Daily Brief Singapore: ShopBack, Old Chang Kee, OIO Group, Rubber Future SGX TSR20 and more

• Company Overview & Strategic Pivot to Core Affiliate Model: ShopBack is a late-stage digital loyalty and affiliate marketing platform operating across the Asia-Pacific region, having recently streamlined its operational footprint by exiting the capital-intensive buy-now-pay-later segment to refocus on its core cashback, voucher, and advertising ecosystem.
• Strong Liquidity & Path to Profitability: The core investment case is anchored by a strong cash position of S$208.6m (as reported) as of FY25 and an estimated US$341m in equity funding from institutional investors, providing the financial runway to execute cost-rationalisation initiatives that successfully saw the company achieve 6 consecutive quarters of EBITDA profitability up to end-March 2026.
• Revenue Contraction & Balance Sheet Structural Issues: A key matter to monitor would be between a stagnant top line and deteriorating statutory results in recent years, as revenue was broadly flat at US$99.0m in FY25 amid intense competition from embedded e-commerce ecosystems, while widening headline losses largely reflected non-cash impairments from the BNPL exit, with underlying cash burn narrowing materially. Looking ahead, this top-line stagnation is projected to reverse sharply, with management guiding a positive FY26 outlook and beyond.

• Corporate Monitor Limited (CML) is initiating its research on Old Chang Kee (“OCK”), which sells an assortment of snack foods including curry puffs, seafood favourites, and chicken delights.

• The curry puff specialist has steadily grown its annual revenue past the S$100 million mark, while net profit also grew in tandem to close to S$10 million level for fiscal 2026 (FY2026).

• OCK achieved this despite seeing its total number of Singapore outlets stabilise at 82, suggesting that the Company was increasing its sales per outlet.

• Following the completion of the acquisition of De Tomaso at the end of April 2026, the OIO Group (formerly ESGL Holdings Ltd.) has entered the ultra-luxury automotive sector.
• With its hypercar business activities, the OIO Group is thus operating in the fast-growing ultra-luxury automotive segment, which, according to various market studies (McKinsey & Company, Oliver Wyman), is expected to see long-term (average) sales growth of around 14.0%.
• The past financial year 2025 was characterised exclusively by the environmental and recycling business.

Highlights

• May 2026 exports register a rise of 24.3% YoY to  US$91.48 million

• January-May export earnings at US$404.7 million, up 4.84% YoY

• Colombo Port requires faster turnaround times and lower logistics costs