The SEA Analyst — Institutional-Style Equity Research

The SEA Analyst — Institutional-Style Equity Research

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August 2026

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…
 • The SEA Analyst
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…
 • The SEA Analyst
HRnetGroup 1H2026: Singapore Turns, and Management Reframes the Cash
Reported profit fell 29% on lower grants, interest and fair-value marks, but HRnetGroup (SGX: CHZ) grew operating profit, raised the dividend, and began…
 • The SEA Analyst
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.
 • The SEA Analyst
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.
 • The SEA Analyst
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…
 • The SEA Analyst
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…
 • The SEA Analyst
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…
 • The SEA Analyst
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.
 • The SEA Analyst
Jollibee’s Record Quarter, Built at Home: A Q2 That Confirms the Thesis
Jollibee (PSE: JFC) posts record Q2 NIAT, but H1 is still down 13%, the profit is still Philippine, net debt rose ₱12bn in six months, and the US…
 • The SEA Analyst
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