Aztech Global Disastrous Financial Performance and Share Price Since IPO.

Aztech Global listed in March 2021 at S$1.28 per share. Its current share price has plunged by a jaw dropping -47% to S$0.675 per share since IPO. I can't help but feel a sense of Deja Vu as Aztech reminded me of the many short drama plots about "Reborn" and reliving a previous life. Back in March 8, 2021, I have posted a blog on 5 reasons on why I will be giving this IPO a miss. Given that Aztech just recently announced a -21.2% drop in net profit to S$10.8Mil for 3rd quarter ending September 30, 2025 as well as declining revenue for 3rd quarter with a horrendous -19.9% plunge to S$133.5Mil from S$166.7Mil, the probability of it following the old playbook of privatising at a huge discount seems to be imminent (personal thoughts only).  

Aztech is another classic example of why retail investors should not be too fixated on high dividend (7%-8%) yield without considering other business factors such as type of business and associated risks as well as track record of management team.

Venturing Into BYD (Build Your Dream) EV Stock.

Crypto crashed last Friday (Oct 10, 2025) with US$19 billion in valuation being wiped out and 1.5 million folks, in particularly those heavily on leverage, are being margin called and forced to sell off their coins during the worst part of the storm. While most Crypto later rebounded, many Crypto investors had already lost their fortune through forced liquidation at the worst possible time. The stock market is expected to also dive sharply on this week (Oct 13, 2025 onwards) but surprisingly, the decline seems to be a gradual drop in valuation. Nevertheless, there is still some decline in prices for stocks and I decided to add into a new counter, that is, BYD (HKEX: 01211) from the Hong Kong Stock Exchange. 

1. BYD is clear market leader in EV with its own vertical batteries development and sales of EVs

There has been reports online that the new generation solid state batteries are undergoing live testing and maybe giving a range of over 1,200 km in single charge. This is more than 2 times the current range. The current practical range offered by EV is between 400km to 480km which is sufficient for 4-6 days for family usage. The new EV solid state battery from BYD will mean that going forward, drivers will only need to charge their cars once every 2 weeks instead of 1 or 2 times per week. Singaporeans travelling to Malaysia KL or Genting will also be able to complete a back and forth trip without charging their EV. Trial production of BYD EV retrofitted with solid state battery is being planned for 2027 while mass production is targeted for 2030.

So far, BYD, CATL and Toyota seem closest to the completion race of mass production technology of the solid state batteries.

Moreover, since 2024, BYD has surpassed Tesla in terms of EV production and sales. Many countries are also in the midst of phasing out internal combustion engines ("ICE").

BYD Sealion 7 With 480KM Range

2. BYD EV Cars Offer Good Quality and Value

I used to own and drive Japanese cars like Honda and Mazda. Recently, my Mazda car's COE came to an end and I have to look for a new replacement car. For environmental sustainability purpose, I decided to switch from ICE to EV propulsion. After going through many EV brands, I finally settled on BYD. Main reason is cheapest price and the bunch of features thrown in which offers the best value package.

I believe that BYD has its competitive advantage in production due to it producing many of its own components. Also it has been able to attract various international talent like Wolfgang Egger, BYD's Global Design Director. Egger is a renowned automotive designer who previously led design teams at luxury brands such as Alfa Romeo, Audi, and Lamborghini. 

BYD Seal

Parting Thoughts,

Many analysts seems to be projecting 50% or 100% increase in price target (HKD150 to HKD200 +). So, I have decided to start building up a position in BYD. 

Taking a Punt in Keppel DC REIT Rights Issue To Make Small Immediate Profit.

For my thoughts on whether I will be subscribing for this latest rights issue and key application milestone from Keppel DC REIT ("KDC"), please refer to my earlier post. Additionally, have decided to take a punt and make use of Keppel DC REIT ("KDC") rights issue exercise to try to earn some spare cash. The current market price is S$2.40 per unit as at Oct 3, 2025 (Friday) which I think is the peak price for this period. and price will start dropping from this point. Generally, by the time the new units get listed on SGX (Oct 22, 2025), the market price will commence tapering off as some investors will not feel happy with subscribed folks who are getting new KDC units at a discounted S$2.24. So the period from Oct 3, 2025 till Oct 22, 2025 will present an opportunity to maximise making the most money for immediate realisation and usage which I will further elaborate below. In fact, the probability of this one off punt making money is higher than striking the SG Toto's Group 7 prize (striking 3 numbers and winning S$10). 

1. Key Factors to Consider

(a) No major changes in macro-economic outlook or market events causing sudden surge in market prices within this short period;

(b) Able to have the "lobang"(via your stock broker) to get one's hand on the exact same number of excess rights issue as the number of units that one will be selling off immediately so as to maintain the same number of holdings in KDC;

(c) No of units for immediate sell-off should be of sufficient size to make the transactional trading cost (referring to selling cost here as the rights allotment admin fees is just S$2 irrespective of size of the subscription/purchase) worth it.

(d) As alluded to 1(b), if unfortunately unable to get the full 5,000 units of excess rights, then I will re-invest the proceeds into other higher yield SREITs. I believe that KDC current 4% per unit will be easy to beat. 

2. Execution of Plan and Mechanics

On the morning of Oct 6, 2025 (Monday), I have sold off 5,000 units of KDC at S$2.39 per unit for a total of S$11,950 (sold off immediately at S$2.39 bid price as I decided against queueing to sell at S$2.40 per unit).

Subsequently, I have made an excess rights application of 5,000 units of KDC at S$2.24 (totalling S$11,200) on top of my allocated allotment with my stock broker.

3. Mechanics & Targeted Profits

I am targeting for a quick profit realisation of S$750 (S$11,950 less off S$11,200) with the above maneuver by locking in the selling price of S$2.40 per unit as of Oct 6, 2025 morning. 

Parting Thoughts

Overall, I have no interest in increasing my stakes in KDC by too much as it is only yielding 4% and the market price per unit is at a huge premium over its NTA per unit. Market seems to be pricing KDC as a growth stock. Hence I am taking a bet that S$2.40 per unit is the peak market price reached for this rights issuance and to sell off immediately to optimise the profit realisation.

Prime US REIT Short-Changed Existing Unit-Holders With Private Share Placement.

By now, everyone should be aware of the downside of investing in US Commercial REITs listed on SGX. Given the maximum rule of no individual unit-holders can hold more than 9.8% of total units without dismantling with special tax concession granted by Uncle Sam, existing unit-holders will not be able to participate in rights issue. Instead existing unit-holders have to watch their investment get diluted at the worst possible time.

Financial Highlights

Prime US REIT remains in great peril with aggregate leverage level of 46.7% albeit the gradual but slow recovery in US Offices occupancy rate. While Manulife US REIT is in a far worse condition, this gives scant comfort to existing unit-holders of Prime US REIT. The current strategy of suspending bulk of the dividends distribution from Unit-holders to finance CAPEX seems not to be working well as on September 25, 2025, the management of Prime US REIT announced a private placement of 129.2Mil new units to raise approximately US$25Mil at a 10% discount of average market price of US$0.215 per unit. This led to an immediate dip in market price of Prime US REIT to US$0.199 per unit as at Oct 3, 2025. 

Parting Thoughts

Existing loyal retail unit-holders remain adversely short-changed by the management of Prime US REIT with this dilutive move. I hope that the management of Keppel Pacific Oak US REIT does not get inspired by this terrible move while trading at a huge discount to NAV per unit.