ATTIKA SP
Data-centre fit-out pivot, high-spec contracts, and small-cap dividend support
KEY INSIGHTS #1
Data-centre and clean-room pivot gives Attika a higher-quality growth angle.
Attika secured S$26M of new contracts in November 2025, with the largest being a Singapore data-centre interior fit-out contract representing close to 80% of the combined value. The same announcement also included a clean-room contract for the automotive and industrial sector, which is strategically important because data centres, clean rooms and advanced manufacturing fit-out work have higher technical entry barriers than ordinary office refurbishment.
KEY INSIGHTS #2
Better margin and dividend policy create a small-cap yield/value support.
Despite lower FY2025 revenue, Attika reported 19.3% net profit growth to S$3.4M, supported by gross margin expansion to 20.5% from 15.1% in FY2024. The company also aims to distribute a 35% dividend payout for FY2026 and FY2027, which matters for a thinly traded small-cap because capital return can help anchor valuation while investors wait for data-centre revenue conversion.
STM SP
FPSO backlog conversion, offshore upcycle, and execution credibility rebuild
KEY INSIGHTS #1
Deepwater oil capex remains supportive, with Petrobras FPSOs anchoring visibility.
Seatrium’s strongest near-term revenue visibility is still from large offshore production projects. The key anchor is the Petrobras P-84 and P-85 FPSO contracts, valued at about S$11B, with construction across Brazil, China and Singapore and final delivery expected in 2029. This matters because deepwater FPSO work is high-complexity and multi-year, giving Seatrium a stronger backlog profile than a short-cycle ship-repair name.
KEY INSIGHTS #2
Offshore wind risk is being ring-fenced, improving earnings quality.
The Maersk offshore wind vessel dispute was a key overhang, but Seatrium reached a settlement in December 2025, with Maersk to pay the remaining US$360M balance on a US$475M contract, including an interest-bearing credit arrangement for part of the amount. The vessel was around 99.8% completed at the time. This reduces uncertainty and supports the broader thesis that legacy project risk is being worked down, allowing investors to refocus on FPSO execution and new order conversion.
9903 HK
Domestic GPU scarcity, ByteDance optionality, and capital raise overhang
KEY INSIGHTS #1
China AI compute substitution is the core scarcity trade.
The stock is a direct beneficiary of China’s push to build domestic alternatives to Nvidia, especially as US export restrictions continue to reshape AI accelerator procurement. Reuters reported that ByteDance is in talks with Iluvatar CoreX to buy inference chips, which would be a meaningful commercial milestone because Iluvatar has historically been more exposed to government procurement. A ByteDance win would validate the product outside state-linked channels and move the stock from “policy proxy” toward “commercial AI supplier”.
KEY INSIGHTS #2
Capital raise funds the roadmap, but creates near-term supply pressure.
Iluvatar is raising about HK$7.07B via a new H-share sale at HK$476 per share, a 15% discount to its prior close, with proceeds for R&D, product iteration and technology upgrades. Strategically, that is positive because AI chips are capital intensive and product cycles are unforgiving. Tactically, it creates overhang because the placement resets the near-term reference price and adds supply after a sharp post-IPO rally.
2518 HK
China auto demand is still active, but platforms need to monetise differently
KEY INSIGHTS #1
China infrastructure remains a policy support tool, but growth is slower quality now.
China’s auto market remains high-volume and competitive, especially in EVs and lower-tier cities. That helps traffic and content relevance, but it also pressures legacy dealer lead-generation economics because automakers and dealers are spending more selectively. For Autohome, the market is no longer paying for “online auto portal dominance”; it needs evidence that the platform can monetise transactions, used-car services and data products at scale.
KEY INSIGHTS #2
Marketplace and new businesses are the optionality, but margins must prove durability.
The segment mix is changing. In 3Q25, online marketplace and others revenue rose to RMB816.4M from RMB617.8M a year earlier, while lead-generation revenue fell to RMB663.7M from RMB830.7M. That tells you exactly what the market is debating: legacy leads are declining, but transaction-led and marketplace revenue can offset if unit economics improve. The stock re-rates only if the new mix stops compressing margins.
NVDA US
AI infrastructure leader with China upside and a sustained product-cycle runway
KEY INSIGHTS #1
China reopening and the Rubin roadmap extend NVIDIA’s growth runway.
NVIDIA remains the leading full-stack AI computing platform, supported by its GPUs, networking, CUDA software and complete AI systems. China’s potential approval for selected companies such as Alibaba, ByteDance and DeepSeek to purchase limited quantities of H200 chips creates incremental revenue upside that was not included in management’s prior outlook, while the transition from Blackwell to the more powerful Rubin platform in 2H26 provides the next major product catalyst. However, China purchases may remain below 200,000 chips and require case-by-case approval, making this upside optional rather than part of the base case.
KEY INSIGHTS #2
AI infrastructure demand remains constrained by compute and memory supply.
Global demand for AI training and inference continues to exceed available computing capacity, supporting sustained spending on NVIDIA accelerators and associated infrastructure. Strong investor demand for SK hynix’s US listing, which was reportedly more than seven times oversubscribed, reflects expectations of continued growth in high-bandwidth memory, a critical component of NVIDIA’s AI systems. NVIDIA also expects the current memory-chip shortage to persist for several years, reinforcing the view that the broader AI infrastructure cycle remains supply-constrained rather than demand-limited.
CRWD US
Well positioned for a software rebound with accelerating recurring growth
KEY INSIGHTS #1
Falcon is expanding into the security control plane for enterprise AI.
CrowdStrike continues to expand beyond endpoint protection into cloud, identity, SIEM, browser and AI security through the unified Falcon platform. In 1Q27, revenue rose 26% YoY to US$1.39bn, ARR increased 24% to US$5.51bn and free cash flow reached a record US$468mn, prompting management to raise its full-year net new ARR growth guidance. Its partnerships with OpenAI, Anthropic, AWS, NVIDIA and major AI-gateway providers further strengthen Falcon’s position as a security control plane for enterprise AI adoption.
KEY INSIGHTS #2
Software rotation and AI-driven cyber risks support a re-rating.
Investors are beginning to revisit beaten-down software names after concerns over AI disruption drove a broad sector sell-off, favouring companies with durable recurring revenue and clear AI monetisation. Cybersecurity is particularly well positioned because rising AI infrastructure investment also increases the number of cloud workloads, agents, identities and data flows requiring protection, supporting resilient security budgets and potential valuation recovery for CrowdStrike.
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