Independent equity research, built company by company
The Analyst Group
Building a global family of research brands covering IPOs, industries, public company initiations, and the updates that matter.
Selected publications
Regional insights
Big Caring's IPO at 41x: Will Scale Deliver This Time?
668 outlets, RM8 billion, 41x trailing. Caring grew its network for six years with almost no growth in earnings per share.
Sunright's Premium Has Collapsed
SGX:S71 FY2026: profit restored and the operating downside tests cleared, yet the shares fell 47% since May, closing most of the gap with KESM.
UltraGreen.ai: Competition Reaches the Forecast
UltraGreen.ai (SGX:ULG) cuts its revenue outlook, answers rivals with a cheaper copy of its own dye, and cuts back the numbers that would show the cost.
Mi Material's IPO: How Much of the Boom Is Silver?
Mi Material Holding (SGX:MIM, listing 28 Oct) makes solder spheres for AI and smartphone chips. The offer prices a margin no listed peer reports. Does it last as silver falls?
Tiong Woon Posted Records, and the Market Shrugged
SGX:BQM posted record profit and a recovered margin in FY2026, yet all of the year's growth came from Singapore.
Hafary's breakeven year started in reverse
SGX: 5VS H1 FY2026: revenue down 10.5%, profit down 22.2%, dividend trimmed, and manufacturing moving away from breakeven in the year it was meant to reach it.
PropNex's Soft Half, a Wider Moat
SGX:OYY profit fell just 3.1% as resale offset the launch slump, market share rose in every segment, and the policy risk we feared most instead loosened.
Centurion's Best Half Looked Like Its Worst
Centurion (SGX:OU8) grew core profit 34% in 1H 2026 and reported a 64% EPS fall. The market took 6% off. Both numbers are true. Only one is economic.
Haw Par Trades Below Its UOB + UOL Stakes Alone
H1 profit fell as UOB's special dividends faded, but NAV rose, and the market still caps Haw Par (SGX: H02) below its listed portfolio.
Q&M Bets a Third of Itself on Going Pan-Asian
Q&M Dental (SGX: QC7) grew 1H2026 profit 27%. The story is capital allocation: about US$113.2m into Australia and Thailand, with Aoxin and EM2AI the smaller moves around it.
Sheng Siong: 31.8% Margin Confirms the Quality, S$520m Capex Tests the Price
1H FY2026 profit rose 11.9% and the interim dividend 17%, but at 31x earnings the S$520 million Sungei Kadut build is the number that matters now. (SGX: OV8)
UltraGreen.ai: The Price Held. A Generic Arrived.
UltraGreen.ai (SGX:ULG) proved it could raise US prices without losing volume. Then the FDA approved two rivals, one a generic. The moat's clock started.
Foundation Healthcare's Profit Fell 68%. That's Not the Problem.
Foundation Healthcare (SGX: FHH) grew revenue 20% but reported profit down 68%. The scary number matters least; the margin is the real story.
JustCo's First Result: The Growth Was Bought, Not Built
SGX:JCO is 32% below its offer price. The 1H2026 result explains why, and changes what you are paying for.
HL Global's Cash Is Now 173% of Its Market Value
HL Global Enterprises (SGX: AVX) added to the pile again in 1H2026. Asked by SIAS about buybacks and dividends, the board replied that it has not earned enough.
All-Link Air & Sea's IPO: TikTok Was 98% of Its Revenue. Then Washington Closed the Loophole.
Revenue rose 15x in two years; profit just fell 25%. A first look at the S$0.53 offer, closing 3 August.
Hyphens Pharma: Revenue Fell 9%. Gross Profit Hit a Record.
Hyphens Pharma (SGX: 1J5): net profit fell 43% and Vietnam collapsed, yet gross margin hit a record and cash flow reached a six-year high. Did the bad year upgrade the earnings base, or leave a smaller company?
Jollibee's Global Arm Is Real. Its Wall Street Re-Rating Is a Mirage.
A regional public-market read on Jollibee's overseas economics, US comparables, and the limits of the re-rating story.
Who Captures the AI-Test Dollar in Southeast Asia?
A valuation map of the listed semiconductor-test and OSAT names, from Bursa and SGX to Taiwan- and US-listed peers.
First regional platform
The SEA Analyst Deep, independent analysis of listed companies and market themes across Southeast Asia.