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

GROW with Singlife, Navigator Investment Services

GROW with Singlife

Navigator Investment Services

We’ve made it our mission to enable advisers to partner with clients to make more considered choices, across their entire financial life journey. Together, we’re building an industry where financial advisers do better.

<ul><li>Food consumption in Singapore remains broadly non-cyclical, anchored by steady household demand across income segments. This defensive earnings base is now complemented by structural growth drivers.</li><li>Policy support remains central to the sector’s evolution. Initiatives such as the Singapore Food Story 2, the Green Plan 2030, and AgriFood Cluster Transformation Fund are fostering investment in local production, food innovation, and ESG adoption.</li><li>Singapore’s F&amp;B brands are leveraging their reputation for quality, safety, and design-led branding to penetrate fast-growing ASEAN markets.</li></ul>

Food consumption in Singapore remains broadly non-cyclical, anchored by steady household demand across income segments. This defensive earnings base is now complemented by structural growth drivers.Policy support remains central to the sector’s evolution. Initiatives such as the Singapore Food Story 2, the Green Plan 2030, and AgriFood Cluster Transformation Fund are fostering investment in local production, food innovation, and ESG adoption.Singapore’s F&amp;B brands are leveraging their reputation for quality, safety, and design-led branding to penetrate fast-growing ASEAN markets.

Beyond the Plate: Food & Beverage Sector in Singapore

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

<ul><li>Institutional investors recorded a net outflow of S$336 million across Singapore-listed stocks from 31 August to 25 September.</li><li>Yangzijiang Shipbuilding saw the largest reversal with S$73.78 million net buying from 14–25 September after prior net selling.</li><li>UI Boustead REIT and CapitaLand Ascott Trust reversed outflows with recent net buying of S$17.23 million and S$6.70 million, respectively.</li></ul>

Institutional investors recorded a net outflow of S$336 million across Singapore-listed stocks from 31 August to 25 September.Yangzijiang Shipbuilding saw the largest reversal with S$73.78 million net buying from 14–25 September after prior net selling.UI Boustead REIT and CapitaLand Ascott Trust reversed outflows with recent net buying of S$17.23 million and S$6.70 million, respectively.

Net Institutional Inflow Reversals into Late September

<ul><li>Over five sessions, directors and substantial shareholders filed 50 interests for 20 stocks, including acquisitions and disposals.</li><li>Kopernik Global Investors increased its stake in Golden Agri-Resources to 7.07% through acquisitions, reflecting institutional conviction.</li><li>HealthBank Holdings raised S$2.67 million through a share placement to finance new businesses and strategic investments.</li></ul>

Over five sessions, directors and substantial shareholders filed 50 interests for 20 stocks, including acquisitions and disposals.Kopernik Global Investors increased its stake in Golden Agri-Resources to 7.07% through acquisitions, reflecting institutional conviction.HealthBank Holdings raised S$2.67 million through a share placement to finance new businesses and strategic investments.

LC Capital Extends PC Partner Position; Rich Placement

<ul><li>Yangzijiang Maritime, CAREIT, and Golden Agri-Res will join the iEdge Singapore Next 50 Index on Dec 22.  </li><li>Samudera Shipping Line, Nanofilm Tech, and Aztech Global will move to the Next 50 Index Reserve list.  </li><li>PropNex, China Sunsine Chemical, Banyan Tree, China Aviation Oil, and CSE Global averaged 59% total returns in 2H25.</li></ul>

Yangzijiang Maritime, CAREIT, and Golden Agri-Res will join the iEdge Singapore Next 50 Index on Dec 22.  Samudera Shipping Line, Nanofilm Tech, and Aztech Global will move to the Next 50 Index Reserve list.  PropNex, China Sunsine Chemical, Banyan Tree, China Aviation Oil, and CSE Global averaged 59% total returns in 2H25.

YZJ Maritime, CAREIT & GAR to Join iEdge Singapore Next 50 Index On Dec 22 

Singapore

Golden Agri-Resources (GAR) is a leading seed-to-shelf agribusiness primarily engaged in the palm oil industry. The company cultivates oil palms, extracts crude palm oil, and processes it into various value-added products including cooking oil, margarine, shortening, biodiesel, and oleochemicals. GAR also has complementary businesses in soybean-based products, sunflower-based products, and sugar distribution. Headquartered in Singapore, the company was founded in 1996.

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Golden Agri-Resources (GGR 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

Beyond the Plate: Food & Beverage Sector in Singapore

With rising ESG standards and innovation-driven competitiveness, Singapore’s F&B sector stands out as a resilient and underappreciated growth story...

GROW with Singlife

Net Institutional Inflow Reversals into Late September

Institutional investors recorded a net outflow of S$336 million across Singapore-listed stocks from 31 August to 25 September. Yangzijiang...

Singapore Exchange Ltd (SGX)

LC Capital Extends PC Partner Position; Rich Placement

Over five sessions, directors and substantial shareholders filed 50 interests for 20 stocks, including acquisitions and disposals. Kopernik Global...

Singapore Exchange Ltd (SGX)

YZJ Maritime, CAREIT & GAR to Join iEdge Singapore Next 50 Index On Dec 22

Yangzijiang Maritime, CAREIT, and Golden Agri-Res will join the iEdge Singapore Next 50 Index on Dec 22. Samudera Shipping Line, Nanofilm Tech,...

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

Beyond the Plate: Food & Beverage Sector in Singapore

With rising ESG standards and innovation-driven competitiveness, Singapore’s F&B sector stands out as a resilient and underappreciated growth story...

GROW with Singlife

Net Institutional Inflow Reversals into Late September

Institutional investors recorded a net outflow of S$336 million across Singapore-listed stocks from 31 August to 25 September. Yangzijiang...

Singapore Exchange Ltd (SGX)

LC Capital Extends PC Partner Position; Rich Placement

Over five sessions, directors and substantial shareholders filed 50 interests for 20 stocks, including acquisitions and disposals. Kopernik Global...

Singapore Exchange Ltd (SGX)

YZJ Maritime, CAREIT & GAR to Join iEdge Singapore Next 50 Index On Dec 22

Yangzijiang Maritime, CAREIT, and Golden Agri-Res will join the iEdge Singapore Next 50 Index on Dec 22. Samudera Shipping Line, Nanofilm Tech,...

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...