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Sweet Revenue, Sour Margins — Why Melvados Should Be Banking It (But Isn't)

Skirted Expectations: Introduction Melvados, the frozen gourmet food brand under Foodedge Gourmet Pte Ltd, is a textbook example of a business that looks better on paper than it performs on the bottom line. With a 20,000 ft² central production facility, hundreds of B2B clients including Singapore Airlines, Hilton, and FairPrice, and an expanding retail footprint in Singapore, it should, in theory, be printing cash. Its product mix — long shelf-life, high convenience, and indulgence-oriented — sits squarely in the post-COVID consumer sweet spot. However, despite years of growth and diversification, Melvados remains only modestly profitable. Founders describe Melvados's financial stance as “running lean” and “focused on sustainability,” rather than growth or returns. It appears that margins are thin and cash flow is tighter than a business of this scale should allow. Today's blog features a more brief, casual analysis on why Melvados, despite serving a portfolio of major corporat...
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Watt the Future Needs: First Solar and the ESG Gold Rush

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A Quick Snapshot of the Photovoltaic Industry In 2024, global temps hit a record 1.5℃ above pre-industrial levels, sparking a carbon surge driven by coal-fueled cooling needs, adding 100 million tonnes of CO₂, almost double China’s annual emissions. The urgency for low-carbon energy solutions is a present, investable imperative. However, biofuels aren’t guilt-free either, releasing plenty of carbon when burned. Hydropower’s stable but costly and limited by location, while wind’s cheap and quick to build, but its noise and “not-in-my-backyard” vibe slow adoption.  Solar modules stand out as the most scalable and modular option, ideal for both residential and commercial applications. Solar power might be the face of the clean energy revolution, but dig a little deeper, and the picture gets murkier. While the world rushes to install panels and slash emissions, the vast majority of solar modules are made with polysilicon sourced from carbon-intensive, ethically controversial supply ch...
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Singapore's EV Market— A Goldmine for Hedge Funds and Search Funds?

An Overview of Singapore's EV Market According to Statista, in 2025, the Electric Vehicle (EV) market in Singapore is projected to reach a revenue of US$223.2M and is expected to exhibit a compound annual growth rate (CAGR 2025-2029) of 7.13%, resulting in a projected market volume of US$294.0M by 2029. Singapore’s EV market is quickly becoming a cornerstone of the nation's sustainability strategy. With the government’s Green Plan 2030, which aims to phase out internal combustion engine vehicles by 2040, Singapore is setting itself up to lead the region in green transportation. The government’s significant investments in EV infrastructure—targeting 60,000 charging points by 2030—along with attractive tax incentives and green bonds, are creating a fertile environment for investment. The market is composed of 3 key segments:  1. The EV manufacturing and distribution network, including both established global automakers and emerging local players, which could be ripe for consolida...
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Direct Investment in Singapore Real Estate— A Lucrative Gateway to Expansion into ASEAN for Foreign Investors?

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Singapore as Access to ASEAN Markets by Foreign Investors Geostratic Position Singapore's premier location at the nexus of Southeast Asia positions it as an essential hub for intra-ASEAN trade and global commerce. The ASEAN Economic Community (AEC), with a collective GDP of USD 3.67 trillion as of 2025 and a demographic base of over 698 million, representing a burgeoning market of unparalleled scale and potential. Leveraging its status as a financial and logistical nexus, Singapore enables seamless access to high-growth regional markets, including Vietnam, Indonesia, and the Philippines, which exhibit some of the most dynamic expansion rates globally. Regional Integration and Trade Agreements Singapore capitalises on an expansive network of Free Trade Agreements (FTAs), including membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP)—two of the world’s most substantial multilateral t...
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