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Equity Bottom-Up

MegaChem is a specialty chemical solutions provider, distributing over 1,000 types and grades of specialty chemicals for diverse industries such as paints, polymers, electronics, and pharmaceuticals. The company also offers contract manufacturing services, including liquid and solid blending, repacking, and relabeling. Headquartered in Singapore, MegaChem was founded in 1988.

<ul><li>MegaChem reported a robust set of results for 1H26.</li><li>The Group’s 1H26 revenue increased 2.8% YoY to S$65.9 million, while gross profit increased 17.2% YoY to S$18.8 million.</li><li>The Group’s overall gross margin increased from 25.1% in 1H25 to 28.6% in 1H26, mainly due to firmer chemical prices. </li></ul>

MegaChem reported a robust set of results for 1H26.The Group’s 1H26 revenue increased 2.8% YoY to S$65.9 million, while gross profit increased 17.2% YoY to S$18.8 million.The Group’s overall gross margin increased from 25.1% in 1H25 to 28.6% in 1H26, mainly due to firmer chemical prices. 

MegaChem Limited - Warehouse Savings & Specialty Shift Boost Margin Quality

Reclaims Global is an eco-friendly integrated service provider in Singapore's construction industry. The company specializes in the recycling of construction and demolition (C&D) waste, customization of excavation solutions, and operating fleet management, offering services across excavation, logistics and leasing, and recycling. Headquartered in Singapore, the company started operations in 2009.

<ul>
<li>Strong 1HFY27 Results Reinforce Growth Momentum.</li>
<li>Reclaims delivered a strong set of 1HFY27 results, with revenue rising 52.9% YoY to S$33.3m and net profit increasing 53.1% to S$3.8m, driven by stronger demand across all three operating segments.</li>
<li>Excavation services remained the largest contributor, with revenue increasing 47.3% YoY to S$24.1m, while logistics and leasing grew 52.0% to S$7.2m and recycling surged 171.9% to S$1.7m.</li>
</ul>


Strong 1HFY27 Results Reinforce Growth Momentum.
Reclaims delivered a strong set of 1HFY27 results, with revenue rising 52.9% YoY to S$33.3m and net profit increasing 53.1% to S$3.8m, driven by stronger demand across all three operating segments.
Excavation services remained the largest contributor, with revenue increasing 47.3% YoY to S$24.1m, while logistics and leasing grew 52.0% to S$7.2m and recycling surged 171.9% to S$1.7m.


Reclaims Global Limited - Buybacks Add a Boost

Zixin Group is a Singapore-based sweet potato biotech-focused value chain operator in China. The company's core activities include cultivation and supply, product innovation and snack production, brand building, marketing, distribution, and recovery and recycling services. They are involved in the research and development of sweet potato varieties, cultivation of seedlings, supply of fresh sweet potatoes, and production of sweet potato snack products. Headquartered in Singapore, the company was founded in 2007.

<ul><li>FY2026 Results: Zixin delivered an exceptionally strong performance in FY26.</li><li>Revenue up by 43.0% YoY to RMB607.5 million, primarily driven by solid contributions from the Product Innovation &amp; Food Production segment, which accounted for 68.0% of total revenue, followed by Cultivation &amp; Supply at 31.2% and Recovery &amp; Recycling at 0.7%.</li><li>Alongside the strong revenue growth, gross profit increased by 32.0% YoY to RMB177.3 million, while gross margin remained relatively stable at around 30%, consistent with previous financial years. </li></ul>

FY2026 Results: Zixin delivered an exceptionally strong performance in FY26.Revenue up by 43.0% YoY to RMB607.5 million, primarily driven by solid contributions from the Product Innovation &amp; Food Production segment, which accounted for 68.0% of total revenue, followed by Cultivation &amp; Supply at 31.2% and Recovery &amp; Recycling at 0.7%.Alongside the strong revenue growth, gross profit increased by 32.0% YoY to RMB177.3 million, while gross margin remained relatively stable at around 30%, consistent with previous financial years. 

Zixin Group Holdings Limited- Sweet Potato Boost, Growing Beyond Borders

Micro-Mechanics designs, manufactures, and markets high-precision parts and tools for process-critical applications in the semiconductor, medical, and aerospace industries. Their products include die-attach, wire-bonding, and encapsulation tools, alongside custom manufacturing of precision components. The company was founded in 1983 and is headquartered in Singapore.

<ul><li>Micro-Mechanics (Holdings) Limited (“MMH” or “The Group”) is a Singapore-based precision engineering company that designs, manufactures, and markets high-precision tools and parts for process-critical applications for the semiconductor and other high technology industries.</li><li>The group operates across two segments: Consumable Tools, which are small, consumable precision tools used in the assembly and testing of semiconductor chips, and Wafer Fabrication Equipment (WFE), which are precision components used in the semiconductor wafer fabrication process.</li><li>By serving both back-end and front-end processes, MMH operates in a niche and essential segment of the semiconductor supply chain.​</li></ul>

Micro-Mechanics (Holdings) Limited (“MMH” or “The Group”) is a Singapore-based precision engineering company that designs, manufactures, and markets high-precision tools and parts for process-critical applications for the semiconductor and other high technology industries.The group operates across two segments: Consumable Tools, which are small, consumable precision tools used in the assembly and testing of semiconductor chips, and Wafer Fabrication Equipment (WFE), which are precision components used in the semiconductor wafer fabrication process.By serving both back-end and front-end processes, MMH operates in a niche and essential segment of the semiconductor supply chain.​

Micro-Mechanics (Holdings) Limited - Micro Components, Macro Boost

Lincotrade & Associates / Equity Bottom-Up

Lincotrade & Associates is a Singapore-based interior fitting-out specialist. The company provides integrated interior fitting-out services, additions and alterations (A&A) works, and other building construction services for commercial and residential properties, as well as showflats and sales galleries. It was established in 1991 and is headquartered in Singapore.

<ul>
<li>Record FY26 delivery, in line with guidance.</li>
<li>Lincotrade closed FY26 with revenue up 75.8% YoY to S$129.5 million, led by commercial revenue rising 84.0% to S$121.6 million as a record order book was billed out.</li>
<li>Net profit attributable to shareholders more than tripled, rising 215.3% to S$8.1 million, as gross profit climbed 87.1% to S$17.3 million and gross margin expanded 0.8 percentage points to 13.3% on a richer commercial mix.</li>
</ul>


Record FY26 delivery, in line with guidance.
Lincotrade closed FY26 with revenue up 75.8% YoY to S$129.5 million, led by commercial revenue rising 84.0% to S$121.6 million as a record order book was billed out.
Net profit attributable to shareholders more than tripled, rising 215.3% to S$8.1 million, as gross profit climbed 87.1% to S$17.3 million and gross margin expanded 0.8 percentage points to 13.3% on a richer commercial mix.


Lincotrade & Associates Holdings Limited - Order Book Gets a Boost

Independent Insight Provider, SAC Capital

SAC Capital is a leading non-institution investment banking firm specialising in capital markets services and advisory for public and private companies.