As someone who has lived through the Covid-19 period, one thing I would never leave home without is the TraceTogether token.

This has greatly benefitted the home-grown manufacturer of the TraceTogether Token – iWOW Technology. Its revenue jumped from S$4.4 million in FY2020 to FY2021 in FY2021 when Singapore adopted this technology islandwide.

But the question here is: what will happen to iWOW now that the TraceTogether Token has been phased out after the pandemic?

In this article, we will dive into how iWOW continues to ride on the Internet of Things (IoT) wave and expand its solutions to bag contracts worth S$100.4 million as of 31 October 2023.

One-Stop IoT Shop

To better understand iWOW, we take a closer look at their 2 main business segments and the types of solutions they provide.

As you can see from the picture above, revenue from the TraceTogether Token is delivered on a project basis. On the other hand, iWOW’s higher-margin IoT-as-a-Service segment provides high earnings visibility given its recurring subscription model.

Point to note: iWOW has developed this electronic monitoring system (EMS) which supplies ankle bracelets to young offenders and prisoners to monitor their whereabouts, and this contract provides sale visibility till 2027 (with the option to extend 2 years).

Tapping on the Expanding IoT market

Internet of Things (IoT) has emerged as a pivotal technology in the 21st century. The ability to connect everyday objects such as security cameras, kitchen appliances, doors, and thermostats to the internet through embedded devices has enabled seamless communication among people, processes, and things.

As per data from, the global Internet of Things (IoT) market is anticipated to expand from USD 300.3 billion in 2021 to USD 650.5 billion by 2026, demonstrating a Compound Annual Growth Rate (CAGR) of 16.7% from 2021 to 2026.

Within the local landscape, the Internet of Things (IoT) connections in Singapore have grown to approximately 63 million, surpassing the previous year’s figure of around 54 million connections. According to Statista, it is projected that the number of IoT connections will persist in its upward trajectory, reaching an estimated 143 million by the year 2028.

According to the Economic Development Board, Singapore has actively championed the widespread adoption of IoT by continuously upgrading its IT infrastructure, data collection & analytics.

One particular area where Singapore is looking to harness the power of IoT is in its road transport ecosystem. For example, Singapore is set to launch its next-generation electronic road pricing (ERP) system, utilizing IoT to monitor and oversee traffic conditions across the entire island.

In addition, iWOW has been enhancing its portfolio of IoT solutions, aiming to assist seniors in maintaining an active and secure lifestyle. Under the Age Well SG programme, iWOW has rolled out a wireless alert alarm system which will be progressively expanded to all seniors living in public rental housing, many of whom lack family support.

You can also read more here:

As Singapore moves towards the development of a Smart Nation, it bodes well for iWOW Technology given its strong foothold in the city-state. The Group’s entry into IoT growth markets in Asia and the Middle East, such as Japan, Thailand, Malaysia, Indonesia and UAE, will provide yet another growth impetus. In fact, iWOW has registered a 181% CAGR in revenue between FY2020 to FY2022 by tapping on its solid track record and the tailwinds of fast-growing IoT adoption globally.

Stable Topline for 1H2024

iWOW’s revenue for 1H2024 inched up 1.2% to S$17.3 million as compared to S$17.1 million in the previous year.

Notably, this growth was achieved despite a 96.8% y-o-y decline in revenue from its Smart City Solutions segment, primarily due to the absence of TraceTogether Tokens sales and a delay in tenders for expected projects.

On a brighter note, the drop in revenue is mitigated by strong revenue contribution from the Smart City Infrastructure (“SCI”) segment with a top-line contribution of S$12.2 million in 1H2024 (versus “zero” in 1H2023).

Despite a stable 1H2024 topline, the Group witnessed an 88.2% Y-o-Y decline in net profit to S$0.3 million, largely due to a shift in product mix and higher costs from increased headcount. The latter will reinforce the Group’s R&D and business development capabilities to capture near-term growth opportunities and accelerate project completion.

Confident of 2H2024 with Record High Order Book

iWOW Technology’s order book experienced a nearly twofold increase, rising from S$54.4 million as of 30 September 2022 to S$100.4 million as of 31 October 2023. Consequently, the Group is cautiously optimistic about its revenue performance for the second half-year ending 31 March 2024 (“2H2024”).

In particular, the Group foresees a jump in revenue in 2H2024, led by its Smart City Infrastructure segment as it fulfills the majority of installation tasks for an estimated S$20.0 million contract announced on July 21, 2023 – inclusive of 10 years of recurring maintenance services.

The Group believes that the steadfast focus on expanding the Group’s higher-margin subscription-based business will allow iWOW to benefit from improving future earnings visibility.

Mr. Raymond Bo, Chief Executive Officer and Executive Director of iWOW Technology, remains sanguine about the company’s prospects:

“We have been strategically boosting our R&D investment to strengthen our position and enhance our ability to capitalise on potential opportunities. We are also constantly leveraging on our network and strategic partners in our pursuit of regional opportunities.”

High Insider Ownership

Based on the ownership table above, it indicates that management interests are well aligned with that of retail shareholders. For instance, Mr Kee Wee Soo, Chairman of iWOW Technology Limited, owns a sizable 46.59%.

If you move down the list of top shareholders, you can see that they are also part of the management team. Even Mr. Ashokan Ramakrishnan, the Head of Marketing, owns a good 2.8% interest worth S$1.6 million.

This strong alignment of interests can potentially retain key employees and encourage executives to make decisions that are in the best long-term interests of the company and its shareholders.


In conclusion, iWOW Technology has established a solid track record and become a trusted IoT solution provider for Singapore government agencies and B2B customers such as Singtel, 3M and Mapletree over the years.

As evident from its increase in its order book, especially in the Smart City Infrastructure segment, iWOW’s revenue is not solely supported by the success of the TraceTogether Tokens, but by a wide array of solutions.

Moving forward, iWOW is well-positioned to ride the IoT wave with further investments in its R&D capabilities to develop new wireless technologies i.e. LoRaWAN, 5G and NBIOT.

Niks Professional Ltd., an established family-practice dermatology and aesthetic medical services provider in Singapore, is going for a Catalist listing after lodging its preliminary offer document on Friday (Sep 29).In this article, we will take a quick look at 7 key things you need to know about Niks Professional.

Niks Professional Business Model

According to the prospectus, Niks Professional stated that it is a trusted and established family-practice dermatology and aesthetic medical services provider with an operating history of more than 25 years that also offers a comprehensive range of medical skincare products and salon services to complement medical solutions.

At the time of IPO, Niks Professional has 3 clinics and 3 outlets retailing Niks skincare products and offering facial services in Singapore as illustrated in the map below:


Over at the clinic, the doctors typically offer 2 types of services: family-practice dermatology services and aesthetic medical services:

  • Family-practice dermatology – common skin conditions treated are acne, acne scar treatment, hyperhidrosis and eczema, and they are treated through a combination of medication, skincare products and medical procedures.
  • Aesthetic medical services – provide non-invasive and minimally invasive aesthetic medical services, including intense pulsed light treatment, lasers and injectable treatments like Botox, and Rejuran for anti-aging and contouring of the face and skin.

Niks clinics’ strength in family-practice dermatology sets them apart from “pure aesthetic clinics” which offer mostly medical cosmetic services like injections and aesthetic lasers. The Group believes that this renders their clinics’ revenues less vulnerable to economic downturns and disruptions.

On top of that, the company operates an e-commerce platform selling to customers as well as supply them to some third-party medical clinics and beauty salons. As at the Latest Practical Date, the Group offers more than 100 unique proprietary medical skincare products under 5 broad categories for a more targeted approach to improve skin conditions namely:

  • body care, sun care and camouflage
  • dry and sensitive skin;
  • general skincare
  • oily, combination and acne-prone skin; and
  • pigmentation, photo-damage and anti-aging

Through its Shanghai subsidiary, NPSCL, Niks Professional distributes skincare products to 11 regional agents in the PRC, which in turn supply the products to hospitals, clinics, pharmacies, retail shops, doctors and consumers in their provinces and municipalities.

NPSCL also sells directly to some doctors and doctor groups, as well as to consumers via e-commerce through a WeChat mini-program and, a telemedicine platform in the PRC.

In short, Niks Professional can be considered as a one-stop solutions provider for a wide range of dermatological issues.


Use of IPO Proceeds and Growth Plans

The net proceeds of S$3.3 million from the IPO will be used in the following ways:

  • Organic growth through opening of new clinics and outlets
  • Recruitment of healthcare and management professionals
  • Purchase of new equipment
  • Expansion of its medical skincare products distribution business in China
  • Expansion of business through acquisitions, JV and/or strategic alliances with parties whose businesses are synergistic or complementary with Niks business.

For the 1st point, Niks has revealed that it plans to set up 1 clinic in the North and 1 outlet in the West of Singapore.

As for its business in China, Niks plans to engage with doctors and end-users for direct sales of its products as this commands better margins than relying on its agents. This includes recruitment of staff with marketing expertise in China.


Niks Professional Financial Performance

Despite operating under a challenging COVID-19 environment, Niks Professional was able to generate revenue consistently above S$11.0 million from FY2020 to FY2022.

Adding back the one-off listing expenses, we can also see that the adjusted net profits after tax is maintained at above S$3 million, in line with its stable revenue trend.

In addition, the Group boasts of a strong balance sheet as it is a net-cash company with no borrowings at all. On top of that, it owns 3 leasehold properties with a book value of S$9.4 million under its ‘Property, plant and equipment’ segment.

The properties are AMK Shophouse, Bedok Shophouse and Vision Exchange Property, with a total area of 4,079 sq ft, and used primarily for retail and salon or medical clinic operations.

Last but not least, we can see that Niks Professional possesses a with minimal capital expenditure as seen from their ‘net cash from investing activities’ in the past 3 years.


Niks Professional is a Tight-Knit, Family-Run Medical Group

Founded in 1998 by a husband-and-wife team, the company has 3 clinics across Singapore: in Orchard, Jurong East and Tampines. Its 5 doctors offer medical consultation and services such as light and laser procedures, injectables and mole removals.

The company is led by co-founder Cheng Shoong Tat, who holds the chairman and chief executive officer positions. His wife, Dr Ong Fung Chin, started her own clinic in 1994 and serves as Niks Professional’s president and chief medical officer.

Mr. Cheng and Dr. Ong are Niks Professional’s main shareholders and shall remain as its directors.


Why Should Investors Be Interested In Niks Professional IPO

While there are many healthcare stocks listed on SGX like Raffles Medical or Q&M Dental, there is none dedicated to skincare/dermatology.

In fact, Niks Professional stands out from the rest due to its strong brand reputation – it offers more than 100 unique proprietary medical skincare products under the “Niks” brand. These products are also formulated by its own doctors for a more targeted approach to improve patient skin conditions.

On top of that, all the doctors in the company are general practitioners with qualifications or experience in dermatology, with an average of two decades of experience.

Last but not least, the Group has established a strong foothold in 2 markets –

  • Singapore, where it has evolved from a single-family clinic to 3 clinics and 3 outlets now together with a range of more than 100 skincare products; and
  • China, where it has built up a network of 11 regional sales agents, selling to healthcare facilities, doctors and consumers in 13 provinces and 1 city

With this firm foundation, Niks Professional is now ready to fuel the next phase of its growth through the IPO funds.


Niks Professional IPO Details

A total of 21.8 million shares will be offered at $0.23 each. Only 1.0 million, or about 4.5% of the shares will be for retail investors, while the remaining is set aside for placement shares.

For those interested to invest in Niks Professional’s IPO, you can invest via the following methods:

  • ATMs and internet banking websites of UOB, DBS and OCBC
  • Mobile banking interfaces of UOB and DBS
  • Online portals of iFast Financial Pte Ltd
  • The “printed WHITE Public Offer Application Form”

Applications for this IPO will be open on 18 October, and will close on 25 October (Wednesday) at 12 noon.

Opening Date and Time 18 October 2023 at 6 p.m.
Closing Date and Time 25 October 2023 at 12 noon
Commence trading 27 October 2023 at 9 a.m.


Niks Professional IPO Valuation and Dividend Policy

Taking the IPO price of S$0.23 and Adjusted EPS of S$0.0242, the P/E ratio comes up to a pretty cheap 9.5x if you were to compare to other listed medical stocks.

While Niks Professional revealed that it does not adopt a formal dividend policy, it plans to recommend not less than 50% in net profits in 2023 and not less than 40% in net profits in 2024 in dividends to reward its shareholders.



In conclusion, Niks Professional’s diversified business model and expansion plans in Singapore and China presents a compelling investment opportunity for investors looking to tap on growing demand for skincare and dermatology services.

Human resources provider Sheffield Green is seeking to raise over S$6 million through a Catalist IPO on the Singapore Exchange.The counter is expected to begin trading on 30 Oct and its market capitalization will be S$46.6 million upon listing.

Looking for a company to tap on the clean energy wave? Then you need to read the 7 quick things to know about Sheffield Green below…

About Sheffield Green

Headquartered in Singapore with subsidiaries incorporated in Singapore, Japan and a branch office in Taiwan, Sheffield Green provides 2 main segments of HR solutions namely:

  1. Provision of human resource services – Able to supply a wide range of personnel in accordance with its clients ranging from management personnel (including C-suite personnel), technical personnel, to offshore crewing personnel across industry sub-segments.
  2. Ancillary Services – The Group provides a range of end-to-end ancillary services related to the provision of personnel, which include primarily visa and work permit applications, training and deployment logistics.

As seen from the picture above, Sheffield Green stands out among its competitors in that it offers a suite of services such as handling the deployment logistics for clients and even basic offshore training as compared to firms who only provide recruitment services.

Incorporated in Singapore in 2021, Sheffield Green is the renewable energy spin-off of Sheffield Energy – a global recruitment company formed over 30 years ago.

Sheffield Green IPO Details

A total of 24 million shares will be offered at $0.25 each, of which 3.6 million will be catered for retail investors, while the remaining is set aside for placement shares.

For those interested to invest in Sheffield Green’s IPO, you can invest via the following methods:

  • ATMs and internet banking websites of DBS and POSB
  • Mobile banking interfaces of DBS and POSB
  • The “printed WHITE Public Offer Application Form”

Applications for this IPO will be open on 16 October, and will end on 26 October (Thursday) at 12 noon.

Opening Date and Time 16 October 2023 (immediately upon the Registration of the Offer Document)
Closing Date and Time 26 October 2023 at 12 noon
Commence trading 30 October 2023 at 9 a.m.

Use of IPO Proceeds and Growth Plans

The estimated net proceeds to be raised from the Offering, after deducting the IPO expenses of S$2.2 million (37%), amount to an approximate S$3.8 million.

Sheffield Green plans to utilize around S$2.1 million (35% of the IPO proceeds) to set up new overseas offices and expand its geographical presence in locations where there are significant renewable energy related activities.

Next, Sheffield Green intends to allocate around S$1 million to expand its complementary offerings to better serve its clients. Some of the initiatives include:

  • Developing and operating in-house capabilities to minimize reliance on third-party service providers
  • Explore acquisition and/or strategic partnership opportunities with 3rd-party services providers such as industry trainers, immigration and travel logistics solutions providers
  • Diversify its staffing solutions segment by providing services further along the value chain, such as providing relevant technical services to its clients such that the client does not have to manage the employees directly

For instance, the Group already has plans to establish training schools and centres in Taiwan to conduct lessons for renewable energy personnel within an estimated 1 year from the listing date.

On top of that, according to an interview with the Business Times, the company plans to open an office in Poland by November 2023 and another one in Boston, United States by 1Q2024, given that work has begun on its first offshore wind project in New York.

Sheffield Green Financial Performance

Sheffield Green saw its revenue skyrocket from US$2.5 million in FY2020 to US$7.7 million in FY2022, translating into a ~75% compounded annual growth rate. The sharp revenue jump in FY2022 can be attributed to 2 main reasons:

  • Securing of new projects in FY2022: 2 in Taiwan, 6 in France and 1 in Japan and
  • Increase in personnel for the existing projects in Taiwan and France

One important thing to note is that in the first 9M FY2023, the company saw its revenue hit US$19.04 million, 4x that of US$4.7 million sales generated in the past one year.

Sheffield Green also possesses a pristine financial position as its cash and cash equivalents can more than cover the borrowings as of March 2023.

How “Sheffield Green” was spun off from the Parent Company

Post-IPO, Sheffield Green’s Chairman and CEO Mr. Kee Boo Chye will be the controlling shareholder with an approximately 72.88% deemed stake in the firm by virtue of his 58.35% interest in the parent company – Sheffield Energies Pte. Ltd as highlighted in the picture above.

Mr. Kee Boo Chye who has now over 20 years of experience in the business of providing HR services in the energy sector, founded “Sheffield Energies” around year 2000. Back then, the company was focused on providing manpower, staffing and human resource services in the oil & gas and marine industry.

Around the year 2015, Mr. Kee Boo Chye expanded the business of Sheffield Energies towards the provision of such services in the renewable energy industry in Europe underpinned by the growing global emphasis on achieving a carbon-neutral vision and the transition towards sustainable and renewable energy sources.

The Renewable Energy Business futher expanded to Taiwan and Japan in 2018 and 2021 respectively in order to capitalize on increasing support for the renewable energy by the government authorities.

After which, Mr. Kee Boo Chye decided to carve out the Renewable Energy Business from the holding company to allow the Group to be more strategically positioned to benefit from the developing trends in the renewable energy industry.

How Sheffield Green can leverage on the renewable energy boom

According to its prospectus, IEA predicts that the drive towards renewable energy capacity expansion will inevitably increase demand for renewable energy employment. Based on the industry research, the firm expects revenue to grow as the wind energy sector expands, with jobs in the renewable energy industry set to triple from 12.7 million in 2021 to 38.2 million worldwide by 2030.

In addition, there is one pressing problem faced by many renewable companies – a lack of experienced personnel in this new sector. Hence, Sheffield Green hopes to tap on the increased focus on the training of local workers by setting up various overseas offices.

Sheffield Green IPO Valuation and Dividend Policy

If we were to annualize the 9M FY2023 EPS of 1.32 Singapore cents post-IPO, the FY2023 forward EPS will be 1.76 Singapore cents.

The forward FY2023 P/E ratio is calculated to be 14.2x based on the IPO price of S$0.25.

While Sheffield Green revealed that it does not adopt a formal dividend policy, it plans to recommend not less than 30% in net profits for FY2023 to FY2024 to reward its shareholders.


To end off, governments worldwide are increasingly advocating for sustainability, implementing policies to promote renewable energy adoption and address environmental concerns.

Hence, Sheffield Green IPO comes at an opportune time to leverage on this trend as more companies are incentivized to hire more personnel trained in this field across the globe.

Enviro- Hub Holding to become a leading integrated healthcare supplier in the region

Known for its recycling and glove-manufacturing business, Enviro- Hub is making its foray into B2C retail pharmaceutical outlets, R-Pharmacy, with the ambition of becoming a leading integrated healthcare supplier in the region.

Enviro-Hub, through its 40%-owned subsidiary, Pastel Care Sdn Bhd, is targeting to open 25 stores by end of this year, and 90-105 stores by 2024.

R Pharmacy’s mission is to make leading healthcare products more accessible to its customers. Established with millennials in mind, the retail pharmacy will focus on health supplements and medication brands that prioritise reliability. In-house pharmacists will be present at each retail store to provide tailored advice and premium services to customers. With its extensive product offerings, R Pharmacy aspires to position itself as the heartland pharmaceutical store of Malaysia.

The opening of R Pharmacy builds on Enviro-Hub’s ambition to become a leading integrated healthcare supplies player in the region. Last year, Enviro-Hub acquired Pastel Glove Sdn. Bhd. (“Pastel Glove”), a Malaysia-based glove maker with a production capacity of one billion gloves per annum. Enviro-Hub aims to grow the R Pharmacy brand to a total of 25 outlets across Malaysia by the end of the current financial year ending 31 December 2022. The expansion will likely be mainly funded using internal resources.

The opening of R Pharmacy reaffirms Enviro-Hub’s big push into the health supplies industry. In Feb 2022, the Group has recorded an earnings turnaround in FY2021 with a net profit of S$3.2 million, on the back of a 31% rise in revenue and expansion in gross margin to 22.8% in FY2021.

The increase in revenue is mainly due to the Group’s recycling business, which grew by 55% YoY on higher sales volume of trading and precious metal sales, as well as maiden contribution of S$1.6m  newly acquired Pastel Glove. Beyond the demand generated by COVID-19, Pastel Glove will focus on specialized gloves, which will provide higher profit margins while ensuring demand from the niche segment of the glove market.