Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>HSBC raises Singapore equities outlook to overweight.          </li>
<li>Lim and Tan start 'buy' rating for Beng Kuang Marine.</li>
<li>CGS keeps 'add' rating and $13.52 target on Keppel; M1 sale delays won't affect it.</li>
</ul>


HSBC raises Singapore equities outlook to overweight.          
Lim and Tan start 'buy' rating for Beng Kuang Marine.
CGS keeps 'add' rating and $13.52 target on Keppel; M1 sale delays won't affect it.


Singapore Market Roundup (31-Mar-2026): HSBC boosts Singapore equities outlook to overweight.

<ul><li>CGS International keeps 'add' rating and $13.52 target on Keppel; M1 sale secure.</li><li>RHB begins coverage of iFast Corp with a 'buy' rating and a $12.20 target.</li><li>DBS Group Research retains 'buy' rating on Elite UK REIT after valuation appraisal.</li></ul>

CGS International keeps 'add' rating and $13.52 target on Keppel; M1 sale secure.RHB begins coverage of iFast Corp with a 'buy' rating and a $12.20 target.DBS Group Research retains 'buy' rating on Elite UK REIT after valuation appraisal.

Singapore Market Roundup (30-Mar-2026): CGS International maintains 'add' rating, $13.52 target

<ul><li>StarHub's weak FY2026 outlook prompts DBS review; Morningstar cites overvaluation.</li><li>IFAST shares fall despite strong 4QFY2025 earnings; DBS keeps 'buy' at $12.</li><li>DBS, BofA, and UOB keep 'buy' rating on Singtel after a strong 3QFY2026.</li></ul>

StarHub's weak FY2026 outlook prompts DBS review; Morningstar cites overvaluation.IFAST shares fall despite strong 4QFY2025 earnings; DBS keeps 'buy' at $12.DBS, BofA, and UOB keep 'buy' rating on Singtel after a strong 3QFY2026.

Singapore Market Roundup (13-Feb-2026): StarHub's weak FY2026 outlook triggers DBS review, says

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>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

<ul>
<li>CGSI initiates coverage of Tiong Woon with a target price of $1.23.</li>
<li>CGSI raises Soilbuild's target price, maintaining FY2025 order win estimate at $530M.</li>
<li>OCBC Group Research rates Nordic Group as 'buy' with a fair value of 59 cents.</li>
</ul>


CGSI initiates coverage of Tiong Woon with a target price of $1.23.
CGSI raises Soilbuild's target price, maintaining FY2025 order win estimate at $530M.
OCBC Group Research rates Nordic Group as 'buy' with a fair value of 59 cents.


Singapore Market Roundup (16-Jan-2026): CGSI covers Tiong Woon, target price set at $1.23.

Singapore

iFAST is a global digital banking and wealth management platform. It offers a comprehensive range of investment products such as mutual funds, bonds, stocks, ETFs, and insurance, alongside services like online discretionary portfolio management, Fintech solutions, and pension administration. The company was incorporated in 2000 and is headquartered in Singapore.

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iFAST (IFAST SP)

Singapore Market Roundup (31-Mar-2026): HSBC boosts Singapore equities outlook to overweight.

HSBC upgrades Singapore equities to overweight. Lim and Tan initiate 'buy' on Beng Kuang Marine. CGS maintains 'add' on Keppel with $13.52 target;...

Singapore Market Roundup

Singapore Market Roundup (30-Mar-2026): CGS International maintains 'add' rating, $13.52 target

CGS maintains 'add' rating and $13.52 target for Keppel; RHB starts 'buy' on iFast at $12.20; DBS keeps 'buy' on Elite UK REIT post-appraisal.

Singapore Market Roundup

Singapore Market Roundup (13-Feb-2026): StarHub's weak FY2026 outlook triggers DBS review, says

StarHub's weak FY2026 outlook leads to a DBS review; IFAST shares drop despite strong earnings. DBS, BofA, and UOB maintain 'buy' on Singtel.

Singapore Market Roundup

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

Singapore Market Roundup (16-Jan-2026): CGSI covers Tiong Woon, target price set at $1.23.

CGSI sets Tiong Woon's target price at $1.23, raises Soilbuild's to maintain FY2025 estimates at $530M, and OCBC rates Nordic Group as 'buy' at 59...

Singapore Market Roundup

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Singapore Market Roundup (31-Mar-2026): HSBC boosts Singapore equities outlook to overweight.

HSBC upgrades Singapore equities to overweight. Lim and Tan initiate 'buy' on Beng Kuang Marine. CGS maintains 'add' on Keppel with $13.52 target;...

Singapore Market Roundup

Singapore Market Roundup (30-Mar-2026): CGS International maintains 'add' rating, $13.52 target

CGS maintains 'add' rating and $13.52 target for Keppel; RHB starts 'buy' on iFast at $12.20; DBS keeps 'buy' on Elite UK REIT post-appraisal.

Singapore Market Roundup

Singapore Market Roundup (13-Feb-2026): StarHub's weak FY2026 outlook triggers DBS review, says

StarHub's weak FY2026 outlook leads to a DBS review; IFAST shares drop despite strong earnings. DBS, BofA, and UOB maintain 'buy' on Singtel.

Singapore Market Roundup

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

Singapore Market Roundup (16-Jan-2026): CGSI covers Tiong Woon, target price set at $1.23.

CGSI sets Tiong Woon's target price at $1.23, raises Soilbuild's to maintain FY2025 estimates at $530M, and OCBC rates Nordic Group as 'buy' at 59...

Singapore Market Roundup

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