AvePoint

Iggy’s Journal: SGX Weekly Review: One Winner Trades in US Dollars, One Is Also US-Listed. What Changes for You?

Sunday 25 Oct 2026 | Afternoon

The Numbers

From the weekly review: JMH rose a little over 5% in US dollars across the five trading days. AvePoint, another name in the review, is listed in both the United States and Singapore. $AvePoint(AVP.SG) 

An illustration from the episode, with made-up numbers: a share priced at US$10 rises to US$10.50, a gain of 5%. A S$13 starting value becomes S$13.02 after the exchange rate weakens, which implies a move from about S$1.30 to S$1.24 per US dollar (my back-calculation).

My Personal Take

A percentage without its currency is half a sentence. In the example, a 5% gain in US dollars moved a S$13 holding by 2 cents. The AvePoint half interests me more, because a company listed in two places may announce on the American schedule.

📺 YouTube: https://youtu.be/2lxBrQHDPVE

Cheers, Iggy 🦖

Not financial advice. Iggy’s Forensic Compliance Standards apply.

Happy to close the day and week green with the help of these stocks - most are from the watchlists I share every day:

$AvePoint(AVP.SG)

AvePoint: Growth story worth watching, but don’t chase

AvePoint’s SGX secondary listing gives Singapore investors access to a U.S.-listed SaaS business riding the growth of cloud, AI governance and data protection. The opportunity is compelling, but the stock deserves some caution after its recent rally.

Fundamentally, FY2026 is shaping up well. Q2 revenue rose 22% YoY to US$124.5 million, while SaaS revenue grew 27%. ARR reached US$465.1 million, up 27%, with net retention at 111%. Management guides for FY2026 revenue of US$508.5–512.5 million and ARR of US$522.1–528.1 million. Cash stood at US$417 million, against only US$27 million of debt, providing a strong balance sheet.

The valuation is less comfortable. At roughly US$14.07 on Nasdaq, market capitalisation is about US$3.0 billion. That equates to approximately 5.8x FY2026 sales and about 30x guided non-GAAP operating income. Investors are therefore paying for continued double-digit growth and margin expansion.

Technically, momentum has improved. The share price sits above its 50-day and 200-day moving averages, while RSI around 65 indicates positive momentum without being clearly overbought. However, the stock is close to its 52-week high, increasing the risk of profit-taking.

The investment case is therefore cautiously optimistic rather than outright bullish. AvePoint has real recurring revenue, improving profitability, strong cash generation and exposure to AI governance. But at current levels, expectations are already elevated.

For Singapore investors, the SGX listing improves accessibility—but it does not make the underlying U.S. SaaS valuation any cheaper. Waiting for a pullback or stronger earnings confirmation may offer a better margin of safety.

Not financial advice.

Iggy's Journal: STI Closes 5,699.93 as Frencken Falls 7.48%

28 August 2026, PM

Market Data:

STI closed 5,699.93, up 15.81 points or 0.28%, ShareInvestor prints, delayed. Session high 5,700.52, low 5,673.55, open 5,684.38, previous close 5,684.12.

Related boards: FTSE ST All-Share 1,276.07, up 0.22%. Financials 2,560.05, up 0.59%. Catalist 198.35, down 0.93%. Energy 967.34, up 1.50%.

On the stocks tape, AvePoint rose 6.16% to 17.93. DBS closed 76.15, up 0.66%. SGX 25.51, up 0.87%. Frencken closed 2.35, down 7.48%. AEM 8.85, down 2.43%. Among actives, Addvalue Tech printed 0.169, up 4.97%, volume 228,535.9 thousand.

Just Reporting:

This is a close tape, not a zone day. The index finished green and Catalist finished red, and those are different boards, not the same story. Frencken's 7.48% print is the session, not a forensic call, and the name is still not on the ledger. I am not restating AEM from this tape. ShareInvestor's gainer list is sorted by dollar change, so the SPDR and gold ETFs sit at the top without being the day's real movers.

Not financial advice. Iggy's Forensic Compliance Standards apply.

Cheers, Iggy 🦖