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>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

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

<ul>
<li>Next 50 Indices offers broader and faster-growing sector exposure to Industrials than the STI, with twice the number of industrial constituents and stronger revenue momentum</li>
<li>Industrials within the Next50 Indices were observed to have healthier balance sheets with more attractive valuations and higher dividend yields versus large-cap STI peers</li>
<li>For investors seeking greater industrial growth optionality in Singapore, the Next 50 presents a differentiated and compelling opportunity set.</li>
</ul>


Next 50 Indices offers broader and faster-growing sector exposure to Industrials than the STI, with twice the number of industrial constituents and stronger revenue momentum
Industrials within the Next50 Indices were observed to have healthier balance sheets with more attractive valuations and higher dividend yields versus large-cap STI peers
For investors seeking greater industrial growth optionality in Singapore, the Next 50 presents a differentiated and compelling opportunity set.


Singapore Industrials Beyond the STI: A Differentiated Opportunity in the Next 50 Index

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.

<ul><li>Passenger traffic has rebounded beyond 2019 levels, led by Asia -Pacific’s long -haul reopening and tourism demand.</li><li>By 2034, global trips could reach 12bn. </li><li>Yet aircraft delivery backlogs, slot congestion, and labor shortages limit supply growth. </li></ul>

Passenger traffic has rebounded beyond 2019 levels, led by Asia -Pacific’s long -haul reopening and tourism demand.By 2034, global trips could reach 12bn. Yet aircraft delivery backlogs, slot congestion, and labor shortages limit supply growth. 

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>In this insight we present GHG emissions and energy consumption metrics of select SGX-listed transport companies relative to their revenue and assets </li>
<li>We also relate certain balance sheet characteristics to higher levels of GHG emissions and energy consumption among these companies</li>
<li>Finally, we offer a framework investors can use to evaluate a transport company's ability to significantly lower emissions and energy consumption going forward</li>
</ul>


In this insight we present GHG emissions and energy consumption metrics of select SGX-listed transport companies relative to their revenue and assets 
We also relate certain balance sheet characteristics to higher levels of GHG emissions and energy consumption among these companies
Finally, we offer a framework investors can use to evaluate a transport company's ability to significantly lower emissions and energy consumption going forward


How They Roll: Emissions and Energy Consumption of SGX-Listed Transport Companies

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Hutchison Port Holdings / Equity Bottom-Up

<ul><li>Hong Leong Asia achieved a 141% total return with S$53 million net institutional inflows, driven by MTU Series 2000 engines launch.</li><li>Hiap Seng Industries' ADT rose significantly after Chandra Asri Group acquired an 11.87% equity interest, boosting collaboration opportunities.</li><li>Singapore's SMID Industrials, including Hiap Seng Industries, Soilbuild Construction, and ASL Marine, saw significant turnover growth in 2H25.</li></ul>

Hong Leong Asia achieved a 141% total return with S$53 million net institutional inflows, driven by MTU Series 2000 engines launch.Hiap Seng Industries' ADT rose significantly after Chandra Asri Group acquired an 11.87% equity interest, boosting collaboration opportunities.Singapore's SMID Industrials, including Hiap Seng Industries, Soilbuild Construction, and ASL Marine, saw significant turnover growth in 2H25.

FTSE ST Industrials Index Holds 40% YTD Total Return in November 

Singapore

SIA Engineering Company provides aircraft maintenance, repair, and overhaul (MRO) services, encompassing airframe, line, cabin, fleet management, components, and engines. It is a major MRO provider in the Asia-Pacific region, offering comprehensive solutions to international airlines and aerospace companies. The company is headquartered in Singapore and was incorporated in 1982.

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SIA Engineering Company (SIE SP)

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 Industrials Beyond the STI: A Differentiated Opportunity in the Next 50 Index

Next 50 Indices provide more diverse and faster-growing industrial sector exposure in Singapore compared to STI, with stronger revenue momentum,...

GSBR Research

Aviation Innovation in Singapore

By 2034, global trips could reach 12bn. Yet aircraft delivery backlogs, slot congestion, and labor shortages limit supply growth.

ICAM

How They Roll: Emissions and Energy Consumption of SGX-Listed Transport Companies

In this insight we analyze the emissions and energy consumption characteristics of a range of SGX-listed transport companies.

Tracking Traffic

FTSE ST Industrials Index Holds 40% YTD Total Return in November

Hong Leong Asia achieved a 141% total return with S$53 million net institutional inflows, driven by MTU Series 2000 engines launch. Hiap Seng...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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 Industrials Beyond the STI: A Differentiated Opportunity in the Next 50 Index

​Next 50 Indices provide more diverse and faster-growing industrial sector exposure in Singapore compared to STI, with stronger revenue momentum,...

GSBR Research

Aviation Innovation in Singapore

By 2034, global trips could reach 12bn. Yet aircraft delivery backlogs, slot congestion, and labor shortages limit supply growth.

ICAM

How They Roll: Emissions and Energy Consumption of SGX-Listed Transport Companies

In this insight we analyze the emissions and energy consumption characteristics of a range of SGX-listed transport companies.

Tracking Traffic

FTSE ST Industrials Index Holds 40% YTD Total Return in November

Hong Leong Asia achieved a 141% total return with S$53 million net institutional inflows, driven by MTU Series 2000 engines launch. Hiap Seng...

Singapore Exchange Ltd (SGX)

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

Next 50 Indices provide more diverse and faster-growing industrial sector exposure in Singapore compared to STI, with stronger revenue momentum,...