Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>The iEdge Singapore Next 50 indices track 50 largest SGX companies beyond the top 30, with minimum S$100m market cap, 15% free float and 6-month median S$100K daily traded value.</li>
<li>The Next 50’s mid-cap constituents offer opportunities for restructuring to unlock value through governance reforms, asset optimization, and capital recycling, narrowing the gap between intrinsic value and public market prices.</li>
<li>Our study of take private offers, spin-offs and asset light transitions among the Next 50 constituents reveals that this index represents the next generation of Singaporean value plays.</li>
</ul>


The iEdge Singapore Next 50 indices track 50 largest SGX companies beyond the top 30, with minimum S$100m market cap, 15% free float and 6-month median S$100K daily traded value.
The Next 50’s mid-cap constituents offer opportunities for restructuring to unlock value through governance reforms, asset optimization, and capital recycling, narrowing the gap between intrinsic value and public market prices.
Our study of take private offers, spin-offs and asset light transitions among the Next 50 constituents reveals that this index represents the next generation of Singaporean value plays.


How Corporate Actions Are Unlocking Mid-Cap Value in the SGX the iEdge Singapore Next 50 Indices

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

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 Telecommunications led buybacks with 25.5 million shares at S$4.76 each, under a S$2 billion programme.</li><li>Aspial Lifestyle's Chairman increased his stake, acquiring 2,108,300 shares, amid a fund-raising initiative and earnings growth.</li><li>Raffles Medical's Chairman increased his stake to 252,445,223 shares, focusing on China expansion and capital management.</li></ul>

Singapore Telecommunications led buybacks with 25.5 million shares at S$4.76 each, under a S$2 billion programme.Aspial Lifestyle's Chairman increased his stake, acquiring 2,108,300 shares, amid a fund-raising initiative and earnings growth.Raffles Medical's Chairman increased his stake to 252,445,223 shares, focusing on China expansion and capital management.

Directors Increase Stakes, Including Aspial Lifestyle, Raffles Medical and Centurion

<ul><li>Success More Group sold 42 million China Sunsine shares for S$27.7 million, reducing its stake to 57.2%.</li><li>The iEdge Next 50 Index's technology stocks recorded S$179 million net institutional inflow in 2H25, led by iFAST.</li><li>China Sunsine's ADT increased to S$606k in 2025, with a 10.4% ROE and 7.6x P/E ratio.</li></ul>

Success More Group sold 42 million China Sunsine shares for S$27.7 million, reducing its stake to 57.2%.The iEdge Next 50 Index's technology stocks recorded S$179 million net institutional inflow in 2H25, led by iFAST.China Sunsine's ADT increased to S$606k in 2025, with a 10.4% ROE and 7.6x P/E ratio.

Growth in Motion: China Sunsine Married Deal & Next 50 Momentum

<ul><li>Institutions were net buyers of Singapore stocks with a S$57 million inflow, reversing a previous S$167 million outflow.</li><li>Eleven companies conducted share buybacks totaling S$13.6 million; United Overseas Bank led with 300,000 shares at S$34.57.</li><li>CapitaLand India Trust's 3Q 2025 update is due Oct 31; recent divestments aim to enhance financial flexibility.</li></ul>

Institutions were net buyers of Singapore stocks with a S$57 million inflow, reversing a previous S$167 million outflow.Eleven companies conducted share buybacks totaling S$13.6 million; United Overseas Bank led with 300,000 shares at S$34.57.CapitaLand India Trust's 3Q 2025 update is due Oct 31; recent divestments aim to enhance financial flexibility.

Real Estate Directors Continue to Build Interests

Singapore

Centurion Corporation Limited is a Singapore-based investment holding company that owns, develops, and manages specialized accommodation assets globally. It provides purpose-built worker accommodation under the "Westlite Accommodation" brand and purpose-built student accommodation under the "Dwell" and "EPIISOD" brands, alongside an optical storage media manufacturing business. The company was established in 1981 and is headquartered in Singapore.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Centurion (CENT SP)

How Corporate Actions Are Unlocking Mid-Cap Value in the SGX the iEdge Singapore Next 50 Indices

iEdge Singapore Next 50 index offers a prime arena to identify companies that could unlock value through governance reforms & asset optimization,...

Manishi Raychaudhuri

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

Directors Increase Stakes, Including Aspial Lifestyle, Raffles Medical and Centurion

Singapore Telecommunications led buybacks with 25.5 million shares at S$4.76 each, under a S$2 billion programme. Aspial Lifestyle's Chairman...

Singapore Exchange Ltd (SGX)

Growth in Motion: China Sunsine Married Deal & Next 50 Momentum

Success More Group sold 42 million China Sunsine shares for S$27.7 million, reducing its stake to 57.2%. The iEdge Next 50 Index's technology...

Singapore Exchange Ltd (SGX)

Real Estate Directors Continue to Build Interests

Institutions were net buyers of Singapore stocks with a S$57 million inflow, reversing a previous S$167 million outflow. Eleven companies...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

How Corporate Actions Are Unlocking Mid-Cap Value in the SGX the iEdge Singapore Next 50 Indices

​iEdge Singapore Next 50 index offers a prime arena to identify companies that could unlock value through governance reforms & asset optimization,...

Manishi Raychaudhuri

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

Directors Increase Stakes, Including Aspial Lifestyle, Raffles Medical and Centurion

Singapore Telecommunications led buybacks with 25.5 million shares at S$4.76 each, under a S$2 billion programme. Aspial Lifestyle's Chairman...

Singapore Exchange Ltd (SGX)

Growth in Motion: China Sunsine Married Deal & Next 50 Momentum

Success More Group sold 42 million China Sunsine shares for S$27.7 million, reducing its stake to 57.2%. The iEdge Next 50 Index's technology...

Singapore Exchange Ltd (SGX)

Real Estate Directors Continue to Build Interests

Institutions were net buyers of Singapore stocks with a S$57 million inflow, reversing a previous S$167 million outflow. Eleven companies...

Singapore Exchange Ltd (SGX)

iEdge Singapore Next 50 index offers a prime arena to identify companies that could unlock value through governance reforms & asset optimization,...

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