Daily Brief Singapore: Avarga, StashAway, Reclaims Global, Airalo, Singapore Technologies Engineering and more

• On the 13th March, executive chairman Tong Kooi Ong returned to the well with a Scheme at S$2.70/share, a 14.9% premium to last close.  A cash/scrip (into RPSs) was afforded.
• Back in November 2024, Tong acquired a 20.17% stake at S$0.25/share, lifting his holding to 53.01%, triggering a unconditional general offer. (Avarga did a 10-1 share consolidation in May 2025).
• The Scheme Doc is now out. 27th July Court Meeting. 4th November expected payment. The IFA says “fair & reasonable”. 

• Accelerating Upmarket Penetration and Validated Operating Leverage (Theses Update): The firm is advancing its upmarket penetration and operating leverage theses, evidenced by the March 2026 launch of alternative asset portfolios for accredited investors and a 14% workforce reduction in July 2026 to optimise costs.
• Strategic Restructuring Amidst a Sector-Wide Push for Profitability (Corporate and Industry Developments): Amidst sector-wide pressure for sustainable unit economics, StashAway narrowed its FY24 EBIT losses to US$8.4m while executing a strategic restructuring that reduced headcount by approximately 14% in July 2026.
• Strong Management and Product Affinity Offset by Competitive and Top-of-Funnel Headwinds (pvtIQ SmartScoring© Update): Driven by expert management, robust funding momentum, and high product affinity, StashAway’s relatively stable pvtIQ and Alt-Data composite scores of 3.7 and 3.4 are partially offset by intense regional competition and lagging digital visibility.

• Revenue visibility improves meaningfully.
• Reclaims’ wholly owned subsidiary, Reclaims Enterprise, was recently awarded two earthworks contracts with an aggregate value of approximately S$9.55m.
• Together with contract wins announced since November 2025, these projects expand the Group’s order pipeline and improve revenue visibility across FY2027 FY2028. 

• Market Leader in a High-Growth Niche: Airalo is the world’s first and largest eSIM marketplace for travelers, a rapidly expanding segment within the telecommunications industry. The company has demonstrated a strong growth trajectory, reaching over 30 million users by mid-2026 and achieving unicorn status with a valuation exceeding $1 billion.
• Scalable Business Model with Strong Investor Backing: The company operates a fully digital platform, offering a highly scalable model for global expansion. Airalo has successfully raised significant capital, with a recent $220 million Series C funding round led by CVC, indicating strong investor confidence in its business model and future prospects.
• Positive Industry Tailwinds: The global eSIM market is projected to grow significantly, driven by increasing smartphone penetration, the proliferation of IoT devices, and growing consumer demand for convenient and affordable international roaming solutions. This provides a strong tailwind for Airalo‘s continued growth.

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• Institutional net outflow totaled S$140.4M through 13 July, while Industrials recorded S$170.2M net institutional inflow.
• Singapore Airlines, SATS, and Singapore Technologies Engineering led Industrials inflow, with significant net institutional inflows relative to ADT.
• Technology sector had S$580M net inflow in 1H26, but S$90.5M outflow through 13 July, reversing prior gains.