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>Net institutional inflows in Singapore's Technology sector reached S$572.6 million, concentrated in semiconductor production and AI hardware segments.</li><li>Valuation expansion is led by semiconductor-linked companies with AEM Holdings, UMS Integration, and Frencken Group showing significant P/E increases.</li><li>InnoTek's valuation reflects AI hardware demand, supported by institutional investments and its positioning in AI server supply chains.</li></ul>

Net institutional inflows in Singapore's Technology sector reached S$572.6 million, concentrated in semiconductor production and AI hardware segments.Valuation expansion is led by semiconductor-linked companies with AEM Holdings, UMS Integration, and Frencken Group showing significant P/E increases.InnoTek's valuation reflects AI hardware demand, supported by institutional investments and its positioning in AI server supply chains.

Semiconductor Test, Equipment and AI Demand Driving Flows and Re rating

<ul><li>SATS reported record FY26 revenue of S$6.35 billion, with a 17.0% increase in net profit from FY25.</li><li>Venture Corporation's revenue rose 1.9% YoY to S$628.5 million, supported by demand in technology segments.</li><li>UMS Integration's 1QFY26 revenue increased 20% YoY to S$69.4 million, with net profit rising 43% YoY.</li></ul>

SATS reported record FY26 revenue of S$6.35 billion, with a 17.0% increase in net profit from FY25.Venture Corporation's revenue rose 1.9% YoY to S$628.5 million, supported by demand in technology segments.UMS Integration's 1QFY26 revenue increased 20% YoY to S$69.4 million, with net profit rising 43% YoY.

STI Delivers 3.3% May Total Return as Economic Resilience Supports Market

<ul><li>Intel's 1Q26 results showed a 22% year-on-year increase in data centre and AI revenue, indicating strong demand for AI infrastructure.</li><li>Singapore's technology sector saw increased trading activity, institutional participation, and valuation multiples, with a shift to net institutional inflows.</li><li>Nanofilm's 1QFY26 update highlighted revenue growth, margin expansion, and cost control, leading to a 166% price gain in April.</li></ul>

Intel's 1Q26 results showed a 22% year-on-year increase in data centre and AI revenue, indicating strong demand for AI infrastructure.Singapore's technology sector saw increased trading activity, institutional participation, and valuation multiples, with a shift to net institutional inflows.Nanofilm's 1QFY26 update highlighted revenue growth, margin expansion, and cost control, leading to a 166% price gain in April.

Singapore’s Tech Rally: From Narrative to Delivery

<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

Venture Corporation is a leading global provider of technology services, products, and solutions, offering capabilities in research and development, product industrialization, advanced manufacturing, and supply chain management. The company serves diverse technology domains such as life sciences, MedTech, lifestyle and wellness, smart industrial, and next-gen communications. Headquartered in Singapore, Venture Corporation was established in 1989.

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Venture Corporation (VMS 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

Semiconductor Test, Equipment and AI Demand Driving Flows and Re rating

Net institutional inflows in Singapore's Technology sector reached S$572.6 million, concentrated in semiconductor production and AI hardware...

Singapore Exchange Ltd (SGX)

STI Delivers 3.3% May Total Return as Economic Resilience Supports Market

SATS reported record FY26 revenue of S$6.35 billion, with a 17.0% increase in net profit from FY25. Venture Corporation's revenue rose 1.9% YoY to...

Singapore Exchange Ltd (SGX)

Singapore’s Tech Rally: From Narrative to Delivery

Intel's 1Q26 results showed a 22% year-on-year increase in data centre and AI revenue, indicating strong demand for AI infrastructure. Singapore's...

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)

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

Semiconductor Test, Equipment and AI Demand Driving Flows and Re rating

Net institutional inflows in Singapore's Technology sector reached S$572.6 million, concentrated in semiconductor production and AI hardware...

Singapore Exchange Ltd (SGX)

STI Delivers 3.3% May Total Return as Economic Resilience Supports Market

SATS reported record FY26 revenue of S$6.35 billion, with a 17.0% increase in net profit from FY25. Venture Corporation's revenue rose 1.9% YoY to...

Singapore Exchange Ltd (SGX)

Singapore’s Tech Rally: From Narrative to Delivery

Intel's 1Q26 results showed a 22% year-on-year increase in data centre and AI revenue, indicating strong demand for AI infrastructure. Singapore's...

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)

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