The SEA Analyst — Institutional-Style Equity Research

The SEA Analyst — Institutional-Style Equity Research

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UltraGreen.ai: Understated Earnings, One Untested Seam
UltraGreen.ai's (SGX:ULG) FY2025 earnings are understated by a tax charge and idle IPO cash; what stays untested is whether its US pricing power holds.
 • The SEA Analyst
Q&M completes Ann Arbor; Aoxin's old shortfall is gone
SGX:QC7 — Ann Arbor (S$1.2M, Singapore) completed 10 June; Aoxin subsidiaries met all FY2025 profit guarantees; legacy RMB 2.68M shortfall fully repaid…
 • The SEA Analyst
The Watch Dynasty That Hasn't Issued a Share Since 1988
The Hour Glass (SGX:AGS) is asset-backed, family-run, and just made its largest acquisition while the seller was fleeing the brand.
 • The SEA Analyst
The Compounder Priced as a Watch Retailer
The Hour Glass (SGX:AGS): net cash, S$225M of property, and a just-bought Australian Rolex dealership not yet in the numbers. The full sum-of-parts and…
 • The SEA Analyst

May 2026

AI Named, Recovery Confirmed, Discount Unchanged
SGX:S71 update: KESM Q3FY2026 -- RM9.1m 9M PBT, AI chips named as demand driver, all thesis breakers clear, S71 down 16% since publication.
 • The SEA Analyst
Centurion Built a REIT. Now It Sells the Engine.
Centurion (SGX:OU8) at S$1.46 prices a dormitory operator. The CAREIT IPO turned it into a three-pillar living-sector platform. The market hasn't caught…
 • The SEA Analyst
Centurion's Three Pillars, Priced as One
SGX:OU8 trades at 1.0x book and 11x earnings. The September 2025 CAREIT IPO turned it into operator, manager, and 42.9% unitholder. We ran the math.
 • The SEA Analyst
The 14,000-Agent Army the Market Forgot
SGX:OYY — 64% market share, 5.2% yield, S$149m cash — fell 30% from its high. With 13,500 MOP-eligible flats entering 2026, the math shifts.
 • The SEA Analyst
PropNex at 19x: Peak Panic or Permanent Franchise?
SGX:OYY fell 30% from its high. With 13,500 MOP-eligible flats entering 2026 and S$149m cash, the peak-cycle thesis deserves scrutiny.
 • The SEA Analyst
JustCo's IPO: A S$100 Million Raise on a US$2.7 Million Profit
That works out to about 130 times earnings. GIC and Frasers are anchoring the offer anyway.
 • The SEA Analyst
Coliwoo's Asset-Light Pivot Meets a Margin Question
1HFY2026 numbers, the S$218.5m freehold sale, three flip triggers fired, and what the analyst consensus is missing on SGX:W8W.
 • The SEA Analyst
Kimly: the beat was real, the credit was timing
SGX:1D0 1H FY2026 — the beat was real, but a S$2.2M wage-credit timing shift carried much of it; segments are quietly shifting under the headline
 • The SEA Analyst
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