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 South African listed property sector extended its recovery through October, supported by stabilising inflation, a softer global rate backdrop, and renewed capital inflows into income-yielding assets.</li>
<li>The J803 All Property Index delivered an 8.13% total return for the month, bringing year-to-date gains to 21.11%</li>
<li>Sector breadth remains the strongest in over two years, with 26 of 40 counters posting positive returns.</li>
</ul>


The South African listed property sector extended its recovery through October, supported by stabilising inflation, a softer global rate backdrop, and renewed capital inflows into income-yielding assets.
The J803 All Property Index delivered an 8.13% total return for the month, bringing year-to-date gains to 21.11%
Sector breadth remains the strongest in over two years, with 26 of 40 counters posting positive returns.


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.



Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>Setting up to be a crucial quarter for the major cloud infrastructure providers and broader tech as investors focus on the cost/benefits of AI.</li><li>Over the last decade, AMZN, MSFT, and GOOGL have garnered outsized investor attention, in part due to their size, but equally due to each of their rapidly growing tech infrastructure businesses (AWS, Azure, and GCP, respectively).</li><li>Based on the capex commentary from all three exiting the December quarter, investors are hoping for early signs of business AI traction, but also bracing for greater clarity around the costs.</li></ul>

Setting up to be a crucial quarter for the major cloud infrastructure providers and broader tech as investors focus on the cost/benefits of AI.Over the last decade, AMZN, MSFT, and GOOGL have garnered outsized investor attention, in part due to their size, but equally due to each of their rapidly growing tech infrastructure businesses (AWS, Azure, and GCP, respectively).Based on the capex commentary from all three exiting the December quarter, investors are hoping for early signs of business AI traction, but also bracing for greater clarity around the costs.

Cloud Infrastructure Monitor - Upcoming Earnings Season Marks a Crucial Point for Sector and AI

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

United States

Equinix Inc is a global colocation company offering data center space and power to customers. The Company centers offer direct interconnections to network providers, cloud service providers, and other customers. Equinix has extensive operations in North America, Europe, Asia, Dubai, and Brazil.

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

Equinix Inc (EQIX US)

SA Listed Property Review - October 2025

The South African listed property sector rebounded in October with strong returns and increased investor interest in income-yielding assets.

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

Cloud Infrastructure Monitor - Upcoming Earnings Season Marks a Crucial Point for Sector and AI

Setting up to be a crucial quarter for the major cloud infrastructure providers and broader tech as investors focus on the cost/benefits of AI.

Water Tower Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SA Listed Property Review - October 2025

​The South African listed property sector rebounded in October with strong returns and increased investor interest in income-yielding assets.

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

Cloud Infrastructure Monitor - Upcoming Earnings Season Marks a Crucial Point for Sector and AI

Setting up to be a crucial quarter for the major cloud infrastructure providers and broader tech as investors focus on the cost/benefits of AI.

Water Tower Research

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

The South African listed property sector rebounded in October with strong returns and increased investor interest in income-yielding assets.

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