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

Offering Senior Secured Loans, Kilde

Kilde

Offering Senior Secured Loans

Kilde connects family offices, funds, and accredited investors to investment-ready private credit deals in developed and emerging markets. We offer senior secured loans from last-mile lending companies with strong capitalization, a healthy balance sheet, and a capable management team.

<ul>
<li>China accounts for more than 50% of the demand for the commodity basket which includes iron ore, copper, coal, zinc etc.  </li>
<li>In January, China's Total Social Financing (TSF) reached a record 7.05 trillion RMB, marking a 9.5% YoY increase.</li>
<li>This suggests the beginning of robust stimulus measures that may boost commodity demand in 2025.</li>
</ul>


China accounts for more than 50% of the demand for the commodity basket which includes iron ore, copper, coal, zinc etc.  
In January, China's Total Social Financing (TSF) reached a record 7.05 trillion RMB, marking a 9.5% YoY increase.
This suggests the beginning of robust stimulus measures that may boost commodity demand in 2025.


Metals and Mining: China Stimulus The Key To Demand Growth in 2025

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

Singapore Telecommunications / Equity Bottom-Up

<ul><li>In 7M26, over 70 primary-listed companies in Singapore repurchased S$1.9 billion of shares, up from S$1.3 billion in 7M25.</li><li>Singtel led buyback activity, repurchasing 195.3 million shares for S$893.0 million, enhancing EPS and DPS trajectory.</li><li>Geo Energy led July buybacks among new participants, citing undervaluation and long-term growth prospects, repurchasing 5.8 million shares.</li></ul>

In 7M26, over 70 primary-listed companies in Singapore repurchased S$1.9 billion of shares, up from S$1.3 billion in 7M25.Singtel led buyback activity, repurchasing 195.3 million shares for S$893.0 million, enhancing EPS and DPS trajectory.Geo Energy led July buybacks among new participants, citing undervaluation and long-term growth prospects, repurchasing 5.8 million shares.

7M26 Buyback Consideration Reaches S$1.9 Billion

<ul><li>Institutions were net sellers of Singapore stocks with a S$79 million outflow, reversing prior S$365 million inflow.</li><li>CapitaLand Ascendas REIT raised S$903.5 million through a private placement and preferential offering, attracting diverse investors.</li><li>Geo Energy Resources completed a S$15 million share placement and announced infrastructure project progress with significant EBITDA potential.</li></ul>

Institutions were net sellers of Singapore stocks with a S$79 million outflow, reversing prior S$365 million inflow.CapitaLand Ascendas REIT raised S$903.5 million through a private placement and preferential offering, attracting diverse investors.Geo Energy Resources completed a S$15 million share placement and announced infrastructure project progress with significant EBITDA potential.

Institutions Pull Back as Buybacks & Insider Buying Persists

<ul><li>The Avantis International Small Cap Value ETF holds over 1,700 developed ex-US stocks, including 40 SGX-listed stocks.  </li><li>The 40 SGX-listed stocks have a combined market cap of S$50 billion and S$123 million ADT YTD.  </li><li>Global Resource Construction's ADT increased to S$3.1 million in 2026, reducing its bid-offer spread to 116bps.</li></ul>

The Avantis International Small Cap Value ETF holds over 1,700 developed ex-US stocks, including 40 SGX-listed stocks.  The 40 SGX-listed stocks have a combined market cap of S$50 billion and S$123 million ADT YTD.  Global Resource Construction's ADT increased to S$3.1 million in 2026, reducing its bid-offer spread to 116bps.

Channelling Global Small‑Cap Capital into Singapore Equities

Singapore

Geo Energy Resources is an established coal mining group operating in Indonesia, focusing on low-cost production of premium coal with low-ash and low-sulphur characteristics. The company's core activities include owning and operating coal mines, providing mining contracting services, and trading coal. Headquartered in Singapore, the company was established in 2008.

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

Geo Energy Resources (GERL SP)

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

Metals and Mining: China Stimulus The Key To Demand Growth in 2025

China accounts for more than 50% of the demand for the commodity basket which includes iron ore, copper, coal, zinc etc. In January, China's...

Kilde

7M26 Buyback Consideration Reaches S$1.9 Billion

In 7M26, over 70 primary-listed companies in Singapore repurchased S$1.9 billion of shares, up from S$1.3 billion in 7M25. Singtel led buyback...

Singapore Exchange Ltd (SGX)

Institutions Pull Back as Buybacks & Insider Buying Persists

Institutions were net sellers of Singapore stocks with a S$79 million outflow, reversing prior S$365 million inflow. CapitaLand Ascendas REIT...

Singapore Exchange Ltd (SGX)

Channelling Global Small‑Cap Capital into Singapore Equities

The Avantis International Small Cap Value ETF holds over 1,700 developed ex-US stocks, including 40 SGX-listed stocks. The 40 SGX-listed stocks...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Metals and Mining: China Stimulus The Key To Demand Growth in 2025

China accounts for more than 50% of the demand for the commodity basket which includes iron ore, copper, coal, zinc etc. In January, China's...

Kilde

7M26 Buyback Consideration Reaches S$1.9 Billion

In 7M26, over 70 primary-listed companies in Singapore repurchased S$1.9 billion of shares, up from S$1.3 billion in 7M25. Singtel led buyback...

Singapore Exchange Ltd (SGX)

Institutions Pull Back as Buybacks & Insider Buying Persists

Institutions were net sellers of Singapore stocks with a S$79 million outflow, reversing prior S$365 million inflow. CapitaLand Ascendas REIT...

Singapore Exchange Ltd (SGX)

Channelling Global Small‑Cap Capital into Singapore Equities

The Avantis International Small Cap Value ETF holds over 1,700 developed ex-US stocks, including 40 SGX-listed stocks. The 40 SGX-listed stocks...

Singapore Exchange Ltd (SGX)

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