The SEA Analyst — Institutional-Style Equity Research

Big Caring’s IPO at 41x: Will Scale Deliver This Time?

668 outlets, RM8 billion, 41x trailing. Caring grew its network for six years with almost no growth in earnings per share.

Nov 5 • The SEA Analyst

1

October 2026

Sunright’s Premium Has Collapsed

SGX:S71 FY2026: profit restored and the operating downside tests cleared, yet the shares fell 47% since May, closing most of the gap with KESM.

Oct 30 • The SEA Analyst

UltraGreen.ai: Competition Reaches the Forecast

UltraGreen.ai (SGX:ULG) cuts its revenue outlook, answers rivals with a cheaper copy of its own dye, and cuts back the numbers that would show the cost.

Oct 30 • The SEA Analyst

2

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…

Oct 23 • The SEA Analyst

3

September 2026

All-Link Air & Sea Revenue: Up 38% From a Year Ago, Down 11% From Six Months Ago

All-Link Air & Sea (SGX:ALK): both comparisons are real and point opposite ways. Related-party costs sit at 40% of cost of sales.

Sep 16 • The SEA Analyst

1

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

Sep 1 • The SEA Analyst

2

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…

Aug 30 • 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…

Aug 26 • The SEA Analyst

1

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…

Aug 24 • 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.

Aug 23 • The SEA Analyst

1

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.

Aug 22 • The SEA Analyst

1

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…

Aug 22 • The SEA Analyst