Daily Brief Singapore: UltraGreen.AI, Rubber Future SGX TSR20, iEdge Singapore Next 50 Index, Banyan Tree Holdings, Suntec REIT and more

• UltraGreen.AI (2594794D SP) is looking to raise US$400m in its upcoming Singapore IPO.
• UltraGreen is a global leader in Fluorescence Guided Surgery (FGS), a surgical approach that helps doctors see things inside the body that are normally invisible under regular white light.
• We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.

Highlights

• Consumption outpaces domestic production growth

• Imports decline despite steady industrial demand

• Fresh probe into halobutyl rubber dumping

The first four months of the financial year illustrated an industry striving for balance — one still navigating between domestic self-sufficiency ambitions and dependence on imports for certain specialized grades. Demand from tire makers, which account for nearly two-thirds of synthetic rubber use in India, remained stable amid mixed trends in automotive production and exports. 

• This insight compares the iEdge Singapore Next 50 Index with regional mid-cap indices, focusing on methodology, sector composition, and historical performance. 
• Combining flagship and next-tier indices can broaden sector exposure and balance within an Asia-focused equity portfolio. 
• A volatility-driven allocation strategy is presented, showing that dynamic mid-cap exposure can help moderate drawdowns and enhance returns during market cycles.

• Institutions were net sellers of Singapore stocks from Nov 14 to Nov 20, with a net outflow of S$131 million.
• United Overseas Bank led share buybacks, acquiring 997,700 shares at an average price of S$34.01, totaling S$58.2 million.
• Wing Tai Holdings’ Cheng Wai Keung increased his interest to 62.24%, while Banyan Tree Holdings’ Goodview Properties raised its stake to 6.06%.

• In 3Q25, Singapore office REITs like CICT, MPACT, and Suntec REIT reported strong occupancy and positive rental reversions.
• CICT’s office portfolio occupancy rose to 96.2%, with a 1.9% rent increase, and full ownership of CapitaSpring.
• Keppel REIT achieved a 12.0% rental reversion, maintaining 96.3% occupancy, with a WALE of 4.7 years.