Daily Brief Singapore: Spindex Industries, Lendlease Global Commercial REIT, UltraGreen.AI and more

• On the 26th September, precision parts manufacturer Spindex Industries (SPE SP) announced an Offer, by way of a Scheme, from the Tan Family, Spindex’s controlling shareholder, with 74.95%.
• The Tan’s offered S$1.43/share, an okay 27.7% premium to undisturbed; but a decade-high price. A A$0.02/share was also bolted on (& now paid). No competing Offer will emerge.
• The Scheme Booklet is now out, with a Scheme Meeting on the 18th December, and expected payment on the 11th Feb 2026. The IFA (Evolve Capital) says “fair & reasonable“.

• The Spindex Industries (SPE SP) IFA has opined that the Chairman and PrimeMovers Equity’s scheme offer of S$1.43 is fair and reasonable.
• The offer is at the upper end of the IFA valuation range of S$0.71 and S$1.44. The offer is at adjusted NAV and is attractive compared to historical trading ranges.
• The absence of a disinterested shareholder holding a blocking stake and moderate retail ownership reduces voting risk. This is a done deal.

• The next 30 most traded stocks in 2H25 have a combined market capitalisation of S$74 billion, spanning all 12 sectors.
• Seven REITs among these stocks have a combined market value of S$19.5 billion and S$53.1 million in 2H25 ADT.
• CSE Global leads net institutional inflow-to-market cap ratio, with ADT rising to S$5.8 million in 2H25.

• Market Leader in a High-Growth Niche: UltraGreen.AI is a global leader in the manufacturing and distribution of indocyanine green (ICG), a critical consumable for the rapidly expanding Fluorescence Guided Surgery (FGS) market. The FGS market is projected to experience robust double-digit compound annual growth, driven by the increasing adoption of minimally invasive and precision surgical techniques.
• Strong Financial Profile with High Profitability: The company has demonstrated a track record of impressive revenue growth and consistently high-profitability margins. This financial strength is underpinned by its dominant market position and stable pricing power, particularly in the lucrative US market.
• Strategic Shift Towards an AI-Powered Ecosystem: UltraGreen.AI is strategically evolving from a consumables provider to an integrated surgical intelligence platform. By combining its ICG products with proprietary imaging systems (IC-Flow™) and an AI-driven data analytics platform (PerfusionWorks™), the company aims to create a comprehensive ecosystem that enhances surgical decision-making and patient outcomes, creating significant barriers to entry.

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