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Independent equity research on SGX-listed small and mid caps, and regulatory updates for listed issuers. Every report has a page, a summary and the PDF.
Financial Highlights. CNMC announced 1H2026 revenue increase of 23.4% YoY to US$65.2 million. Consequently, 1H2026 Group profit after tax increased by 18.7% YoY to US$23.1 million.…
buy
Aspial Lifestyle delivered a strong set of 1H2026 results, with revenue rising 26.4% YoY to a record S$464.2 million, while net profit surging 88.7% to S$55.0 million, demonstratin…
buy · TP S$0.5
ISDN Holdings (“ISDN” or “The Group”) is an industrial automation company that offers a full range of advanced automation solutions and services. These solutions and services range…
buy
GDS Global Limited. GDS Global Limited (“GDS”) is a leading specialist provider of commercial and industrial door and shutter solutions in Southeast Asia with expanded capabilities…
buy
ISDN Holdings (“ISDN” or “The Group”) is an industrial automation company that offers a full range of advanced automation solutions and services. These solutions and services range…
Revenue visibility improves meaningfully. Reclaims’ wholly owned subsidiary, Reclaims Enterprise, was recently awarded two earthworks contracts with an aggregate value of approxima…
buy
Aspial Lifestyle Limited, formerly known as Maxi-Cash Financial Services Corporation Limited, began with its first pawnshop in 2009 and was listed on SGX Catalist on 22 June 2012. …
buy · TP S$0.5
The Group’s order book stood at S$741.8 million as of 31 March 2026 a compared to S$228.6 million at the end of FY25, providing significantly stronger revenue visibility for FY27 a…
Fuxing China Group Limited was listed on the Mainboard of Singapore Exchange (SGX) in September 2007. Established in 1993, Fuxing China has systematically scaled its operations ove…
buy · TP S$1.51
InnoTek Limited is a precision engineering solutions provider specialising in high-volume metal stamping, tooling, and complex manufacturing assembly. Since its incorporation, the …
MoneyMax Financial Services Limited began with its first store in 2008 and was listed on the Catalist board of the Singapore Exchange in 2013. It has since developed into an integr…
Investment Catalysts: TAP operates on a scalable asset-light model, leasing or managing properties rather than owning them. TAP controls over one-third of Singapore’s co-living mar…
Info-Tech Systems Ltd (ITSL SP) is a leading provider of cloudbased Human Resource Management System (HRMS) and accounting software, specifically engineered for the Small and Mediu…
Core Operations Shine Through the Noise MegaChem reported mixed financial results for FY2025. The Group’s FY25 revenue declined by 3.4% YoY to S$124.4 million, while gross profit i…
hold · TP S$0.45
Zixin Group Holdings Limited, formerly known as China Star Food Group Limited, represents a highly specialised, deeply integrated agricultural technology and consumer staples enter…
紫心集团控股有限公司: 扎根成长. Summary to be added from the PDF.
A Golden Year of Record Earnings CNMC delivered a stellar financial performance in FY25. The Group’s FY25 net profit surged 327.1% YoY to US$52.2 million and FY25 revenue increased…
buy · TP S$2.41
Strategic Placement and Capital Allocation. The Company has completed a share placement that raised S$7.02 million in gross proceeds with the issuance of 26 million new shares at a…
buy · TP S$0.361
Property Acquisition. The Group announced an acquisition of a commercial property to explore possibilities of converting the property into a dormitory for its foreign workforce. Th…
buy · TP S$0.111
Lincotrade & Associates Holdings Limited: From Execution to Acceleration. Summary to be added from the PDF.
buy · TP S$0.387
Institutionalization via Vendor Share sale. On Jan 2026, the Group’s founders executed a strategic sale of 11.585 million shares at S$0.41 per share. This was a deliberate initiati…
buy
Unlocking liquidity through bonus issue. To further catalyze trading activity, the Group has proposed a 1-for-1 non-dilutive bonus share issue to a total amount of 302 million shar…
buy
Construction Sector Report 30 January 2026 Build to Minister's Order Construction Demand Outlook for 2026. According to the Building and Construction Authority (BCA), total constru…
buy · TP S$1.15
Skylink Holdings Limited (“Skylink” or “the Group”) is a newly listed commercial vehicle leasing and engineering solutions provider, formed through the reverse takeover (“RTO") of …
buy · TP S$0.44
Lincotrade & Associates Holdings Limited is a Singapore-based interior fitting-out specialist with over 30 years of experience and an established track record in commercial, reside…
buy · TP S$0.301
Reclaims Global Limited (“Reclaims”) is an integrated construction services provider specialising in excavation, construction and demolition (“C&D”) waste recycling, and logistics/…
buy · TP S$0.5
Lincotrade & Associates Holdings Limited is a Singapore-based interior fitting-out specialist with over 30 years of experience and an established track record in commercial, reside…
SUTL Enterprise Limited (“SUTL”) is a Singapore based developer, operator, and consultant of integrated marinas and remain as the only marina focused business listed on the SGX. Un…
Far East Orchard Limited (FEOR) is a Singapore-based real estate company with a focus on the lodging sector. Listed on the SGX Mainboard since 1968, the company is a member of Far …
Kim Heng Ltd is a Singapore based offshore and marine services that has progressively evolved from its oil and gas origins into the fast-growing offshore wind and subsea infrastruc…
1 Climate reporting requirements updates Overview The Accounting and Corporate Regulatory Authority (ACRA) and Singapore Exchange Regulation (SGX RegCo) have extended the timelines…
SGX RegCo has enhanced its sustainability reporting framework by requiring the incorporation of the IFRS Sustainability Disclosure Standards (IFRS S1 - General Requirements for Dis…
Background Following the public consultation issued in March 2024, SGX RegCo had on 23 September 2024 enhanced its sustainability reporting regime, which includes incorporating the…
BACKGROUND Chapter 8 of the Mainboard Rules and Catalist Rules sets out the rules that issuers need to comply with when conducting a rights issue, including the information that ne…
Background Under the SGX Listing Rules, an independent financial adviser (“IFA”) must be appointed by directors for exit offers, interested person transactions (“IPT”) and, in some…
BACKGROUND SGX RegCo published a Regulator’s Column on 27 April 2023, outlining the relevant rules and regulations governing shareholders’ requisitioned meetings, procedural requir…
Background On 19 April 2023, the Singapore Exchange Regulation (SGX RegCo) provided further guidance on the conduct of general meetings, particularly on the expectations and standa…
BACKGROUND SGX RegCo has announced on 11 January 2023 on 2 new rule changes on (1) 9-years limit of Independent Directors’ (“IDs”) tenure, and (2) Mandatory disclosure of remunerat…
Cyber Risk, Cyber Resilience, Cybersecurity? Arising from the COVID-19 pandemic, companies are forced to accelerate digitalization of operations, such as adapting to Emeetings, nov…
Did you know there will be major changes to the GRI reporting framework on 1 Jan 2023? GRI Standards 2021 is effective for sustainability reports published on or after 1 January 20…
Public Disciplinary Action by SGX RegCo On 5 May 2022, the SGX-ST Listings Disciplinary Committee reprimands Ang Nam Wah Albert for breaching Catalist Rule 703(1)(a), read with Cat…
Background Amid the COVID-19 pandemic, virtual general meetings have become the norm following the introduction of temporary legislative relief. The virtual format of meetings has …
Background SGX RegCo had on 5 May 2022 issued an article in the Regulator’s Column on its expectations of directors under the Listing Rules. These expectations are consistent with …
Background On 1 March 2022, SGX RegCo has provided a business valuation guideline for acquisitions or disposals that meets the Listing Rule thresholds for very substantial acquisit…
Background SGX RegCo had on 16 December 2021 issued an article in the Regulator’s Column on the expectations on the conduct of issuers’ general meetings amid the extension of the t…
Background Following the public consultation paper issued on 26 August 2021, SGX RegCo had on 15 December 2021 released its roadmap for climate reporting and board diversity disclo…
Background On 15 December 2021, SGX RegCo published a recommended list of 27 core ESG metrics (“Core ESG Metrics”) for the purpose to align investor requirements and provision of E…
Background On 13 December 2020, SGX RegCo has issued a regulatory column to issuers on what Nominating Committees should consider when faced with a situation where directors of lis…
Background SGX RegCo had on 24 June 2021 issued a news release on the requirement of issuers of having a whistleblowing policy with updated Key Requirements (defined herein), and t…
1. Updated Guidance Note on Accounting Standards for Financial Statements SGX RegCo’s Guidance Notes ▪ On 4 May 2021, SGX provided its guidance note entitled, "Guidance Note on Acc…
Enhancements to Regulatory Regime for Property Valuation and Auditors Between 16 January 2020 and 14 February 2020, SGX issued a consultation on “Enhancements to Regulatory Regime …
Regulatory Updates – 2021 Audit Committee (AC) Seminar (ACRA/SGX/SID) On 12 Jan 2021, the annual Audit Committee Seminar for 2021 was held by ACRA, SGX RegCo and SID. In this year’…
SGX RegCo 2021 Regulatory Updates - Directors / Executive Officers Under Investigation To recap, on 7 Feb 2020, enhancements made by SGX RegCo to the continuous disclosures of the …
FY2021 Sponsor Dialogue On an annual basis, SGX and the sponsors are gathered for a sponsor dialogue to discuss on case studies and regulatory matters. On 27 November 2020, the spo…
Previously on 22 April 2020, SGX RegCo had provided regulatory guidance to issuers on the disclosure expectations of material developments arising from the Covid situation. In view…
SGX RegCo and the Law Society of Singapore (“LawSoc”) have jointly issued a Best Practice Guide (the “Guide”) on 26 June 2020 to set out certain recommendations and best practices …
SGX RegCo has issued a regulatory column on 22 April 2020 (Please click here) to guide issuers on its expectations on the disclosures of issuers during the COVID-19 outbreak and th…
Amendments to the Quarterly Reporting Framework In January 2018, SGX issued a consultation on “Review of the Quarterly Reporting (“QR”) Framework” for companies listed on SGX to ga…
Enhancements to Continuous Disclosures In December 2017, SGX issued a consultation on “Enhancements to Continuous Disclosures” to seek feedback on proposed amendments to the Catali…
Sustainability Reporting Review On 4 December 2019, the Centre for Governance, Institutions and Organisations (CGIO) at NUS Business School performed a review and assessment of the…
Every research report we publish on Singapore-listed companies, and a short plain-English note whenever SGX changes a rule that affects listed companies.
Two to three reports a month. Rule-change notes three or four times a year. Nothing else.
