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Selected publications
Regional insights
Mi Material's IPO: How Much of the Boom Is Silver?
Mi Material Holding (SGX:MIM, listing 28 Oct) makes solder spheres for AI and smartphone chips. The offer prices a margin no listed peer reports. Does it last as silver falls?
Tiong Woon Posted Records, and the Market Shrugged
SGX:BQM posted record profit and a recovered margin in FY2026, yet all of the year's growth came from Singapore.
Hafary's breakeven year started in reverse
SGX: 5VS H1 FY2026: revenue down 10.5%, profit down 22.2%, dividend trimmed, and manufacturing moving away from breakeven in the year it was meant to reach it.
PropNex's Soft Half, a Wider Moat
SGX:OYY profit fell just 3.1% as resale offset the launch slump, market share rose in every segment, and the policy risk we feared most instead loosened.
Centurion's Best Half Looked Like Its Worst
Centurion (SGX:OU8) grew core profit 34% in 1H 2026 and reported a 64% EPS fall. The market took 6% off. Both numbers are true. Only one is economic.
Haw Par Trades Below Its UOB + UOL Stakes Alone
H1 profit fell as UOB's special dividends faded, but NAV rose, and the market still caps Haw Par (SGX: H02) below its listed portfolio.
Q&M Bets a Third of Itself on Going Pan-Asian
Q&M Dental (SGX: QC7) grew 1H2026 profit 27%. The story is capital allocation: about US$113.2m into Australia and Thailand, with Aoxin and EM2AI the smaller moves around it.
Sheng Siong: 31.8% Margin Confirms the Quality, S$520m Capex Tests the Price
1H FY2026 profit rose 11.9% and the interim dividend 17%, but at 31x earnings the S$520 million Sungei Kadut build is the number that matters now. (SGX: OV8)
UltraGreen.ai: The Price Held. A Generic Arrived.
UltraGreen.ai (SGX:ULG) proved it could raise US prices without losing volume. Then the FDA approved two rivals, one a generic. The moat's clock started.
Foundation Healthcare's Profit Fell 68%. That's Not the Problem.
Foundation Healthcare (SGX: FHH) grew revenue 20% but reported profit down 68%. The scary number matters least; the margin is the real story.
JustCo's First Result: The Growth Was Bought, Not Built
SGX:JCO is 32% below its offer price. The 1H2026 result explains why, and changes what you are paying for.
HL Global's Cash Is Now 173% of Its Market Value
HL Global Enterprises (SGX: AVX) added to the pile again in 1H2026. Asked by SIAS about buybacks and dividends, the board replied that it has not earned enough.
All-Link Air & Sea's IPO: TikTok Was 98% of Its Revenue. Then Washington Closed the Loophole.
Revenue rose 15x in two years; profit just fell 25%. A first look at the S$0.53 offer, closing 3 August.
Hyphens Pharma: Revenue Fell 9%. Gross Profit Hit a Record.
Hyphens Pharma (SGX: 1J5): net profit fell 43% and Vietnam collapsed, yet gross margin hit a record and cash flow reached a six-year high. Did the bad year upgrade the earnings base, or leave a smaller company?
Jollibee's Global Arm Is Real. Its Wall Street Re-Rating Is a Mirage.
A regional public-market read on Jollibee's overseas economics, US comparables, and the limits of the re-rating story.
Who Captures the AI-Test Dollar in Southeast Asia?
A valuation map of the listed semiconductor-test and OSAT names, from Bursa and SGX to Taiwan- and US-listed peers.
First regional platform
The SEA Analyst Deep, independent analysis of listed companies and market themes across Southeast Asia.