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>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

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>
The global data center industry is experiencing strong secular tailwinds, driven by the rapid surge in demand for Artificial Intelligence (AI) and Machine Learning (ML) workloads, as well as cloud computing.
</li>
<li>
Key data center markets like Singapore and Northern Virginia (in the US) are experiencing near-zero vacancy rates, forcing cloud service providers and other data center operators to look toward secondary cities.
</li>
<li>
Moreover, land is being pre-leased before permits are even issued in some markets, underscoring strong demand.
</li>
</ul>



The global data center industry is experiencing strong secular tailwinds, driven by the rapid surge in demand for Artificial Intelligence (AI) and Machine Learning (ML) workloads, as well as cloud computing.


Key data center markets like Singapore and Northern Virginia (in the US) are experiencing near-zero vacancy rates, forcing cloud service providers and other data center operators to look toward secondary cities.


Moreover, land is being pre-leased before permits are even issued in some markets, underscoring strong demand.



Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

<ul>
<li>Driven by long-term structural drivers including cloud computing adoption, digital transformation, 5G network rollout, we think Data Centers in Asia can be a generational investment opportunity</li>
<li>Keppel DC REIT and Digital Core REIT are pure plays listed in Singapore. Keppel is Singapore-concentrated, offering stable growth.  DC REIT’s portfolio is global, and backed by Digital Realty</li>
<li>We think interest rate volatility, regulatory framework and data localization policies, as well as market supply have to be taken into consideration when investors are making investment decisions</li>
</ul>


Driven by long-term structural drivers including cloud computing adoption, digital transformation, 5G network rollout, we think Data Centers in Asia can be a generational investment opportunity
Keppel DC REIT and Digital Core REIT are pure plays listed in Singapore. Keppel is Singapore-concentrated, offering stable growth.  DC REIT’s portfolio is global, and backed by Digital Realty
We think interest rate volatility, regulatory framework and data localization policies, as well as market supply have to be taken into consideration when investors are making investment decisions


Asia Data Center REITs: The AI-Driven Generational Investment Opportunity

Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Cross Asset Strategy

<ul>
<li>Singapore's REITs, representing 12% of the equity market, face pressures from rising interest rates and economic downturns, which impact profitability and market performance.</li>
<li>The data center REIT sector is propelled by increasing AI applications, data sovereignty laws, and the growth of cloud services, positioning it for significant expansion.</li>
<li>Digital Core REIT benefits from its presence in key tech hubs and high-performance computing offerings, positioning them to outperform in a tight data center market.</li>
</ul>


Singapore's REITs, representing 12% of the equity market, face pressures from rising interest rates and economic downturns, which impact profitability and market performance.
The data center REIT sector is propelled by increasing AI applications, data sovereignty laws, and the growth of cloud services, positioning it for significant expansion.
Digital Core REIT benefits from its presence in key tech hubs and high-performance computing offerings, positioning them to outperform in a tight data center market.


Gen AI Unleashes Hyper Demand for Data Centers

Alpha-Centric ESG Research

Kyle Rudden

<ul><li>New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding mandatory Scope 3 emissions reporting.</li><li>The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.</li><li>Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.</li></ul>

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding mandatory Scope 3 emissions reporting.The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

Singapore

Digital Core REIT is a Singapore-based real estate investment trust (S-REIT) that invests in a diversified portfolio of income-producing data center assets globally. It provides critical digital infrastructure, including buildings, power, cooling, and physical security, to cloud, internet, and enterprise customers. The company is headquartered in Singapore and was founded in 2021.

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Digital Core REIT (DCREIT SP)

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

Data Centers & Data Center REITs

The global data center industry is experiencing strong secular tailwinds, driven by the rapid surge in demand for Artificial Intelligence (AI)...

Wealth Management Alliance

Asia Data Center REITs: The AI-Driven Generational Investment Opportunity

The Data Center market will continue to be supported by strong structural drivers. Keppel DC REIT and Digital Core REIT are both pure plays that...

Jacob Cheng

Gen AI Unleashes Hyper Demand for Data Centers

Singapore REITs face challenges from rising interest rates and economic downturns, while data center REITs are poised for growth driven by AI,...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Data Centers & Data Center REITs

The global data center industry is experiencing strong secular tailwinds, driven by the rapid surge in demand for Artificial Intelligence (AI)...

Wealth Management Alliance

Asia Data Center REITs: The AI-Driven Generational Investment Opportunity

The Data Center market will continue to be supported by strong structural drivers. Keppel DC REIT and Digital Core REIT are both pure plays that...

Jacob Cheng

Gen AI Unleashes Hyper Demand for Data Centers

​Singapore REITs face challenges from rising interest rates and economic downturns, while data center REITs are poised for growth driven by AI,...

Mint Finance

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

​New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...

Kyle Rudden

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

Singapore REITs face challenges from rising interest rates and economic downturns, while data center REITs are poised for growth driven by AI,...

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...