Under The Radar

It’s all about salmon and trout today as we talk to one of the suppliers of land-based fish farming facilities.  Founded in 2017, Assentoft Aqua is a Danish aquaculture engineering company.  It provides fish farmers with what’s known as RAS or Recirculatory Aquaculture Systems that save space, pipes and minimises carbon footprint and the amount of investment needed per produced ton of fish.  The firm has worked on about ten projects in Denmark, Norway, Canada, Ireland and Poland since the business started about seven years ago, with an annual production capacity of about 400 tonnes each. Assentoft Aqua set foot in Singapore in July 2020, and was also behind a US$33m high-tech trout farm in Neo Tiew that could produce about 1,200 tonnes of rainbow trout every year. That’s about 25% of local farmed fish production in 2022.  But why did the firm decide to move into a relatively smaller market in Singapore, given how it was previously focusing on European and Nordic markets? Meanwhile, with food supply chain resiliency thrust into the spotlight amid the pandemic, and countries around the world focusing on self-sufficiency, what does that mean for Assentoft when it comes to demand for modern farming facilities and systems?  On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Matthew Tan, Chief Executive Officer, Assentoft Aqua Asia.

Today we’re going to talk about a company that you would have come in contact with on a day to day basis. Make a guess – this is a company that started as a bakery brand making pork floss buns.  Bingo if you’ve guessed Breadtalk. Founded in 2000, Breadtalk Group is now an F&B group with multiple concepts ranging from bakeries, restaurants  and even food atriums.  With close to 700 retail stores spread across 16 markets in Asia, the Middle East and the  United Kingdom, the company’s portfolio comprises direct owned brands such as BreadTalk, ToastBox, Food Republic, So Ramen and Thye Moh Chan.  The company also counts Din Tai Fung, Song Fa Bak Kut Teh and Wu Pao Chun Bakery as its partner brands. But why are we talking about a brand that most of us would know of? Well, the past four or five years have been full of changes for BreadTalk.  In 2019, the Group bought over food court operator Food Junction in a deal worth S$80 million to obtain additional revenue streams.   And in 2020, the firm’s founder George Quek offered to take the then SGX-listed firm private. It was also that year that the firm cut salaries temporarily amid the COVID-19 pandemic.  A year later, a consortium led by mainboard-listed Lian Beng Group bought over BreadTalk’s IHQ Building in Tai Seng in a S$118 million sale and leaseback deal. Meanwhile, the firm also came up with new concepts like Tau Sar Piah brand Thye Moh Chan and First Street Teochew Fish Soup. It even unveiled a Toast Box Coffee House in Tiong Bahru last year. It seems like there are many moving parts for the firm all happening within the past few years. But what were the reasons behind each of the moves, and how did the firm take the time to reconfigure its business and develop new revenue streams for the future? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Hoo Hoe Keat, Chief Business Officer, BreadTalk Group.

It’s all about helping smaller companies gain access to green financing today.  While companies may think that they need to collect vast amounts of data to track sustainability goals, the fact is that a bulk of that required may have already been tracked in their day-to-day processes. This can be data on their electricity consumption, or carbon emissions, collected automatically through the firm’s existing fleet management or building management systems. But how should firms go about extracting and making use of that data to obtain more capital?  Well, that’s the work of our guest STACS. Founded in 2019, Stacs is Asia’s leading ESG data and technology company.  It collates information from companies’ day-to-day operations as well as data providers like Refinitiv, and presents them in a user-friendly interface to help financiers better understand where the firm is at when it comes to meeting ESG goals. For STACS, its interface is called the ESGpedia. Named after “Wiki-pedia”, the AI-enabled platform powers a number of sustainability related initiatives, including the Monetary Authority of Singapore’s Greenprint ESG Registry.  Currently, the platform covers over five million sustainability disclosure data points, with more than 180,000 companies’ sustainability data. This allows banks and corporates to access accurate, consistent and comparable data on one registry for financing purposes.  But how does it work exactly and how does STACS monetise its platform? Also – how much money is up for grabs for STACs in the near term? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to  Benjamin Soh, Managing Director, STACS.

Today we’re going to bring you an inside look into a luxury brand called Bally. This is a brand that many may have heard about but yet not exactly know about.  Some might think of Bally as a company with a rich heritage in shoemaking, but it was actually founded in 1851 as a family run ribbon factory, three years before Louis Vuitton was born.  The firm expanded rapidly as it industrialised its processes in 1854, and set up stores in Montevideo, Uruguay Paris and France. Today, Bally offers unique designs across shoes, accessories and ready-to-wear, driven by a dedication to craftsmanship and a contemporary aesthetic.  The company has a distribution network of over 320 retail stores and 500 multi-brand points of sale spanning across 60 countries worldwide, including a global e-commerce platform serving 58 countries. Why are we talking about Bally you might ask? Well, the past five years or so have been a roller coaster ride, after a sale agreement in 2018 to Chinese textile company Shandong Ruyi fell through.  At that time, the brand is also one where people know, but yet are not compelled to purchase from, which meant challenges on top and bottom lines.  All of that meant a change in strategy for the firm’s management, which took the chance to reassess its positioning in the luxury wear industry and to transform the shoemaker into a luxury fashion powerhouse focusing on its Swiss utilitarian chic designs.  For one thing, the firm cut its teeth in clothings and had in September last year staged a joint fashion show in Milan with a new creative director.  The show was a hit and drew positive responses at a time when Gucci and Tom Ford – which by the way also had new creative directors lead their show – drew mixed responses. So how has a “Swiss Utilitarian” positioning strategy for Bally worked as it expands beyond shoes? What does it mean where money is concerned? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Nicolas Girotto, CEO, Bally.

Today we’re going to talk about a company whose products and services are used by over 1.4 million customers and over a billion users in more than180 countries.  Make a guess – how does eSignature company DocuSign sound? Founded in 2003, DocuSign is a pioneer of electronic signatures and helps businesses automate how they prepare, sign, act on and manage agreements. Put simply, it is a tech firm that allows users to digitally sign in a secure manner. DocuSign’s platforms currently have over 400 pre-built integrations with popular business applications, and is also able to seamlessly connect with customers’ websites, mobile apps and custom workflows.  The firm sees millions of transactions a day and counts some of the biggest corporations as its customers – with Singtel, CapitaLand, Canva, Tokopedia and Guzman Y Gomez among those using its services.  In particular, it saw a boom in demand over the pandemic as businesses shifted their operations online. But with the resumption of in-person meetings post-pandemic, what will this mean for DocuSign when it comes down to finances? Speaking of the future, the firm is doubling down on innovation. One of its most recent features allows users to send real-time notifications on WhatsApp that directly link to agreements to enable quick and secure signing. But how crucial is innovation to top and bottom lines for DocuSign?  Meanwhile, - Reuters reported in January that Bain Capital and Hellman & Friedman are competing to acquire the firm with a market value of about US$12.5 billion. But what can we expect on this front? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Shaun McLagan, Group VP and General Manager for APJ, DocuSign.

The market for hard-to-find fashion and electronics is heating up with Gen Z and millennials consumers increasingly valuing self-expression and individuality.  And one way for consumers to purchase these rare items is through the secondary market and in particular through e-commerce platforms.   But in a situation where the supply is limited and demand is high, how do consumers determine what is a fair price to pay for the items, and if the product they purchased is authentic?  Well, that’s exactly the work of our guest for today, StockX. Founded in 2016 in Detroit, StockX is a global platform for trading and consuming current culture.  It provides access to high-demand products like sneakers, shoes, apparel, electronics and collectibles that are often unavailable at traditional retailers.  For one thing, its product catalogue consists of over 200,000 products from hundreds of brands including Jordan Brand, adidas, Nike, Supreme, Off-White and Louis Vuitton.  The marketplace also connects buyers and sellers using dynamic pricing mechanics, just like the stock market, allowing users to buy and sell their most coveted items at their true market price. All products sold via the platform will also need to be sent to StockX to be verified for their authenticity and quality before payment is released to sellers.  So far, the firm said it has facilitated over 50 million lifetime trades with an average of 30 million visitors to its platform every month in the year of 2023. Also – which are the top traded and fastest growing brands, and how does the firm navigate its relationships with these brands?   In terms of corporate developments, the company’s valuation jumped to US$3.8 billion in April 2021 after it closed a US$195 million secondary tender offering and an additional US$60 Series E-1 primary shares.  But how is valuation looking like three years down the road, and any IPO plans for private investors to cash out? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Greg Schwartz, President & Chief Operating Officer, StockX.

Today we’re going to bring you an inside look into a pizza company that grew from a food truck from South Korea to a so-called ‘baby unicorn’ by South Korea’s Ministry of SMEs and Startups.  Founded in 2016, GOPIZZA is an AI powered single serve pizza brand that was known for the incorporation of technology in its operations.  For one thing, it developed a parbaked dough recipe and an oven called Goven that allows pizza dough to be pre-made in factories and heated up within a matter of minutes at outlets, allowing pizzas to be served at a fast pace – just like hamburgers. Aside from that, the startup also uses a smart AI topping table that guides employees on what toppings to put on their pizza and even has a camera that monitors and rates employees on how well they make their pizzas to ensure standardisation. The firm opened its first brick-and-mortar outlet in 2018 and has since expanded to some 200 stores across South Korea, Singapore, India and Indonesia as of the end of last year. But how profitable is it to operate such a tech-enabled pizza chain?  How does the firm position itself against traditional pizza chains, as well as newer entrants with similar propositions?  Meanwhile, GOPIZZA is also on the charm offensive to expand globally and in particular in Thailand and the US. But what opportunities does it see in the markets and how will its VC backers, the likes of Mirae Asset Securities and CJ Investments support the firm’s growing ambitions? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Jay Lim, Founder and CEO, GOPIZZA.

Satellite technology has brought about a number of benefits for people on the ground, such as improved weather forecasting and communications.  In particular, a type of satellite called the Synthetic Aperture Radar or SAR satellites, can monitor ground activity 24/7 and penetrate rain, smoke and cloud cover, allowing governments to monitor weather conditions such as tropical storms and wildfires.  And that’s exactly what our guest does. Established in 2018, Synspective is a Japanese end-to-end satellite data and solution provider. The startup has a SAR satellite constellation that enables high-frequency and high-resolution Earth observation.  It combines the data collected with machine learning and data science techniques to derive insights on issues such as flood damage, land displacement and forestry inventory management. The insights are then provided to both private and public sector clients, such as government agencies.   But why are we speaking to Synspective? Well, the firm is seeing a number of interesting developments of late.  For one thing, it was awarded a 4.1 billion yen grant by the Ministry of Economy, Trade and Industry Japan  to develop innovative applications using SAR satellites as at the end of 2023. So what can we expect on this front? Meanwhile, the startup also signed an agreement with Uzbekistan’s Centre for Space Monitoring and Geoinformation Technologies and the national space agency of Kazakhstan, the Kazakhstan Gharysh Sapary in January to carry out research or develop new applications to collect data for disaster management. But how far is Central Asia a bright spot for Synspective? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Vincent Kessler, General Manager Synspective SG.

Investing in next-generation infrastructure for the future – that’s what we’re going to talk about today.  Named after the tallest tree in Singapore, Seraya Partners is a Singapore headquartered private equity firm that focuses on mid-market Asia infrastructure.  The firm invests in areas such as digital infrastructure and the energy transition, and aims to address what it describes as “the region’s burgeoning trillion dollar infrastructure gap” amid mega trends such as intensive climate change, rapid urbanisation and ageing infrastructure. So far, the Seraya Partners raised S$800 (or S$1.08 billion) for its Asia infrastructure fund that focuses on digital infrastructure and energy transition investments in what’s said to be an oversubscribed round.  The PE company said it secured capital from global institutional investors including sovereign wealth funds, pension funds, insurers and family offices in North America, Europe and Asia Pacific.  Limited partners included Asian Infrastructure Investment Bank, Alberta Investment Management, as well as funds and accounts managed by BlackRock.  The firm added that 50 per cent of funds had already been allocated to data centre operator Empyrion DC, offshore wind farm vessel operator Cyan Renewables and solar, wind and energy solutions developer Astrid Renew. But how much money is in this pool? What is the ROI expected by the participants in its Asia infrastructure fund? Also – where is the firm looking to deploy the remaining funds?  On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to James Chern, CIO and Managing Partner, Seraya Partners. 

It is all about the bowl of noodles we eat as we speak to one of the leading restaurant groups in Hong Kong today.  Bingo if you’ve guessed Tam Jai International, the company behind the TamJai Yunnan Mixian, Tam Jai SamGor Mixian and Japanese udon brand Marugame Seimen.  Listed on The Stock Exchange of Hong Kong Limited since October 2021, Tam Jai International has rapidly expanded its global reach and has a footprint of over 200 stores across markets such as Hong Kong, Mainland China, Singapore and Japan.  In Singapore, the firm has 11 stores under the brand name TamJai SamGor. But how far is this done through a franchise model?  Which is the most important geographical market for the firm for TamJai International?  Also – how far has the export of other brands such as LuckIn Coffee and Mixue helped improve the reception of products like Mixian in markets outside of the Greater China region?  Speaking of expansion, the firm recently entered into a joint venture agreement with ST Group Food Industries Holdings to expand into Australia, marking the Group’s first foray into a Western market and through a franchise model.  The Group also announced a potential franchise partnership with a subsidiary of Philippine conglomerate Suyen Corporation on its proposed entry into the Philippine market.  But what can we expect on this front and how far will a franchise model reshape Tam Jai International’s growth trajectory? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Daren Lau, Chairman, Executive Director and CEO, Tam Jai International.