Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

Thematic (Sector/Industry)

<ul><li>Singapore-listed exposure to new-age hardware is concentrated in the enabling layers beneath visible end-products.</li><li>Robotics, autonomous systems, drones, advanced mobility, AI hardware, and space technologies all depend on semiconductors, reliability testing, precision components, qualified subsystems, and scalable manufacturing support.</li><li>SGX exposure is best understood through the infrastructure behind advanced hardware systems, rather than through the end-products alone.</li></ul>

Singapore-listed exposure to new-age hardware is concentrated in the enabling layers beneath visible end-products.Robotics, autonomous systems, drones, advanced mobility, AI hardware, and space technologies all depend on semiconductors, reliability testing, precision components, qualified subsystems, and scalable manufacturing support.SGX exposure is best understood through the infrastructure behind advanced hardware systems, rather than through the end-products alone.

Singapore’s New-Age Hardware Enablers: Infrastructure Layer Behind New-Age Hardware Systems

The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

<ul><li>Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the Artificial Intelligence (AI) sector, both directly and indirectly.</li><li>On direct exposure, we identify companies listed on the SGX – mainly in the upstream (including data centres) and midstream segments - which are, to a large or some extent, involved in AI. Downstream AI companies are predominately end-users and applications.</li><li>As a rough guide, the market capitalization of these companies totals around SGD21.3bn, accounting for a relatively small share of about 2.7% of the aggregated capitalization of SGD773bn of the FTSE Straits Times All Share Index (which comprises the top 98% of companies in the SGX Mainboard universe).</li></ul>

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the Artificial Intelligence (AI) sector, both directly and indirectly.On direct exposure, we identify companies listed on the SGX – mainly in the upstream (including data centres) and midstream segments - which are, to a large or some extent, involved in AI. Downstream AI companies are predominately end-users and applications.As a rough guide, the market capitalization of these companies totals around SGD21.3bn, accounting for a relatively small share of about 2.7% of the aggregated capitalization of SGD773bn of the FTSE Straits Times All Share Index (which comprises the top 98% of companies in the SGX Mainboard universe).

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>Singapore's electronic NODX rose 94.8% year-on-year in May 2026, driven by AI-related demand for integrated circuits.</li><li>UMS Integration, AEM Holdings, and Frencken Group attracted over S$680 million in net institutional inflows year-to-date.</li><li>Addvalue Technologies' revenue grew 59.9% to US$24.8 million in FY2026, driven by space connectivity and digital radio solutions demand.</li></ul>

Singapore's electronic NODX rose 94.8% year-on-year in May 2026, driven by AI-related demand for integrated circuits.UMS Integration, AEM Holdings, and Frencken Group attracted over S$680 million in net institutional inflows year-to-date.Addvalue Technologies' revenue grew 59.9% to US$24.8 million in FY2026, driven by space connectivity and digital radio solutions demand.

Sector Sweep – AI capex cycle drives institutional inflows and gains for Singapore’s listed tech manufacturers

<ul><li>The June 2026 review of the iEdge Singapore Next 50 Index added AEM, Top Glove, UI Boustead REIT, and PC Partner.</li><li>AEM's 2026 ADT increased to S$34.7 million, with revenue guidance raised to S$550-600 million for FY26.</li><li>PC Partner's 2026 ADT rose to S$4.6 million, driven by strong growth in graphics card sales and premium products.</li></ul>

The June 2026 review of the iEdge Singapore Next 50 Index added AEM, Top Glove, UI Boustead REIT, and PC Partner.AEM's 2026 ADT increased to S$34.7 million, with revenue guidance raised to S$550-600 million for FY26.PC Partner's 2026 ADT rose to S$4.6 million, driven by strong growth in graphics card sales and premium products.

iEdge Singapore Next 50 Review: Tech Tilt & Rebalance Highlights

<ul><li>Net institutional inflows in Singapore's Technology sector reached S$572.6 million, concentrated in semiconductor production and AI hardware segments.</li><li>Valuation expansion is led by semiconductor-linked companies with AEM Holdings, UMS Integration, and Frencken Group showing significant P/E increases.</li><li>InnoTek's valuation reflects AI hardware demand, supported by institutional investments and its positioning in AI server supply chains.</li></ul>

Net institutional inflows in Singapore's Technology sector reached S$572.6 million, concentrated in semiconductor production and AI hardware segments.Valuation expansion is led by semiconductor-linked companies with AEM Holdings, UMS Integration, and Frencken Group showing significant P/E increases.InnoTek's valuation reflects AI hardware demand, supported by institutional investments and its positioning in AI server supply chains.

Semiconductor Test, Equipment and AI Demand Driving Flows and Re rating

Singapore

AEM is a global leader in providing customized, application-specific test and handling solutions for the semiconductor and electronics industries. The company's offerings, including handlers and test inserts, are crucial for ensuring the quality and reliability of advanced chips used in AI and high-performance computing. AEM was established in 1990 and is headquartered in Singapore.

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AEM (AEM SP)

Singapore’s New-Age Hardware Enablers: Infrastructure Layer Behind New-Age Hardware Systems

Singapore-listed exposure to new-age hardware is concentrated in the enabling layers beneath visible end-products. Robotics, autonomous systems,...

ICAM

Singapore Equity Strategy: November 2025

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the...

Wealth Management Alliance

Sector Sweep – AI capex cycle drives institutional inflows and gains for Singapore’s listed tech manufacturers

Singapore's electronic NODX rose 94.8% year-on-year in May 2026, driven by AI-related demand for integrated circuits. UMS Integration, AEM...

Singapore Exchange Ltd (SGX)

iEdge Singapore Next 50 Review: Tech Tilt & Rebalance Highlights

The June 2026 review of the iEdge Singapore Next 50 Index added AEM, Top Glove, UI Boustead REIT, and PC Partner. AEM's 2026 ADT increased to...

Singapore Exchange Ltd (SGX)

Semiconductor Test, Equipment and AI Demand Driving Flows and Re rating

Net institutional inflows in Singapore's Technology sector reached S$572.6 million, concentrated in semiconductor production and AI hardware...

Singapore Exchange Ltd (SGX)

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