Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

Hyphens Pharma International / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/hyphens-pharma-international" target="_blank" data-smartkarma-citation="entities:28034:1" rel="noopener">Hyphens Pharma International (HYP SP)</a> is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Specialty Pharma Principals, Proprietary Brands and Medical Hypermart and Digital.</li>
<li>It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.</li>
<li>We initiate rated coverage on Hyphens with a TP of S$0.365, pegged to 9.5x FY25E P/E, representing an upside of approximately 28.1%.</li>
</ul>



Hyphens Pharma International (HYP SP) is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Specialty Pharma Principals, Proprietary Brands and Medical Hypermart and Digital.
It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.
We initiate rated coverage on Hyphens with a TP of S$0.365, pegged to 9.5x FY25E P/E, representing an upside of approximately 28.1%.


Hyphens Pharma Initiation - Decent Fundamentals, Weak Valuations

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Per NBS, YoY growth of retail sales came in at 4.0% in 2M25, improving from 3.7% in Dec 2024.</li><li>In our view, this was boosted by nationwide trade-in program, but shy of Wind consensus at 4.5%.</li><li>Online physical goods GMV growth saw a further recovery MoM, with growth stood at 5.0% YoY in 2M25 (2024: 6.5%), which was improved from 3.5% in 4Q24. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Per NBS, YoY growth of retail sales came in at 4.0% in 2M25, improving from 3.7% in Dec 2024.In our view, this was boosted by nationwide trade-in program, but shy of Wind consensus at 4.5%.Online physical goods GMV growth saw a further recovery MoM, with growth stood at 5.0% YoY in 2M25 (2024: 6.5%), which was improved from 3.5% in 4Q24. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Internet - 2M25 NBS data shy of consensus, but expectation for stimulus policy on the rise

Goodwill Entertainment Holding / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/goodwill-entertainment-holding-pte-ltd" target="_blank" data-smartkarma-citation="entities:44296:1" rel="noopener">Goodwill Entertainment Holding (GWEH SP)</a> is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with F&amp;B concepts, performance halls and dance clubs.</li>
<li>It operates under the brand names HaveFun Family Karaoke, FATEbyhavefun and HaveFun Live Show.</li>
<li>We maintain our BUY rating on GEH with a TP of S$0.23, pegged to 4.6x FY25E EV/EBITDA, representing an upside of approximately 42.9%.</li>
</ul>



Goodwill Entertainment Holding (GWEH SP) is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with F&amp;B concepts, performance halls and dance clubs.
It operates under the brand names HaveFun Family Karaoke, FATEbyhavefun and HaveFun Live Show.
We maintain our BUY rating on GEH with a TP of S$0.23, pegged to 4.6x FY25E EV/EBITDA, representing an upside of approximately 42.9%.


Goodwill Entertainment Holding - FY24 Earnings Update - Broadening Reach Within F&B and Nightlife

Econ Healthcare Asia Ltd / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/econ-healthcare-asia-ltd" target="_blank" data-smartkarma-citation="entities:33015:1" rel="noopener">Econ Healthcare Asia Ltd (ECON SP)</a> received a privatization offer from TPG Capital on 14th Feb 25. </li>
<li>Per the announcement, TPG is offering S$0.33 per share in cash, representing a 20% premium over the last undisturbed price of S$0.275 / share on 14th Jan 25. </li>
<li>While the deal is hardly a fantastic one, we would still recommend that minority shareholders accept the deal and redeploy their funds.</li>
</ul>



Econ Healthcare Asia Ltd (ECON SP) received a privatization offer from TPG Capital on 14th Feb 25. 
Per the announcement, TPG is offering S$0.33 per share in cash, representing a 20% premium over the last undisturbed price of S$0.275 / share on 14th Jan 25. 
While the deal is hardly a fantastic one, we would still recommend that minority shareholders accept the deal and redeploy their funds.


Econ Healthcare (Asia) - Not the Best but Still an Exit Opportunity

<ul><li>We expect Alibaba to deliver in-line-with-consensus revenue growth and nonGAAP net income for 2QFY25.</li><li>Management remains committed to making investment to enhance the user experience for the core 88VIP user base amid tapering consumption sentiment, which should help at least maintain market share and lay a solid foundation for long-term monetization improvement, in our view.</li><li>Pace of monetization improvement in Taobao and Tmall (T&amp;T) Group in 2QFY25 is likely already better than our expectation driven by better-thanexpected merchant adoption, and should ramp up more quickly with further increase in merchant penetration and with potential improvement in consumer sentiment. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect Alibaba to deliver in-line-with-consensus revenue growth and nonGAAP net income for 2QFY25.Management remains committed to making investment to enhance the user experience for the core 88VIP user base amid tapering consumption sentiment, which should help at least maintain market share and lay a solid foundation for long-term monetization improvement, in our view.Pace of monetization improvement in Taobao and Tmall (T&amp;T) Group in 2QFY25 is likely already better than our expectation driven by better-thanexpected merchant adoption, and should ramp up more quickly with further increase in merchant penetration and with potential improvement in consumer sentiment. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba (BABA US) - Increasing Monetization

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba (BABA US)

Hyphens Pharma Initiation - Decent Fundamentals, Weak Valuations

We initiate rated coverage on Hyphens with a TP of S$0.365, pegged to 9.5x FY25E P/E, representing an upside of approximately 28.1%.

Evolve Capital Advisory Pte Ltd

Internet - 2M25 NBS data shy of consensus, but expectation for stimulus policy on the rise

Per NBS, YoY growth of retail sales came in at 4.0% in 2M25, improving from 3.7% in Dec 2024. In our view, this was boosted by nationwide trade-in...

CMB International

Goodwill Entertainment Holding - FY24 Earnings Update - Broadening Reach Within F&B and Nightlife

We maintain our BUY rating on GEH with a TP of S$0.23, pegged to 4.6x FY25E EV/EBITDA, representing an upside of approximately 42.9%.

Evolve Capital Advisory Pte Ltd

Econ Healthcare (Asia) - Not the Best but Still an Exit Opportunity

Econ Healthcare Asia Ltd received a privatization offer from TPG Capital on 14th Feb 25. While the deal is hardly fantastic , we would still...

Evolve Capital Advisory Pte Ltd

Alibaba (BABA US) - Increasing Monetization

The stable and predictable shareholder return plan and incremental fund flow from southbound investors post stock connect inclusion both serve as...

CMB International

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