To The Moon

$All-Link A&S(ALK.SI)$ is a regional logistics solutions provider, delivering end-to-end logistics, freight solutions, and supply chain management internationally, with a focus on the ASEAN region, and cross-border e-commerce, and electronics shipments.

The Group operates an asset-light business model focusing primarily on freight forwarding, coordination, and value-added logistics services rather than owning fixed assets such as aircraft, vessels or warehouse infrastructure. The Group maintains an established operational footprint spanning core hubs in Singapore, Malaysia, and the Philippines, alongside localised network partnerships across Thailand and Vietnam.

Freight forwarding involves facilitating the efficient movement of goods across borders and domestic markets. All-Link Air & Sea coordinates and facilitates services spanning the full logistics value chain, allowing customers to streamline their supply chains through a single service provider that coordinates multiple third-party providers without the need to maintain in-house transportation fleets or delivery infrastructure.

All-Link Air & Sea is raising gross proceeds of S$20.1 million and net proceeds of approximately S$17.7 million from the Offering. Over half of the gross proceeds is intended for payments to airlines, carriers and co-loaders in connection with its freight forwarding operations to increase the scale of operations and market share.

The remainder would be used to fund strategic acquisitions for ASEAN expansion, operational expansion, and investments in technology and digital capabilities.

Competitive Strengths based on the IPO Prospectus

• Well-positioned to benefit from regional supply chain diversification, leveraging an established operating presence across Singapore, Malaysia, and the Philippines to capture shifting trade flows as multinational corporations increasingly adopt "China+1" strategies to mitigate geopolitical risks and reduce supply chain uncertainties.

• Long-standing relationship with regional carrier and partner networks, built over years of operational collaboration with freight forwarders, airlines, general sales agents, and carriers. This broad network ensures cargo space allocation, competitive freight rates, and strong capacity guarantees even during peak seasons or tight market conditions.

• Established track record with reputable multinational customers, successfully navigating vendor panel evaluations and qualification reviews to secure annual contract renewals. 

• Asset-light and scalable business model, focusing primarily on freight forwarding, coordination and value-added logistics services rather than owning fixed assets such as  aircraft, vessels or warehouse infrastructure. 

Key Strategies

• Expansion of operations, including establishing subsidiaries and offices and enhancing existing office and supporting infrastructure 

• Make strategic acquisitions, joint ventures and/or strategic alliances that are complementary to existing business and supportive of ASEAN expansion strategy.

• Investment in technology and digital capabilities to enhance operational efficiency and scalability through the integration of AI software and tools.

• Increase the scale of operations and market share in air freight forwarding by utilising the majority of net proceeds as general working capital to organically onboard new customers, accommodate higher shipment volumes, and bridge the working-capital timing gap between airline, carriers and co-loaders payments and standard customer credit terms.

Key Risks (Refer to page 33 – 72 of the IPO Prospectus for the full list)

• Reliant on customer referrals from All-Link PRC Group with such referrals accounting for approximately 99.8%, 99.9% and 90.4% of total revenue in FY2023, FY2024 and FY2025 respectively. 

• Operate in a highly competitive and fragmented logistics industry in ASEAN, leaving profit margins vulnerable to external factors such as volatile freight rates, fluctuating fuel costs, regional infrastructure bottlenecks, and complex, inconsistent cross-border customs regulations.

• Exposed to customer concentration risk, with the top five customers accounting for approximately 99.7%, 99.8% and 89.9% of total revenue in FY2023, FY2024 and FY2025 respectively (with TikTok Group alone accounting for approximately 98.0% of FY2024 revenue).

• Subject to international trade volumes and geopolitical policy shifts, including tariffs, geopolitical tensions and export conditions.

MU All Link Debut

• Revenue grew by 1,384.6% from approximately US$4.8 million in FY2023 to US$71.5 million in FY2024 and further increased by 3.6% to approximately US$74.1 million in FY2025. 

  • In FY2024, revenue surged due to securing a new customer contract with TikTok Group for US-bound shipments.

  • In FY2025, revenue rose mainly due to ramp-up of operations in Philippines, as well as the incorporation and start of operations in Malaysia. This was partially offset by a decline in revenue from Singapore, from a reduction in shipments for TikTok Group, mainly attributable to increased tariffs imposed by the United States on China-origin goods.

• Gross profit decreased by 15.4% from approximately US$10.5 million in FY2024 to US$8.9 million in FY2025. 

  • This was primarily driven by a US$4.5 million revenue decline in Singapore operations due to reduced TikTok Group shipments, which was partially offset by a US$1.8 million gross profit increase from scaled-up Philippine operations and a US$0.3 million contribution from Malaysia.

• Net Profit attributable to equity holders rose from US$1.2 million in FY2023 to US$8.4 million in FY2024 on the back of the TikTok contract launch, before declining by 25.0% to US$6.3 million in FY2025 due to the tariff-driven Singapore volume slowdown and increased administrative headcount expenses.

• As of December 31, 2025, the Group reported a cash balance of US$23.6 million and total equity of US$16.2 million. 

  • In March and June 2026, the Company declared Dividends of US$8.0 million. On a pro forma basis post-dividend, the Group would have cash and cash equivalents of US$15.6 million, and NAV of US$8.2 million as of Dec 2025.

• The Group does not have a fixed dividend policy, but the Board intends to recommend dividends of not less than 30.0% of net profits after tax attributable to Shareholders for each of FY2026, FY2027, and FY2028, subject to the discretion of the Board.

IPO Details

• Offer price at S$0.53 per share.

• 37.9 million shares offered comprising:

  • 35.8 million shares under the placement tranche

  • 2.1 million shares under the public offer

• Estimated IPO market capitalisation, based on post-Offering share capital of 151.04 million shares is S$80.1 million.

• Intended use of proceeds:

• Payments to airlines, carriers and co-loaders in connection with Group’s freight forwarding operations and other general corporate and working capital purposes (S$11.4 million)

• Strategic acquisitions, joint ventures and/or strategic alliances (S$3.0 million)

• General and administrative expenses (S$2.0 million)

• Expansion of operations (S$1.0 million)

• Investing in technology and digital capabilities to enhance operational efficiency and scalability (S$0.30 million)