Singapore’s Equity Market Development Programme, or EQDP, was established by the Monetary Authority of Singapore (MAS) to breathe fresh life into our local stock market.
By channelling capital through a panel of appointed long-only fund managers, the MAS is effectively providing the “fuel” to help mid-cap and small-cap companies gain much-needed momentum.
While the Straits Times Index (SGX: ^STI) recently crossed the historic 5,000-point mark, much of that attention remains fixed on our three big banks and popular REITs, leaving plenty of value hidden in the broader market.
Recent filings give a glimpse of where some of that capital is landing.
In the past few weeks, four EQDP-appointed managers – Amova Asset Management, Fullerton Fund Management, Lion Global Investors and Eastspring Investments – have built or topped up positions in three names that sit well outside the daily headlines.
Institutional buying does not amount to a buy signal, but it can be a useful prompt to look more closely at the underlying businesses.
Here is what we found.
Frencken Group (SGX: E28)
Frencken is an integrated technology solutions provider that serves a wide range of industries, including semiconductors, medical, and industrial automation, across 18 sites worldwide.
For the full year of 2025 (FY2025), revenue rose 8.9% year on year (YoY) to S$865.1 million, while net profit attributable to equity holders climbed 5.4% to S$39.1 million.
The Mechatronics Division did the heavy lifting, growing 10.2% on the back of a significant 16.7% jump in the semiconductor segment and a stellar 48.6% surge in industrial automation.
The numbers that matter most to income investors sit on the cash flow statement.
Free cash flow more than doubled from S$34.9 million to S$83.8 million, helped by better working capital management.
This cash-rich position is reflected in the balance sheet; as of 31 December 2025, the group held S$161.9 million in cash against just S$22.3 million in borrowings, resulting in a healthy net cash position of S$139.6 million.
This financial resilience allowed the board to recommend a higher final dividend of S$0.0275 per share, up from S$0.0261 a year earlier.
On 30 March 2026, Amova Asset Management paid roughly S$5.25 million for 2.48 million Frencken shares at an average of just below S$2.12, lifting its stake from 4.501% to 5.081%.
While management is guiding for a higher net profit in the first half of 2026, we should keep a watchful eye on softer orders in Europe, as analytical life sciences revenue fell by 8.1%.
Valuetronics Holdings (SGX: BN2)
Valuetronics is an electronics manufacturing services provider operating two segments: Industrial and Commercial Electronics (ICE) and Consumer Electronics (CE).
For the six months ended 30 September 2025 (1HFY2026), the group’s performance was a clear story of margin discipline and business model resilience.
While revenue eased slightly by 3.0% YoY to HK$836.6 million, net profit attributable to owners rose 2.7% to HK$93.0 million.
This was driven by a gross margin expansion from 16.8% to 18.8% as the higher-margin ICE segment grew, while the lower-margin CE segment fell 32.8% as legacy products were phased out.
Operating profit before interest income climbed 14.5% to HK$73.8 million, although interest income slipped 29.3% on US Federal Reserve rate cuts and the group’s AI joint venture, Trio AI Limited, recorded losses.
From an income perspective, the board showed its commitment to shareholders by declaring an interim dividend of HK$0.04 and a special dividend of HK$0.04 per share, totalling HK$0.08 for the half.
Maintaining such payouts is a positive sign for those of us focused on sustainable passive income.
The institutional interest here is also gathering pace.
Amova first crossed the substantial-shareholder threshold on 25 March 2026 at about S$0.887 per share.
By 20 April 2026, its deemed interest had risen to 6.11% – pointing to a building rather than a one-off position.
Looking ahead, management expects to complete the phase-out of legacy products by the end of financial year 2026.
With its Vietnam facility well-positioned to serve North American customers amid global tariff uncertainties, Valuetronics appears to be navigating the current macroeconomic cycle with a steady hand.
MoneyMax Financial Services (SGX: 5WJ)
MoneyMax operates a well-known network of pawnbroking, secured lending, and luxury retail businesses across Singapore and Malaysia.
The FY2025 headline numbers are eye-catching.
Revenue rose 38.9% YoY to S$541.9 million, while profit attributable to owners surged 87.6% to S$71.7 million, supported by higher gold prices, an enlarged pawnbroking portfolio and continued store expansion.
In a move that will please income seekers, the board lifted the total dividend to S$0.020 per share, which includes a special dividend of S$0.005.
The cash story, however, calls for more nuance.
Free cash flow came in at negative S$179.6 million, compared with negative S$73.2 million a year earlier, reflecting heavy working capital investment.
As at 31 December 2025, the group held S$28.4 million in cash against total borrowings of S$868.6 million, up from S$630.9 million.
This is where the EQDP angle is most direct.
On 16 April 2026, MoneyMax raised S$44.3 million through a placement of 53 million new shares at S$0.835 each – fully subscribed by EQDP-appointed managers Fullerton Fund Management, Lion Global Investors and Eastspring Investments.
The placement supports MoneyMax’s proposed transfer from Catalist to the SGX Main Board, targeted for the first week of May 2026, with net proceeds earmarked for working capital.
Get Smart: Same Lens, Different Stories
EQDP fund managers are doing what they were appointed to do – deploying capital into SGX-listed stocks.
Their filings can shine a light on names that might otherwise stay under the radar.
But filings tell you who is buying, not whether a stock fits your portfolio.
The three names above sit at very different points on the dividend sustainability spectrum: Frencken is cash-generative with a strong balance sheet, Valuetronics is mid-transition with margin discipline, and MoneyMax is growth-funded by an expanding capital base.
As we always say, free cash flow remains the lifeblood of dividends.
The homework, as always, belongs to you.
When the market corrects, most people see a crisis. We see an opportunity to apply a system.
While others are paralysed by mixed signals from the energy sector and tech stocks, we’re sticking to a practical framework that filters the noise.
Our Co-Founder, Chin Hui Leong is going live to show you exactly how he chooses businesses that thrive amid disruption. If you’re tired of guessing your next move, this is for you.
Join the webinar here.
You walk past million-dollar opportunities every single day. Your coffee shop. Your commute. Your grocery run. But these “boring” Singapore companies are quietly building fortunes while everyone chases crypto and overpriced tech stocks. Our latest report reveals 5 small-cap goldmines hiding in plain sight. Click here to download for free now before prices catch up.
Follow us on Facebook, Instagram and Telegram for the latest investing news and analyses!
Disclosure: Calvina L. does not own any of the stocks mentioned. Chin Hui Leong contributed to the article and does not own any of the stocks mentioned.
