Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.</li>
<li>It is the right approach for Singapore – a <em>voluntary</em> best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.</li>
<li>No surprise ratings methodology changes. No <em>en masse</em> upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.</li>
</ul>


The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.
It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.
No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.


Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>RHB's Natarajan maintains IREIT Global's target price at 35 cents. uSmart places 'hold' on Kimly amid stagnant income growth.</li>
<li>uSMART starts 'buy' on Starhill Global REIT, target price at 67 cents. CGS International maintains 'add' on Sanli Environmental, lowers target price post-placement.</li>
<li>Analysts remain positive on CSE Global after 3QFY2025 update and potential DC wins.</li>
</ul>


RHB's Natarajan maintains IREIT Global's target price at 35 cents. uSmart places 'hold' on Kimly amid stagnant income growth.
uSMART starts 'buy' on Starhill Global REIT, target price at 67 cents. CGS International maintains 'add' on Sanli Environmental, lowers target price post-placement.
Analysts remain positive on CSE Global after 3QFY2025 update and potential DC wins.


Singapore Market Roundup (25-Nov-2025): RHB's Natarajan keeps IREIT Global's target price at 35c.

<ul>
<li>Morningstar maintains US$7.10 target on undervalued Hongkong Land. Singapore tourism benefits from China trip cancellations, says DBS.</li>
<li>UBS values Sembcorp Industries at $7.65 due to a value unlock.</li>
<li>Analysts maintain ‘buy’ ratings on Centurion Corp after 3QFY2025 update. BRC Asia's 2HFY2025 earnings fall 5% y-o-y to $52.2 million.</li>
</ul>


Morningstar maintains US$7.10 target on undervalued Hongkong Land. Singapore tourism benefits from China trip cancellations, says DBS.
UBS values Sembcorp Industries at $7.65 due to a value unlock.
Analysts maintain ‘buy’ ratings on Centurion Corp after 3QFY2025 update. BRC Asia's 2HFY2025 earnings fall 5% y-o-y to $52.2 million.


Singapore Market Roundup (24-Nov-2025): Morningstar keeps US$7.10 target on Hongkong Land.

<ul><li>RHB raises STI year-end target to 4,690 and highlights top sector picks.</li><li>Analysts are optimistic about CICT, stating it's 'revving on all engines.'</li><li>UOB Kay Hian's Loh sets Centurion Accommodation REIT's target price at $1.23.</li></ul>

RHB raises STI year-end target to 4,690 and highlights top sector picks.Analysts are optimistic about CICT, stating it's 'revving on all engines.'UOB Kay Hian's Loh sets Centurion Accommodation REIT's target price at $1.23.

Singapore Market Roundup (30-Oct-2025): RHB raises STI target to 4,690, names top sector picks.

<ul><li>Analysts remain optimistic on CICT, stating it's 'revving on all engines.'</li><li>UOB Kay Hian starts coverage on Centurion REIT, target price $1.23.</li><li>DBS rates CAO a 'buy,' citing capital inefficiency and potential dividend increases.</li></ul>

Analysts remain optimistic on CICT, stating it's 'revving on all engines.'UOB Kay Hian starts coverage on Centurion REIT, target price $1.23.DBS rates CAO a 'buy,' citing capital inefficiency and potential dividend increases.

Singapore Market Roundup (29-Oct-2025): Analysts are optimistic on CICT, citing strong

Singapore

Capitaland Integrated Commercial Trust operates as a retail estate investment trust. The Compnay invests in retail and office properties and integrated developments. Capitaland Integrated Commercial Trust serves clients in Asia Pacific.

Capitaland Integrated Commercial Trust (CICT SP)

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Capitaland Integrated Commercial Trust (CICT SP)

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

Singapore Market Roundup (25-Nov-2025): RHB's Natarajan keeps IREIT Global's target price at 35c.

RHB keeps IREIT Global's target price at 35 cents; uSMART holds Kimly due to stagnant growth and starts 'buy' on Starhill Global REIT with a target...

Singapore Market Roundup

Singapore Market Roundup (24-Nov-2025): Morningstar keeps US$7.10 target on Hongkong Land.

Morningstar sets a $7.10 target for Hongkong Land. DBS notes Singapore tourism gains from China trip cancellations, while UBS values Sembcorp...

Singapore Market Roundup

Singapore Market Roundup (30-Oct-2025): RHB raises STI target to 4,690, names top sector picks.

RHB raises STI year-end target to 4,690, favors CICT, while UOB Kay Hian sets Centurion Accommodation REIT's target price at $1.23.

Singapore Market Roundup

Singapore Market Roundup (29-Oct-2025): Analysts are optimistic on CICT, citing strong

Analysts are optimistic on CICT, UOB Kay Hian sets Centurion REIT target at $1.23, and DBS rates CAO a 'buy' for its capital inefficiency and...

Singapore Market Roundup

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52-week Range

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