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

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.

<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.


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...

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

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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...

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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...

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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

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