External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Ever Glory United Holdings  / Equity Bottom-Up

Ever Glory United Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides mechanical and electrical engineering services. Ever Glory United Holdings serves customers in Singapore.

<ul><li>Company Update:17 December 2025 From niche contractor to integrated platform. Ever Glory United (EGU) has transformed from a mid-sized M&amp;E contractor into a diversified engineering group through two strategic acquisitions: Fire-Guard Engineering (February 2024) and Guthrie Engineering (GE) (July 2025).</li><li>The Guthrie transaction represents a significant milestone, adding S$312mn in orderbook and access to landmark projects previously beyond reach.</li><li>The combined entity now possesses the technical depth, licensing breadth, and track record to compete for Singapore’s largest infrastructure tenders.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Company Update:17 December 2025 From niche contractor to integrated platform. Ever Glory United (EGU) has transformed from a mid-sized M&amp;E contractor into a diversified engineering group through two strategic acquisitions: Fire-Guard Engineering (February 2024) and Guthrie Engineering (GE) (July 2025).The Guthrie transaction represents a significant milestone, adding S$312mn in orderbook and access to landmark projects previously beyond reach.The combined entity now possesses the technical depth, licensing breadth, and track record to compete for Singapore’s largest infrastructure tenders.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ever Glory United Holdings Ltd (EGUH SP/ZKX.SI): Building Scale Through Strategic Acquisitions

Raffles Education Corp / Equity Bottom-Up

Raffles Education Corp Ltd provides training programs and courses in various are as of design and management.  The Company's education services include fashion design, visual communication, multimedia design, interior design, design management, fashion marketing, and business administration.

<ul><li>Company Update:15 December 2025 Core Education segment normalisation with stronger unit economics.Raffles Education’s student enrolment stabilised above 22,000 in FY22–25, with the FY25 drop of ~4,800 students largely driven by strategic network rationalisation rather than demand weakness.</li><li>The Group shifted towards higher-value programmes, lifting average fees per student from below S$3,700 in FY23 to above S$5,000 in FY25, which helped offset the enrolment decline.</li><li>Operating metrics remain healthy: course fees/personnel cost stayed above 1.8×, while a 13.7% YoY rise in personnel expenses—well above typical salary increments—signals active headcount expansion to support growth.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Company Update:15 December 2025 Core Education segment normalisation with stronger unit economics.Raffles Education’s student enrolment stabilised above 22,000 in FY22–25, with the FY25 drop of ~4,800 students largely driven by strategic network rationalisation rather than demand weakness.The Group shifted towards higher-value programmes, lifting average fees per student from below S$3,700 in FY23 to above S$5,000 in FY25, which helped offset the enrolment decline.Operating metrics remain healthy: course fees/personnel cost stayed above 1.8×, while a 13.7% YoY rise in personnel expenses—well above typical salary increments—signals active headcount expansion to support growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Raffles Education Ltd (NR7 SP): Undergoing a Multi-Year Turnaround

CSE Global Limited provides systems integration and information technology solutions, computer network systems, and industrial automation.  The Company also designs, manufactures, and installs management information systems. CSE Global develops, manufactures, and sells electronic and micro processor monitoring equipment.

<ul><li>Strategic warrants with Amazon. CSE will issue 62,968,580 non-listed warrants to Amazon.com NV Investment Holdings LLC, each exercisable into one new share at S$0.7671, a 7% discount to the S$0.8245 VWAP on signing day.</li><li>Full vesting occurs when qualifying payments cumulate to US$1.5b before expiry on 9 Nov 2030.</li><li>We view this as a structured commercial partnership that can scale with Amazon’s spend in the electrification segment.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strategic warrants with Amazon. CSE will issue 62,968,580 non-listed warrants to Amazon.com NV Investment Holdings LLC, each exercisable into one new share at S$0.7671, a 7% discount to the S$0.8245 VWAP on signing day.Full vesting occurs when qualifying payments cumulate to US$1.5b before expiry on 9 Nov 2030.We view this as a structured commercial partnership that can scale with Amazon’s spend in the electrification segment.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CSE Global Ltd. (CSE SP/544.SI): Amazon Framework Sharpens Data Centre Growth Optionality

Fortress Minerals Limited mines, processes, and distributes iron ore. The Company focuses on exploration, mining, production, and distribution of iron ore concentrates. Fortress Minerals serves customers in Singapore and Malaysia.

<ul><li>Reset of our iron ore assumptions. We take a structurally softer IODEX CFR North China outlook for 2026 to 2030, which feeds directly into lower average selling prices for Fortress despite ongoing volume growth at Bukit Besi.</li><li>The second anchor is timing. We push out the meaningful contribution from the Mengapur project to around FY2027, so the near-term story is primarily about defending margins rather than delivering a step change in output.</li><li>Rethinking the cyclical nature of IODEX. Management has highlighted weaker benchmark prices as the key reason for the FY2025 ASP of US$88.88 per DMT, but our work also points to a steady erosion in price realisation. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Reset of our iron ore assumptions. We take a structurally softer IODEX CFR North China outlook for 2026 to 2030, which feeds directly into lower average selling prices for Fortress despite ongoing volume growth at Bukit Besi.The second anchor is timing. We push out the meaningful contribution from the Mengapur project to around FY2027, so the near-term story is primarily about defending margins rather than delivering a step change in output.Rethinking the cyclical nature of IODEX. Management has highlighted weaker benchmark prices as the key reason for the FY2025 ASP of US$88.88 per DMT, but our work also points to a steady erosion in price realisation. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Company Report: Fortress Minerals Ltd. (FMIL SP): Resetting the Strip and Pushing Out Growth

Zixin Group Holdings Limited is a holding company. The Company, through its subsidiaries, operates sweet potato biotech-focused value chain focuses on cultivation and supply, product innovation and snacks production, brand building, marketing, and distribution.

<ul><li>Favourable policy backdrop. At the policy level, recent No. 1 Central Documents, the Grain Security Law and the 2024–2035 Agricultural Plan all point to a long runway of support for staple crops, high standard farmland and seed innovation.</li><li>Within that framework, potatoes and sweet potatoes have been positioned as flexible “buffer crops,” with an explicit push since 2015 to treat sweet potatoes and other tubers as staple food and to industrialise potatobased staples including sweet potatoes.</li><li>We see Zixin’s integrated model in seedlings, cultivation and processing as a direct beneficiary of these structural tailwinds</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Favourable policy backdrop. At the policy level, recent No. 1 Central Documents, the Grain Security Law and the 2024–2035 Agricultural Plan all point to a long runway of support for staple crops, high standard farmland and seed innovation.Within that framework, potatoes and sweet potatoes have been positioned as flexible “buffer crops,” with an explicit push since 2015 to treat sweet potatoes and other tubers as staple food and to industrialise potatobased staples including sweet potatoes.We see Zixin’s integrated model in seedlings, cultivation and processing as a direct beneficiary of these structural tailwindsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zixin Group Holdings Ltd. (ZXGH SP): Policy Tailwinds and Hainan Visibility...

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only.  Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

KGI Securities
External broker reports(aggregated public sources)
• KGI Securities Singapore

Ever Glory United Holdings Ltd (EGUH SP/ZKX.SI): Building Scale Through Strategic Acquisitions

The Guthrie transaction represents a significant milestone, adding S$312mn in orderbook and access to landmark projects previously beyond reach.

KGI Securities

Raffles Education Ltd (NR7 SP): Undergoing a Multi-Year Turnaround

The Group shifted towards higher-value programmes, lifting average fees per student from below S$3,700 in FY23 to above S$5,000 in FY25, which...

KGI Securities

CSE Global Ltd. (CSE SP/544.SI): Amazon Framework Sharpens Data Centre Growth Optionality

Strategic warrants with Amazon. CSE will issue 62,968,580 non-listed warrants to Amazon.com NV Investment Holdings LLC, each exercisable into one...

KGI Securities

Company Report: Fortress Minerals Ltd. (FMIL SP): Resetting the Strip and Pushing Out Growth

We take a structurally softer IODEX CFR North China outlook for 2026 to 2030, which feeds directly into lower average selling prices for Fortress...

KGI Securities

Zixin Group Holdings Ltd. (ZXGH SP): Policy Tailwinds and Hainan Visibility...

Favourable policy backdrop. At the policy level, recent No. 1 Central Documents, the Grain Security Law and the 2024–2035 Agricultural Plan all...

KGI Securities