In today’s briefing:
- Asian Equities: A Few Singapore Small and Mid-Cap Jewels
- Tire Industry Faces Over Capacity As Mid Range Players Build Factories
- Hybridan Small Cap Feast: 02/10/2025
Asian Equities: A Few Singapore Small and Mid-Cap Jewels
- Singapore’s stellar performance has been propelled primarily by large caps. We think investors should focus on SMID now, as MAS’s S$5bn EQDP incentivizes fund managers to look outside index stocks.
- We screen SMID stocks in SGX with above-market forecast earnings growth, EPS estimate upgrades over past 6 months, low leverage and reasonable growth adjusted valuations (PEG<1.4x).
- Eight SMID stocks come up on our screen, spread across various sectors, but tilted towards Energy and Minerals and Mining. Most are net cash companies with ROEs higher than COEs.
Tire Industry Faces Over Capacity As Mid Range Players Build Factories
- Highlights • Market shift from premium to mid-tier brands • Profit vs volume strategy hurting premium brands • Mid-Tier brands expanding globally There is a lot of uncertainty around the ongoing tire demand and supply situation.
- The first thing to note is that while demand is growing slightly, the distribution of sales between premium tire makers and less well-known brands is changing.
- The transfer of market share away from the premium tire makers is rapid and appears to be accelerating.
Hybridan Small Cap Feast: 02/10/2025
- The commercial passenger aircraft leasing Company has published its annual report and audited financial statements for the year ended 30 June 2025.
- Revenue increased by 19.2% to $110m (from $92m in 2024), with EBITDA increasing by 20.3% to $107.1m.
- Total year-end cash and bank balances were $130m and $148.5m at 26 September 2025.
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