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

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<a href="https://www.smartkarma.com/entities/iwow-technology-ltd" target="_blank" data-smartkarma-citation="entities:36147:1" rel="noopener">IWOW Technology Ltd (IWOW SP)</a> is a one-stop end-to-end wireless IoT technology provider specialising in offering vertically integrated solutions and a telecommunications infrastructure solutions provider.</li>
<li>IWOW uses open and proprietary wireless communication technologies to create customized Internet-of-Things (IoT) solutions for consumers which connect devices and sensors to cloud application servers for a variety of applications.</li>
<li>The firm reported its 1H26 results on 10th Nov 2025. In this note, we provide an update on its 1H26 earnings.</li>
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IWOW Technology Ltd (IWOW SP) is a one-stop end-to-end wireless IoT technology provider specialising in offering vertically integrated solutions and a telecommunications infrastructure solutions provider.
IWOW uses open and proprietary wireless communication technologies to create customized Internet-of-Things (IoT) solutions for consumers which connect devices and sensors to cloud application servers for a variety of applications.
The firm reported its 1H26 results on 10th Nov 2025. In this note, we provide an update on its 1H26 earnings.


IWOW Technology - 1H26 Earnings Update - Limited Near-Term Catalysts, but Net Cash Still a Positive

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<a href="https://www.smartkarma.com/entities/old-chang-kee-ltd" target="_blank" data-smartkarma-citation="entities:10465:1" rel="noopener">Old Chang Kee (OCK SP)</a> is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings. </li>
<li>It also offers chicken-based products such as chicken wings and chicken balls as a halal-certified food operator.</li>
<li>We initiate non-rated coverage on Old Chang Kee. Post-COVID, the firm’s revenue had steadily recovered to pre-COVID levels by FY23, with a notable shift in its sales mix.</li>
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Old Chang Kee (OCK SP) is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings. 
It also offers chicken-based products such as chicken wings and chicken balls as a halal-certified food operator.
We initiate non-rated coverage on Old Chang Kee. Post-COVID, the firm’s revenue had steadily recovered to pre-COVID levels by FY23, with a notable shift in its sales mix.


Old Chang Kee Initiation - Defying the Dip, Resilience Amidst F&B Headwinds

External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

External broker reports(aggregated public sources)

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

CapitaLand Investment /Sing / Equity Bottom-Up

<ul><li>CapitaLand Investment (SGX:9CI) reported an in-line 1Q23 with revenue up 6% y-o-y to S$702m and making up 22% of our full-year estimates.</li><li>It appeared to us that the overall message during the analyst briefing was one of slight caution in 1H23 with better prospects in the latter part of this year.</li><li>Key highlight was lodging, as expected, with 1Q23 RevPAU of S$81 (+42% y-o-y), while the occupancy of 67% was a 13ppt y-o-y increase. </li></ul><p><em>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.</em></p>

CapitaLand Investment (SGX:9CI) reported an in-line 1Q23 with revenue up 6% y-o-y to S$702m and making up 22% of our full-year estimates.It appeared to us that the overall message during the analyst briefing was one of slight caution in 1H23 with better prospects in the latter part of this year.Key highlight was lodging, as expected, with 1Q23 RevPAU of S$81 (+42% y-o-y), while the occupancy of 67% was a 13ppt y-o-y increase. 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.

CapitaLand Investment - Looking For Better Performance In 2H23

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/capitaland-investment-ltd-si" target="_blank" data-smartkarma-citation="entities:33774" rel="noopener">CapitaLand Investment (CLI SP)</a> 1H22 operating PATMI +31% YoY; REIB and Lodging mgmt. business shine brighter</li><li><a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57" rel="noopener">City Developments (CIT SP)</a> 1H22 core PATMI returned to black; Boosted by recovering hospitality segment</li><li>Condo resale prices rose 1.2% MoM in Jul22; Volumes dipped by 6.7% MoM</li></ul>

CapitaLand Investment (CLI SP) 1H22 operating PATMI +31% YoY; REIB and Lodging mgmt. business shine brighterCity Developments (CIT SP) 1H22 core PATMI returned to black; Boosted by recovering hospitality segmentCondo resale prices rose 1.2% MoM in Jul22; Volumes dipped by 6.7% MoM

ASEAN Builder's Scoop (11Aug22) - CLI Lodging and REIB Shines Brighter

<ul><li><a href="https://www.smartkarma.com/entities/sabana-industrial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:911" rel="noopener">Sabana Industrial REIT (SSREIT SP)</a> 1H22 DPU +7.4% YoY; Rental reversion continues to be robust at +17.4%</li><li><a href="https://www.smartkarma.com/entities/capitaland-investment-ltd-si" target="_blank" data-smartkarma-citation="entities:33774" rel="noopener">CapitaLand Investment (CLI SP)</a> banking on the hospitality sector and return of travel</li><li>Property investment sales drop in 2Q22 but set to register growth for FY22: Colliers</li></ul>

Sabana Industrial REIT (SSREIT SP) 1H22 DPU +7.4% YoY; Rental reversion continues to be robust at +17.4%CapitaLand Investment (CLI SP) banking on the hospitality sector and return of travelProperty investment sales drop in 2Q22 but set to register growth for FY22: Colliers

ASEAN Builder's Scoop (21Jul22) - SSREIT's Rental Reversion Remains Robust

Singapore

CapitaLand Investment Limited (CLI) is a global real estate investment manager with the aim to scale its FUM and fee-related earnings through its full stack of investment management and operating capabilities. The Company's portfolio of integrated developments, retail, office, lodging and new economy assets are either owned/managed directly or through its fund management platform.

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CapitaLand Investment /Sing (CLI SP)

IWOW Technology - 1H26 Earnings Update - Limited Near-Term Catalysts, but Net Cash Still a Positive

iWOW Technology reported its 1H26 results on 10th Nov 2025. In this note, we provide an update on its 1H26 earnings as well as share some of our...

Evolve Capital Advisory Pte Ltd

Old Chang Kee Initiation - Defying the Dip, Resilience Amidst F&B Headwinds

We initiate non-rated coverage on Old Chang Kee. Post-COVID, the firm’s revenue had steadily recovered to pre-COVID levels by FY23, with a notable...

Evolve Capital Advisory Pte Ltd

CapitaLand Investment - Looking For Better Performance In 2H23

CapitaLand Investment (SGX:9CI) reported an in-line 1Q23 with revenue up 6% y-o-y to S$702m and making up 22% of our full-year estimates.

UOB Kay Hian

ASEAN Builder's Scoop (11Aug22) - CLI Lodging and REIB Shines Brighter

CIT boosted by recovering hospitality; Condo resale price +1.2% MoM in Jul22; RLC sustained recovery; GTCAP-Nomura RE launches JV firm in Phils

SCCM Asia Research

ASEAN Builder's Scoop (21Jul22) - SSREIT's Rental Reversion Remains Robust

CLI is banking on hospitality sector; Property investment sales dropped -36.9% in 2Q22; Property players become cautious in next 6mo; DILD booked...

SCCM Asia Research

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