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>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.

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>Data centres trade as real estate but do not behave like it: value is set by secured, energised power, execution capability and regulation, not by location or floor space.</li>
<li>Valuation requires triangulation across various methodologies. The metrics that matter are contracted versus energised MW, WALE by contract type, PUE trajectory and ESG compliance against regulatory thresholds.</li>
<li>Six SGX-listed vehicles offer differentiated exposure: three pure-plays (Keppel DC REIT, Digital Core REIT, NTT DC REIT) and three diversified names (CapitaLand Ascendas REIT, Mapletree Industrial Trust, CapitaLand India Trust).</li>
</ul>


Data centres trade as real estate but do not behave like it: value is set by secured, energised power, execution capability and regulation, not by location or floor space.
Valuation requires triangulation across various methodologies. The metrics that matter are contracted versus energised MW, WALE by contract type, PUE trajectory and ESG compliance against regulatory thresholds.
Six SGX-listed vehicles offer differentiated exposure: three pure-plays (Keppel DC REIT, Digital Core REIT, NTT DC REIT) and three diversified names (CapitaLand Ascendas REIT, Mapletree Industrial Trust, CapitaLand India Trust).


<ul>
<li>Power is the product. Data centres are sold by the megawatt, not the square metre. Whoever secures the electricity controls the value.</li>
<li>The usual property metrics mislead. Cap rates and occupancy metrics, borrowed from real estate, hide the huge mandatory upgrade cycles these assets demand. Standard valuation reaches the wrong answer.</li>
<li>Governments now decide. Grid access and planning approval, not customer demand, determine which projects get built. Regulators in Singapore, Ireland and US states have become the real gatekeepers of supply.</li>
</ul>


Power is the product. Data centres are sold by the megawatt, not the square metre. Whoever secures the electricity controls the value.
The usual property metrics mislead. Cap rates and occupancy metrics, borrowed from real estate, hide the huge mandatory upgrade cycles these assets demand. Standard valuation reaches the wrong answer.
Governments now decide. Grid access and planning approval, not customer demand, determine which projects get built. Regulators in Singapore, Ireland and US states have become the real gatekeepers of supply.


Data Centres: The Asset Class Powering the Digital Economy

<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

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: 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

Investing in Data Centres

Data centres are valued based on secured power, execution capability, and regulation, not location or floor space. Six SGX-listed vehicles offer...

Golden Section Capital

Data Centres: The Asset Class Powering the Digital Economy

From megawatts and Tier ratings to valuation, power risk and regulation, the foundations required to evaluate one of the decade's defining asset...

Golden Section Capital

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Investing in Data Centres

​Data centres are valued based on secured power, execution capability, and regulation, not location or floor space. Six SGX-listed vehicles offer...

Golden Section Capital

Data Centres: The Asset Class Powering the Digital Economy

​From megawatts and Tier ratings to valuation, power risk and regulation, the foundations required to evaluate one of the decade's defining asset...

Golden Section Capital

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

Data centres are valued based on secured power, execution capability, and regulation, not location or floor space. Six SGX-listed vehicles offer...

From megawatts and Tier ratings to valuation, power risk and regulation, the foundations required to evaluate one of the decade's defining asset...