$All-Link A&S(ALK.SI)$ is a regional logistics solutions provider, delivering end-to-end logistics, freight solutions, and supply chain management internationally, with a focus on the ASEAN region, and cross-border e-commerce, and electronics shipments. The Group operates an asset-light business model focusing primarily on freight forwarding, coordination, and value-added logistics services rather than owning fixed assets such as aircraft, vessels or warehouse infrastructure. The Group maintains an established operational footprint spanning core hubs in Singapore, Malaysia, and the Philippines, alongside localised network partnerships across Thailand and Vietnam. Freight forwarding involves facilitating the efficient movement of goods across

Retail flows moving from trading to accumulation Retail investors have net bought close to S$20 billion of Singapore equities since 2020, while combined STI ETF retail AUM has grown fivefold from S$884 million to S$4.2 billion. This AUM also rose 74% over the past 12 months, highlighting how systematic investing has gained ground alongside traditional stock selection during the recent $Straits Times Index(STI.SI)$ rally. The shift suggests regular passive investing is becoming part of the core retail toolkit, with investors increasingly using ETFs to build market exposure through accumulation rather than one-off trading decisions. Regular STI ETF investing captured recent market returns The growth in STI ETF assets has coincided with strong unde

Higher ROE Continued to Attract Higher Valuations  The positive relationship between profitability and valuation remained evident across the SGX small and mid-cap (SMID) universe. Across approximately 220 SGX SMIDs, including S-REITs, median price-to-book (P/B) multiples increased from 0.55x in the lowest return on equity (ROE) quartile to 2.25x in the highest ROE quartile. ROE and P/B recorded a Spearman rank correlation of 0.62. A Spearman rank correlation measures how closely two variables move together when ranked, with a reading of 1.0 indicating a perfect positive relationship. The 0.62 reading indicates a relatively strong positive association, with companies generating higher returns on shareholder capital generally also ranking among those trading at higher valuation multiple