Research and Publication

Summary: FEH trades at attractive 16x FY26F PE, 3.1x PEG, 3.8% Dividend Yield, 9.8x EV/EBITDA and 2x EV/Sales. Through record coffee prices and Russia noise (33% of revenue), vertical integration and disciplined capacity growth drove record US$577m revenue (US$242m in 2016, ~10.5% CAGR) and an all-time-high S$0.12 payout (pre-bonus) in FY25. Platform for US$1bn revenue. […]

Summary: Despite Old Chang Kee FY26 results showed record revenues of $103.5 mil, up 1.5%, earnings dipped 15.8% to $9.6 mil on the back of higher wage costs – SG&A expenses rose 3.7%, we would look past this and focus on the acceleration in growth in B2B revenues of 8.3%, also to a record $12.9

Summary: OCK’s vertically integrated business model together with the strategic location of its kiosks in high footfall traffic nodes such as MRT stations and with the MRT network undergoing significant expansion provides it with an excellent platform for growing revenues from the current $104mil to $150mil. With a healthy balance sheet OCK is expected to

Summary: LMS Compliance (LMS), the next S$100mil market cap asset protection provider expected to triple earnings over next 2 years driven by 4 new businesses in Novel Food certification (18% FY26F Net Profit), Data Center water testing (15%), EV inspection (8%) & associate Prismatic (8%).Robust business model with FCF yield above 14%, no gearing and

Summary: Info-Tech Systems (ITS) operates a cloud-based HCM platform for Singapore’s SME segment. Asset-light SaaS model [Rule of 40 expected to improve from 67% to 90% FY26F] collects annual revenue upfront which resulted in debt-free balance sheet with 17% FY26F FCF yield and 6.6% dividend forecast.On track to hit $100mil revenue as its 90+% grant/subsidy