https://smidresearch.com/companies/civmec/ https://smidresearch.com/companies/civmec/video/poster.jpg Civmec (ASX: CVL / SGX: P9D) in 90 seconds: the contractor that owns its yard A quick introduction to Civmec from the public evidence library: an Australian heavy-engineering contractor that owns its yards (A$568m of plant against A$811m of FY2025 revenue); Resources is 78–85% of revenue and three customers just over half; revenue has three reporting breaks and one completed downcycle (FY2015–FY2017: revenue −31%, profit −76%, no rescue raising); the FY2025 gross margin was unchanged at 11.5% while Resources lost 341bp and Infrastructure, Marine & Defence posted 34.5%; a revaluation reserve is 36% of equity; seven-year cash conversion 1.69x; the order book went from A$633m to a record A$1.5bn. Recorded 20 August 2026, before the FY2026 package lodged on the ASX on 28 August 2026; the figures it cites are FY2025 and 1H FY2026, and the written page is current. No rating, fair value or recommendation; narration is an AI-generated voice. https://smidresearch.com/companies/civmec/video/civmec-in-90-seconds.mp4 151 2026-08-23T10:29:30+08:00 yes https://smidresearch.com/companies/singapore-shipping/ https://smidresearch.com/companies/singapore-shipping/video/poster.jpg Singapore Shipping Corporation (SGX: S19) in 90 seconds: the tonnage provider whose contract book is running off A quick introduction to Singapore Shipping from the public evidence library: five pure car and truck carriers on long-term time charters; three customers are 84% of revenue and one is 42%; no vessel added since FY2015 — depreciate, repay, accumulate; contracted charter income ran off from US$502m (FY2016) to US$199m (FY2026); expiry is a repricing event; FY2026's record profit was over half currency and capex ran at 16% of depreciation. No rating, fair value or recommendation; narration is an AI-generated voice. https://smidresearch.com/companies/singapore-shipping/video/singapore-shipping-in-90-seconds.mp4 138 2026-08-23T06:13:23+08:00 yes https://smidresearch.com/companies/valuemax/ https://smidresearch.com/companies/valuemax/video/poster.jpg ValueMax Group (SGX: T6I) in 90 seconds: the pawnshop chain you should read as a lender A quick introduction to ValueMax from the public evidence library: 50 pawnshops and 1 in 5 of Singapore's licences, yet the shops earn the smallest share of segment profit. Gold retail and trading is S$425m of S$553m FY2025 revenue; ten customers are 59% of group revenue. Half the assets are a loan book, mostly property-backed; the pawn book is priced at a flat 1.5%/month statutory cap. Funded short, lending long. No rating, fair value or recommendation; narration is an AI-generated voice. https://smidresearch.com/companies/valuemax/video/valuemax-in-90-seconds.mp4 118 2026-08-22T20:39:01+08:00 yes