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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.
Jul 30
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The SEA Analyst
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Hyphens Pharma: Revenue Fell 9%. Gross Profit Hit a Record.
Hyphens Pharma (SGX: 1J5): net profit fell 43% and Vietnam collapsed, yet gross margin a record and cash flow a six-year high.
Jul 28
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Jollibee's Global Arm Is Real. Its Wall Street Re-Rating Is a Mirage.
Jollibee (PSE: JFC): 10,400 stores, two-thirds overseas, nearly all net profit Filipino. The bull case assumes a re-rating the precedents never kept.
Jul 22
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Who Captures the AI-Test Dollar in Southeast Asia?
A valuation map of the listed semiconductor-test and OSAT names, from Bursa and SGX (KESM, AEM) to Taiwan- and US-listed peers like KYEC, ASE, and TRT.
Jul 12
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HRnetGroup: A S$336m Treasury, a Dividend to Watch, and a Profit Pool Leaving Singapore
A family owns nearly 80% of HRnetGroup (SGX: CHZ) and decides what happens to the cash. We separate what is owned from what a minority can actually…
Jul 7
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June 2026
S$41 Million in Profit. S$14 Million for Shareholders. Foundation Healthcare's IPO Maths
A S$1.1 billion healthcare platform, a pre-IPO share swap, and the difference between what the group earns and what shareholders keep.
Jun 29
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The SEA Analyst
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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.
Jun 15
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The SEA Analyst
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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…
Jun 12
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The SEA Analyst
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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.
Jun 6
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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…
Jun 6
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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.
May 31
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The SEA Analyst
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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…
May 27
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The SEA Analyst
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