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).


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

<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

Private Wealth Management and Asset Management., FPA Financial

FPA Financial

Private Wealth Management and Asset Management.

FPA Financial is an independent and boutique financial firm specializing in private wealth management and asset management.

<ul><li>Based on data provided by the World Semiconductor Trade Statistics (“WSTS”), worldwide semiconductor revenue rose by 79.2% to US$298.5 billion in 1Q 2026 from US$166.6 billion in 1Q 2025.</li><li>However, the impact of the growth in industry revenue may have been uneven across companies in the semiconductor supply chain.</li><li>Accordingly, we review the year-on-year (“y-o-y”) growth in different parts of the semiconductor industry and note that the growth of wafer shipments in 1Q 2026 and equipment billings in 4Q 2025 was softer than that of the worldwide industry revenue in the corresponding periods.</li></ul>

Based on data provided by the World Semiconductor Trade Statistics (“WSTS”), worldwide semiconductor revenue rose by 79.2% to US$298.5 billion in 1Q 2026 from US$166.6 billion in 1Q 2025.However, the impact of the growth in industry revenue may have been uneven across companies in the semiconductor supply chain.Accordingly, we review the year-on-year (“y-o-y”) growth in different parts of the semiconductor industry and note that the growth of wafer shipments in 1Q 2026 and equipment billings in 4Q 2025 was softer than that of the worldwide industry revenue in the corresponding periods.

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>Singapore-listed exposure to new-age hardware is concentrated in the enabling layers beneath visible end-products.</li><li>Robotics, autonomous systems, drones, advanced mobility, AI hardware, and space technologies all depend on semiconductors, reliability testing, precision components, qualified subsystems, and scalable manufacturing support.</li><li>SGX exposure is best understood through the infrastructure behind advanced hardware systems, rather than through the end-products alone.</li></ul>

Singapore-listed exposure to new-age hardware is concentrated in the enabling layers beneath visible end-products.Robotics, autonomous systems, drones, advanced mobility, AI hardware, and space technologies all depend on semiconductors, reliability testing, precision components, qualified subsystems, and scalable manufacturing support.SGX exposure is best understood through the infrastructure behind advanced hardware systems, rather than through the end-products alone.

Singapore’s New-Age Hardware Enablers: Infrastructure Layer Behind New-Age Hardware Systems

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

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)

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)

Singapore Semiconductor Market View

Based on data provided by the World Semiconductor Trade Statistics (“WSTS”), worldwide semiconductor revenue rose by 79.2% to US$298.5 billion in...

FPA Financial

Singapore’s New-Age Hardware Enablers: Infrastructure Layer Behind New-Age Hardware Systems

Singapore-listed exposure to new-age hardware is concentrated in the enabling layers beneath visible end-products. Robotics, autonomous systems,...

ICAM

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

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)

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)

Singapore Semiconductor Market View

Based on data provided by the World Semiconductor Trade Statistics (“WSTS”), worldwide semiconductor revenue rose by 79.2% to US$298.5 billion in...

FPA Financial

Singapore’s New-Age Hardware Enablers: Infrastructure Layer Behind New-Age Hardware Systems

Singapore-listed exposure to new-age hardware is concentrated in the enabling layers beneath visible end-products. Robotics, autonomous systems,...

ICAM

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