Friday, 31 July 2026

(July 2026 Results) How i would invest in the singapore stock market if i had 100k of spare money + Short Commentary on All-Link Air & Sea IPO

 

July 2026 Returns: 4.10%

Year to Date Returns: 22.47%

Since Inception (9 Sept 2020) Returns: 478.02%

Engro probably lead the way with a positive profit guidance . It is worth noting that the volume traded in the past few days prior to the end of the month is higher and also the price went up recently again another 15+% compared to the closing price after the profit guidance. 

Whether this is due to company engagement with investors and research house or more folks seeing it as an undervalued alternative or better construction data / invested private equity data remains to be seen.

After trading hours today, Intl Cement reported a positive profit announcement as well. Not surprising but have to wait till when results announce to see how much is the improvement

August will see another busy period as most stocks in the list will report results.

I will try to summarise the All-Link Air & Sea Limited IPO as short as possible.

I will not be subscribing in the IPO. In fact i think this IPO will likely go underwater and might produce a loss making 1H 2026.

1) Too much IPT. The company has 90.5% of revenue reliant of referrals from the controlling shareholder's company. Similarly, 30% of supplying is from the same company while another 40% is from a company of same name but we are told it is independent .......erm ok

2) For a company raising 17.7 million SGD, it makes no sense as they have 38.6m of current assets and only 22.6m of current liabilities . Counting in total liabilities, its only 24.3m. On top of that they are declaring 8 million USD of dividends to themselves before listing. 

3) It is listed as an associate of AGX Group Berhad. The share of profit according to AGX Group Berhad is as follows


As such, Q1 2026 does not look good actually.


To add on , the drop in associate profit from 2024 to 2025 tallies with the figures provided by the company.


To conclude, from how i see it, this ipo is unfortunately a waste of time.




 




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