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

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<ul>
<li>CGSI initiates coverage of Tiong Woon with a target price of $1.23.</li>
<li>CGSI raises Soilbuild's target price, maintaining FY2025 order win estimate at $530M.</li>
<li>OCBC Group Research rates Nordic Group as 'buy' with a fair value of 59 cents.</li>
</ul>


CGSI initiates coverage of Tiong Woon with a target price of $1.23.
CGSI raises Soilbuild's target price, maintaining FY2025 order win estimate at $530M.
OCBC Group Research rates Nordic Group as 'buy' with a fair value of 59 cents.


Singapore Market Roundup (16-Jan-2026): CGSI covers Tiong Woon, target price set at $1.23.

<ul><li>Aletheia Capital reaffirms 'buy' rating on iFAST after partnership with Financial Alliance.</li><li>Analysts recommend ‘buy’ on Coliwoo due to promising pipeline and returns.</li><li>UOB Kay Hian starts 'buy' on CAO with $2.09 TP, citing travel demand and possible dividends.</li></ul>

Aletheia Capital reaffirms 'buy' rating on iFAST after partnership with Financial Alliance.Analysts recommend ‘buy’ on Coliwoo due to promising pipeline and returns.UOB Kay Hian starts 'buy' on CAO with $2.09 TP, citing travel demand and possible dividends.

Singapore Market Roundup (15-Jan-2026): Aletheia Capital maintains 'buy' on iFAST after alliance.

<ul><li>UOB Kay Hian rates CAO as 'buy' with a $2.09 TP due to strong travel demand.</li><li>DBS names Singtel as a top Asian telco due to ROIC potential and Optus sale.</li><li>Maybank initiates 'buy' rating on Soon Hock with 20% price upside.</li></ul>

UOB Kay Hian rates CAO as 'buy' with a $2.09 TP due to strong travel demand.DBS names Singtel as a top Asian telco due to ROIC potential and Optus sale.Maybank initiates 'buy' rating on Soon Hock with 20% price upside.

Singapore Market Roundup (14-Jan-2026): UOB Kay Hian rates CAO 'buy' with $2.09 target price.

<ul><li>UOB Kay Hian raises ASL Marine’s target price to 35 cents due to strong growth.</li><li>KGI sees 76% upside for PC Partner, citing gaming and AI hardware drivers.</li><li>UOB Kay Hian rates NTT DC REIT as 'buy', targeting a 42% upside.</li></ul>

UOB Kay Hian raises ASL Marine’s target price to 35 cents due to strong growth.KGI sees 76% upside for PC Partner, citing gaming and AI hardware drivers.UOB Kay Hian rates NTT DC REIT as 'buy', targeting a 42% upside.

Singapore Market Roundup (13-Jan-2026): UOB Kay Hian raises ASL Marine's target price to 35 cents.

Singapore

UOB-Kay Hian is a Singapore-based financial services group offering brokerage services, private wealth management, investment management, and financial research. It provides a wide range of products including equities, bonds, derivatives, and structured products, alongside corporate finance advisory and equity underwriting. The company traces its roots to Kay Hian & Co. in the early 1900s and is headquartered in Singapore.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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UOB-Kay Hian (UOBK 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 Market Roundup (16-Jan-2026): CGSI covers Tiong Woon, target price set at $1.23.

CGSI sets Tiong Woon's target price at $1.23, raises Soilbuild's to maintain FY2025 estimates at $530M, and OCBC rates Nordic Group as 'buy' at 59...

Singapore Market Roundup

Singapore Market Roundup (15-Jan-2026): Aletheia Capital maintains 'buy' on iFAST after alliance.

Aletheia Capital maintains 'buy' on iFAST post-partnership. Analysts favor Coliwoo for its pipeline. UOB Kay Hian initiates 'buy' on CAO with $2.09...

Singapore Market Roundup

Singapore Market Roundup (14-Jan-2026): UOB Kay Hian rates CAO 'buy' with $2.09 target price.

UOB Kay Hian rates CAO 'buy' at $2.09 TP; DBS names Singtel top Asian telco; Maybank initiates 'buy' on Soon Hock with 20% price upside.

Singapore Market Roundup

Singapore Market Roundup (13-Jan-2026): UOB Kay Hian raises ASL Marine's target price to 35 cents.

UOB Kay Hian raises ASL Marine's target to 35c; KGI sees 76% upside for PC Partner; UOB rates NTT DC REIT 'buy' with a 42% upside.

Singapore Market Roundup

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 Market Roundup (16-Jan-2026): CGSI covers Tiong Woon, target price set at $1.23.

CGSI sets Tiong Woon's target price at $1.23, raises Soilbuild's to maintain FY2025 estimates at $530M, and OCBC rates Nordic Group as 'buy' at 59...

Singapore Market Roundup

Singapore Market Roundup (15-Jan-2026): Aletheia Capital maintains 'buy' on iFAST after alliance.

Aletheia Capital maintains 'buy' on iFAST post-partnership. Analysts favor Coliwoo for its pipeline. UOB Kay Hian initiates 'buy' on CAO with $2.09...

Singapore Market Roundup

Singapore Market Roundup (14-Jan-2026): UOB Kay Hian rates CAO 'buy' with $2.09 target price.

UOB Kay Hian rates CAO 'buy' at $2.09 TP; DBS names Singtel top Asian telco; Maybank initiates 'buy' on Soon Hock with 20% price upside.

Singapore Market Roundup

Singapore Market Roundup (13-Jan-2026): UOB Kay Hian raises ASL Marine's target price to 35 cents.

UOB Kay Hian raises ASL Marine's target to 35c; KGI sees 76% upside for PC Partner; UOB rates NTT DC REIT 'buy' with a 42% upside.

Singapore Market Roundup

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