Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

Thematic (Sector/Industry)

<ul>
<li>The iEdge Singapore Next 50 is effectively a global growth proxy, with ~51% of revenues generated offshore, sharply reducing reliance on Singapore’s domestic and banking cycles.</li>
<li>Its mid-cap, real-asset and industrial skew creates structurally different earnings drivers from the STI, tied to trade flows, infrastructure, healthcare, and technology capex rather than credit growth.</li>
<li>The index offers diversification without governance compromise, using Singapore’s regulatory framework as a platform to access faster-growing ASEAN, Indian, and global markets.</li>
</ul>


The iEdge Singapore Next 50 is effectively a global growth proxy, with ~51% of revenues generated offshore, sharply reducing reliance on Singapore’s domestic and banking cycles.
Its mid-cap, real-asset and industrial skew creates structurally different earnings drivers from the STI, tied to trade flows, infrastructure, healthcare, and technology capex rather than credit growth.
The index offers diversification without governance compromise, using Singapore’s regulatory framework as a platform to access faster-growing ASEAN, Indian, and global markets.


The Global Footprint of the iEdge Singapore Next 50

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.

<ul><li>This report looks at how Singapore “exports” experiences rather than products. Foreign visitors, patients, students and shoppers spend time in hotels, hospitals, schools, malls and attractions.</li><li>Their spending shows up as travel, healthcare, education and other services exports.</li><li>Between 2014 and 2024, Singapore’s services trade grew about 9.4% a year, faster than nominal GDP, and reached roughly 136% of GDP by 2024.</li></ul>

This report looks at how Singapore “exports” experiences rather than products. Foreign visitors, patients, students and shoppers spend time in hotels, hospitals, schools, malls and attractions.Their spending shows up as travel, healthcare, education and other services exports.Between 2014 and 2024, Singapore’s services trade grew about 9.4% a year, faster than nominal GDP, and reached roughly 136% of GDP by 2024.

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>Institutional investors recorded a net outflow of S$336 million across Singapore-listed stocks from 31 August to 25 September.</li><li>Yangzijiang Shipbuilding saw the largest reversal with S$73.78 million net buying from 14–25 September after prior net selling.</li><li>UI Boustead REIT and CapitaLand Ascott Trust reversed outflows with recent net buying of S$17.23 million and S$6.70 million, respectively.</li></ul>

Institutional investors recorded a net outflow of S$336 million across Singapore-listed stocks from 31 August to 25 September.Yangzijiang Shipbuilding saw the largest reversal with S$73.78 million net buying from 14–25 September after prior net selling.UI Boustead REIT and CapitaLand Ascott Trust reversed outflows with recent net buying of S$17.23 million and S$6.70 million, respectively.

Net Institutional Inflow Reversals into Late September

<ul>
<li>Of the 30 companies that constitute the Straits Times Index (STI), Real Estate Investment Trusts (REITs) have long been a cornerstone.</li>
<li>For investors seeking growth and diversification beyond the blue-chip giants, the iEdge Singapore Next 50 indices present a compelling hunting ground beyond the 30 largest companies on the SGX. </li>
<li>These indices track the next 50 largest stocks after the top 30 SGX stocks ranked by market capitalization, and are home to a dynamic cohort of REITs.</li>
</ul>


Of the 30 companies that constitute the Straits Times Index (STI), Real Estate Investment Trusts (REITs) have long been a cornerstone.
For investors seeking growth and diversification beyond the blue-chip giants, the iEdge Singapore Next 50 indices present a compelling hunting ground beyond the 30 largest companies on the SGX. 
These indices track the next 50 largest stocks after the top 30 SGX stocks ranked by market capitalization, and are home to a dynamic cohort of REITs.


REITs Beyond the STI: A Review of the REIT Components of the iEdge Singapore Next 50 Indices

<ul><li>Over five sessions to September 10, 60 director interests and substantial shareholdings were filed for over 30 primary-listed stocks, including 14 acquisitions and three disposals by directors or CEOs.</li><li>Ho Bee Holdings acquired 210,600 shares in Ho Bee Land for S$428,276, increasing Chua Thian Poh’s deemed interest to 76.10%.</li><li>Skylink Holdings CEO Shen Wende acquired 140,000 shares for S$27,946, raising his total interest to 62.89%.</li></ul>

Over five sessions to September 10, 60 director interests and substantial shareholdings were filed for over 30 primary-listed stocks, including 14 acquisitions and three disposals by directors or CEOs.Ho Bee Holdings acquired 210,600 shares in Ho Bee Land for S$428,276, increasing Chua Thian Poh’s deemed interest to 76.10%.Skylink Holdings CEO Shen Wende acquired 140,000 shares for S$27,946, raising his total interest to 62.89%.

Insider Buying Broadens While Buybacks Are Led by Keppel and UOB

Singapore

CapitaLand Ascott Trust (CLAS) is the largest lodging trust in Asia Pacific, investing primarily in income-producing real estate and real estate-related assets. These assets include serviced residences, rental housing properties, student accommodation, and other hospitality assets globally, operated under brands such as Ascott, Somerset, Quest, and Citadines. Headquartered in Singapore, Singapore, the trust was listed on the Singapore Exchange in March 2006.

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CapitaLand Ascott Trust (CLAS SP)

The Global Footprint of the iEdge Singapore Next 50

The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Golden Section Capital

Singapore’s Experience: Export Economy

This report looks at how Singapore “exports” experiences rather than products. Foreign visitors, patients, students and shoppers spend time in...

ICAM

Net Institutional Inflow Reversals into Late September

Institutional investors recorded a net outflow of S$336 million across Singapore-listed stocks from 31 August to 25 September. Yangzijiang...

Singapore Exchange Ltd (SGX)

REITs Beyond the STI: A Review of the REIT Components of the iEdge Singapore Next 50 Indices

Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...

Golden Section Capital

Insider Buying Broadens While Buybacks Are Led by Keppel and UOB

Over five sessions to September 10, 60 director interests and substantial shareholdings were filed for over 30 primary-listed stocks, including 14...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Global Footprint of the iEdge Singapore Next 50

​The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Golden Section Capital

Singapore’s Experience: Export Economy

This report looks at how Singapore “exports” experiences rather than products. Foreign visitors, patients, students and shoppers spend time in...

ICAM

Net Institutional Inflow Reversals into Late September

Institutional investors recorded a net outflow of S$336 million across Singapore-listed stocks from 31 August to 25 September. Yangzijiang...

Singapore Exchange Ltd (SGX)

REITs Beyond the STI: A Review of the REIT Components of the iEdge Singapore Next 50 Indices

​Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...

Golden Section Capital

Insider Buying Broadens While Buybacks Are Led by Keppel and UOB

Over five sessions to September 10, 60 director interests and substantial shareholdings were filed for over 30 primary-listed stocks, including 14...

Singapore Exchange Ltd (SGX)

The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...