Who We Are

NetResearch Asia (now known as NRA Capital) was founded in July 1999 by a team of highly experienced equity analysts and fund managers, led by Kevin Scully, who believed that there was and will continue to be an important role for independent equity research. NRA Capital prides itself on being the first independent equity research company licensed by the Monetary Authority of Singapore, offering independent institutional-quality equity research written for sophisticated investors. Our website was launched in Jan 2000. It offers equity research covering companies listed on the Singapore Exchange Limited. Our proprietary research is updated daily before the market opens and is available to paying subscribers. A daily email advisory service highlighting the market tone and key events for the day and the rest of week as well as major corporate research ideas or news is sent to registered users via email.

As our market presence and credibility grew, we expanded our business from equity and unit trust advisory services to include Corporate Finance and Advisory services for companies. Our team of equity analysts was expanded to include well qualified and experienced Corporate Finance personnel. We are approved by the Monetary Authority of Singapore to offer Corporate Finance and Advisory services. This extension of our Investment Advisor's licence means that we can provide Corporate Finance services including independent financial advisory on mergers and acquisitions, lead managing initial public offerings, management of equity placements and rights issues, and other general advisory services, such as investor relations and corporate restructuring. We do not however provide underwriting services.

In 2016, we formed a partnership with Independent Investment Research, which produces independent research reports focused mainly on stocks in Australia. This partnership facilitates the mutual dissemination of both companies’ research reports to their respective markets.  

Our online research subscription service is available at our website www.nracapital.com. You can reach us at:

Keck Seng Tower
133 Cecil Street #04-02
Tel: (65)-6236 6878
Fax: (65)-6222 0093

[NRA Capital Pte. Ltd. is a licensed Investment Advisor.]

The Team Behind NRA

LEE Jon Yin Raymond – Acting CEO, Director of Corporate Advisory, Co-Head of Compliance and Risk Management

KOH Bee Ann - Co-Head of Compliance and Risk Management, Director of NRA Capital Pte Ltd

Bee Ann started her working life writing for The Straits Times' Money Desk from 1988 to 1991. She spent some time as the Singapore correspondent for the International Financing Review (IFR) before joining GK Goh Research (now known as CIMB Research) in 1992 as an investment analyst. Her last position in GK Goh was Vice President and Deputy Head of Research before she left in August 2000 to join NetResearch Asia. In her many years analysing the Singapore stock market, Bee Ann has covered a whole gamut of stocks from big caps to small caps and in sectors ranging from industrial and engineering, to retail, publishing and the old economy conglomerates.

LEE Jon Yin Raymond – Director of Corporate Advisory, Co-Head of Compliance and Risk Management

Raymond has a Masters in Business Administration and a Bachelor of Science (majoring in Finance) degree from Southern Illinois University at Carbondale. Prior to joining NRA, he had 11 years' experience with financial institutions in Singapore, namely, Tat Lee Bank Limited (now known as Keppel TatLee Bank Limited), NDC Merchant Bank Ltd (now known as NDC Capital Holdings Ltd), ABN Amro (Asia) Ltd (now known as ABN Amro Asia Merchant Bank (Singapore) Limited), Keppel Bank of Singapore Limited (name changed to Keppel TatLee Bank Limited after its merger with Tat Lee Bank Limited and now taken over by Oversea-Chinese Banking Corporation Limited) and Oversea-Chinese Banking Corporation Limited as its vice president. Throughout his career in banking he specialised in corporate finance and capital markets working on bringing companies public, and helped companies raise funds from the capital markets.

CHAN Meng Fatt Patrick - Non-executive Director of NetResearch Asia Holdings Pte Ltd

Patrick is a Non-Executive Director of Netresearch Asia Holdings, the holding company of NRA Capital Pte Ltd. He has an Honours degree in Business Administration from the National University of Singapore. He has more than 15 years' experience in the investment banking industry including stints in Nomura Singapore Limited, Schroder International Merchant Bankers Limited as an assistant director in the area of institutional fund management. After Schroder International, Patrick joined what is now known as ABN Amro Asia Securities (Singapore) Pte Limited as assistant director of Institutional Sales. In 1993, he joined Citibank N.A. as the vice president of the International Personal Banking Division. Patrick entered the securities industry again when he joined Schroder Securities (Singapore) Pte Ltd ("Schroder Securities") and was subsequently appointed a director and head of institutional sales and dealing. With the voluntary winding up of Schroder Securities in 1998, he went on to be an Assistant Director of equity sales at UOB Kay Hian Private Limited.


LIU Jinshu – Head of Research

Jinshu has more than five years of investment research experience. He graduated from Singapore Management University with Bachelor of Accountancy and Bachelor of Business Management (Finance) in 2009. He started his career in auditing at a top global accounting firm. He entered the field of investment research and has since covered a number of sectors ranging from commodities and technology to real estate.

Lynn LOOK - Associate Director [Banks, Small Caps]

Lynn has a CFA and a BBA from the National University of Singapore. She started working life as a corporate finance officer in Schroders between 1987-89 before joining Paul Morgan (now SBC Warburg) as an analyst from 1989 to 1993. She subsequently worked as a senior analyst at HG Asia (1993-94), Crosby (1994-95) and most recently at ABN Amro Securities (1995-99). She left the broking industry in 1999 to start a family but returned to join NetResearch Asia in 2000. She has more than 20 years equity research experience.


Kelvin ONG – Manager

Kelvin is involved in the management and execution of transactions at NRA Capital. Prior to joining NRA Capital, he was with the oil & gas advisory team at Deloitte.
Kelvin has a Bachelor of Social Science in Political Science from Singapore Management University.