Dealing, Product Financing and Custody Services, Tickrs

Tickrs

Tickrs Financial Singapore Pte Ltd (TFS) obtained Capital Markets Services (CMS) License from the Monetary Authority of Singapore (MAS) in 2022. Product offering include stock trading services across 10 global markets, futures trading, fixed income and wealth management products offering.

Dealing, Product Financing and Custody Services

Equity Bottom-Up

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<li>We reiterate our BUY rating on GSH Corporation Limited (‘GSH’) and raise our 12-month Target Price to S$0.26 (previously S$0.20), following the completion of the strategic S$111.87 million placement and updated financial analysis.</li>
<li>The recent placement at S$0.25 per share — a premium of ~25% to the current price of S$0.20 — validates the group’s intrinsic value and strengthens our conviction in the turnaround and digital pivot thesis.</li>
<li>On our updated numbers, the placement reduces pro-forma net debt by approximately 23%, generates estimated annual interest savings of ~S$4.7 million, and improves the group’s interest coverage ratio to around 1.5x.</li>
</ul>


We reiterate our BUY rating on GSH Corporation Limited (‘GSH’) and raise our 12-month Target Price to S$0.26 (previously S$0.20), following the completion of the strategic S$111.87 million placement and updated financial analysis.
The recent placement at S$0.25 per share — a premium of ~25% to the current price of S$0.20 — validates the group’s intrinsic value and strengthens our conviction in the turnaround and digital pivot thesis.
On our updated numbers, the placement reduces pro-forma net debt by approximately 23%, generates estimated annual interest savings of ~S$4.7 million, and improves the group’s interest coverage ratio to around 1.5x.


GSH Corporation Update : Placement Completed, Digital Pivot Initiated