• AvePoint Inc., already listed on NASDAQ, completed a secondary listing on the SGX in Sep 2025, becoming the first U.S.-headquartered SaaS company to dual list in Singapore.
• Global AI spending is forecast to grow 49.5% YoY to US$2.7tn in 2026, while 73% of organisations already operate hybrid-cloud environments. Rising AI-related data, security and cost complexity increases the need for an independent governance layer, supporting demand for AvePoint’s data protection, governance and cost-optimisation solutions across multiple cloud ecosystems
• We initiate coverage of AvePoint Inc. with an ACCUMULATE rating and a target price of S$20.00. Our valuation is based on a DCF analysis, utilising a 7.9% WACC and a 5.0% growth rate.

Overview BLOKS is a leader in China’s assembly character toys market. The company holds over 500 patents, possesses original IP capabilities, and has non-exclusive licenses for approximately 50 well-known IPs. Its product positioning is “high quality at a reasonable price.” Leveraging its product strength and supply chain advantages, BLOKS maintains cost competitiveness while continuously expanding its product categories. The company has established a multi-channel sales network, and since 2022, has primarily focused on offline channels centered on distributors. According to...
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Overview POP MART is primarily engaged in the design and development of trendy toys. It operates a comprehensive platform covering the entire industry chain of intellectual property (IP) for trendy toys, with businesses including IP incubation and operation, trendy toys and retail, theme park and experiences, and digital entertainment. The company’s products include blind boxes, figurines, ball-jointed dolls (BJD), MEGA, plush toys, and derivatives, among others. Its self-developed products primarily feature artist-owned IPs such as THE MONSTERS, MOLLY, SKULLPANDA, and...
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