Singapore

• Institutionalisation of Alternative Credit Networks: Funding Societies has successfully transitioned from a fragmented retail crowdfunding marketplace into a scaled, cross-border digital private credit platform serving Southeast Asian MSMEs.
• Software-Enabled Transaction Monetization: The core growth lever centers on the full integration of the CardUp automated payment processing software, which transformed the entity into a unified embedded finance provider.
• Fragmented Regional Execution Headwinds: Operational risk is concentrated in persistent structural profitability deficits and complex multi-jurisdictional compliance sandboxes.

• Singapore’s largest private specialist platform by doctor/clinic count, 60/40 JVs with selling doctors hand ~40% of Specialists profit — and 2/3 FY25A group profit — to non-controlling interests before shareholders.
• Bottom-Up SOTP: Specialists S$1,182m post-NCI, Medical Centres S$112m, AVA® S$24m, less S$217m net debt = S$1,100m vs. S$1,009.8m offer-price market cap.
• We initiate with a BUY with TP of S$0.83 (+19%): Specialists alone outvalues the whole deal post-NCI; Medical Centres and AVA® are priced for free. True P/E ~21x, not 74x.

• Aspial Lifestyle Limited, formerly known as Maxi-Cash Financial Services Corporation Limited, began with its first pawnshop in 2009 and was listed on SGX Catalist on 22 June 2012.
• Maxi-Cash is the first publicly listed pawnbroker in Singapore, providing pawnbroking services through its Maxi-Cash brand.
• Aspial Lifestyle now operates a diversified portfolio of consumer brands across retail, pawnbroking, and secured lending, with a presence in Singapore and Malaysia. 

• The report highlights a significant increase in trading volumes for derivatives, particularly in options and swaps markets.
• Regulatory changes have impacted the reporting requirements for financial institutions, affecting compliance costs and operational procedures.
• Technological advancements in algorithmic trading have led to improved execution speeds and reduced transaction costs for market participants.

• Foundation Healthcare raised approximately S$123.6 million in gross proceeds from its IPO, listing on SGX Mainboard with a market capitalisation of approximately S$1.0 billion.
• Revenue increased by 77.0% from S$112.4 million in FY2023 to S$198.9 million in FY2024, and by 16.2% to S$231.2 million in FY2025.
• Adjusted EBITDA grew by 62.2% from S$45.2 million in FY2023 to S$73.3 million in FY2024, and by 19.9% to S$87.9 million in FY2025.

• Addvalue Technologies (AVT) shares have rallied strongly over the last 6 months from S$0.07 to S$0.143 on the back of stronger profitability, potential Nasdaq spinoff of its IDRS business (55% of revenues) and positive sentiments arising from recent SpaceX IPO.

• AVT has a unique business model in Satellite communications with its IDRS product that embeds itself in satellite business.

• AVT is a turnaround story currently in the midst of restructuring with potential Nasdaq spinoff of its highly profitable SPC business (but retaining option of 51% stake).

• Institutionalisation of Alternative Credit Networks: Funding Societies has successfully transitioned from a fragmented retail crowdfunding marketplace into a scaled, cross-border digital private credit platform serving Southeast Asian MSMEs.
• Software-Enabled Transaction Monetization: The core growth lever centers on the full integration of the CardUp automated payment processing software, which transformed the entity into a unified embedded finance provider.
• Fragmented Regional Execution Headwinds: Operational risk is concentrated in persistent structural profitability deficits and complex multi-jurisdictional compliance sandboxes.

• AI-Native Transition Unlocking Scale: PatSnap transitioned from a legacy patent index into an AI-native innovation intelligence platform, effectively resolving redundant research and development capital allocation.
• Inflecting Margins Validating Economics: The enterprise demonstrated robust top-line expansion, increasing annual revenue from US$64.9m in 2021 to US$97.7m in 2023
• Finance Leadership Gap Ahead of a Listing: PatSnap’s Global CFO, Elyn Chen, departed in April 2025 after nearly four years in the role. We found no public record of a named successor.

• Aspial Lifestyle Limited, formerly known as Maxi-Cash Financial Services Corporation Limited, began with its first pawnshop in 2009 and was listed on SGX Catalist on 22 June 2012.
• Maxi-Cash is the first publicly listed pawnbroker in Singapore, providing pawnbroking services through its Maxi-Cash brand.
• Aspial Lifestyle now operates a diversified portfolio of consumer brands across retail, pawnbroking, and secured lending, with a presence in Singapore and Malaysia. 

• Q & M Dental Group (QNM SP) aims to pursue regional growth strategy with focus on M&A alongside organic growth, across Australia, Thailand, Singapore, and China.
• The company aims to build a leading dental platform in Australia and has set a target of expanding its Australian network to ~400 dental clinics over the next five years.
• Over the longer term, the company aims to further strengthen domestic presence and has set a target of expanding Singapore network to ~300 dental clinics over the next five years.

• Foundation Healthcare (2231723D SP) raised US$187m in its Singapore IPO.
• Foundation Healthcare Holdings operates as an integrated private healthcare platform in Singapore.
• We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.

• Addvalue Technologies (AVT) shares have rallied strongly over the last 6 months from S$0.07 to S$0.143 on the back of stronger profitability, potential Nasdaq spinoff of its IDRS business (55% of revenues) and positive sentiments arising from recent SpaceX IPO.

• AVT has a unique business model in Satellite communications with its IDRS product that embeds itself in satellite business.

• AVT is a turnaround story currently in the midst of restructuring with potential Nasdaq spinoff of its highly profitable SPC business (but retaining option of 51% stake).

Highlights

• Chinese PCLT tire imports slump 45%, share drops to 52%

• ASEAN suppliers triple market share to 21% amid trade shifts

• Europe’s replacement tire demand returns to growth, rising 1% in Q1

• For natural rubber markets, the developments carry implications beyond Europe

• AI-Native Transition Unlocking Scale: PatSnap transitioned from a legacy patent index into an AI-native innovation intelligence platform, effectively resolving redundant research and development capital allocation.
• Inflecting Margins Validating Economics: The enterprise demonstrated robust top-line expansion, increasing annual revenue from US$64.9m in 2021 to US$97.7m in 2023
• Finance Leadership Gap Ahead of a Listing: PatSnap’s Global CFO, Elyn Chen, departed in April 2025 after nearly four years in the role. We found no public record of a named successor.

• Q & M Dental Group (QNM SP) aims to pursue regional growth strategy with focus on M&A alongside organic growth, across Australia, Thailand, Singapore, and China.
• The company aims to build a leading dental platform in Australia and has set a target of expanding its Australian network to ~400 dental clinics over the next five years.
• Over the longer term, the company aims to further strengthen domestic presence and has set a target of expanding Singapore network to ~300 dental clinics over the next five years.

• 1st half results confirm our view on margins under pressure and business facing structural headwinds
• Jumbo Seafood flagship outlet in East Court Park is closing down as the lease is expiring on 30 September 2026.
• East Coast Park outlet contributed to 14%  of revenue and earnings for September 2027 will be impacted.

• Over five sessions, 32 director/CEO acquisitions and 11 disposals were reported, with 27 companies conducting buybacks totaling S$37 million.
• Aspial Lifestyle’s Chairman acquired 1,331,200 shares, increasing direct interest to 9.95%, following a S$46.4 million acquisition.
• iWOW Technology announced a proposed placement of 66.7 million shares at S$0.225 each, raising up to S$15 million.

1. • Accelerated MSME Scaling and Surging Cross-Border Volumes Solidify Valuation Trajectory: Developments of ANEXT Bank’s (“ANEXT”) the past 6 months validates its core strategic directives across all three investment vectors.
   • ANEXT Bank Expands SME Credit via AI Hardware Financing Amid Intensifying Digital Banking Race: The bank has accelerated its MSME lending strategy under the leadership of its CEO, Qiu Kai, who articulated a novel expansion into AI hardware financing, specifically utilising graphics processing units as collateral to grow both secured and unsecured loan books.
   • pvtIQ SmartScores© Softens on Growth, Capital and Unit Economics Compression: The pvtIQ evaluation datasets for ANEXT Bank reveal a structural downward consolidation in core operating scores, with the composite pvtIQ SmartScore© demonstrating a negative trajectory, compressing by -0.4 points from an initial baseline of 4.4 to 4.0.

• Marco Polo Marine Ltd (“MPM”) is a marine logistics company that engages in shipping and shipyard operations.
• MPM’s shipping business relates to the chartering of Offshore Supply Vessels (“OSVs”) in regional waters, e.g., Thailand, Malaysia, Indonesia, and Taiwan.
• MPM also charters offshore wind vessels as well as tugboats & barges. 

• JustCo has a visible regional base, with 54 Centres across 12 cities as of the prospectus reference date and approximately 37,500 workstations.
• FY2025 occupancy of 84% supports demand, and the 2029 ambition of more than 100 Centres gives a large growth frame.
• Those facts do not settle shareholder economics. 

Highlights

• Export earnings climb to US$242 million as prices strengthen

• US imports rise for second straight month to 24,000 tons

• China volumes remain near 14,000 tons despite export surge

• India produces the sharpest swings among the major destinations.

• Strong Growth Supported by Self-Sufficiency: Green Link Digital Bank (“GLDB”) has demonstrated strong operational advancement across mid-2026 corporate reporting cycles.
• Continued Market Development in SME Lending and AI Governance: In the past 6 months, the Singapore digital wholesale ecosystem experienced rapid structural maturity and heightened cross-segment competition, deeply impacting the strategic positioning of GLDB.
• Financial Trajectory Tempered by External Risk Factors (pvtIQ Metrics Evaluation): In the continuous pvtIQ SmartScore analysis evaluating GLDB from Jan-26 to Jun-26, the composite score exhibited a perfectly flat trajectory, holding steady at 4.0 as significant positive sub-component re-ratings were completely counterbalanced by parallel downward adjustments.

• Ecosystem Monetisation Tracks on Course: Between 16 January and end-June 2026, developments broadly validate our initiation thesis on GXS Bank.
• Superbank Consolidation Anchors Regional Push Amid Constructive Sector Backdrop: GXS Bank advanced its regional and ecosystem playbook on multiple fronts.
• Scoring Held Generally Flat as Components Rotated Materially (pvtIQ Metrics Evaluation): GXS Bank’s pvtIQ SmartScore© held structurally flat at 3.8 between Jan-26 and Jun-26, but the composite stability masks a material rotation across sub-components.

• Foundation Healthcare’s light-asset model means no need to bear high capital expenditure for hospital-building, and ROE may be higher, with faster expansion speed through acquisitions as the network expands rapidly
• The lack of own hospital means unable to provide inpatient/emergency services, with limited service scope. Since Foundation Healthcare is highly dependent on acquisitions, integration risks are higher than organic growth.
• Foundation Healthcare’s valuation would be lower than Raffles Medical and IHH Healthcare. In other words, the valuation based on IPO pricing (S$0.76-S$0.92) falls within reasonable range among similar healthcare stocks.

• The 240 Singapore SMID stocks generated S$696 million in average daily turnover in 1H26, with 13% total returns.
• Institutional net buying in 1H26 was selective, with technology and industrial stocks dominating inflows relative to market cap.
• AEM Holdings recorded a 519% total return in 1H26, with a share price increase and higher trading volume.

• Charge+ completed a Series A funding round of US$8 million in 2024, led by TRIVE Venture Capital.
• Charge+ secured a S$21 million green loan from DBS Bank and is preparing a US$20 million Series B for 2026.
• Charge+ aims to operate 30,000 charging points globally by 2030, expanding its current 6,000 points across Southeast Asia.

• Singapore stocks saw S$611 million net institutional inflow in June, reversing over 40% of prior five-month outflows.
• Financial Services led June inflow with S$683 million net buying, despite a 1H26 net outflow of S$626 million.
• Technology and Industrials attracted strong 1H26 net institutional inflow, driven by interest in AI, semiconductors, and infrastructure themes.

• Remains the number 1 bus company in Singapore with approx. 50% market share.
• Runs 3 train lines and is bidding for the Cross Island line, which will span over 50 km. Tender expected to be in 4th quarter this year.
• The company still has excess cash on its books after paying .32 cents in a special dividend.

• Regional Acceleration and Ecosystem Scale Countering Domestic Profitability Headwinds: Ecosystem strength is tracking as expected as MariBank capitalises on its structural low-cost customer acquisition advantage via Shopee to launch new wealth products, lifting total income to S$37.4m for FY2025 from S$24.4m YoY. 

• Ecosystem Scaling and Fresh Capital Counter Profitability Pressures: MariBank Singapore demonstrated robust operational scaling during FY25, further supported by parent group Sea Limited executing a S$75.0m capital injection in January 2026 to support progressive regulatory capital mandates. 

• Composite Holds Broadly Stable as Unit Economics Compress and Governance Strengthens (pvtIQ Metrics Evaluation): MariBank’s pvtIQ data points over the six-month lookback period reveal a marginal composite decline in the SmartScore© from 3.7 to 3.5, masking a more nuanced rebalancing beneath the headline. 

• 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.