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. 

The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

Thematic (Sector/Industry)

<ul>
<li>The Singapore stock market has picked up further momentum in July, with the Straits Times Index (STI) surging 10.9% month-to-date.</li>
<li>This has taken the gain year-to-date to 22.7%, outperforming global bourses.</li>
<li>We see domestic monetary policy setting remaining a stabilizer in providing a positive backdrop for the local bourse.</li>
</ul>


The Singapore stock market has picked up further momentum in July, with the Straits Times Index (STI) surging 10.9% month-to-date.
This has taken the gain year-to-date to 22.7%, outperforming global bourses.
We see domestic monetary policy setting remaining a stabilizer in providing a positive backdrop for the local bourse.


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>The Singapore stock market has performed strongly in 2025, up 22% year-to-date, the best since 2010.</li>
<li>This has come on the back of a host of positive drivers – falling funding costs, an upward re-rating, a revival in initial public offerings (IPOs), portfolio inflows, and government initiatives.</li>
<li>Looking into 2026, some of these drivers may have run their course. Notably, with inflation having troughed, the easing interest rate cycle has probably ended.</li>
</ul>


The Singapore stock market has performed strongly in 2025, up 22% year-to-date, the best since 2010.
This has come on the back of a host of positive drivers – falling funding costs, an upward re-rating, a revival in initial public offerings (IPOs), portfolio inflows, and government initiatives.
Looking into 2026, some of these drivers may have run their course. Notably, with inflation having troughed, the easing interest rate cycle has probably ended.


<ul><li>Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the Artificial Intelligence (AI) sector, both directly and indirectly.</li><li>On direct exposure, we identify companies listed on the SGX – mainly in the upstream (including data centres) and midstream segments - which are, to a large or some extent, involved in AI. Downstream AI companies are predominately end-users and applications.</li><li>As a rough guide, the market capitalization of these companies totals around SGD21.3bn, accounting for a relatively small share of about 2.7% of the aggregated capitalization of SGD773bn of the FTSE Straits Times All Share Index (which comprises the top 98% of companies in the SGX Mainboard universe).</li></ul>

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the Artificial Intelligence (AI) sector, both directly and indirectly.On direct exposure, we identify companies listed on the SGX – mainly in the upstream (including data centres) and midstream segments - which are, to a large or some extent, involved in AI. Downstream AI companies are predominately end-users and applications.As a rough guide, the market capitalization of these companies totals around SGD21.3bn, accounting for a relatively small share of about 2.7% of the aggregated capitalization of SGD773bn of the FTSE Straits Times All Share Index (which comprises the top 98% of companies in the SGX Mainboard universe).

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.

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

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

Singapore Equity Strategy: July 2026

The Singapore stock market has picked up further momentum in July, with the Straits Times Index (STI) surging 10.9% month-to-date. This has taken...

Wealth Management Alliance

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 Equity Strategy: December 2025

The Singapore stock market has performed strongly in 2025, up 22% year-to-date, the best since 2010. This has come on the back of a host of...

Wealth Management Alliance

Singapore Equity Strategy: November 2025

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the...

Wealth Management Alliance

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

Singapore Equity Strategy: July 2026

The Singapore stock market has picked up further momentum in July, with the Straits Times Index (STI) surging 10.9% month-to-date. This has taken...

Wealth Management Alliance

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 Equity Strategy: December 2025

The Singapore stock market has performed strongly in 2025, up 22% year-to-date, the best since 2010. This has come on the back of a host of...

Wealth Management Alliance

Singapore Equity Strategy: November 2025

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the...

Wealth Management Alliance

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