The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

Thematic (Sector/Industry)

<ul><li>Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the Artificial Intelligence (AI) sector, both directly and indirectly.</li><li>On direct exposure, we identify companies listed on the SGX – mainly in the upstream (including data centres) and midstream segments - which are, to a large or some extent, involved in AI. Downstream AI companies are predominately end-users and applications.</li><li>As a rough guide, the market capitalization of these companies totals around SGD21.3bn, accounting for a relatively small share of about 2.7% of the aggregated capitalization of SGD773bn of the FTSE Straits Times All Share Index (which comprises the top 98% of companies in the SGX Mainboard universe).</li></ul>

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the Artificial Intelligence (AI) sector, both directly and indirectly.On direct exposure, we identify companies listed on the SGX – mainly in the upstream (including data centres) and midstream segments - which are, to a large or some extent, involved in AI. Downstream AI companies are predominately end-users and applications.As a rough guide, the market capitalization of these companies totals around SGD21.3bn, accounting for a relatively small share of about 2.7% of the aggregated capitalization of SGD773bn of the FTSE Straits Times All Share Index (which comprises the top 98% of companies in the SGX Mainboard universe).

<ul><li>In this strategy update, we look at the two new stock indices - the iEdge Singapore Next 50 Index and the iEdge Next 50 Liquidity Weighted Index - released by the SGX on 22 September 2025.</li><li>The two new indices cover the next 50 largest companies listed on the SGX Mainboard, excluding the 30 largest companies by market capitalization (which are covered by the benchmark Straits Times Index, STI).</li><li>The 50 constituent companies are identical for both new indices, but the first is weighted by free-float market capitalization while the second is weighted by turnover to capture the relative liquidity of the constituents.</li></ul>

In this strategy update, we look at the two new stock indices - the iEdge Singapore Next 50 Index and the iEdge Next 50 Liquidity Weighted Index - released by the SGX on 22 September 2025.The two new indices cover the next 50 largest companies listed on the SGX Mainboard, excluding the 30 largest companies by market capitalization (which are covered by the benchmark Straits Times Index, STI).The 50 constituent companies are identical for both new indices, but the first is weighted by free-float market capitalization while the second is weighted by turnover to capture the relative liquidity of the constituents.

Equity Bottom-Up

Elite UK REIT (“Elite REIT” (“英利房托”)), is a UK REIT listed in Pound sterling on the Singapore Exchange and managed by Singapore-headquartered Elite UK REIT Management Pte. Ltd. (the “Manager”). Elite REIT’s Sponsors are Elite Partners Holding Pte. Ltd. (“EPH”), the holding firm for Elite Partners Group, an alternative investment and asset manager; and Ho Lee Group Pte. Ltd., a real estate and construction conglomerate. As at 30 June 2025, EPH, via its wholly owned subsidiaries, has managed assets in excess of S$2 billion.

Elite REIT’s portfolio (“Portfolio”) comprises mostly freehold properties strategically located mainly in town centres, and near amenities and transportation nodes. With its portfolio, Elite REIT is one of the largest providers of critical social infrastructure to the Department for Work and Pensions and other UK Government departments. As at 30 June 2025, Elite REIT’s portfolio has a total asset value of £421.5 million.

In addition to stable government-backed income stream, the Manager plans to capitalise on emerging market trends and sectors exhibiting strong growth potential in the UK, such as the Living Sector, which includes purpose-built student accommodation and Built-to-Rent residential assets.

For more information, please visit https://www.eliteukreit.com/.

<ul><li>This report provides an update of Elite UK REIT (SGX: MXNU), after our initiation report dated 18 March 25.</li><li>Then, we had a price target of GBP0.30. We have increased the target price now to GBP0.39 in view of the REIT’s pivot and diversification and factoring in the market’s willingness to accept a smaller traded discount on the REIT’s share to its NAV.</li><li>Since our initiation report, several positive developments have emerged.</li></ul>

This report provides an update of Elite UK REIT (SGX: MXNU), after our initiation report dated 18 March 25.Then, we had a price target of GBP0.30. We have increased the target price now to GBP0.39 in view of the REIT’s pivot and diversification and factoring in the market’s willingness to accept a smaller traded discount on the REIT’s share to its NAV.Since our initiation report, several positive developments have emerged.

<ul>
<li>Singapore Depository Receipts (SDRs) have a relatively short history.</li>
<li>They were launched in April 2023, compared to American Depository Receipts (ADRs) which took off in the 1980s with Chinese securities joining in the 2010s.</li>
<li>Started off with Thai stocks, the SDR market gathered strong momentum with the offering of Hong Kong stocks in October 2024.</li>
</ul>


Singapore Depository Receipts (SDRs) have a relatively short history.
They were launched in April 2023, compared to American Depository Receipts (ADRs) which took off in the 1980s with Chinese securities joining in the 2010s.
Started off with Thai stocks, the SDR market gathered strong momentum with the offering of Hong Kong stocks in October 2024.


Singapore Depository Receipts (SDR): September 2025

Samudera Shipping Line / Equity Bottom-Up

Samudera Shipping Line Limited owns and operates ocean-going ships and provides containerized feeder shipping services. Through its subsidiaries, the Company also owns and charters vessels, provides sea and air freight forwarding, and operates shipping agency and container freight station services.

<ul><li>In our initiation coverage of Samudera in February, we recommended a price target of SGD0.73 to accumulate the stock which was trading at SGD0.85 then.</li><li>The stock did reach a low of SGD0.71 in early April amid US tariff uncertainty before hitting a high of SGD1.05 in late July.</li><li>The stock has since retraced lower to SGD0.955 currently.</li></ul>

In our initiation coverage of Samudera in February, we recommended a price target of SGD0.73 to accumulate the stock which was trading at SGD0.85 then.The stock did reach a low of SGD0.71 in early April amid US tariff uncertainty before hitting a high of SGD1.05 in late July.The stock has since retraced lower to SGD0.955 currently.

Samudera Shipping Line Ltd: Sept 2025 Update

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice.
 
WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances.
 
On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

Wealth Management Alliance
The New Standard in Wealth Management
• Wealth Management Alliance

Singapore Equity Strategy: November 2025

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the...

Wealth Management Alliance

Singapore Equity Strategy: October 2025

In this strategy update, we look at the two new stock indices - the iEdge Singapore Next 50 Index and the iEdge Next 50 Liquidity Weighted Index

Wealth Management Alliance

Elite UK REIT: October 2025 Update

This report provides an update of Elite UK REIT (SGX: MXNU), after our initiation report dated 18 March 25. Then, we had a price target of GBP0.30....

Wealth Management Alliance

Singapore Depository Receipts (SDR): September 2025

Singapore Depository Receipts (SDRs) have a relatively short history. They were launched in April 2023, compared to American Depository Receipts...

Wealth Management Alliance

Samudera Shipping Line Ltd: Sept 2025 Update

In our initiation coverage of Samudera in February, we recommended a price target of SGD0.73 to accumulate the stock which was trading at SGD0.85...

Wealth Management Alliance