iWOW Technology: A Game-Changing Contract Win

iWOW Technology has secured a significant contract to design, supply, install, commission, operate, and maintain Singapore’s first large-scale, battery-operated wireless emergency distress system, known as WAAS. This system targets the vulnerable elderly living in public housing. The contract, awarded by a Statutory Board, marks a milestone for the company and significantly boosts its order book.

The new contract increases iWOW Technology’s order book to SGD 130 million, reflecting a 55% jump (or SGD 46 million) from the previously reported figure as of October 31, 2024. This development positions the company for enhanced growth, and there is potential for additional value through optional eldercare solutions or an extension of the current contract.

Recommendation: Positive. This contract win solidifies iWOW Technology’s position in the eldercare technology market and boosts its growth trajectory.

SingPost: Leadership Changes Amid Business Focus

SingPost has announced the resignation of Shahrin Abdol Salam, who served as CEO of Singapore operations. Salam is leaving to pursue opportunities outside the company. His role involved overseeing SingPost’s domestic mail and parcel business. Following his departure, Neo Su Yin, who was recently appointed as Group COO in January 2025, will assume additional responsibilities as CEO Singapore.

Neo Su Yin brings a wealth of experience, having previously led the Singapore business unit from November 2021 to May 2024. A seamless transition is anticipated as Neo is already familiar with the operations and challenges of the domestic business.

Recommendation: Neutral. While the leadership change introduces some uncertainty, the continuity provided by Neo Su Yin may mitigate potential disruptions.

Sembcorp Industries: Sustainability Goal Missed

Sembcorp Industries has reported that it will miss one of its key 2025 strategic targets—achieving 70% of its net profit from its sustainable solutions business. This outcome means that the company’s management will forfeit compensation tied to this specific sustainability goal.

The missed target is attributed to strong performance in Sembcorp’s gas segment, driven by pricing dynamics, and the recent acquisition of Senoko Energy, which bolstered earnings. While the miss is not entirely unexpected, it underscores the challenges in balancing sustainability goals with market-driven operations.

Recommendation: Neutral. The company’s robust gas segment performance provides a silver lining, but missing the sustainability target raises questions about future strategy execution.

NIO Inc.: Strong Vehicle Deliveries in January 2025

NIO Inc. reported an impressive 13,863 vehicle deliveries in January 2025, representing a 37.9% year-on-year increase. The sales breakdown includes 7,951 vehicles from its premium smart electric vehicle brand, NIO, and 5,912 vehicles from its family-oriented smart vehicle brand, ONVO.

Cumulative deliveries by the company reached 685,427 by the end of January 2025. This growth highlights NIO’s ability to capture market demand across its product lines and its expanding footprint in the EV market.

Recommendation: Neutral. While the delivery numbers are strong, further insights into profitability and margins are essential to gauge long-term investment potential.

mm2 Asia: Financial Troubles for Cathay Cineplexes

mm2 Asia faces challenges as its associated company, Cathay Cineplexes, owes over SGD 2.68 million in rent to various landlords, including Frasers Centrepoint Trust (FCT). On February 3 and February 10, 2025, Cathay Cineplexes received letters of demand for SGD 2.2 million from FCT, which owns Causeway Point. Additionally, Cathay received demand letters for SGD 480,000 in arrears at Century Square.

mm2 Asia is actively engaging with landlords to resolve the matter amicably while minimizing business disruptions. The company is also considering a potential restructuring of Cathay’s business and financial obligations to address these challenges.

Recommendation: Negative. The financial difficulties at Cathay Cineplexes pose significant risks, and the potential restructuring adds further uncertainty.

Conclusion

The February 4, 2025 report by Maybank Research Pte Ltd offers critical insights into the performance and developments of several companies. iWOW Technology stands out with its major contract win, while SingPost and Sembcorp Industries face transitional and strategic challenges, respectively. NIO Inc. continues to show robust growth in vehicle deliveries, and mm2 Asia grapples with financial hurdles at Cathay Cineplexes. Investors should assess these developments carefully as they present diverse opportunities and risks across sectors.