demonstrated a strong growth trajectory, recently achieving profitability in FY2025 ahead of its planned IPO.
• The company’s multi-brand strategy, including ‘The Collective’ for luxury, ‘JustCo’ for premium, and ‘The Boring Office’ for essentials, allows it to target a wide spectrum of customers, from startups to large enterprises. This, coupled with a growing focus on higher-margin management contracts, provides a diversified and scalable business model.
• JustCo’s recent IPO on the Singapore Exchange is expected to provide the necessary capital to fuel its ambitious expansion plans, with a focus on deepening its presence in Japan and entering new high-growth markets across Asia and the Middle East. Key risks to the investment thesis include the cyclical nature of the office market, intense competition, and execution risks associated with its rapid expansion.

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• JustCo’s revenue increased to US$144.2 million in FY2025, driven by higher membership fees and improved occupancy rates.
• JustCo’s Cash EBITDA margin expanded from 3.0% in 2023 to 9.4% in 2025, indicating margin growth.
• JustCo plans to use S$81.7 million in net proceeds for strategic investments and capital expenditure for expansion.

• Strategic Regional Infrastructure Expansion: M-DAQ Global has evolved from a concentrated e-commerce utility into a diversified regional payments champion by integrating acquisitions like Wallex and Easy Pay Transfers. Processing over S$20b annually across 45 markets, the firm leverages its proprietary Aladdin engine to provide guaranteed exchange rates, significantly reducing historical revenue reliance on major partners from 2019.

• Transition Towards Institutional Profitability: The group reached a critical financial inflection point in 2024, reducing EBIT losses by US$15.6m while reporting a 9% increase in gross profit to S$24m. With a weighted fair value of US$331.9m, M-DAQ prioritises unit economics over hyper-growth, supported by a scalable low-marginal-cost model that yields gross margins of 58%.

• Institutional Scalability and Competitive Fortification: M-DAQ Global is leveraging its proprietary Aladdin engine and four core technical patents to defend regional margins against aggressive pricing from better-capitalized global unicorns. The group’s May 2025 transition to professional leadership under Tan Choon Seng, supported by the strategic oversight and governance framework of Affinity Equity Partners, aligns the firm with the institutional standards required to execute a high-value IPO or trade sale within a three-to-five-year horizon.

• Strategic Digital Transformation and Capital Backing: Oona Insurance (“Oona”) is a digital-first general insurer headquartered in Singapore, established through a substantial US$350m equity commitment from global private equity firm Warburg Pincus. The group operates through a strategic buy-and-build model, having acquired legacy entities in Indonesia and the Philippines to secure immediate regulatory licences and market presence. By modernising traditional insurance processes with advanced technology, the company aims to become the most customer-driven provider in Southeast Asia for a rapidly expanding mobile-first population.

• Bifurcated But Promising Financial Trajectory: The financial performance of the group presents a tale of two core markets, anchored by a highly profitable Indonesian subsidiary and a rebounding Philippine operation. In Indonesia, the company experienced a massive 157.9% surge in net profit to IDR 99.8b in 2025, whilst the Philippine entity successfully narrowed its net losses by 53% in the first half of the same year following severe weather-related claims. Supported by robust Risk-Based Capital ratios that vastly exceed regulatory minimums in both jurisdictions, the overall group possesses the financial flexibility to navigate regional volatility and aggressively pursue further acquisitions.

• Imminent Strategic Review and Liquidity Potential: The maturity and scale of the platform have prompted the majority shareholder to explore various strategic alternatives for the business. Warburg Pincus has officially appointed Citigroup to evaluate inbound corporate buyout and partnership offers, responding to significant interest from global insurers and investment firms. This ongoing review suggests a reasonably high probability of a near-term liquidity event, such as a trade sale to a multinational peer seeking immediate digital scale within the Southeast Asian market.

• NTT DC REIT’s first full-year result reduces the basic IPO execution risk, but it does not close the earnings-quality debate.
• FY2025-26 came in above IPO forecast across the main investor- facing lines: gross revenue was 2.5% above forecast, net property income (NPI) was 2.3% above forecast and DPU was 2.6% above forecast.
• That is a useful delivery point after the 9MFY2025-26 update, when revenue was ahead of forecast, but NPI was still below forecast. 

• MoneyHero is a leading personal finance aggregation and comparison platform in Greater Southeast Asia, with #1 market share in its core markets of Singapore, Hong Kong, the Philippines, and Taiwan.
• The company has recently undergone a significant strategic transformation, focusing on operational efficiency and higher-margin products like insurance and wealth, which led to its first positive Adjusted EBITDA in Q4 and a net income of $0.2M in Q2 2025.
• Significant leadership turnover, including the appointment of an interim CEO in April 2026, and reported internal frictions present execution risks and uncertainty, despite the operational improvements and a large addressable market.

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• MNY Turns Profitable In Q4. After guiding for positive Adjusted EBITDA in the fourth quarter, the Company delivered with $679,000 in positive Adjusted EBITDA, more than doubling our estimate.
• This beat was in light of lower than expected Revenue, primarily due to lower Credit Card revenue.
• The outperformance in the quarter was due to record Wealth revenue, which carries a higher margin, and continued cost cutting and AI implementation with operations. 

Highlights

• Indian Tire Industry Targets Twelve-Fold Revenue Expansion by 2047

• Premiumization and electrification reshape India’s future tire market dynamics

• NR shortages threaten long-term export competitiveness and expansion

• Annica is undergoing a significant strategic pivot, shifting focus from its legacy oil and gas (O&G) equipment and engineering services business towards the high-growth renewable energy sector, specifically targeting decentralized energy solutions and waste-to-energy projects in Southeast Asia.
• The company faces substantial financial challenges, characterized by a history of revenue decline, persistent net losses, and negative working capital. Auditors have raised material uncertainty regarding its ability to continue as a going concern, although recent debt-to-equity conversions have improved the net asset position.
• Recent corporate actions, including a 150-for-1 share consolidation and a planned rights issue, aim to strengthen the capital base and improve the company’s market perception. However, these actions also introduce risks such as potential shareholder dilution and share price volatility.

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• Grab Holdings Inc. reported its first quarter 2026 results amid a seasonally soft period influenced by Ramadan and Chinese New Year, posting a 24% year-on-year growth in on-demand gross merchandise value (GMV) alongside an increase in monthly transacting users (MTUs) to 52 million.
• The company highlighted strong performance in its Financial Services segment, with loan disbursals surging 67% year-over-year to surpass $1 billion, and expects this segment to reach adjusted EBITDA breakeven in the second half of 2026.
• Notably, the company achieved its 17th consecutive quarter of adjusted EBITDA growth and expanded trailing twelve-month adjusted free cash flow to $489 million.

• Oona Insurance is a digital-first general insurance platform in Southeast Asia, backed by a US$350 million equity commitment from Warburg Pincus, with a ‘buy-and-build’ strategy to capitalize on the region’s low insurance penetration and growing digital adoption.
• The company is focused on leveraging technology to offer simplified, customer-centric insurance products, including motor, property, health, and travel insurance, primarily targeting retail customers in Indonesia and the Philippines, with plans to expand into Thailand and Vietnam.
• While Oona has achieved profitability in its Indonesian operations and is experiencing strong growth, it faces challenges in the Philippines due to the impact of natural disasters on profitability, alongside the broader risks of operating in a competitive and evolving regulatory landscape.

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• bolttech’s most recent valuation is $2.1B, set at the close of its Series C in June 2025.
• Monetization occurs at three points: setup and implementation fees when a partner launches a program, distribution economics tied to policies placed through the platform, and ongoing servicing and claims-administration fees after the sale.
• Asia remains the largest structural opportunity.

• Singapore’s trade is influenced by policy-driven flows and sector-specific demand, with electronics leading on AI demand.
• Frencken Group’s FY26 guidance shows improved visibility with a potential 2H26 recovery, impacting analyst recommendations.
• ST Engineering, Yangzijiang Shipbuilding, and ISDN report strong orderbooks, revenue growth, and strategic shifts towards higher value offerings.

• Fuxing China Group announced a dividend of RMB 15 cents per share, the first since 2011, with a new policy to distribute at least 15% of net profit for the next three years.
• The company’s net asset value per share is approximately RMB 29.60 (around S$5.40), compared to recent share prices of S$0.40 to S$0.70.
• Fuxing aims for revenue growth and margin expansion through operational efficiency, automation, digitisation, and strengthening direct-to-brand sales.