Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Thematic (Sector/Industry)

<ul>
<li>The iEdge Singapore Next 50 comfortably supports S$50-100m index products today, and about S$171m with optimised sampling that excludes the five least liquid names.</li>
<li>Strict full-replication capacity reached about S$97m as of 10 July 2026, up 75% since September 2025, as aggregate constituent turnover rose from S$134m to S$261m per day.</li>
<li>The ceiling is set by a thin tail of property and hospitality names, so an ETF launch or the remaining S$2.6bn of EQDP money would lift it.</li>
</ul>


The iEdge Singapore Next 50 comfortably supports S$50-100m index products today, and about S$171m with optimised sampling that excludes the five least liquid names.
Strict full-replication capacity reached about S$97m as of 10 July 2026, up 75% since September 2025, as aggregate constituent turnover rose from S$134m to S$261m per day.
The ceiling is set by a thin tail of property and hospitality names, so an ETF launch or the remaining S$2.6bn of EQDP money would lift it.


iEdge Singapore Next 50: Portfolio Capacity Keeps Rising

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.

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.

<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

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 <em>mandatory</em> 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

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

Centurion Accommodation / Equity Bottom-Up

<ul><li>Hospitality S-REITs in Singapore reported stable to higher distributions, with four out of five trusts showing increased revenue.</li><li>CLAS achieved a 4% revenue growth and DPS increase, driven by stronger performance and portfolio reconstitution.</li><li>CAREIT's revenue and DPU exceeded IPO forecasts, maintaining high occupancy and leveraging a 30.7% aggregate leverage.</li></ul>

Hospitality S-REITs in Singapore reported stable to higher distributions, with four out of five trusts showing increased revenue.CLAS achieved a 4% revenue growth and DPS increase, driven by stronger performance and portfolio reconstitution.CAREIT's revenue and DPU exceeded IPO forecasts, maintaining high occupancy and leveraging a 30.7% aggregate leverage.

REIT Watch - Most Hospitality and Lodging S-REITs Post Higher H2 Revenue and Payouts

Singapore

Far East Hospitality Trust is a Singapore-based stapled group that invests in a diversified portfolio of income-producing hospitality, hospitality-related, and other accommodation and lodging real estate. Its portfolio primarily comprises hotels and serviced residences located in Singapore and Japan. The Trust was listed on the Singapore Exchange on August 27, 2012, and is headquartered in Singapore.

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Far East Hospitality Trust (FEHT SP)

iEdge Singapore Next 50: Portfolio Capacity Keeps Rising

The iEdge Singapore Next 50 comfortably supports S$50-100m index products today, and about S$171m with optimised sampling that excludes the five...

Vincent Fernando, CFA

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

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

REIT Watch - Most Hospitality and Lodging S-REITs Post Higher H2 Revenue and Payouts

Hospitality S-REITs in Singapore reported stable to higher distributions, with four out of five trusts showing increased revenue. CLAS achieved a...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

iEdge Singapore Next 50: Portfolio Capacity Keeps Rising

The iEdge Singapore Next 50 comfortably supports S$50-100m index products today, and about S$171m with optimised sampling that excludes the five...

Vincent Fernando, CFA

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

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

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

REIT Watch - Most Hospitality and Lodging S-REITs Post Higher H2 Revenue and Payouts

Hospitality S-REITs in Singapore reported stable to higher distributions, with four out of five trusts showing increased revenue. CLAS achieved a...

Singapore Exchange Ltd (SGX)

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

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