Daily Brief Singapore: Info-Tech Systems, China Yuchai International, Food Empire, SpaceDC, Ley Choon Group and more

• Although 1H26 revenue of $27.3mil is only 33% of RHTC’s $82mil for FY26F (1H25 was 40% of  FY25), net profit at $9.7mil is 36% of RHTC’s $27mil for FY26F.

• We expect a stronger 2H26 based on a re-acceleration of order book growth in 1H26, retention metrics of over 90% for ITS’s core annual revenue upfront subscription HCM software (SaaS) and expected Academy corporate training momentum in 2H26.

• Services revenue more than doubled to $4.9mil establishing Academy/AI corporate training as the second growth engine.

• HHP Sales Propel H1 Growth. CYD reported first half revenue of RMB 14.7 billion, 13.9% above  the year ago period, but well shy of our revised estimate.
• The growth rates for nearly all segments looks impressive on the surface, but the details impacted the miss from our estimate.
• HHP engines drove Revenue growth, with 1,800 total HHP units going to AIDC. 

• Food Empire (FEH) delivered a clean-looking 1H26 — record half-year revenue and PAT swinging back to positive; [top-line beat riding on a margin miss vs RHTC FY26F].
• Revenue tracks slightly ahead of the run-rate cf full-year forecast; profitability tracks behind it.
• Revenue beat, but it is the only line that beat.

• Regional Hyperscale Infrastructure Provider: SpaceDC operates as a carrier-neutral colocation data centre developer targeting the Southeast Asian digital economy. The company manages the ID01 campus in Jakarta, featuring Open Compute Project-ready architecture and sustainable power integration to support high-density enterprise workloads.
• High-Margin Recurring Revenue: The business model benefits from structural supply shortages in regional data centre capacity, driving demand from global cloud service providers. Once the upfront capital expenditure is deployed and facilities are tenanted, the company secures long-term lease agreements that yield predictable cash flows and high customer switching costs. 
• Anchor Tenant Vulnerability: The company relies heavily on a concentrated base of wholesale hyperscale customers to absorb its capacity expansions. A macroeconomic disconnect between artificial intelligence capital expenditures and realised software revenues exposes the firm to take-or-pay contract disputes and stranded unamortised fit-out costs if key tenants default.

• Ley Choon Group Holdings Ltd. (LEY SP) is an established Singapore-based civil engineering and infrastructure specialist with dominant market standing in underground utilities, sewer rehabilitation, and road resurfacing.
• The Group’s vertically integrated business model—anchored by BCA L6/A1 licensing for unlimited public tender value and proprietary asphalt premix manufacturing—provides a sustainable competitive moat in Singapore’s infrastructure ecosystem.
• Financial performance demonstrates robust operational execution with FY2026 revenue of S$143.95M and an attractive valuation profile (EV/Sales 0.9x, P/E 13.2x) supported by a repaired balance sheet and steady dividend distributions.

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