Singapore

• We initiate coverage on Info Tech Systems (Info Tech) with a Buy recommendation and a DCF-based target price of SGD 1.17 (33% potential upside).
• Info Tech should generate revenue CAGR of 6.2% in FY25-28 and is likely to generate SGD 18 mn in EBITDA in FY25.
• Info Tech runs a Singapore-based SaaS business targeted at SMEs.

• SR demand in FY 2025 surges 9.3%, outpacing 6.1% rise in output  
• Imports rise nearly 17% YoY to 413,627 tons in FY 2024-25  
• Reclaimed Rubber consumption up 8.55% to 167,500 tons  

• CNMC delivered a stellar financial performance in 1HFY25. 
• The Group’s 1HFY25 net profit surged 251.4% YoY to US$19.4 million, exceeding FY24 full year net profit of US$12.2 million.
• 1HFY25 revenue increased 78.0% YoY to US$52.8 million, the highest in any half-year period since CNMC’s inception.

•  U.S. tariffs and low-cost Asian imports reshape Brazil’s tire industry  
• ADD on Chinese passenger tires renewed to shield local producers  
• Michelin to shut down its Guarulhos plant in Sao Paulo by Dec 2025  

• Number 1 service provider in inspection and technical testing services in Singapore
• Very high net profit margin of 20% and 20%+ ROE
• Consistently makes free cash flow but earnings growth is limited

• What does a company do when its original business is producing good profitability, strong cashflow and return on equity (“ROE”), but no growth?

• VICOM Ltd. (“VICOM”) is one such company.

• It is a pioneer in Singapore’s Vehicle Inspection industry and has close to 73% market share, in an industry whose demand is guaranteed by government regulation that all vehicles have to be inspected at regular intervals.

• ISOTeam’s FY2025 results fell short of our expectations, with revenue declining 8.4% yoy to S$119.2m (11.7% below our forecast) and net profit attributable to shareholders dropping 21.2% yoy to S$5.1m (29.2% below forecast).
• The weaker performance was primarily driven by delayed project commencements in Repairs & Redecoration (–42.9% yoy) and Coating & Painting (–14.4%) segments, partially offset by strong growth in Addition & Alteration (25.0% yoy) and Others (10.4% yoy) segments.
• Gross margin improved modestly on better project mix and pricing, but earnings was further weighed down by lower other income and a higher effective tax rate.

• Institutions were net buyers of Singapore stocks with a S$33 million inflow, reversing a prior S$53 million outflow.
• United Overseas Bank led share buybacks with S$54.7 million total consideration, purchasing 500,000 shares at S$35.30 each.
• iFAST Corporation’s 1HFY25 profit before tax rose 32.7% to S$50.4 million, driven by iGB’s profitability.

• CICT’s DPU rose 3.5% to 5.62 cents, with leverage and debt costs reduced to 37.9% and 3.4%.
• FCT’s committed occupancy reached 99.9%, with tenant sales up 4.4% and leverage increased to 40.4%.
• Suntec REIT’s Gross Revenue and NPI grew 3.3% and 5.6%, with DPU increasing 3.7% to 3.155 cents.

• Results are steady. Revenues are flat with gross profit marginally down.
• There are 2 exceptions : S $5.5 mn impairment on PPE at Nantong due to economic slowdown and fx loss of US $5.5 mn
• Declares 2 cents dividend, ROE of 10% on Balance Sheet which has 30% excess cash and Book Value of Cash S$ 1.46

• June output rises MoM, but sharply lower YoY  
•  Exports declined 17.3%, with glove shipments softening  
• Price volatility intensified, underscoring demand uncertainty

• Public transport and taxi segments in Singapore provide much-needed stability for the group, not much downside surprise is expected. Now 54% of its revenue is generated overseas. 
• Comfortdelgro Corp (CD SP) subsidiary, Vicom Ltd (VCM SP) is in charge of the OBU upgrade in Singapore, providing some high-margin incremental operating profit.
• It trades at 14x PE, and its share price is almost at historical low, creating another reason to build positions on this.  

• Exports to Indonesia surge 154% MoM in June  
• China drives monthly rubber trade rebound  
• Typhoon Kajiki disrupts supply and pushes up prices  

• Winking Studios reported a 27.3% year-on-year revenue growth to US$19.4 million in the first half of 2025.
• The acquisition of Shanghai Mineloader contributed US$4.1 million in revenue, boosting Winking Studios’ overall performance.
• Winking Studios maintains a strong balance sheet with US$27.1 million in cash, zero debt, and US$49.4 million in indicative bookings.

• LHN Ltd (LHN SP) is delisting its secondary listing in Hong Kong and concurrently spinning off its co-living business.
• The Hong Kong-listing, which was illiquid from the onset, has received approval from the HK Listing Committee to delist. Shareholders will vote on the spin-off on the 9th September. 
• LHN is up 95% since the spin-off announcement. The accretion from the new listing is well baked in. And then some. 

• South Asian Monsoon to be active till Sept-end, may disrupt supply  
•  Indian production to improve next month, can pressure prices  
• Cambodia, Laos equipped to forecast floods five days in advance

• After Ben Keswick took over Jardine Matheson, the company has slowly transitioned away from being an owner-operator to more of a portfolio manager.

• The privatization of Jardine Strategic was under-priced, but it also simplified the corporate structure. That should be positive for minorities in the long term.

• Jardine Matheson’s own board has now been stacked with private equity professionals. And new CEO Lincoln Pan comes from private equity firm PAG, where he built up its non-China business.

• Institutions were net sellers of Singapore stocks with a net outflow of S$53 million from August 15-21.
• ISOTeam secured S$22.5 million in new contracts, boosting its order book to S$181.1 million for 24 months.
• Q & M Dental Group raised S$130 million from a Multicurrency Debt Issuance Programme for organic expansion and M&A.

For our next Corporate Webinar, engageIR by Smartkarma is glad to welcome StarHub Ltd (STH SP)’s CEO, Mr. Nikhil Eapen.

In the upcoming webinar, Nikhil will share a short company presentation after which he will engage in a fireside chat with Smartkarma Insight Provider, Alec Tseung. The Corporate Webinar will include a live Q&A session.

The Corporate Webinar will be hosted on Wednesday, 17 September 2025, 17:00 SGT.

About StarHub

StarHub is a leading homegrown Singapore company that delivers world-class communications,
entertainment, and digital services. With their extensive fibre and wireless infrastructure and
global partnerships, they bring to people, homes and enterprises quality mobile and fixed
services, a broad suite of premium content, and a diverse range of communication solutions. They develop and deliver solutions incorporating artificial intelligence, cybersecurity, data analytics, Internet of Things, and robotics for corporate and government clients.

StarHub is committed to conducting their business sustainably and responsibly. StarHub is named among TIME’s World’s Most Sustainable Companies 2025 and ranked as the world’s most
sustainable wireless telecommunication provider on the Corporate Knights Global 100 (2025).
StarHub also ranks 187 on the FORTUNE Southeast Asia 500 in 2025. Listed on the Singapore
Exchange mainboard, StarHub is a component stock of the SGX iEdge Singapore Low Carbon
Index, iEdge-OCBC Singapore Low Carbon Select 50 Capped Index; as well as the FTSE4Good
Index series.

For more information on StarHub, please visit https://ir.starhub.com/

• IFAST SP has risen 28% since our initiation and has seen net institutional outflows of S$50m in the first week of the month.
• We see further upside of 12%, as the value in terms of P/AUM is not reflected in the price.
• Recent private transactions such as the Chocolate Finance Series A+ deal round indicate that iFAST is cheap relative to its assets. There is a strong chance of a buy back in 2026.

• Soilbuild delivered a stellar financial performance in 1HFY25.
• The Group’s 1HFY25 net profit surged 282.9% YoY to S$28.3 million, exceeding FY24 full year net profit of $26.6 million.
• 1HFY25 revenue increased 77.3% YoY to S$272.8 million, while gross profit jumped 193.5% YoY to S$43.6 million, reflecting strong execution and margin improvements across both construction and precast operations.

• Bridgestone reshapes carbon black strategy with Tokai Carbon  
• Hanwa invests in Thai tyre pyrolysis venture  
• Sri Trang bets on AI and workforce upskilling