Company Research Library
Published company pages contain dated conclusions, earnings drivers, evidence for and against the thesis, financials, valuation, scenarios and thesis monitoring. Markets with incomplete rankings are shown honestly rather than mixed into an artificial global league table.
Published company research
Only refreshed and currently published pages appear below.
Food Empire
F03 · Growth compounder / selective accumulation
Food Empire remains the leading published SGX compounder after 1H2026: revenue grew 15.0% and normalized NPAT rose 12.2%, Central Asia accelerated before a full Kazakhstan contribution, and South Asia remains capacity constrained. The result is good rather than exceptional because operating profit grew slower than revenue, Southeast Asia softened in 2Q and peak capex plus working capital absorbed cash. At S$2.42, the base case relies on double-digit earnings growth and a mid-teens exit multiple rather than further rerating.
Sembcorp Industries
U96 · Value and growth
A diversified power and renewables platform trading at a low normalized earnings multiple. Alinta can materially lift earnings and improve the breadth of the platform, but the acquisition makes leverage and execution the central investment risks.
UltraGreen.ai
ULG / UGS · Healthcare growth compounder
Accumulate selectively at S$1.53. UltraGreen combines a recurring regulated consumable, 85% gross margin, 13% FY2025 vial growth and a substantial net-cash balance sheet. At roughly 20–21x normalized FY2025 earnings and 17–19x a conservative FY2026 range, the core ICG franchise can support a 10%–14% three-to-five-year return if volume and pricing remain durable. The data/AI platform is treated as unproven optionality, not as current software value; US pricing, distributor concentration and adjacent-investment discipline are the principal risks.
Singtel
Z74 · Defensive core
A lower-risk Asian telecom holding company with strong associates, improving Optus and NCS, asset recycling and buybacks. The valuation is reasonable on a sum-of-the-parts basis rather than cheap on consolidated P/E.
Stoneweg Europe Stapled Trust
SET / SEB · High-income satellite
High current income and a material NAV discount create rerating potential, supported by under-rented logistics assets and a long debt maturity profile. High gearing, office exposure and EUR currency risk require conservative position sizing.
Alpha Integrated REIT
M1GU · Recovery income / selective accumulation
Alpha Integrated REIT’s recovery has moved from thesis to reported cash earnings: 1H2026 occupancy reached 95.0%, NPI grew 10.8%, distributable income rose 10.4% and financing cost declined. At S$0.520 the units trade near NAV, so the remaining case is a high-single-digit cash yield plus modest DPU growth rather than a large rerating. Accumulate selectively, with a preference for an ex-distribution price below S$0.50.
AIMS APAC REIT
O5RU · Quality income
A well-operated industrial REIT with good leasing and steady DPU growth, but the present premium to NAV limits expected return. Economically including perpetual distributions also makes the balance sheet less conservative than headline gearing suggests.
Japan Elevator Service Holdings
6544 · Domestic service compounder
An elite domestic service compounder with mandatory recurring demand, only about 11% of a still OEM-dominated Japanese market and demonstrated route-density operating leverage. At ¥1,677.5, roughly 36.6x management’s implied FY2027 EPS, the valuation supports measured accumulation rather than an indiscriminate full position: the base case requires continued high-single-digit to low-double-digit contract growth, a 20%+ operating margin and a sustained premium multiple.
S&P Global
SPGI · Quality financial-data compounder
The market is right that AI can compress some Capital IQ desktop and document-search economics, but wrong to treat all of S&P Global as a replaceable research interface. Ratings, Indices and Energy generated about 78% of 2025 adjusted segment profit, while Q2 2026 Market Intelligence still delivered 6% revenue growth, 10% adjusted operating-profit growth and margin expansion. At $439.83, approximately 25x the midpoint of 2026 adjusted EPS guidance, the business quality is validated but the base-case return is only about 11%, below a 15% hurdle.
FnGuide
064850 · Korea capital-markets / index infrastructure compounder
Accumulate selectively at ₩18,810. FnGuide has moved from a modest financial-data vendor toward a high-incremental-margin Korean index-royalty franchise. A conservative FY2026 model of about ₩55bn revenue, ₩27bn operating profit and roughly ₩1,940 EPS implies only about 9.7x earnings at the dated price. The base case deliberately resets FnGuide-linked ETF AUM below the Q2 peak and still produces a 17%–22% three-to-five-year IRR if index AUM compounds moderately and the exit multiple remains only 10–12x. Korea Value-up is a useful structural tailwind, not a standalone rerating assumption. The principal discount is governance: the Hwacheon/Kwon block controls nearly half the company, has real skin in the game and has recruited credible financial-industry talent, but its older listed companies show a history of excess cash retention and only middling minority-shareholder capital returns.
Market rankings remain selective
Japan, Korea and US company coverage are active, but each currently has only one fully refreshed company. Their market rankings remain withheld until additional candidates use comparable price dates, normalized earnings and scoring.