Singapore-Listed Research
Current published work spans a branded consumer compounder, an integrated utility, a regional telecom platform and three different REIT income propositions.
Current SGX ranking
Expected return is separated from business quality and entry valuation.
| Rank | Company | Role | Base IRR | Quality | Valuation | View |
|---|---|---|---|---|---|---|
| 1 | Food Empire F03 | Growth compounder | 13%–17% | 4.5/5 | 4/5 | Accumulate |
| 2 | Sembcorp Industries U96 | Value and growth | 12%–16% | 4/5 | 4.5/5 | Accumulate |
| 3 | Singtel Z74 | Defensive core | 10%–12% | 4.4/5 | 3.2/5 | Buy on weakness |
| 4 | Stoneweg Europe Stapled Trust SET / SEB | High-income satellite | 10%–14% | 3.6/5 | 4.2/5 | Selective buy |
| 5 | Alpha Integrated REIT M1GU | Recovery income | 9%–12% | 3.4/5 | 3.8/5 | Await results |
| 6 | AIMS APAC REIT O5RU | Quality income | 6%–9% | 4/5 | 2.2/5 | Watch below S$1.55 |
Published company research
Open a company page for the full thesis, earnings drivers, evidence, valuation and monitoring dashboard.
Food Empire (F03)
A net-cash branded consumer platform with double-digit earnings growth, capacity expansion and operating leverage. The opportunity is attractive because normalized earnings remain reasonably valued, but the high Russia and Central Asia concentration deserves a persistent valuation discount.
Sembcorp Industries (U96)
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.
Singtel (Z74)
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 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)
An internally managed industrial REIT with improving occupancy, strong rental reversions and scope for DPU recovery. The attractive yield is balanced by New Tech Park concentration, shorter leases and less extensive interest-rate hedging.
AIMS APAC REIT (O5RU)
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.
SGX comparison studies
Alpha vs Stoneweg vs AIMS APAC
DPU engines, NPI margins, leverage, management structure and valuation across three different income propositions.
Conclusion: Alpha offers recovery income, Stoneweg offers the highest carry with the most balance-sheet risk, and AIMS offers the best operating quality at the weakest entry valuation.
PairwiseFood Empire vs Sembcorp
Organic branded-consumer compounding and net cash versus a cheaper utility with acquisition-led growth and deleveraging risk.
Conclusion: Food Empire leads narrowly on balance-sheet quality and organic visibility; Sembcorp can move ahead if Alinta performs and leverage falls.