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).


Independent Fund Manager, Swaen Capital

Swaen Capital

Independent Fund Manager

Swaen Capital is a Singapore based licensed independent fund manager with an open architecture, a non bias financial platform creating access to the best custodians and investment managers. Our focus lies within the wealth management business, covering client relationships, financial planning, advisory, as well as discretionary portfolio management. We have developed strategic alliances with other leading independent firms to complement and extend our offerings to clients (global hedge fund research capability, alternative investment offerings, corporate finance, fund structuring & administration, etc). Our know-how, extensive global network and long standing presence in Asia allows us to provide a global footprint and at the same time enables us to capitalize on regional opportunities.

<ul>
<li>The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and signal-integrity penalties. The industry's answer is to move the optics off the faceplate and onto the chip package itself — Co Packaged Optics (CPO).</li>
<li>Adoption is switch-first. NVIDIA and Broadcom are shipping CPO switches in 2026 on external-laser designs; the XPU side and an in-package laser are deferred by packaging and reliability limits, not yet solved.</li>
<li>Money moves with the architecture. As the optical engine moves into the package, value migrates away from module assemblers toward the layers that fabricate the optical engine itself.</li>
</ul>


The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and signal-integrity penalties. The industry's answer is to move the optics off the faceplate and onto the chip package itself — Co Packaged Optics (CPO).
Adoption is switch-first. NVIDIA and Broadcom are shipping CPO switches in 2026 on external-laser designs; the XPU side and an in-package laser are deferred by packaging and reliability limits, not yet solved.
Money moves with the architecture. As the optical engine moves into the package, value migrates away from module assemblers toward the layers that fabricate the optical engine itself.


Co-Packaged Optics 101: The Future of High-Density AI Interconnects

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>Singapore's electronic NODX rose 94.8% year-on-year in May 2026, driven by AI-related demand for integrated circuits.</li><li>UMS Integration, AEM Holdings, and Frencken Group attracted over S$680 million in net institutional inflows year-to-date.</li><li>Addvalue Technologies' revenue grew 59.9% to US$24.8 million in FY2026, driven by space connectivity and digital radio solutions demand.</li></ul>

Singapore's electronic NODX rose 94.8% year-on-year in May 2026, driven by AI-related demand for integrated circuits.UMS Integration, AEM Holdings, and Frencken Group attracted over S$680 million in net institutional inflows year-to-date.Addvalue Technologies' revenue grew 59.9% to US$24.8 million in FY2026, driven by space connectivity and digital radio solutions demand.

Sector Sweep – AI capex cycle drives institutional inflows and gains for Singapore’s listed tech manufacturers

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/ums-holdings-ltd">UMS Holdings</a> is strategically positioned to capitalize on the semiconductor industry's upswing, driven by the artificial intelligence (AI) capital expenditure cycle and a significant ramp-up in production for a new major customer.</li>
  <li>The acquisition of a new key customer is set to diversify revenue streams and reduce heavy reliance on its primary client, with contributions expected to double in the near term and potentially match its largest customer within three to five years.</li>
  <li>While the company faces risks associated with customer concentration and the inherent cyclicality of the semiconductor market, its strong operational execution, margin expansion initiatives, and a positive industry outlook support a favorable forward-looking view.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
UMS Holdings is strategically positioned to capitalize on the semiconductor industry's upswing, driven by the artificial intelligence (AI) capital expenditure cycle and a significant ramp-up in production for a new major customer.
  The acquisition of a new key customer is set to diversify revenue streams and reduce heavy reliance on its primary client, with contributions expected to double in the near term and potentially match its largest customer within three to five years.
  While the company faces risks associated with customer concentration and the inherent cyclicality of the semiconductor market, its strong operational execution, margin expansion initiatives, and a positive industry outlook support a favorable forward-looking view.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: UMS Holdings (UMSH SP) - Apr 2026

<ul><li>Institutional net selling reached S$900 million, with STI banks contributing four-fifths of the outflow, while 93 SMIDs saw S$113 million inflow.</li><li>AEM Holdings led net inflows at S$61 million, with technology accounting for 70% of inflow value, spanning multiple sectors.</li><li>Among 35 NIF+ stocks, 13 showed positive EPS growth and higher ROE, recording 6.1 bps median inflow.</li></ul>

Institutional net selling reached S$900 million, with STI banks contributing four-fifths of the outflow, while 93 SMIDs saw S$113 million inflow.AEM Holdings led net inflows at S$61 million, with technology accounting for 70% of inflow value, spanning multiple sectors.Among 35 NIF+ stocks, 13 showed positive EPS growth and higher ROE, recording 6.1 bps median inflow.

90+ SMIDs Draw Institutional Buying Amid Bank-Led Outflows

Singapore

UMS Integration is a precision engineering group specializing in manufacturing high-precision front-end semiconductor components and providing electromechanical assembly and final testing services. The company's core business involves producing modular and integration systems for original semiconductor equipment manufacturers, also serving the aerospace, electronics, machine tools, and oil and gas industries. Headquartered in Singapore, it was incorporated on January 17, 2001.

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UMS Integration (UMSH SP)

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

Co-Packaged Optics 101: The Future of High-Density AI Interconnects

The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and...

Swaen Capital

Sector Sweep – AI capex cycle drives institutional inflows and gains for Singapore’s listed tech manufacturers

Singapore's electronic NODX rose 94.8% year-on-year in May 2026, driven by AI-related demand for integrated circuits. UMS Integration, AEM...

Singapore Exchange Ltd (SGX)

Primer: UMS Holdings (UMSH SP) - Apr 2026

UMS Holdings is strategically positioned to capitalize on the semiconductor industry's upswing, driven by the artificial intelligence (AI)...

αSK Primers

90+ SMIDs Draw Institutional Buying Amid Bank-Led Outflows

Institutional net selling reached S$900 million, with STI banks contributing four-fifths of the outflow, while 93 SMIDs saw S$113 million...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Co-Packaged Optics 101: The Future of High-Density AI Interconnects

The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and...

Swaen Capital

Sector Sweep – AI capex cycle drives institutional inflows and gains for Singapore’s listed tech manufacturers

Singapore's electronic NODX rose 94.8% year-on-year in May 2026, driven by AI-related demand for integrated circuits. UMS Integration, AEM...

Singapore Exchange Ltd (SGX)

Primer: UMS Holdings (UMSH SP) - Apr 2026

UMS Holdings is strategically positioned to capitalize on the semiconductor industry's upswing, driven by the artificial intelligence (AI)...

αSK Primers

90+ SMIDs Draw Institutional Buying Amid Bank-Led Outflows

Institutional net selling reached S$900 million, with STI banks contributing four-fifths of the outflow, while 93 SMIDs saw S$113 million...

Singapore Exchange Ltd (SGX)

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