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 / selective accumulation | 11%–14% | 4.4/5 | 3.8/5 | Accumulate selectively |
| 2 | Sembcorp Industries U96 | Value and growth | 12%–16% | 4/5 | 4.5/5 | Accumulate |
| 3 | UltraGreen.ai ULG / UGS | Healthcare growth compounder | 10%–14% | 4.4/5 | 3.6/5 | Accumulate selectively |
| 4 | Singtel Z74 | Defensive core | 10%–12% | 4.4/5 | 3.2/5 | Buy on weakness |
| 5 | Stoneweg Europe Stapled Trust SET / SEB | High-income satellite | 10%–14% | 3.6/5 | 4.2/5 | Selective buy |
| 6 | Alpha Integrated REIT M1GU | Recovery income / selective accumulation | 10%–12% | 3.7/5 | 3.5/5 | Accumulate selectively; prefer below S$0.50 ex-DPU |
| 7 | 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)
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)
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)
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)
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)
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)
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.