Under The Radar

Using active intelligence to find and back companies creating transformational impact at the intersection of tech and life. That’s what we’re going to talk about today.  Founded in 2014, our guest is Openspace Ventures, a multi-stage investor that looks at Southeast Asian B2C and B2B businesses with a compelling vision for expansion.  The firm looks at three types of targets: (a) Series A and B firms with an established product-market fit and need capital for rapid scaling, (b) Series C and D firms who are market leaders with proven revenue traction but need capital for expansion into new markets or adjacent spaces and finally, (c) firms that belong to the rising asset class of crypto and Web3.  Openspace Ventures currently has 6 funds and over US$800 million under management, supported by regional institutional investors including Singapore’s state investor Temasek, Germany’s DEG, Norway’s Norfund and the Softbank Group.  The VC firm has over 45 portfolio companies under its belt and is one of the early investors into GoTo. Other notable companies it has invested in include Finnomena, Halodoc as well as homegrown fashion label Love Bonito.  But what role has Openspace Ventures played in helping its portfolio companies become who they are today using active intelligence and how far can that playbook be used for other startup targets? Meanwhile, the SE Asia Deal Review compiled by DealStreet Asia revealed in May this year that startups in Southeast Asia raised US$1 billion in equity funding in the first quarter of 2024, down 41 per cent on a yearly basis.  Does this mean that VCs are more selective with investment targets? And given Openspace Venture’s focus on Web 3 firms, how does it screen for quality investments amid the generative AI craze? And is this the time for the firm to cash out on some of its existing investments? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Hian Goh, Founder and General Partner, Openspace Ventures.

Most eateries and restaurants we eat at have a huge signboard at their entrances. But one seafood restaurant chain selling White Pepper Crab, however, doesn’t have one.  You can perhaps already guess who my guest for today is. Started in the 1970s as a humble seafood hawker stall at Mattar Road Hawker Centre selling homemade White Pepper Crab, our guest No Signboard Holdings now prides itself as a lifestyle F&B player in Singapore.  The firm operates concepts such as No Signboard Seafood, Little Sheep Hot Pot and nosignboard Sheng Jian, and was listed on the Catalist Board of the Singapore Exchange in November 2017. It also has a beer business distributing beer brand Draft Denmark here in the lion city. Why are we talking to No Signboard Holdings? Well, the company’s shares have been suspended since January 2022 after it was unable to prove that it can continue operations after the COVID-19 pandemic. Its beer business, Danish Breweries, was also put under voluntary creditors’ liquidation in March that year.  To keep the No Signboard Holdings afloat, the firm signed a rescue deal with Gazelle Ventures in May 2022, where Gazelle Ventures would invest S$5 million in No Signboard. But that wasn’t the end of the story, with the firm seeing a series of legal issues relating to its leadership since that deal.  After two tumultuous years for the seafood restaurant chain, the embattled F&B player got the nod from the Singapore Exchange Regulation to resume the trading of its shares on the 15th of March. But how does the firm intend to turn its business around?  Meanwhile, No Signboard also said in March that it will sell its trademarks under a settlement agreement to its former executive chairman, Lim Yong Sim, former controlling shareholder GuGong and Mattar Road No Signboard Seafood Restaurant.  But what will be left of No Signboard without its so-called ‘no signboard’ brand? And what value does No Signboard present for Gazelle Ventures, without its brand? Is this a case of backdoor listing for Gazelle Ventures? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Lok Pei San, Chief Financial Officer, No Signboard Holdings.

We’re going to talk about a company that is most famously known as a taxi and bus operator here in sunny Singapore.  Formed in March 2003 through the merger of two publicly-listed land transport companies – Comfort Group and DelGro Corporation, our guest is ComfortDelGro, and one of the largest land transport companies in the world.  The company's businesses now include bus, taxi, rail, car rental and leasing, automotive, inspection and testing services, driving centres, non-emergency patient  transport services, insurance broking and even outdoor advertising.  Just to give you a sense of ComfortDelGro’s scale, the firm now operates in 12 countries such as Singapore, Australia, the UK, New Zealand and China, with a global fleet of about 40,000 vehicles.  In Singapore, the company owns 75% of the largest scheduled bus operator SBS Transit, and operates about 9,000 Comfort and CityCab taxis. And if you do drive, the firm is behind the car inspection company Vicom.  But why are we talking to ComfortDelGro you might ask? Well, ComfortDelGro had in May posted a 23.8 per cent year on year increase in net profit to S$40.6 million in Q1 ended March, thanks to higher revenue from its public transport, taxi and private hire vehicles, and lower rental discounts in Singapore and China.  But how does the firm assess its latest performance, and how far is this contributed by Singapore? Meanwhile, the firm had in March told The Straits Times that the rail business is a key pillar for ComfortDelGro that it wants to double down on, with the firm working on tenders in the UK and Sydney. But why is this the case, and could the firm be moving away from its taxi business? The firm had also in February this year acquired UK-based ground transport management and accommodation network specialist CMAC for £80.2 million (S$135.4 million). More recently, ComfortDelGro had in April announced an S$100 million green loan to decarbonise its bus fleet in the UK.  But what is the rationale behind the moves in its overseas markets? Are the UK and Australia stronghold markets for ComfortDelGro and what role does Singapore play in this regard? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Mark Greaves, Chairman, ComfortDelGro.

It is all about advancing the healthcare landscape in the region as we speak to one of the leading providers of integrated medical technology solutions in Singapore and Southeast Asia.  Listed on the Catalist board of the Singapore Exchange, AJJ Medtech Holdings offers over 6,000 products ranging from healthcare consumables such as catheters to medical devices like blood glucose monitoring systems.  The company also offers more sophisticated equipment that can be used for the diagnostic imaging of cancer, as well as dental care-related devices. Some of its customers include public hospitals in Singapore, as well as players within the private healthcare landscape.  But what is interesting about AJJ Medtech Holdings was that the firm was formerly known as OEL Holdings up until February this year. And OEL Holdings wasn’t always in the healthcare space.  In fact, OEL Holdings, which was founded back in 1984 in Singapore, was in the offshore shipyard business until just five years ago in 2019. That was when a new management team was handed the reins of the company to break into the growing medtech sector.  The new management team had seen an opportunity in the rising demand for medical devices, and believed that taking over a publicly listed firm like OEL Holdings and pivoting it into a medical business was an efficient way to gain industry recognition and grow quickly.  But fast forward to today, how has the new management’s perceived "reverse takeover" of OEL Holdings’ helped it deepen its roots in the regional healthcare landscape and tap public capital? Also, where are the bright spots for the firm looking ahead as the population in the region ages, and as countries like Singapore put in additional emphasis on community care? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to  Yulei Zhang, Chief Strategy Officer, AJJ Medtech and Tan Wei Jie, Director of Business Development, AJJ Medtech. 

Founded in 2021, our guest Space Faculty is a business consulting firm and also a pioneer in helping the public and private sectors be a part of the space economy.  The firm’s operations can be segmented into three verticals: one, helping the private sector tap into space-based and deep tech innovations, two, developing national-level STEM 2.0 learning roadmaps for youths and professionals, and three, working with governments to create, expand, and leverage the space industry ecosystem.  For example, the company worked with the Singapore Land Authority to come up with a technology challenge to mobilise youths to develop solutions and prototypes that help SLA’s technologies impact different parts of the community.  It also supports the Office for Space Technology and Industry, Singapore by building a pathway for talent development  through bespoke programmes and industry connection points to complement the education system and meet growing industry demand. Globally, the firm also has a long-term partnership with the US Embassy for the International Space Challenge to showcase the breadth of established and emerging space companies in the global ecosystem, and help them maintain their mindshare in the space industry.  But why are we talking about Space Faculty? Well, McKinsey & Company had in an April report estimated that the global space economy will be worth US$1.8 trillion by 2035, taking into account inflation. That’s a multiple of the US$630 billion seen in 2023.  But where are the untapped opportunities in this space (pun intended) – and how far does that translate into earnings for Space Faculty? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Lynette Tan, CEO, Space Faculty. 

Today we’re going to bring you an inside look into the B2B merchant services and fintech arm of Razer, Fiuu.  Established back in April 2018 as Razer Fintech, Fiuu has grown to become the one of the largest O2O or Offline to Online digital payment networks in emerging markets and has processed over billions of dollars in total payment value.  For one thing, Fiuu recorded a Total Payment Volume, or TPV of over US$6.6 billion for FY 2023, positioning it as one of the largest payment processors in Southeast Asia.  Its business encompasses two verticals namely payment services and reload services. In terms of payment services, the firm supports global scheme cards and over 110 payment methods to power online and offline payments for global and regional blue-chip merchants in Southeast Asia.  On the reload services front, the firm has built the region’s largest offline payment network with over 1 million physical acceptance points. This includes cash-over-counter services like the fulfilment of e-commerce purchases, bill payments and telco reloads and merchant acquiring services for third party e-wallets.  Why are we talking to Fiuu you might ask? Well, the firm was rebranded from Razer Fintech to Fiuu in March this year to reinforce its intentions to become a leading force in the future of digital payments.  But how far does the rebranding initiative allow the firm to move away from its gaming heritage?  Meanwhile, a report by Google, Temasek and Bain & Company noted that digital payments now make up over 50% of transactions in Southeast East Asia. But what opportunities does this provide to Fiuu and Razer? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Limeng Lee, Executive Chairman, Fiuu, and Chief Strategy Officer, Razer.

Optimus Prime is in the house today as we speak to the company behind the Transformers franchise.  Founded in 1923, our guest Hasbro actually started out selling textile remnants and pencil boxes before becoming the leading toy and game company it is today.  Now, the firm aspires to entertain and connect generations of fans through the exhilaration of play.  Some of the names under the company’s portfolio include Play-Doh, Monopoly, Peppa Pig, Transformers, Dungeons & Dragons, Hasbro Games as well as other premier partner brands.  The firm had in April reported a smaller-than-expected drop in Q1 sales as leaner inventories and a steady stream of digital gaming revenue bolstered it from softer demand for toys.  But with Grand View Research valuing the global toys and games market at US$324.7 billion in 2023 and the industry set to grow at a CAGR of 4.3% from 2024 to the end of the decade (2030), how does Hasbro assess its road ahead? Which brands will continue to drive growth? Speaking of brands, the firm appears to be doubling down on its Monopoly brand, especially after the Monopoly Go mobile game reached US$2 billion in revenue in the first 10 months since its launch.  For one thing, it had in April this year signed a deal with LuckyChap, the award winning production company headed by Margot Robbie to produce a motion picture movie based on the Monopoly classic board game.   A Transformers animated movie is also set to release in September. But how far will movie production help Hasbro drive mind-share and profits looking at the success of its competitor Mattel and the Barbie movie?  On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Bhavesh Somaya, Senior Vice President, Asia Pacific, Hasbro.

Phosphate provides a quarter of all nutrients plants need to grow and thrive. It is an essential ingredient in all fertilisers that go to support the crops we eat and use in our daily lives.  And it is all about phosphate today as we speak to one of the world’s largest custodians and suppliers of phosphate-based fertilisers.  Founded over a century ago in Morocco, our guest OCP Group started out as a single mine producing phosphate at Khouribga. Production started in March 1921, with exports done via the port at Casablanca done later that year.  The company diversified over the years, moving to phosphate processing at Safi in 1965 and in Jorf Lasfar in 1984. It also became a state owned company under the Moroccan Government in 2008 and the Banque Populaire du Maroc.  Fast forward to today, the firm’s operations now span across five continents and throughout the value chain ranging from mining, processing, manufacturing, exporting to even education and community development. Just to give you a sense of its scale, OCP now has sole access over 70% of the world’s phosphate reserves.  Some of its products include raw materials like rock phosphate, phosphoric acid, standard and fortified fertilisers, as well as animal feed.  Per the Moroccan World News, the firm reported revenues of 91.27 billion Moroccan Dirhams (or MAD or US$9 billion) in 2023, despite a drop in fertiliser prices. That is lower than the US$11.3 billion in the year prior. But which are the firm’s major demand markets contributing to the numbers and what is the role of Singapore in this regard? And with poor weather conditions affecting the yield of crops like cocoa and Robusta coffee beans – what implications will this have on fertiliser makers?  Meanwhile, the firm had in April raised US$2 billion in a dual tranche Eurobond to fund its green transition plan, but what can we expect here in Southeast Asia?  On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Bhavya Sehgal, General Manager, Singapore, OCP Group.

It’s all about your day-to-day commute today as we speak to the first carpool app developed in Singapore. Founded in September 2014, Ryde leverages technology to facilitate the movement of people and goods by providing on-demand and scheduled carpooling and ride-hailing services.  While the firm has its origins as a carpool app, it has since expanded to provide a full suite of mobility and delivery options , and even established extended product services such as e-payments, taxi bookings and insurance purchases.  Ryde’s services are currently available in Singapore, though the firm has a footprint in other regional markets such as Malaysia, Hong Kong and Australia.  But why are we talking about Ryde you might ask? Well the firm made history in March this year by becoming the first Singaporean ride-hailing startup to debut on the New York Stock Exchange.  The firm has said then that it plans to use the proceeds to expand globally and improve its technology infrastructure. But what is of concern here is that the listing comes at a time when Ryde registered a net loss of S$4.96 million on S$8.8 million of revenues in 2022, per its IPO prospectus. Loss for the six months ended June 2023 also came in at close to S$4 million. So is this the right time for Ryde to double down on capital expenditures and capture market share? Is a flush in investors’ and in particular institutional investors’ money the key to help the firm lay the groundwork towards profitability?  On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Terence Zou, Founder, Chairman and Chief Executive Officer of Ryde Group Ltd.

Today we’re going to talk about a company behind the clothes you buy while on holiday in the US.  This is because that piece of garment you’ve bought from retail giants Walmart and Macy’s could very well be traced back to Singaporean textile and clothing maker Ghim Li! Founded all the way back in 1977 with a collection of six sewing machines and a capital injection of US$3,000, Ghim Li has evolved to become an Asia-wide textile and apparel maker of casual lifestyle knitwear.  The company prides itself as a one-stop shop that integrates various parts of the apparel manufacturing supply chain, providing services from product design, development and commercialisation, material management, production planning and control, to post manufacturing logistics.  Today, the Singapore-headquartered and Australia-listed firm has international sales offices and contracted manufacturing partners in Cambodia, Indonesia, Malaysia, and a workforce of over 8,000.  Its supplies over 62 million pieces of garments a year to some of the biggest Fortune 500 companies such as Macys Aeropostale, Foot Locker, and Walmart, and also provides ODM (Original Design and Manufacture) as well as OEM solutions to customers.  But what has been the company’s secret recipe for success thus far and how far can that be attributed to the firm’s control over its supply chains?  What will be the key drivers of growth looking ahead? Also – how far would the ongoing push for sustainability in the fashion industry influence the way Ghim Li approaches its business? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Felicia Gan, CEO, Ghim Li Group of Companies.