In today’s briefing:
- Funding Societies | With CEO Insights: Funding SEA SMEs One Company at a Time (Initiation)
- Foundation Healthcare Holding (FHH SP) – Priced Like a Hospital, Worth Like Three
- Aspial Lifestyle Limited – A Golden Future
- SGX Equity Derivatives Monthly Highlights Jun 2026
- Foundation Healthcare – Singapore’s Largest Multi-Specialty Healthcare Platform – Debuts on SGX
Funding Societies | With CEO Insights: Funding SEA SMEs One Company at a Time (Initiation)
- 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.
Foundation Healthcare Holding (FHH SP) – Priced Like a Hospital, Worth Like Three
- 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 – A Golden Future
- 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.
SGX Equity Derivatives Monthly Highlights Jun 2026
- 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 – Singapore’s Largest Multi-Specialty Healthcare Platform – Debuts on SGX
- 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.
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