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>JP Morgan remains underweight on MINT due to occupancy, forex, and rate pressures.</li><li>AEM rises after 1QFY2026 results; DBS boosts target price to $11.80.</li><li>Maybank downgrades ComfortDelGro to 'hold' after weak 1QFY2026 results.</li></ul>

JP Morgan remains underweight on MINT due to occupancy, forex, and rate pressures.AEM rises after 1QFY2026 results; DBS boosts target price to $11.80.Maybank downgrades ComfortDelGro to 'hold' after weak 1QFY2026 results.

Singapore Market Roundup (14-May-2026): JP Morgan is underweight on MINT amid occupancy and rate

<ul><li>Genting Singapore shares fall post-1QFY2026; DBS downgrades to 'hold.'</li><li>DBS keeps 'buy' rating and $2.92 target for UMS Integration; shares rise 14%.</li><li>RHB keeps 'buy' on AIMS APAC REIT, raises TP to $1.70 due to data centre benefits.</li></ul>

Genting Singapore shares fall post-1QFY2026; DBS downgrades to 'hold.'DBS keeps 'buy' rating and $2.92 target for UMS Integration; shares rise 14%.RHB keeps 'buy' on AIMS APAC REIT, raises TP to $1.70 due to data centre benefits.

Singapore Market Roundup (13-May-2026): Genting Singapore shares drop; DBS lowers rating to

<ul><li>AEM rises for second day; DBS raises target to $3.30, Maybank upgrades to 'buy'.</li><li>Brokers' Digest: Marco Polo, iFAST, UHREIT, Addvalue, SGX, BRC Asia, SIA Eng, ISOTeam, Starhub</li><li>Analysts maintain 'neutral' stance on Sembcorp post FY2025 results.</li></ul>

AEM rises for second day; DBS raises target to $3.30, Maybank upgrades to 'buy'.Brokers' Digest: Marco Polo, iFAST, UHREIT, Addvalue, SGX, BRC Asia, SIA Eng, ISOTeam, StarhubAnalysts maintain 'neutral' stance on Sembcorp post FY2025 results.

Singapore Market Roundup (27-Feb-2026): AEM up 2nd day; DBS targets $3.30, Maybank upgrades to

<ul>
<li>Mixed feelings about Genting Singapore.</li>
<li>Maybank upgrades SIA to 'hold'; DBS and UOB Kay Hian raise target prices.</li>
<li>DBS Group Research keeps 'buy' on Stoneweg Europe Stapled Trust, raises target price.</li>
</ul>


Mixed feelings about Genting Singapore.
Maybank upgrades SIA to 'hold'; DBS and UOB Kay Hian raise target prices.
DBS Group Research keeps 'buy' on Stoneweg Europe Stapled Trust, raises target price.


Singapore Market Roundup (26-Feb-2026): Conflicted feelings about Genting Singapore.

Singapore

Genting Singapore develops, manages, and operates integrated resort destinations, including gaming, attractions, hospitality, MICE, leisure, and entertainment facilities. The company owns and operates Resorts World Sentosa (RWS) in Singapore, which features Universal Studios Singapore, S.E.A. Aquarium, Adventure Cove Waterpark, hotels, a casino, and MICE facilities. Genting Singapore was incorporated in 1984 and is headquartered in Singapore.

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Genting Singapore (GENS 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 (14-May-2026): JP Morgan is underweight on MINT amid occupancy and rate

JP Morgan is underweight on MINT due to various pressures. AEM rises post 1QFY2026 results; DBS raises target to $11.80. Maybank downgrades...

Singapore Market Roundup

Singapore Market Roundup (13-May-2026): Genting Singapore shares drop; DBS lowers rating to

Genting Singapore shares drop after 1QFY2026; DBS downgrades to 'hold.' UMS Integration shares rise 14% with a $2.92 target. RHB raises AIMS APAC...

Singapore Market Roundup

Singapore Market Roundup (27-Feb-2026): AEM up 2nd day; DBS targets $3.30, Maybank upgrades to

AEM gains for a second day; DBS raises target to $3.30, Maybank upgrades to 'buy'. Analysts keep 'neutral' stance on Sembcorp after FY2025 results.

Singapore Market Roundup

Singapore Market Roundup (26-Feb-2026): Conflicted feelings about Genting Singapore.

Genting Singapore faces mixed feelings. Maybank upgrades SIA to 'hold'; DBS and UOB Kay Hian raise target prices. DBS maintains 'buy' on Stoneweg...

Singapore Market Roundup

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)