One-Stop Financial Services, uSMART Securities Pte Ltd

uSMART Securities

One-Stop Financial Services

uSMART Securities Pte Ltd

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.

Equity Bottom-Up

Old Chang Kee is a Singaporean multinational snack, food, and beverage chain specializing in curry puffs and other local snacks. The company also operates Curry Times, O' My Darling, and Dip'n'Go concepts. It was founded in 1956 and is headquartered in Singapore.

<ul><li>Old Chang Kee is a Singapore food-to-go operator built around a recognised consumer brand, centralised production and a predominantly takeaway-led retail network.</li><li>Its 82 Singapore outlets remain the principal route to market, while catering, delivery and B2B have expanded to 12.4% of FY2026 revenue, providing an additional growth channel without equivalent physical-store expansion.</li><li>Earnings recovery is constrained by operating costs rather than product margins.</li></ul>

Old Chang Kee is a Singapore food-to-go operator built around a recognised consumer brand, centralised production and a predominantly takeaway-led retail network.Its 82 Singapore outlets remain the principal route to market, while catering, delivery and B2B have expanded to 12.4% of FY2026 revenue, providing an additional growth channel without equivalent physical-store expansion.Earnings recovery is constrained by operating costs rather than product margins.

Old Chang Kee Ltd: Durable Franchise and Balance-Sheet Strength

QAF Ltd. is an investment holding company primarily engaged in the manufacture and distribution of bread, bakery, and confectionery products, including the Gardenia brand, and the trading and distribution of various food and beverage products under brands like Cowhead and Farmland. The company also provides warehousing logistics services and is involved in primary production, including pork. QAF Ltd. is headquartered in Singapore and was founded in 1950.

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QAF is a Singapore-listed food group with Bakery and Distribution &amp; Warehousing operations across Singapore, the Philippines, Malaysia and Australia.
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The Group also holds a 50% equity-accounted interest in Gardenia Bakeries (KL) Sdn Bhd (GBKL).
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<li>Maintain HOLD; TP to S$1.01 from S$1.02. </li>
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QAF is a Singapore-listed food group with Bakery and Distribution &amp; Warehousing operations across Singapore, the Philippines, Malaysia and Australia.


The Group also holds a 50% equity-accounted interest in Gardenia Bakeries (KL) Sdn Bhd (GBKL).

Maintain HOLD; TP to S$1.01 from S$1.02. 


Qaf Limited: Maintain HOLD; Modest Core Improvement, but Execution Proof Still Needed.

Hong Leong Asia is a diversified Asian multinational with core businesses in Powertrain Solutions and Building Materials. It manufactures and distributes diesel engines for various applications, alongside producing and supplying cement, ready-mix concrete, and pre-cast concrete products. Headquartered in Singapore, the company was incorporated in 1963.

<ul><li>Hong Leong Asia Ltd is a Singapore-listed industrial conglomerate operating two core segments, Powertrain Solutions and Building Materials.</li><li>Powertrain is consolidated through China Yuchai/GYMCL, with material minority interests reflected through NCI, while Building Materials serves construction demand in Singapore and Malaysia.</li><li>Upgrade to BUY; TP raised to S$3.98 from S$3.01. </li></ul>

Hong Leong Asia Ltd is a Singapore-listed industrial conglomerate operating two core segments, Powertrain Solutions and Building Materials.Powertrain is consolidated through China Yuchai/GYMCL, with material minority interests reflected through NCI, while Building Materials serves construction demand in Singapore and Malaysia.Upgrade to BUY; TP raised to S$3.98 from S$3.01. 

Hong Leong Asia Ltd: Stronger 1H2026 Lifts Fair Value; Cash Conversion Remains Key

Toku is an AI-powered cloud communications provider specializing in customer experience solutions for enterprises in Asia Pacific. It offers an integrated suite of programmable voice, messaging, and contact center services, enriched by AI-driven analytics. The company is headquartered in Singapore and was founded in 2017.

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<li>Toku is a Singapore-headquartered enterprise customer- experience platform built from the communications layer upward.</li>
<li>Its 360° CX platform combines connectivity orchestration, programmable APIs, contact-centre applications, AI and implementation services for enterprises operating across complex, multi-market environments.</li>
<li>The model is broader than a pure communications platform but remains materially different from pure SaaS, with Usage still accounting for the majority of revenue.</li>
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Toku is a Singapore-headquartered enterprise customer- experience platform built from the communications layer upward.
Its 360° CX platform combines connectivity orchestration, programmable APIs, contact-centre applications, AI and implementation services for enterprises operating across complex, multi-market environments.
The model is broader than a pure communications platform but remains materially different from pure SaaS, with Usage still accounting for the majority of revenue.


Toku Ltd: Commercial Traction Is Building; Margin Conversion Is the Rerating Test

AIMS APAC REIT is a real estate investment trust that invests in and manages a diversified portfolio of income-producing industrial, logistics, and business park properties across the Asia-Pacific region. It provides leasing and rental services for assets used in warehousing, distribution, business park, light industrial, high-tech, and manufacturing activities. The company is headquartered in Singapore and was incorporated in 2006.

<ul><li>AIMS APAC REIT (“AA REIT”) is a Singapore-listed industrial REIT with a predominantly Singapore logistics and industrial portfolio, complemented by longer-duration Australian freehold assets.</li><li>Following the Senoko divestment and Hazelmere acquisition, the portfolio comprises 24 Singapore properties and four Australian interests, with earnings driven by leasing, rental reversion, asset enhancement and disciplined capital recycling.</li><li>Operating momentum strengthened in 1Q FY2027.</li></ul>

AIMS APAC REIT (“AA REIT”) is a Singapore-listed industrial REIT with a predominantly Singapore logistics and industrial portfolio, complemented by longer-duration Australian freehold assets.Following the Senoko divestment and Hazelmere acquisition, the portfolio comprises 24 Singapore properties and four Australian interests, with earnings driven by leasing, rental reversion, asset enhancement and disciplined capital recycling.Operating momentum strengthened in 1Q FY2027.

AIMS APAC REIT: Income Growth Intact; Capital Discipline Now Matters More