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>Of the 30 companies that constitute the Straits Times Index (STI), Real Estate Investment Trusts (REITs) have long been a cornerstone.</li>
<li>For investors seeking growth and diversification beyond the blue-chip giants, the iEdge Singapore Next 50 indices present a compelling hunting ground beyond the 30 largest companies on the SGX. </li>
<li>These indices track the next 50 largest stocks after the top 30 SGX stocks ranked by market capitalization, and are home to a dynamic cohort of REITs.</li>
</ul>


Of the 30 companies that constitute the Straits Times Index (STI), Real Estate Investment Trusts (REITs) have long been a cornerstone.
For investors seeking growth and diversification beyond the blue-chip giants, the iEdge Singapore Next 50 indices present a compelling hunting ground beyond the 30 largest companies on the SGX. 
These indices track the next 50 largest stocks after the top 30 SGX stocks ranked by market capitalization, and are home to a dynamic cohort of REITs.


REITs Beyond the STI: A Review of the REIT Components of the iEdge Singapore Next 50 Indices

Alpha-Centric ESG Research

Kyle Rudden

<ul><li>New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding <em>mandatory</em> Scope 3 emissions reporting.</li><li>The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.</li><li>Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.</li></ul>

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding mandatory Scope 3 emissions reporting.The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

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

<ul><li>S-REITs with office exposure, including Suntec, Keppel, and OUE REITs, reported strong growth in distributable income for H1 2026.</li><li>Keppel REIT's net property income rose 13.1% YoY, with a 25.2% increase in distributable income from operations.</li><li>Suntec REIT's distributable income increased 25.5% YoY, driven by strong operational performance and lower financing costs.</li></ul>

S-REITs with office exposure, including Suntec, Keppel, and OUE REITs, reported strong growth in distributable income for H1 2026.Keppel REIT's net property income rose 13.1% YoY, with a 25.2% increase in distributable income from operations.Suntec REIT's distributable income increased 25.5% YoY, driven by strong operational performance and lower financing costs.

REIT Watch: Singapore Office REITs deliver robust H1 performance on strong occupancy and higher rents

<ul><li>ParkwayLife REIT's full-year DPU increased by 2.5% to 15.29 Singapore cents, with gross revenue up 7.6% to S$156.3 million.  </li><li>First REIT's full-year DPU declined by 8.1% to 2.17 Singapore cents, impacted by currency depreciation against the Singapore dollar.  </li><li>ParkwayLife REIT maintains a gearing ratio of 33.4% and an interest coverage ratio of 8.6 times, supporting growth.</li></ul>

ParkwayLife REIT's full-year DPU increased by 2.5% to 15.29 Singapore cents, with gross revenue up 7.6% to S$156.3 million.  First REIT's full-year DPU declined by 8.1% to 2.17 Singapore cents, impacted by currency depreciation against the Singapore dollar.  ParkwayLife REIT maintains a gearing ratio of 33.4% and an interest coverage ratio of 8.6 times, supporting growth.

REIT Watch – Healthcare S-REITs record mixed DPU performance, but deliver operational stability amid currency headwinds

Lendlease Global Commercial REIT / Equity Bottom-Up

Lendlease Global Commercial REIT (LREIT SP)

<ul><li>The next 30 most traded stocks in 2H25 have a combined market capitalisation of S$74 billion, spanning all 12 sectors.</li><li>Seven REITs among these stocks have a combined market value of S$19.5 billion and S$53.1 million in 2H25 ADT.</li><li>CSE Global leads net institutional inflow-to-market cap ratio, with ADT rising to S$5.8 million in 2H25.</li></ul>

The next 30 most traded stocks in 2H25 have a combined market capitalisation of S$74 billion, spanning all 12 sectors.Seven REITs among these stocks have a combined market value of S$19.5 billion and S$53.1 million in 2H25 ADT.CSE Global leads net institutional inflow-to-market cap ratio, with ADT rising to S$5.8 million in 2H25.

Highlights of the 30 Most Traded Non-STI Stocks in 2H25

Singapore

Suntec Real Estate Investment Trust invests in income-producing real estate primarily used for office and retail purposes. Its portfolio includes prime commercial properties in Singapore, Australia, and the United Kingdom. The company is headquartered in Singapore and was founded in 2004.

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Suntec (SUN SP)

REITs Beyond the STI: A Review of the REIT Components of the iEdge Singapore Next 50 Indices

Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...

Golden Section Capital

REIT Watch: Singapore Office REITs deliver robust H1 performance on strong occupancy and higher rents

S-REITs with office exposure, including Suntec, Keppel, and OUE REITs, reported strong growth in distributable income for H1 2026. Keppel REIT's...

Singapore Exchange Ltd (SGX)

REIT Watch – Healthcare S-REITs record mixed DPU performance, but deliver operational stability amid currency headwinds

ParkwayLife REIT's full-year DPU increased by 2.5% to 15.29 Singapore cents, with gross revenue up 7.6% to S$156.3 million. First REIT's...

Singapore Exchange Ltd (SGX)

Highlights of the 30 Most Traded Non-STI Stocks in 2H25

The next 30 most traded stocks in 2H25 have a combined market capitalisation of S$74 billion, spanning all 12 sectors. Seven REITs among these...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

REITs Beyond the STI: A Review of the REIT Components of the iEdge Singapore Next 50 Indices

​Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...

Golden Section Capital

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

​New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...

Kyle Rudden

REIT Watch: Singapore Office REITs deliver robust H1 performance on strong occupancy and higher rents

S-REITs with office exposure, including Suntec, Keppel, and OUE REITs, reported strong growth in distributable income for H1 2026. Keppel REIT's...

Singapore Exchange Ltd (SGX)

REIT Watch – Healthcare S-REITs record mixed DPU performance, but deliver operational stability amid currency headwinds

ParkwayLife REIT's full-year DPU increased by 2.5% to 15.29 Singapore cents, with gross revenue up 7.6% to S$156.3 million. First REIT's...

Singapore Exchange Ltd (SGX)

Highlights of the 30 Most Traded Non-STI Stocks in 2H25

The next 30 most traded stocks in 2H25 have a combined market capitalisation of S$74 billion, spanning all 12 sectors. Seven REITs among these...

Singapore Exchange Ltd (SGX)

Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...