In today’s briefing:
- Singapore Market Roundup (26-Sep-2025): ISOTeam’s FY2025 earnings fall short; RHB cuts rating to
- VLCC Shipbuilding: Aging Fleet, Lean Orderbook, and Renewal Momentum
- Epack Prefab IPO: Betting on India’s Shift from Cement to Steel Frames
- SOC’s Paths to Production: Easy, Hard, and Sideshow
- AUCTUS ON FRIDAY – 26/09/2025
- Exencial Industry Tidings 26/09/2025
Singapore Market Roundup (26-Sep-2025): ISOTeam’s FY2025 earnings fall short; RHB cuts rating to
- ISOTeam’s FY2025 earnings disappoint; RHB lowers rating to ‘neutral’ from ‘buy’
- LHN’s Coliwoo spin-off boosts value; self-storage segment offers growth: UOBKH
- SMIDs may outpace fundamentals; OCBC warns caution with ‘Next 50’ indices launch.
VLCC Shipbuilding: Aging Fleet, Lean Orderbook, and Renewal Momentum
- Fleet renewal tailwind: With an aging VLCC fleet (12.8 years average) and a lean orderbook (~9% of fleet), shipowners are incentivized to contract new tonnage.
- Regional differentiation: Korean yards dominate (~50% share, with listed exposure via Hanwha Aerospace, HD Hyundai, Samsung HI), China anchors volumes through CSSC, while Japan remains niche and unlisted.
- Cyclical caveat: Today’s high TCEs ($90k/day peaks) may not last; over-ordering could set up a 2028 glut, making VLCCs a cyclical rather than structural growth story.
Epack Prefab IPO: Betting on India’s Shift from Cement to Steel Frames
- India’s prefabricated building industry is projected to grow from INR 210 bn in FY25 to INR 330–345 bn by FY30 (CAGR 9.5–10.5%).
- Epack Prefab has delivered 4,400+ projects and serves 2,000+ clients, with repeat orders contributing 43% of FY25 revenues.
- Strong financial growth, rising order book, and planned capacity expansion position the company to capture long-term demand.
SOC’s Paths to Production: Easy, Hard, and Sideshow
- I, for some reason, like writing about this stock, even though I am not an overly convicted long due to my options position (which has mostly matured).
- However, something about 50,000+ BOPD coming online really excites the professional engineer in me.
- The bulls in this stock believe it is happening regardless of anything.
AUCTUS ON FRIDAY – 26/09/2025
- ADX Energy (ADX AU)C; Target price of A$0.30 per share: Favourable court ruling allows Welchau testing operations to resume – The Upper Austrian State Administrative Court has rejected objections from environmental activist groups regarding drilling and testing at Welchau.
- The court confirmed that Environmental Clearances were issued in full compliance with applicable regulations.
- ADX is now authorized to resume operations at the Welchau-1 site during the winter drilling window, spanning 1 October to 31 March.
Exencial Industry Tidings 26/09/2025
- Nitin Gadkari seeks to raise farm sector’s GDP share to 26%
- Companies expect share of ethanol from sugar to increase in ESY 2025-26
- SC seeks Centre’s response on PIL demanding import curbs on yellow peas
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