The SEA Analyst

Institutional-style equity research on Southeast Asia's public markets. Deep-dives into business models, financials, and valuations.

[The SEA Analyst @TheSeaAnalyst]

The Hour Glass (SGX:AGS) has not issued a single share since listing in 1988.

No equity raises. No dilution. Growth funded from retained earnings.

FY2026: record revenue, zero bank debt, book value up for the seventh consecutive year.

We went through forty-six years of it.
https://t.co/pVvmm1MtMS

[The SEA Analyst @TheSeaAnalyst]

KESM just swung from an RM8.4m loss to RM9.1m profit in nine months. It's the operating subsidiary behind SGX:S71 (Sunright), which owns 48% of KESM and consolidates it.

First Bursa filing to name AI chips as the demand driver. Capex tripled.

S71 is down 16% since we published. The business improved. The discount is intact. https://t.co/6ageC0ejtF

[The SEA Analyst @TheSeaAnalyst]

Glad you found it. That KESM look-through was the moment the whole piece came together for us too -- same factories, same cash, but two different prices depending on which exchange you look through. We are still not sure what will close that gap, or when. That is what makes it so interesting.

[The SEA Analyst @TheSeaAnalyst]

Correction: Centurion's directly-held portfolio is 47,600 beds across 22 assets. Westlite Toh Guan and Westlite Mandai are CAREIT-owned. Article updated.

[The SEA Analyst @TheSeaAnalyst]

Centurion built a REIT. Listed it. Pocketed S$520 million for the assets.

Then kept 42.9% of the REIT, the management fees, and a directly-held portfolio of 53,107 beds, larger than the REIT itself.

The market is pricing it as a dormitory operator. We ran it as three businesses.
https://t.co/FUn5p3GsJr

[The SEA Analyst @TheSeaAnalyst]

Centurion reported net profit down 63%. The market sold it.

The prior year included S$219 million in property revaluation gains. Those don't recur.

Strip them out. Core profit actually grew 9%.

The market read the headline. We read the notes. https://t.co/HXBNxS4hZe

[The SEA Analyst @TheSeaAnalyst]

Fair pushback. The arithmetic stands: mark KESM at its Bursa price and about S$79m of Sunright's cap is residual. But you're right that "a Singapore shell" is the wrong label. That residual is the market disagreeing with Bursa on what KESM's factories are worth.

Which is exactly where we land: the premium is a bet on Malaysia. So the real question is why make that bet through Singapore at ~1.5x book, when you can buy the same KESM factories directly on Bursa at 0.58x?

[The SEA Analyst @TheSeaAnalyst]

A 485% rally on SGX.

An 82% rally on Bursa.

Yet both are tied to the same AI burn-in turnaround.

Sunright owns 48% of KESM, and KESM contributes ~87% of Sunright’s revenue.

So why hasn’t Bursa caught up?

Deep dive: https://t.co/4wlPaZeStM

[The SEA Analyst @TheSeaAnalyst]

We've published ten deep dives on Southeast Asian small and mid-cap stocks. Each one goes through every revenue segment, every risk, with a full model.

Which company should we cover next? Reply below.

[The SEA Analyst @TheSeaAnalyst]

The Sunright run makes sense on the AI testing demand thesis - the turnaround in the numbers is real.

The harder question is whether the premium has run ahead of the earnings build. We went through the full model in our initiation if the fundamentals behind the price action are useful.
https://t.co/o04sVefsjR

[The SEA Analyst @TheSeaAnalyst]

Singapore property launches are down 17% in 2026.

The market hit Propnex down 30%.

But new launches are only 39% of their revenue.

The bear case has merit, but nobody checked the other 61%.
https://t.co/zwNhsbjtP2

[The SEA Analyst @TheSeaAnalyst]

13,500 Singapore HDB flats are unlocking for resale in 2026.

That's 69% more than last year.
The company that brokers most of them just fell 30%.

The market checked one number. We checked six. The bear case survived two of them.
https://t.co/zwNhsbjtP2

[The SEA Analyst @TheSeaAnalyst]

JustCo's landlords lock them in for 3–10 years.
Its customers stay 15 months.

That mismatch is what collapsed WeWork.
GIC and Frasers still backed this one.

We read the prospectus and ran both sides.
https://t.co/5r41BAha20

[The SEA Analyst @TheSeaAnalyst]

JustCo is raising S$100 million from Singapore investors.

They made US$2.7 million in profit last year.
Strip out the one-off gain, and the underlying result was a loss of ~US$1.8 million.

We read the prospectus. The bear case is real. So is the bull case.
https://t.co/Ogq4cwhseB

[The SEA Analyst @TheSeaAnalyst]

JustCo signs leases of 3 to 10 years.
Its members stay 15 months on average.

That gap is the structural risk that broke WeWork. GIC and Frasers are anchoring the offer anyway.

We ran both sides before the May 20 offer closes.
https://t.co/5r41BAha20

[The SEA Analyst @TheSeaAnalyst]

Singapore's largest coffee shop operator just reported. Profit up 10.6%.

Dividend held. Cash flow growing. Looks clean.

But there's one cost line buried in the notes that changes the read entirely.
And a question about analyst timing that the market hasn't asked.

We went through both: https://t.co/7nXJGYZ9yj

[The SEA Analyst @TheSeaAnalyst]

Kimly, Singapore's largest coffee shop operator, just reported 1H FY2026.

Net profit +10.6%. Dividend held. Cash flow growing. Looks clean.

But there's one item buried in the cost line that changes the read materially.
And a broker put out a Buy call five trading days before the print, with a volume spike to match.

We went through both.
Deep-dive results update: https://t.co/7nXJGYZ9yj

[The SEA Analyst @TheSeaAnalyst]

@0xMarkTP It has no debt.

[The SEA Analyst @TheSeaAnalyst]

A Singapore-listed company holds S$63.5M in cash. Its market cap is S$41M. Cash per share: S$0.676. Share price: S$0.44.
You're buying dollars for 65 cents.
So why has it traded at a 50% discount to book for 7 years straight?
The answer is more interesting than the numbers. https://t.co/t92r5v7ZYL

[The SEA Analyst @TheSeaAnalyst]

@davidtanek Here you go. @davidtanek https://t.co/4wlPaZeStM

[The SEA Analyst @TheSeaAnalyst]

A Singapore-listed company has more cash than its entire market cap.

You’re effectively buying $1 for $0.65.

So why has it traded at a 50% discount for 7 years?

It has nothing to do with cash - and that's the catch.

https://t.co/cxdoFzPGDT

[The SEA Analyst @TheSeaAnalyst]

Bursa may be missing one of SGX’s hottest AI chip testing stories.

Sunright is up 485% from its 12-month low.
But the Bursa-listed company behind most of its revenue is up only 82%.

Same AI chip burn-in turnaround. Very different market reaction.

I dug into the disconnect here:
https://t.co/Owc94b9Ke2

[The SEA Analyst @TheSeaAnalyst]

A stock tied to AI chip burn-in is up 485%.

But the company behind most of its revenue is up only 82%.

Same AI tailwind. Same turnaround. Massive market disconnect.

We dug into the disconnect here:
https://t.co/4wlPaZeStM