SGX Market Dialogues

Author: SGX   |   Latest post: Wed, 25 May 2022, 3:20 PM


10 in 10 With NIO - Blue Sky Coming

Author: SGX   |  Publish date: Wed, 25 May 2022, 3:20 PM

10 Questions for NIO

Company Overview

NIO is a pioneer and a leading company in the premium smart electric vehicle market. NIO designs, develops, jointly manufactures and sells premium smart electric vehicles, driving innovations in next-generation technologies in autonomous driving, digital technologies, electric powertrains and batteries. We differentiate ourselves through our continuous technological breakthroughs and innovations, such as our industry-leading battery swapping technologies, Battery as a Service (BaaS), as well as our proprietary autonomous driving technologies and Autonomous Driving as a Service (ADaaS).

1. Can you share more on NIO and its mission?

  • Our mission is to shape a joyful lifestyle. We aim to build a community starting with smart electric vehicles where we share joy and grow together with users.
  • Our Chinese name, Weilai (蔚来), which means Blue Sky Coming, reflects our commitment to a more environmentally friendly future.

2. Why Did NIO Decide to List on SGX?

  • The listing on the SGX is of great importance to NIO’s capital markets strategy. Singapore is a dynamic financial hub with strategic significance to the global capital markets, hence we believe that the listing in Singapore has further strengthened our footing.
  • The listing will help the company expand our investor base, particularly among the growing base of Asia Pacific investors. The listing on SGX will also allow round-the-clock trading of NIO shares and provide incremental liquidity.

3. What are some existing and upcoming EV models by NIO?

  • We introduced the EP9 supercar in 2016, which was then the fastest EV in the market, setting the Nurburgring Nordschleife all-electric vehicle lap record. In December 2017, we launched the ES8, a six- or seven-seater flagship smart electric SUV. Subsequently, we launched the award-winning ES6, a mid-size smart electric SUV, in December 2018, and the EC6, a mid-size smart electric coupe SUV, in December 2019, followed by the ET7, a flagship smart electric sedan, in January 2021. In December 2021, we launched the ET5, a mid-size smart electric sedan. We plan to launch the ES7, a mid-large size five-seater smart electric SUV in 2022.
  • We will continue to launch new models in upcoming years to broaden our customer base and diversify our product portfolio. We intend to accelerate our product iteration to meet the latest consumer demands and to continue to drive innovation

4. How have the car models performed in terms of sales and deliveries?

  • Our vehicles have been well-received by consumers. In 2021, the NIO ES6, EC6 and ES8 were the top, second and fourth best-selling premium battery electric SUVs as measured by sales volume in China respectively. As of today, we have delivered more than 200,000 vehicles cumulatively.

5. Can You Share More About the Battery Swapping Technology by NIO?

  • Supported by over 1,200 patented technologies, all of our vehicles support battery swapping. It provides our users with convenient “recharging” experiences by simply swapping the user’s battery for another one, which can be completed within minutes. In addition, it provides users with upgrade options and enables users to enjoy the benefits of battery technology advancements. As of today, we have deployed more than 900 Power Swap stations covering urban areas and expressways in China, through which we had completed nearly 9 million battery swaps cumulatively.
  • Enabled by vehicle-battery separation and battery subscription, we launched the innovative Battery as a Service (BaaS) subscription model in 2020. BaaS users enjoy a lower upfront purchase price and flexible subscription options for batteries of various capacities according to their needs.
  • With the battery swapping technology and innovative BaaS model, we provide our users with a “chargeable, swappable, upgradable” experience.

6. Can you share more on NIO Autonomous Driving (NAD) as well as the features and platform?

  • We believe that autonomous driving is the core of smart EVs and it has been our focus from day one. In January 2021, we announced NIO Autonomous Driving, or NAD, our next generation, proprietary full-stack autonomous driving technology. We have built up the NAD capability with inhouse perception algorithms, localisation, control strategy and platform software.
  • The technology comprises a super computing platform called NIO Adam and a super sensing system called NIO Aquila. NIO Adam’s core is made up of four NVIDIA Orin System-on-Chips (SoCs), while NIO Aquila features 33 highperformance sensing units, including 11 high-resolution cameras, one ultra-long-range high-resolution LiDAR, five millimeter-wave radars and 12 ultrasonic sensors.
  • NAD is expected to gradually cover use cases from expressways, urban roads, parking, battery swapping to other domains to deliver a safer and more relaxing autonomous driving experience for our users. We plan to gradually roll out NAD for subscription under AD as a Service (ADaaS) in the future.

7. What are some of NIO’s expansion plans and strategy outside of the domestic market?

  • We opened our NIO House and started the deliveries of NIO ES8 in Norway in September 2021. The ES8 has received positive reviews on its performance and product experience from the local users and media. In Q1 2022, monthly deliveries of ES8 ranked top 2 among the six to seven-seater passenger cars in Norway.
  • We will further step up our efforts to enter more global markets. In 2022, we plan to enter four new European markets - Germany, Denmark, Netherlands and Sweden. By 2025, we aim to offer our products and services in more than 25 countries and regions. We believe that our products, services and innovative business model will not only be well received in China, but also present unique value and strengths in the global markets. With local consumers’ preferences in mind, we plan to leverage the expertise we have developed from our operations in China to replicate our success internationally.

8. What Are Your Plans for NIO in Singapore?

  • By leveraging on Singapore's advantageous position as an international innovations and technology center, NIO plans to establish an research and development (R&D) center for artificial intelligence and autonomous driving in Singapore and collaborate with the local science and research institutions to further broaden and enhance the global R&D footprint.

9. What are some of NIO’s plans in building production capacity over the next few years?

  • In order to meet the rapidly growing demand for our vehicles and to support the manufacturing of our future models, we have started the upgrading and capacity expansion of the JAC-NIO Advanced Manufacturing Center with our partner since 2021. The annual vehicle and component production capacity is expected to reach 240,000 units (calculated based on 4,000 working hours per year) in 2022.
  • In addition, we are building a new manufacturing plant at NeoPark in Hefei, China together with our partners. The designed annual production capacity of the new plant is up JAC – NIO Advanced Manufacturing Center to 300,000 units (calculated based on 5,000 working hours per year). The new plant expects to start volume production in September 2022.

10.Sustainability and ESG have increasingly been a key focus, how is NIO committed to sustainability?

  • With our original aspiration for the blue sky, NIO aims to build a user enterprise and shape a joyful lifestyle for our users. We are fully committed to being a force for good for the environment and society. The mindset of sustainability is instilled in our daily operations and corporate governance.
  • Throughout our vehicles’ product lifecycle, we have implemented concrete processes and measures to ensure product safety, quality, sustainability and recyclability to provide deep reassurance to our users and reduce our lifecycle carbon footprint. For example, sustainable materials are applied to our ET7 and ET5 models, and we have been recycling the scrap materials during the manufacturing process for our NIO Life products.
  • While creating a safe, equitable, caring and inspiring working environment for our employees, we have established various corporate social responsibility initiatives to give back to the communities and create value for the society. In 2022, we joined hands with WWF (World Wide Fund for Nature) and Polar Hub in Clean Parks, an ecosystem coconstruction initiative launched by NIO, and expect to work with more partners in the future to build a more sustainable environment.
  • To advance our ESG and sustainability initiatives, we have established a cross-functional sustainability task force led by our management team to engage external and internal stakeholders to comprehensively protect the environment, improve our corporate governance and benefit the society.

10 in 10 – 10 Questions in 10 Minutes with SGX-listed companies

Designed to be a short read, 10 in 10 provides insights into SGX-listed companies through a series of 10 Q&As with management. Through these Q&As, management will discuss current business objectives, key revenue drivers as well as the industry landscape. Expect to find wide-ranging topics that go beyond usual company financials.

This report contains factual commentary from the company’s management and is based on publicly announced information from the company.

For more, visit sgx.com/research. For more company information, visit www.nio.com

Click here for NIO’s Introductory Document for SGX Listing.


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10 in 10 With Trans-China Automotive - Gearing Up for China's Premium Automobile Market

Author: SGX   |  Publish date: Tue, 24 May 2022, 5:14 PM

10 Questions for Trans-China Automotive

Company Overview

Trans-China Automotive (TC Auto) specialises in the business of automobile dealerships in the premium and ultra-premium market segment in China, which includes: (i) the sale of automobiles; and (ii) the provision of after-sales services (e.g. maintenance and repair services, and sale of automobile parts and accessories). The Group carries automobile brands comprising BMW, McLaren and Genesis, and has dealerships in cities in China, namely in Foshan, Shenzhen, Guangzhou, Chongqing, Changsha and Wuhan.

1. Could you elaborate on what Trans-China Automotive (TC Auto) is about?

  • We are a leading automobile dealership group with operations in China with a focus on distributing premium and ultra-premium automobiles. We carry BMW, McLaren, and Genesis-branded automobiles, and have 9 dealerships in Foshan, Shenzhen, Guangzhou, Chongqing, Changsha and Wuhan.
  • In 2021, we sold more than 10,800 cars. We derive our revenue mainly from the sale of vehicles both new and preowned, and this segment contributes over 80% of our annual revenue. The balance of our revenue is from the provision of ancillary services (e.g. automobile purchase financing, insurance and car registration services) and aftersales services (e.g. maintenance & repair services, inspection of automobiles, as well as the retailing of automotive parts and accessories).

2. How would you describe the car and dealership market in China and how is it different from Singapore?

  • China’s car market is the largest globally, even bigger than the US. In 2021, more than 20 million new passenger vehicles were sold in China. In order to serve such a vast market, car manufacturers distribute their cars through networks of officially-appointed dealerships. For example, BMW sold around 880,000 cars in China last year through c.600 dealerships. These dealerships are not owned by BMW, but by dealership groups such as TC Auto. This is different from a smaller car market such as Singapore, where there is usually one officially appointed dealership for any of the major automotive brands. In other words, there is competition between dealers of the same brand in China, vs. in Singapore where most car retailers have a monopoly on their representative brands.

3. What is TC Auto’s competitive edge against its peers?

  • We aim to stand out by competing on the quality of our service and our dealership facilities. Customer service is part of our core values, we offer staff training and we have strict facilities management policies to ensure our customers receive a first-class experience in our stores. We systematically track our 50,000+ customers that have serviced or purchased a vehicle to tailor our marketing. For example, we have visibility over their car’s service history and when the customer may consider a trade-in. We are active with post-purchase engagements and hold events such as car owner maintenance workshops, drive tours through the country-side and co-branded events such as wine tastings.
  • From a corporate perspective, our strategic focus is on large and wealthy metropolitan cities in China, with an emphasis on the Greater Bay Area in Guangdong province, where the population is affluent. In 2020, we averaged 2,516 unit sales per BMW store, almost doubling the average of 1,342 units per BMW dealership in China. We enjoy longstanding relationships with BMW and McLaren that date back to 2009 and 2014 respectively. We have received many awards and accolades over the years in recognition and as a testament of our performance.

4. TC Auto recently announced the new dealership for the Genesis brand. What are the plans to scale this brand?

  • We believe that the Genesis brand will increase our overall potential market. We will be the sole Genesis dealer in Guangzhou whereas we are just 1 of 13 BMW dealers in Guangzhou. We are optimistic about the prospects of the Genesis brand given that it has been well-received in international markets. Genesis is allocating significant resources to launch this brand in China and we hope to be part of its growth journey in this market.

5. TC Auto’s bottom line has grown significantly over the years. What were some drivers for this?

  • A key source of growth comes from our large and efficient dealership facilities in wealthy metropolitan areas which allows us to tap on China’s continued economic growth without having to invest in additional new dealerships. Our large-scale facilities provide capacity to serve our after-sales customers – which contribute recurring high margin revenues. The after-sales business in our BMW dealerships in Foshan, Guangzhou and Shenzhen have higher absorption ratios (i.e. after-sales gross profit to dealers’ total operating costs) than those of peers in the industry.
  • China’s economic growth and rising affluence, has led to high propensity for consumption in key cities. We have benefitted from this as we operate in cities with higher rates of GDP growth compared to the rest of China, which has had a positive effect on the sales of premium and ultra-premium brands that we carry.

6. With the increasing awareness and focus on electric automobiles, is TC Auto looking to diversify its product range to include such vehicles?

  • China is the world’s largest new energy vehicle market, accounting for more than 50% of global sales of electric vehicles (EV). We recognize this and want to work with automobile manufacturers with the resource and capability to produce high quality electric vehicles, however, we acknowledge that ICE (internal combustion engine) cars will still remain relevant during the transition to full electrification. The rate of acceptance and adoption of EVs also varies across different regions in China, considering factors such as the infrastructure for charging, typical daily mileage driven, government subsidies, and repair costs.
  • We believe that BMW and Genesis are perfect partners for this. BMW in China has introduced 4 fully-electric new vehicles (iX, i3, i4, and i7) in addition to the iX3 and the various plug-in hybrid cars we already offer. As an aside, c.8% of our unit sales in 3M2022 were EVs. Our BMW and Genesis dealerships are fully up-to-date with the latest technology and infrastructure for the maintenance and repair of EVs by fully qualified and trained technicians.

7. How has TC Auto utilized or plan to use the funds raised via its listing?

  • We raised net proceeds of S$16.3 million and plan to grow by building or acquiring additional facilities and operations in the regions where we already have a presence.
  • Part of the proceeds have gone into the construction of 2 projects. Our Genesis dealership in Guangzhou and a new BMW Service Centre which in a suburb adjacent to the Company’s BMW dealership in Shenzhen. We continue to look for additional growth opportunities.

8. Could you elaborate on the future direction for the Group’s business segments?

  • A core component of running a strong automotive dealership business is to have a large and loyal pool of customers who return several times a year to our dealerships for regular maintenance and repair of their vehicles. This is our recurring revenue which provides us with stable and attractive margins. Where we see more opportunities within this traditional sphere of our industry is in pre-owned vehicles. This segment is starting to gain considerable traction in China in recent years, and we believe the growth in this segment represents an attractive opportunity for us.
  • We are also exploring how the digital economy could enhance what we do or help us to serve our customers better. We may consider looking for opportunities to invest in mobility-related solutions that go beyond selling and repairing automobiles. Being based in China’s tech hub of Shenzhen, we believe that this is an area which may be suitable to explore.

9. Sustainability and ESG have increasingly been a key focus, how is TC Auto committed to sustainability?

  • Environmental: Our Chongqing store was one of the first ‘5S’ BMW stores to open in China in 2014. The fifth ‘S’ stands for Sustainability. To be accredited by BMW with this fifth ‘S’, we need to have environmentally sustainable processes features in our facilities. These include energy-saving processes and features, using water-based solvents and paint for body-work repairs. Beyond this, we are part of a panel of dealer groups that is looking to economically introduce solar-generated electricity in dealership facilities.
  • Social: We actively support training and education initiatives in the communities where we operate. Each of our BMW stores offer internships to students and recent graduates from technical schools, and we are committed to offering permanent jobs to a significant proportion of our interns. Internships include “room & board” to all interns who need it.
  • Governance: We have a diversified and balanced employee and staff roster. We can do more on the board level, and just recently we have initiated the process to make our board more gender-diverse.

10. Why Should Investors Take a Closer Look at TC Auto?

  • China’s population is vast, and consumer demand will strongly outperform the overall economy as the level of affluence continues to rise. Automobile ownership as measured by vehicles per capita, is still only about one quarter of that compared to other developed economies in Europe, North America, or here in Asia.
  • We believe to be one of the top performing dealership groups in the Greater Bay Area of China with a portfolio of automotive brands, and a team of over 850 employees that are customer-oriented. Furthermore, we see our Group with the following merits:
  • One of the top performing BMW dealerships in China with strategic presence in geographically affluent regions including the Greater Bay Area
  • Robust dealership model with multiple income streams
  • High earnings visibility with after-sales services generating recurring revenue at high margin
  • Maintain strong business relationships with our automobile brands
  • Customer-focused strategy/business model which places an emphasis on providing consistent high-quality services
  • Experienced and committed key management team with strong industry experience

10 in 10 – 10 Questions in 10 Minutes with SGX-listed companies

Designed to be a short read, 10 in 10 provides insights into SGX-listed companies through a series of 10 Q&As with management. Through these Q&As, management will discuss current business objectives, key revenue drivers as well as the industry landscape. Expect to find wide-ranging topics that go beyond usual company financials.

This report contains factual commentary from the company’s management and is based on publicly announced information from the company.

For More, Visit Sgx.com/research.

For more company information, visit tca-auto.com

Click here for TC Auto’s 2021 Financial Results.


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Alpina: Building Resilient, Multi-Pronged Growth

Author: SGX   |  Publish date: Fri, 20 May 2022, 11:31 AM

Alpina CEO

Building engineering and maintenance services veteran Low Siong Yong has come a long way since leaving his hometown in Melaka to seek a better future.

From young, Low learnt the principles of hard work and determination from his father, who worked two jobs to make ends meet for the family of nine children.

“To supplement his income as a rubber tapper, my father would wake up at 3am every day to help my mother prepare handmade steamed paus for sale in the coffeeshops, and never once complained about being tired, in order to put food on the table for us,” recalled Low, the Executive Chairman and Chief Executive Officer of SGX-listed contractor Alpina Holdings Ltd.

“It was my father who taught me the importance of developing a strong work ethic, to persevere and work hard to achieve my goals.”

Such experiences helped Low to cultivate a strong entrepreneurial spirit. Watching parents toil to support the family, he developed a clear goal early on to become his own boss, so that he could buy a Mercedes-Benz for his father to enjoy.

After completing his O-Level exams, Low became an electrician apprentice. When the opportunity arose, he came to Singapore in 1993, with a few hundred dollars in his pocket, hoping to realise his childhood ambition and build a promising future for himself.

The journey was a long and arduous one - he had to start from scratch again because of the different regulations and standards for electrical systems in Singapore.

As an apprentice, hierarchy was everything. “In the lorry, our supervisor is the driver, and his second-in-command would sit in the passenger seat. Because I was just an apprentice, I had to sit in the back, exposed to all the elements - either baking in the hot sun or lashed by cold rain during stormy weather,” Low recalled. 

“I was determined to earn my right to sit in the front passenger seat, and so with a single-minded focus, I put in long hours to learn my trade, never shying away from asking questions, and within eight months, I was finally promoted to be the second-in-charge.”

But Low did not stop there. He continued to upgrade and upskill himself over the next several years, first by obtaining a National Technical Certificate Grade 3 in Electrical Installation and Servicing from the Institute of Technical Education, then a Skills Evaluation Certificate in Electrical Wiring Installation from Singapore’s Construction Industry Development Board, and finally, a Building Construction Supervisors Safety Course Certificate from the Ministry of Manpower.

Following these cumulative efforts, he was eventually promoted to Supervisor.

“I’m a simple person at heart - when I first started out with low qualifications, I realised I needed to put in extra effort to continuously learn and acquire new skills and build up my reputation,” he recounted.

“However, I also knew that at some point, I would reach a ceiling if I did not chart my own path in the industry.”

From the Ground Up

So Low took the plunge to venture out on his own, setting up a sole proprietorship that handled electrical works, as well as electrical maintenance and installation projects. He later roped in former colleague Tai Yoon On to run the business with him.

The road ahead remained bumpy as there were several instances where payments were delayed for months and client receivables started piling up although projects were completed on time. “Though I was a boss, I didn’t draw down a fixed salary for a long time when I started the business,” he pointed out.

“In fact, my co-founder Tai and I took on a second job as emergency maintenance service crew, operating from 7pm to 12 midnight, so that we could earn some additional income to sustain our day-to-day business operations.”

With a growing track record, the Group’s business started to expand, but the pair continued to face numerous challenges and hurdles. At the same time, they remain grateful to and encouraged by their benefactors, who have provided them with opportunities and various forms of assistance over the years. “I believe that when one is willing to learn and has a positive attitude, others will help,” he added.

Having worked his way up from the bottom, Low places a premium on staff welfare. “What must come first is the welfare and well-being of my workers, who are usually foreigners,” he said. 

“I also left my hometown at an early age and had to work hard in a new environment to get to where I am today. I understand their struggles and challenges because I’ve experienced them myself. So no matter how difficult the circumstances are, I will ensure my workers get paid first and promptly,” he asserted.

“And when my workers know their welfare is being taken care of, they will also devote themselves wholeheartedly to our clients’ projects. This is very important in our line of work because our staff are at the frontline, and if projects are not completed to customers’ satisfaction and expectations, our reputation will be at stake. So this is a win-win situation for all of us!”

Indeed, this policy has enabled the company grow from strength to strength. From its early days as a struggling sole proprietorship, Alpina has now come into its own. 

Listed on SGX Catalist in January this year, the Group has amassed an operating history spanning more than 17 years, specialising in integrated building services (IBS), mechanical and electrical (M&E) engineering services, as well as alteration and addition (A&A) works for both private and public sector projects.

The Group holds 15 Workhead registrations and two builder licences with the Building and Construction Authority (BCA) as at 20 December 2021. Among these, it has attained the highest grading of L6 for its registration under the ME15 (Integrated Building Services) and ME05 (Electrical Engineering) Workheads, which allow the Group to undertake projects in the public sector with no tendering limits and no project value limits under the respective Workheads.

Serving predominantly public sector customers, Alpina recently achieved a record set of results for FY2021, with revenue increasing by 36.8% to S$51.89 million and net profit surging by 84.0% to S$9.28 million.

Looking ahead, Low plans to expand the scale of the Group’s existing businesses - IBS, M&E engineering services as well as A&A works - by boosting manpower and equipment resources, in order to take on more and higher value projects. 

Alpina has also extended its scope of services and obtained registration of the FM01 (Facilities Management) Workhead Grade M3 in 2020. “This enables us to tender directly for integrated facilities management (IFM) projects of up to S$10 million from the government or statutory bodies,” Low added.

In addition, the Group is on the hunt for acquisitions - such as in cleaning, landscape, security and pest control services - to improve its portfolio of IFM offerings. This will further enhance its value proposition to customers and boost revenue streams.

Diversifying into Renewables 

Renewable energy is another growth driver. Alpina’s wholly owned subsidiary Digo Corporation and Terrenus Energy have been jointly awarded a 70 megawatt-peak (MWp) project to install solar panels across 1,198 HDB blocks and 57 government sites, as well as smart electrical sub-meters at these residential areas to monitor and analyse energy consumption patterns. Installation of the panels is expected to begin in third quarter of 2022 and complete by first quarter of 2025.

This project is the sixth solar leasing tender under the SolarNova programme, a Whole-Of-Government effort led by the Economic Development Board (EDB) and Housing & Development Board (HDB) to accelerate the deployment of solar photovoltaic systems in Singapore. 

“Solar energy is the most promising renewable energy source for electricity generation, and serves as an important part of Singapore’s efforts to de-carbonise its energy usage,” Low pointed out.

“Securing this solar leasing tender is a significant milestone for us, and together with our joint venture partner, we’re pleased to be able to contribute meaningfully to the acceleration of Singapore’s renewable energy market.”

Building on this momentum, the Group is well-positioned to be an enabler for green energy, and aims to develop new capabilities within the renewable energy value chain to meet its Environmental, Social and Governance (ESG) targets, Low added.

Work, naturally, is Low’s first love. But when the 49-year-old father of two is out of the office, besides spending time with his family, he is focused on his second passion - cycling.

“Running a successful business, and riding a bike, are in fact quite similar. As Albert Einstein once put it: “To keep your balance, you must keep moving”,” he quoted.

“Just get on the bike, experience the journey, learn and pivot from your mistakes, and continue pressing ahead.”

Truly, perseverance is one value that has been ingrained in Low’s character from youth. “Because I don’t have a strong academic background, I need to put in extra effort and work extremely hard as compared to others,” he said.

“Sometimes it may yield little result, and that can be demoralising, but based on my years of experience, I’ve learnt that with optimism and determination, demonstrating integrity, resourcefulness and foresight, I am confident of achieving my goals for Alpina by forging ahead together with my team.”

Alpina Holdings Ltd

Alpina is an established Singapore-based specialist providing Integrated Building Services (IBS), M&E Engineering Services (M&E), as well as Alteration and Addition Works (A&A) for both public and private sector projects in Singapore. With a long operating history of over 17 years, the Group has predominantly public sector customers such as government ministries and statutory boards, as well as public education institutions. It currently holds 15 Workhead registrations and 2 builder licences with the BCA. Among these, it has attained the highest grading of L6 for its registration under the ME15 (Integrated Building Services) and ME05 (Electrical Engineering) Workheads, which allows the Group to undertake projects in the public sector with no tendering and project value limits under the respective Workheads.

The company website is: alpinaholdings.com.sg

Click here for the company's StockFacts page.

For the year ended 31 December 2021 financial results, click here.


About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic
Photo: Company file

kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.

For previous editions of kopi-C: the Company brew, please click here.  

For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to jennifer.t@sgx.com.

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Fu Yu: Staying Ahead of the Manufacturing Curve

Author: SGX   |  Publish date: Fri, 13 May 2022, 8:43 AM

Fu Yu - MD

For banking and finance veteran David Seow, the African proverb “If you want to run fast, run alone. If you want to run far, run together” carries a particular resonance - it encapsulates his core management values of teamwork, communication, innovation and action.

“Each person’s contribution matters, but only if we work together,” said the Group Managing Director of SGX-listed precision plastic components manufacturer Fu Yu Corporation Ltd.

“Teamwork is key for an organisation to flourish. We need people who are able to complement each other’s diverse skillsets, and people who do their part properly to derive the right outcomes for everyone in the organisation.”

In turn, good communication forms the bedrock of strong teamwork. “We should be unafraid to give constructive feedback, to seek advice to learn and improve, and work together to achieve common goals,” he added.

This is where innovation plays a critical role. “In this fast-evolving world, you either adapt to stay ahead of the curve, or risk being left behind. Innovation does not have to be in technology - it can also be in changing the ways we do business and transforming mindsets.”

Last but not least, it’s all about action, Seow pointed out. “Anyone who has worked with me will know that I get things done, and I do things the right way. I also prefer working with people who deliver results rather than excuses. It’s about taking action yourself, and not resting on your laurels, or waiting for someone else to do it for you.”

A Bachelor of Science in Economics graduate from Singapore Management University, Seow spent nearly a decade of his career as a Senior Banker and Vice President of Structured Trade & Commodity Finance in Societe Generale, Singapore.  He was appointed Fu Yu’s Group Managing Director in August 2021.

“I learnt that regardless of my education and earlier work experience, I should avoid pigeonholing myself in a single industry to achieve success,” Seow recalled.

“I went to a business school where most of the students aspired to be “investment bankers”. While I happily took that route for 10 years, I wanted to do more than what my colleagues and clients expected of me, and never shied away from working with others on projects outside my regular job. In hindsight, these experiences made me realise I had a penchant for business management, troubleshooting issues and creating solutions.”

Although Seow may be seen as a “textbook finance expert”, he attributes much of his finance basics and business acumen to his experiences with start-ups, including co-founding and managing a restaurant in 2013, which has achieved and retained a Michelin star since 2017.

“Nothing beats the “real-life” exposure of preparing and executing business plans, setting up accounts, managing capital expenditure and working cash cycles, retaining and motivating employees, as well as fire-fighting to ensure business continuity,” he added.

In Growth Gear

These cumulative experiences have equipped Seow well for his current role. “Fu Yu is a stable and classic manufacturing company that has been in operation for more than four decades,” he noted.

“As Managing Director, I bring my go-getter, entrepreneurial, and proactive mindset to transform Fu Yu from a company that has been sailing steadily to one that is forward-thinking, innovative and in growth mode.”

Starting out in 1978 as a small tooling design, fabrication and fitting shop, Fu Yu Corporation has since grown into a market leader, providing vertically integrated services for the manufacture of precision plastic components and the fabrication of precision moulds and dies. The Group was listed on SGX Mainboard in June 1995.

Today, the Group has an established presence in the region with manufacturing facilities located in Singapore, Malaysia and China. It has built a broad and diversified customer base of blue-chip companies in the printing and imaging, networking and communications, consumer, medical, automotive as well as power tool sectors.

Its comprehensive capabilities range from precision tool design and fabrication and precision injection moulding to secondary processes, such as silk screen printing, ultrasonic welding, heat staking and spray painting, as well as sub-assembly. 

Looking ahead, Fu Yu targets to boost growth in two ways - strengthening the Group’s capabilities and beefing up its talent pool.

“We’ve launched several initiatives to expand our capabilities, such as technology and machine upgrades, a new innovation arm to work on modern products and designs, as well as improving efficiencies,” Seow said.

“These “hardware” upgrades will work hand in hand with our corresponding “software” upgrades, as we upskill our employees and hire fresh talent to drive innovation within the Group.”

With these initiatives, Seow expects a long growth runway for Fu Yu, where the organisation will not only be a manufacturer, but also a front-runner in advanced manufacturing and technology. 

“While we’ve always been known as a reliable pair of hands in manufacturing, these upgraded capabilities will enable us to work with our customers even more closely in areas of complex manufacturing and material science.”

In parallel with its strategy to build a diversified product portfolio for business resilience and stability, Fu Yu intends to optimise its business mix to keep pace with current market trends, Seow noted.

This will see the Group channelling greater resources towards boosting its business in market segments that display longer term stability and growth potential, such as medical, automotive, as well as eco-friendly and smart home consumer products.

The Group’s manufacturing operations will also shift into higher gear as the redevelopment of its new factory in Singapore enters the final stages of completion. The plant is scheduled to begin operations in the third quarter of 2022, barring unforeseen circumstances.

“With its adoption of Industry 4.0, this new “smart factory” will serve as a showcase of the Group’s advanced manufacturing capabilities,” he pointed out. 

“In addition to higher precision manufacturing capabilities and increased automation, our new factory will also feature seamless workflow across its tooling, moulding and assembly operations to achieve higher operational efficiencies and a reduced carbon footprint.”

The Group is also in the process of broadening value-added services to customers. Its new division - Corporate Development - will work with research institutes in Singapore and other partners in the region to explore research and development (R&D) programs, as well as identify commercially viable technologies to augment its manufacturing services.

A Proactive Approach

In this respect, COVID-19 has been a game-changer of sorts, Seow admitted. “COVID-19 was a timely reminder that we can never predict or pre-empt external conditions. However, we can control our own actions by proactively and continuously upgrading,” he added.

“I want Fu Yu to be proactive and stay ahead of the curve, rather than be reactive, as that will then be too late. This is a mindset change which I am incorporating throughout the Group.”

The pandemic also emphasised the need to have a greater control of one’s supply chain, or at least, have the ability to mitigate disruptions. 

“We’re taking things into our own hands to better manage our supply chain by centralising our procurement, which was previously done on a per site basis. To do this, we have already acquired and integrated a procurement company into the Group,” Seow noted.

“We believe this is a differentiating factor from our competitors as it allows us to better manage our raw material prices and shorten lead times for delivery, which ultimately will benefit our customers and potentially attract new ones.”

As for the Group’s Environmental, Social and Governance (ESG) goals, Seow is focused on optimising the Group’s energy consumption, which will help shrink its carbon footprint. 

“Some of the initiatives we’re working on include exploring the installation of solar panels in our factories, and integrating IoT technologies to improve real-time monitoring of utilities usage and machinery performance,” he said.

“The challenge is to collect accurate data points that can be translated into useful information for our engineers to work on. With this, we can better measure and improve energy consumption by building an energy data model as a baseline which can be used to detect irregular utilities usage.”

Apart from work, this 37-year-old father of a four-month-old son is passionate about golf.

“I like how each game is different, even if you play at the same course. It doesn’t matter where your ball lands, because what matters most is the next shot, and how you proceed from the position you’re at, to the next position you want to get to. This applies in life as well.”

Seow is also inspired by “a better me tomorrow”. “I try to be present in everything I do, which means being deliberate about learning from everything I experience, and making sure I am maturing and wiser every day.”

And his advice to staff? “Be a do-er, don’t procrastinate and don’t make excuses,” he said. “Work hard, work smart, and always do the right thing.”

Fu Yu Corporation Ltd

Fu Yu provides vertically integrated services for the manufacture of precision plastic components and the fabrication of precision moulds and dies. Since its inception in 1978, the Group has grown to become one of the largest manufacturers of high precision plastic parts and moulds in Asia. Today, the Group has established a strong presence in the region with manufacturing facilities located in Singapore, Malaysia and China. Leveraging on over 40 years of operating history, the Group has built a broad and diversified customer base of blue-chip companies in the printing and imaging, networking and communications, consumer, medical, automotive and power tool sectors.

The company website is: www.fuyucorp.com

Click here for the company's StockFacts page.

For the year ended 31 December 2021 financial results, click here.

About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic
Photo: Company file

kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.

For previous editions of kopi-C: the Company brew, please click here.  

For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to jennifer.t@sgx.com.

Labels: Fu Yu
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LHN: Optimising Space for Live-Work-Play Paradigms

Author: SGX   |  Publish date: Fri, 6 May 2022, 9:31 AM


For real estate veteran Kelvin Lim, the twin touchstones of adaptability and diversification are critical to future-proofing a business, and ensuring its continued success amidst constantly evolving industry dynamics.

“Adaptability and diversification are key to the success of any business,” said Lim, the Executive Chairman and Group Managing Director of SGX-listed real estate management services group LHN Ltd. 

“When I joined the company in 1997, its focus was subleasing of spaces. However, I understood that in any kind of business, diversification and adaptation are important for sustainable growth, especially in a fast-changing environment like Singapore. We cannot simply focus on one industry because if we do, our growth will be limited,” he recalled.

“As a result, from a humble set-up with a simple business model of subleasing family-owned warehouses or factory space to industrial users, LHN has expanded into space optimisation, with facilities management and logistics services, to supplement the Group’s operations.”

In the same vein, Lim, who has accumulated over 25 years of experience in the property leasing, logistics services and facilities management businesses, believes in being an open-minded and versatile leader. He was appointed the Group’s Executive Director and Executive Chairman in 2015.

“The world is ever-changing, but with an open and flexible approach, we are always mentally prepared to overcome any challenge,” he added.

LHN has grown from its humble saw-milling roots into a real estate management services company, listing on SGX Catalist in April 2015.

Under its Space Optimisation segment, LHN secures master leases of old and under-utilised commercial, industrial and residential properties, and through re-designing and planning, transforms them into more efficient usable spaces. These properties are then leased out by the Group to its tenants.

“This allows us to grow the business without the enormous capital outlay associated with property acquisitions,” Lim pointed out.

“We further enhance the value and functions of these spaces by providing a full range of value-added services, such as facilities management, car park management and last-mile delivery service, which offer our tenants safe and conducive environments in which to operate and achieve maximum returns from their core business activities.”

LHN’s Facilities Management segment offers cleaning and related services,  including pest control, repair and general maintenance, and car park management services to properties the Group leases and manages, as well as external parties. This business segment also offers energy management and worker’s dormitory management services.

The Group’s Logistics Services segment was established in 2003, and initially provided transportation services for base oil and bitumen to oil majors in Singapore.

“Today, we are Singapore's leading ISO tank logistics and transportation provider, with a self-owned fleet of over 400 vehicles. We offer container depot and container depot management services at four large container depots in Singapore and Thailand, with a capacity of up to 27,200 TEUs,” Lim noted.

With its niche market focus and strong financial performance, LHN Logistics successfully listed on SGX Catalist on 29 April 2022.

“Thanks to our lean and agile corporate structure, we have the advantage in trying new things, learning fast and moving forward. That’s why we’ve constantly explored new areas, and kept ourselves ahead of the curve,” he added.

Leveraging Co-Living Trends

So far, the Group’s outlook remains bright, thanks to rising demand for co-living and self-storage spaces. “The pandemic has resulted in an increased uptake of co-living spaces from local working professionals, young millennials, Singaporean couples and foreign expats,” Lim noted.

“Given these trends, we aim to gradually expand our Space Optimisation business network by adding to our portfolio 1,000 co-living units annually and 1,000 self-storage units biennially.”

Aside from rolling out six Coliwoo properties in 2022, the Group has also unveiled a brand new Coliwoo Hotel concept through the launch of its first co-living hotel property at 40 and 42 Amber Road. It will also subsequently unveil 115 Geylang and 471 Balestier as part of the Group’s Coliwoo Hotel portfolio.

“Our co-living hotel concept will differ from a typical hotel, focusing on creating a community living experience for flexible stays,” Lim explained.

“We expect this segment to grow, with more expats returning to Singapore as borders reopen. We also aim to provide flexible and affordable residential offerings, on the back of the continued increase in rental rates in Singapore.”

For storage spaces, the Group’s Work+Store has seen a steady increase in demand from various target groups, including individuals/homeowners and e-commerce businesses. 

Work+Store is an innovative storage concept that meets the needs of small businesses requiring smaller workspaces with fully integrated storage capacity, accompanied by warehousing, facilities, and last-mile logistics services. 

“As the e-commerce industry continues to thrive, there needs to be a conducive all-in-one space for daily storage and logistical operations, to maximise productivity and efficiency,” he noted.

“This allows for greater flexibility, especially when our users need to upsize or downsize their space to minimise costs and hassle. We will continue to update our offerings – services and facilities – for this target group as their needs evolve in tandem with the growth of the e-commerce industry.”

For its Facilities Management segment, the Group will continue to secure more external facilities management contracts by offering integrated services covering estate and building management, repair, maintenance and cleaning, pest control, as well as sanitisation and disinfection to its customers. 

“We also plan to grow our market share in our carpark management business by offering smart parking solutions to optimise space utilisation,” Lim said.

In terms of its Logistics Services segment, LHN will continue to explore opportunities to expand its transportation fleet, container depot network and logistics customer base in Singapore, Malaysia, and rest of ASEAN.

“Overall, my vision is for us to be a S$500 million market cap company by the end of this decade, with a footprint that spans beyond Singapore, across the ASEAN region and Greater China, providing customers with the right solutions for every stage of their business life cycle,” Lim said.

Smart Talent Management

Despite robust prospects, competitive pressures remain intense, Lim acknowledged.

“Our strategy is to cultivate a lean, adaptable and innovative workforce that is in touch with the market, who can understand and anticipate what our customers need, and constantly evaluate suitable technologies to value-add our services,” he noted. “This has enabled us to compete effectively against our peers.”

Given the Group’s focus on developing its talent, the Great Resignation Wave that swept the globe in 2021 stoked management’s concerns of losing skilled personnel.

“Our employees are our most valuable asset. We believe highly skilled employees drive productivity, and happy employees grow business profit,” Lim pointed out. 

“Hence, it’s crucial for us to constantly look into the personal and professional priorities of our staff, listen to their needs, and support them in developing the career path they want to pursue. Apart from financial incentives, building a nurturing and caring work culture ensures they remain motivated and empowered.”

Apart from its day-to-day operational needs, the Group is also focused on meeting its Environmental, Social and Governance (ESG) targets. 

By restoring old buildings and recycling them into useful, modern spaces instead of demolishing them to build new ones, LHN is already advancing its ESG goals. “By doing so, not only do we increase their rental yield, we also save resources and reduce our carbon footprint,” Lim added.

The Group is also investing about S$1 million to set up 200 Electric Vehicle (EV) charging stations across its properties over the next three years. Solar panels have also been installed across some of its developments. 

“We’re looking to cover most of our rooftop spaces with solar panels by rolling them out in at least three more sites each year. We’re also exploring energy storage solutions to utilise untapped electricity generated by our solar panels to supply power to EV charging stations,” he added.

Work can be all-consuming, but when this 45-year-old father of six is out of the office, self-care and family time are his priorities. 

“Maintaining a healthy body is fundamental to achieving mental strength and resilience,” he said. “That’s why regardless of my busy schedule, I try to maintain a strict exercise and diet plan.” 

Lim also makes it a point to spend quality time with his children. “My advice to my staff is this: Spend as much time with your family as you possibly can. A happy family brings positive energy and results in a great work performance,” he noted.

“A happy family is essentially the motivation for you to overcome all challenges in life.”


LHN is a real estate management services group, with the ability to generate value for its landlords and tenants through its expertise in space optimisation, and logistics service provider headquartered in Singapore. The Group currently has three main business segments: (i) Space Optimisation; (ii) Facilities Management; and (iii) Logistics Services. Under its Space Optimisation business, the Group primarily secures master leases of unused, old and under-utilised commercial, industrial and residential properties and through re-designing and planning, transforms them into more efficient usable spaces, which are then leased out by the Group to its tenants. The Group’s Facilities Management business offers car park management services and property maintenance services such as cleaning, landscaping, provision of amenities and utilities, and repair and general maintenance principally to the properties it leases and manages, as well as to external parties. Under its Logistics Services business, the Group provides transportation services, container depot management services and container depot services. The Group currently operates in Singapore, Indonesia, Thailand, Myanmar, Malaysia and Hong Kong.

The company website is: lhngroup.listedcompany.com

Click here for the company's StockFacts page.

For the full year ended 30 September 2021 financial results, click here.


About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic
Photo: Company file

kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.

For previous editions of kopi-C: the Company brew, please click here.  

For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to jennifer.t@sgx.com.


Labels: LHN
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10 in 10 With China Shenshan Orchard - China's Leading Kiwi Producer

Author: SGX   |  Publish date: Tue, 19 Apr 2022, 8:43 AM

10 Questions for China Shenshan Orchard

Company Overview

China Shenshan Orchard Holdings is a horticultural marketing company in the business of planting, cultivating and selling of kiwifruits in China. The Group holds forest use rights for 8 strategically located orchards. Leveraging on experienced inhouse research and development team, external technology advisory and research partners, the Group aims to become the leading kiwifruit producer.

1. Could you elaborate on the products as well as services provided by China Shenshan Orchard?

  • China Shenshan Orchard is a horticultural marketing company in the business of planting, cultivating and sale of kiwifruits in China. The Group holds forest use rights for 8 strategically located orchards, spanning a total land area of approximately 6.5 million sqm, which is believed to be one of the largest domestic kiwifruit orchards concentrated in the Chibi City, Hubei, China.
  • The Group currently distributes its products via distributors, wholesalers, corporates, and e-commerce platforms.

2. Describe China Shenshan Orchard’s Financial Performance.

  • The Group completed the acquisition of its kiwifruit business and disposal of baijiu business in Jul 2021 and achieved profit after income tax of RMB70.1 million from its kiwifruit business for 6M2021 ending 31 Dec 2021.
  • Revenue grew from RMB49.5 million in 2017 to RMB111.2 million in 6M2021, representing a compound annual growth rate (CAGR) of 17.6%, while net profit has been growing at a CAGR of 29.2% during the same period. The Group has also been maintaining a stable adjusted gross profit margin of 90% to 95% over the period.
  • As part of the government’s policies, the Group is entitled to full exemption of enterprise income tax on profits derived from the kiwifruit business, which is a qualifying agricultural business.

3. What is the competitive edge for China Shenshan Orchard vs its peers?

  • Being the largest kiwifruit producer in China, the Group has a well-established track record with more than 10 years of experience in kiwifruit planting and cultivation in China. The Group also has strong research and development (R&D) capabilities where its in-house technology department is complemented by a team of external technology advisory and research partners.
  • The Group currently holds 83 trademarks and 56 patents for grafting and harvesting methods and devices (e.g. fertilisation mechanism and windproof device for kiwifruit planting, artificial pollination device and cutting device for grafting branches of fruit trees, etc.)
  • The Group has also developed its own kiwifruit varieties and has been granted 6 premium kiwifruit variety rights. It is currently the company with the most premium kiwifruit variety rights in China. The use of advanced technology, automated systems, proprietary kiwifruit cultivars and breeds have allowed the Group to differentiate itself from other industry players and stand out from domestic competitors.

4. Can you elaborate on the harvesting or lifecycle of kiwifruits?

  • The growing season for kiwifruits typically lasts up to 240 days a year while the harvest season takes place from Aug to Sep each year. Sales of harvested kiwifruit will typically occur thereafter, within the same calendar year.
  • Kiwifruit vines typically begin cropping in the 3rd to 4th year of cultivation, reaching full yield potential in the 4th year, and can continue producing for the next 40 to 80 years. The average age of the Group’s plants is approximately 4.4 years.

5. As the harvesting of kiwifruits is seasonal, how can the Group maintain profits during offpeak seasons?

  • The Group is looking for opportunities to venture into the management of kiwifruit plantation and cultivation operations in third-party kiwifruit plantations during off-season.
  • On 5 Jul 2021, the Company’s wholly-owned subsidiary, Chibi Shenshan Xingnong Agriculture Technology (Chibi Shenshan) entered into a memorandum of understanding (MOU) with Chibi Green Industry Development Investment for the joint development of a land area spanning up to or 3.33 km2 located in Chibi City for kiwifruit planting and cultivation.
  • This joint development and cooperation covers a 30-year period commencing from 1 Jan 2022, with a total investment amount of approximately RMB150 million. Chibi Shenshan is responsible for the construction and development of the kiwifruit plantation, day-to-day management, operations over planting and cultivation of the kiwifruit plantation.

6. Could you elaborate on the future direction for the Group’s business segments?

  • The Group intends to scale up its business this year via commercialisation of its kiwifruit varieties and its expertise in kiwifruit planting to third-party kiwifruit growers.
  • This will eventually generate additional revenue stream and spur the next phase of growth for the Group while allowing the Group to expand the planting area of its self-developed kiwifruit varieties without purchasing additional land.
  • The Group will also continue to focus on strengthening its presence in China’s domestic market and expanding its market share in the premium kiwifruit market segment. This includes continued investments in R&D to cultivate premium grade varieties, modernise and digitalise the Group’s agriculture infrastructure and core processes.

7. What do you think are some key drivers or trends in the business segments you operate?

  • Demand for kiwifruits in China has been growing over the years, largely driven by rising disposable income and growing domestic demand for premium-quality fruits with various health benefits. China’s kiwifruit apparent consumption has grown at a CAGR of 16.3% from 2.09 million tonnes in 2014 to 2.66 million tonnes in 20182. China is also a major importer of kiwifruits, ranking second globally in 2020.
  • The Group believes that the kiwifruits industry in China, which grew at a CAGR of 6.2% between 2013 to 20181, offers huge growth potential. China has the world’s largest kiwifruits planting area (72% of the world’s planting area) and production volume (55% of the world’s total kiwifruit production)2.

8. Could you elaborate on how China Shenshan Orchard is intending to tackle the strategy of commercialising kiwifruit varieties and technology?

  • The Group will license standardised kiwifruit variety to farmers free of charge in the first 5 years and commit to purchase qualified kiwifruits from them at a higher price upon harvest, ensuring profits for these farmers.
  • The Group will also provide these farmers standardised planting and production guidelines as well as crop protection plans. We also have a professional technical team to provide consultancy services to the farmers to ensure quality consistency.
  • Besides targeting individual farmers, the Group is also planning to enter into agreements with township governments for the provision of kiwifruit variety and technology licensing.

9. What are some of the key ESG factors that are material to China Shenshan Orchard? How do you address these factors?

  • Sustainability is integral to the success of our kiwifruit business. We believe that kiwifruits have ample vitamins, minerals and fibre, which have health benefits for consumers and help them move towards a plantbased and earth-friendly diet.
  • Leveraging technology and experience, we can improve the yields of our orchards while reducing environmental impacts. There is also a positive social dimension in that we provide employment, skills training and economic benefits to the local communities where our orchards and operations are based.
    • Food Quality and Safety The Group takes great care in ensuring that the kiwifruits it grows and sells is of the highest quality possible. This safeguards customers’ health and satisfaction, protects our brand in the market, and generates steady income to sustain the business in the long term.
    • Human Resource People are the Group’s most precious assets, and crucial in ensuring that the entire value chain runs smoothly, in our innovation process and keep us ahead of our competition. We comply with relevant labour, social insurance and housing fund laws and regulations in China.
    • Environmental Conservation The Group aims to minimise environmental impact and protect natural assets so that our orchards continue to be productive, and our workers and communities can enjoy a clean and healthy environment.

10.Why should investors take a closer look at China Shenshan Orchard?

  • The Group has successfully transformed into a profitable, pure-play kiwifruits producer. The Group is the largest kiwifruit producer in China with well-established track record across the entire value chain and is wellpositioned to tap on the fast-growing kiwifruits industry in China.
  • We believe that the Group's profitability will be further enhanced by the growth of our kiwifruit plantation as well as contributions from the kiwifruit variety and technology licensing business.

10 in 10 – 10 Questions in 10 Minutes with SGX-listed companies

Designed to be a short read, 10 in 10 provides insights into SGX-listed companies through a series of 10 Q&As with management. Through these Q&As, management will discuss current business objectives, key revenue drivers as well as the industry landscape. Expect to find wide-ranging topics that go beyond usual company financials.

This report contains factual commentary from the company’s management and is based on publicly announced information from the company.

For more, visit sgx.com/research.



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