Broker: KGI Securities (Singapore) Pte. Ltd.
Date of Report: April 6, 2026

Excerpt from KGI Securities report.

Report Summary

Stock: Infinity Development Holdings Co Ltd (IDH SP/ZBA.SI)
Action: Initiate OUTPERFORM rating
Target Price: S\$0.62
Current Price (as of 2 Apr 26): S\$0.40
Upside (incl. dividends): 63.1%

Key Highlights:

• Business Model: Infinity is a leading supplier of adhesives, primers, and hardeners to footwear OEMs and factories in Asia, with a sticky, replenishment-driven business model reinforced by long qualification cycles and high switching costs.
• Financial Strength: Strong net cash position (HK\$288.5mn, ~35% of total assets), no structural debt, and stable revenue (FY25: HK\$835mn, net…