One-Stop Financial Services, uSMART Securities Pte Ltd

uSMART Securities

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

One-Stop Financial Services

uSMART Securities Pte Ltd

Equity Bottom-Up

<ul><li>BUY maintained; TP raised to S$1.85 on SOTP.</li><li>We maintain BUY and raise our target price from S$1.80 to S$1.85, implying 27.7% upside from the 12 Jun 2026 close of S$1.45.</li><li>FY2025 was an operational beat rather than a simple headline earnings story</li></ul>

BUY maintained; TP raised to S$1.85 on SOTP.We maintain BUY and raise our target price from S$1.80 to S$1.85, implying 27.7% upside from the 12 Jun 2026 close of S$1.45.FY2025 was an operational beat rather than a simple headline earnings story

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