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.

Equity Bottom-Up

<ul><li>NTT DC REIT’s first full-year result reduces the basic IPO execution risk, but it does not close the earnings-quality debate.</li><li>FY2025-26 came in above IPO forecast across the main investor- facing lines: gross revenue was 2.5% above forecast, net property income (NPI) was 2.3% above forecast and DPU was 2.6% above forecast.</li><li>That is a useful delivery point after the 9MFY2025-26 update, when revenue was ahead of forecast, but NPI was still below forecast. </li></ul>

NTT DC REIT’s first full-year result reduces the basic IPO execution risk, but it does not close the earnings-quality debate.FY2025-26 came in above IPO forecast across the main investor- facing lines: gross revenue was 2.5% above forecast, net property income (NPI) was 2.3% above forecast and DPU was 2.6% above forecast.That is a useful delivery point after the 9MFY2025-26 update, when revenue was ahead of forecast, but NPI was still below forecast. 

<ul><li>Since the November 6, 2025 initiation, the most significant development is that there is now an actual operating performance to evaluate rather than only IPO-related framing.</li><li>The first statutory half-year print came in slightly ahead of the adjusted IPO forecast, with 1H FY2025-26 revenue of US$47.2m, NPI of US$22.6m, distributable income of US$17.4m and DPU of 1.69 US cents.</li><li>That does not prove the full case, but it does show that the portfolio did not stumble out of the gate.</li></ul>

Since the November 6, 2025 initiation, the most significant development is that there is now an actual operating performance to evaluate rather than only IPO-related framing.The first statutory half-year print came in slightly ahead of the adjusted IPO forecast, with 1H FY2025-26 revenue of US$47.2m, NPI of US$22.6m, distributable income of US$17.4m and DPU of 1.69 US cents.That does not prove the full case, but it does show that the portfolio did not stumble out of the gate.

<ul><li>NTT DC REIT is a pure -play data center trust backed by a global sponsor and listed in Singapore.</li><li>It holds six stabilized facilities across the U.S., Europe, and Asia with a total design IT load of about 90 MW and 94% occupancy.</li><li>The portfolio comprises of six assets across key hubs with high occupancy and a diversified tenant base.</li></ul>

NTT DC REIT is a pure -play data center trust backed by a global sponsor and listed in Singapore.It holds six stabilized facilities across the U.S., Europe, and Asia with a total design IT load of about 90 MW and 94% occupancy.The portfolio comprises of six assets across key hubs with high occupancy and a diversified tenant base.

Thematic (Sector/Industry)

<ul>
<li>Singapore data centers should be understood as constrained infrastructure rather than as a broad technology theme.</li>
<li>The sector sells reliable digital capacity built on power, cooling, connectivity, and resilience, so the economics are driven less by digital demand in the abstract and more by access to scarce physical inputs, execution quality, and operating discipline.</li>
<li>Singapore remains the region’s premium node even as expansion becomes harder.</li>
</ul>


Singapore data centers should be understood as constrained infrastructure rather than as a broad technology theme.
The sector sells reliable digital capacity built on power, cooling, connectivity, and resilience, so the economics are driven less by digital demand in the abstract and more by access to scarce physical inputs, execution quality, and operating discipline.
Singapore remains the region’s premium node even as expansion becomes harder.


Singapore Data Center Primer: Premium Node in a Constrained Market

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

Singapore

NTT DC REIT is a Singapore real estate investment trust that invests in a diversified portfolio of stabilized income-producing real estate assets globally, primarily used for data center purposes. Its portfolio includes six carrier-neutral, Tier III-equivalent data centers across the United States, Austria, and Singapore. The company was constituted on March 28, 2025, and is headquartered in Singapore.

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NTT DC REIT (NTTDCR SP)

NTT DC REIT: FY 25/26 Earnings Update

NTT DC REIT’s first full-year result reduces the basic IPO execution risk, but it does not close the earnings-quality debate. FY2025-26 came in...

ICAM

NTT DC REIT: Results Update

Since the November 6, 2025 initiation, the most significant development is that there is now an actual operating performance to evaluate rather...

ICAM

NTT DC REIT Initiating Coverage

NTT DC REIT is a pure -play data center trust backed by a global sponsor and listed in Singapore. It holds six stabilized facilities across the...

ICAM

Singapore Data Center Primer: Premium Node in a Constrained Market

Singapore data centers should be understood as constrained infrastructure rather than as a broad technology theme. The sector sells reliable...

ICAM

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NTT DC REIT: FY 25/26 Earnings Update

NTT DC REIT’s first full-year result reduces the basic IPO execution risk, but it does not close the earnings-quality debate. FY2025-26 came in...

ICAM

NTT DC REIT: Results Update

Since the November 6, 2025 initiation, the most significant development is that there is now an actual operating performance to evaluate rather...

ICAM

NTT DC REIT Initiating Coverage

NTT DC REIT is a pure -play data center trust backed by a global sponsor and listed in Singapore. It holds six stabilized facilities across the...

ICAM

Singapore Data Center Primer: Premium Node in a Constrained Market

Singapore data centers should be understood as constrained infrastructure rather than as a broad technology theme. The sector sells reliable...

ICAM

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

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