Stoneweg Europe Stapled Trust: 8% yield into a pivotal 2026, too cheap to ignore?

Formerly Cromwell European REIT, Stoneweg Europe Stapled Trust (SERT) has evolved into a structurally repositioned stapled trust combining stable core income with measured exposure to higher-growth segments such as logistics and data centres. With the bulk of its divestment cycle largely completed, a strengthened balance sheet, and embedded rental reversion upside alongside capital recycling, 2026 could mark the beginning of a more visible earnings recovery.

Against a backdrop of improving leasing fundamentals and tightening logistics yields across Europe, SERT’s transformation story is increasingly shifting from balance sheet repair to long-term NAV expansion.

Company Overview

Pure-play European REIT with a portfolio of quality logistics, light industrial and prime offices

Stoneweg European REIT, listed on the SGX-ST on 30 November 2017, was converted into a stapled trust following unitholder approval on 29 April 2025. In June 2025, each REIT unit was stapled to a unit in Stoneweg European Business Trust (BT), forming Stoneweg Europe Stapled Trust (SERT) (EUR) / (SGD).

Based on the independent valuation of 96 assets as of 31 December 2025 (2025), the portfolio was valued at EUR 2.16 billion. 90% of its properties spanned across Western Europe and the Nordics, while the remaining are in Eastern Europe. 93% were freehold properties.

Table 1: SERT’s portfolio overview as at 31 December 2025

Country	Properties	Lettable Area (sqm)	Valuation (EUR million)	% of Portfolio	Initial Yield	Reversionary Yield
The Netherlands	14	247,830	609.9	28.3%	6.2%	7.9%
France	19	263,610	468	21.7%	6.0%	7.2%
Italy	14	433,676	360.4	16.7%	6.0%	7.2%
Germany	14	230,282	220.8	10.2%	5.7%	6.5%
Poland	4	89,392	149	6.9%	8.7%	10.9%
Denmark	12	152,745	149.1	6.9%	5.5%	7.0%
Czech Republic	7	73,824	78.1	3.6%	6.1%	5.8%
United Kingdom	3	65,566	71	3.3%	5.8%	6.4%
Finland	9	49,034	48.8	2.3%	8.2%	11.4%
Source: Stoneweg Europe Stapled Trust. Data as of 31 Dec 2025. Note: Reversionary Yield is the projected yield once all leases revert to the Estimated Rental Value (ERV) (current market rent). It is calculated as ERV divided by the property value, so it provides the yield SERT would achieve at full market rent. In short, the spread between initial and reversionary yield reflects the potential for rental reversion.

Accounting for the acquisition announced on 16 March 2026, the REIT’s portfolio now holds 57% in industrials (logistics / light industrial / data centres), 41% in office, and the remaining 2% are in other property types. The BT holds a 6% stake in the AionX data centre development fund (elaborated further under Investment Thesis), which would increase the percentage of industrial assets to 61%.

Looking ahead, SERT aims to increase the exposure to industrials from the current 61% to 70% by 2027. To achieve its target, it will unlock value by divesting non-core assets and reinvesting the proceeds in higher-growth sectors.

Table 2: Portfolio of the REIT in terms of property type

	No. of properties	Lettable Area (sqm)	Valuation (€'000)	Valuation (%)
Office
Finland	9	49,034	48,841	2.2%
France	2	31,931	54,300	2.5%
Italy	6	81,434	149,014	6.8%
Netherlands	7	177,787	498,120	22.7%
Poland	4	89,392	149,000	6.8%
Total	30	429,578	899,275	41.0%
Logistics/Light Industrial/Data Centres
Denmark	12	152,745	145,071	6.6%
France	17	231,679	413,690	18.9%
Germany	14	230,282	220,785	10.1%
Italy	5	309,059	166,860	7.6%
Netherlands^	8	105,043	149,782	6.8%
Czech Republic	7	73,824	78,120	3.6%
United Kingdom	3	65,566	70,983	3.2%
Total	65	1,168,198	1,249,291	57.0%
Other*
Italy	3	43,183	44,500	2.0%
Total Portfolio	96	1,605,959	2,155,023	100.0%
Source: Stoneweg Europe Stapled Trust. Valuation is based on the independent valuations conducted by Savills Advisory Services Limited and Jones Lang LaSalle B.V. as at 31 December 2025 for 96 assets. ^ included the acquisition of a freehold temperature-controlled logistics asset in the Netherlands, announced on 16 March 2026 *Other includes one government-let campus, one retail asset and one hotel in Italy.

Figure 1: SERT has plans to increase its portfolio exposure to logistics/light industrial assets by 2027

Diverse tenant mix with limited concentration risk

As of 2025, SERT has a total of 780 tenants. The top ten tenants made up 21.5% of the headline rent and no single industry trade sector represents more than 20% of the portfolio, which collectively limits concentration risk. Moreover, 90% of its headline rent comes from tenants from large MNCs and government / semi-government, indicating relatively robust tenant credit quality. Some examples include Employee Insurance Agency, Kamer van Koophandel and Agenzia del Demanio, which are government-owned, while Motorola Solutions and Essent Nederland B.V. are MNCs. Overall, the diversified tenant base reinforces the resilience of SERT’s earnings.

In terms of lease profile, SERT’s portfolio compares favourably with peers based on both Weighted Average Lease Expiry (WALE) and Weighted Average Lease Break (WALB).

WALE measures the average remaining lease tenure across the portfolio, weighted by rental income, and is a key indicator of income visibility. A longer WALE suggests more stable and predictable rental income. WALB, on the other hand, measures the average time before tenants can exercise break options to terminate their leases early, providing a more conservative view of potential vacancy risk.

SERT’s WALE of 4.9 years sits at the upper end of the sector range of 3 to 5 years and is slightly above the average among industrial S-REITs (CapitaLand Ascendas REIT, Mapletree Industrial Trust, AIMS APAC REIT, ESR REIT, Frasers Logistics and Commercial Trust), indicating stronger income visibility relative to peers. Meanwhile, its WALB of 4.0 years suggests that even if tenants were to exercise break options at the earliest opportunity, the portfolio would still retain close to four years of contracted income. Overall, this highlights the resilience and stability of SERT’s income stream.

Table 3: Top ten tenants

No.	Tenant	Country	Headline Rent (%)
1	Nationale-Nederlanden (NN Group B.V.)	The Netherlands	3.9%
2	Essent Nederland B.V.	The Netherlands	2.3%
3	Agenzia Del Demanio	Italy	2.3%
4	Kamer van Koophandel	The Netherlands	2.2%
5	Holland Casino	The Netherlands	2.0%
6	Thorn Lighting	United Kingdom	2.0%
7	Motorola Solutions	Poland	1.8%
8	Employee Insurance Agency (UWV)	The Netherlands	1.7%
9	Felss Group	Germany	1.6%
10	Coolblue B.V.	The Netherlands	1.6%
		Total	21.5%
Source: Stoneweg Europe Stapled Trust. Data as of 31 Dec 2025.

Figure 2: No single industry trade sector represents more than 17% of the portfolio’s tenant mix, thereby limiting concentration risk

Figure 3: SERT’s portfolio enjoys a weighted average lease expiry of 4.9 years, providing resilience and cashflow visibility

Earnings highlights

SERT’s stronger 2025 results were underpinned by rental growth and fair value gain on investment properties, which partly offset higher interest costs.

On a like-for-like basis, excluding divestments and redevelopments, 2025’s net property income (NPI) rose 5.0% year-on-year (YoY), mainly due to higher income from Nervesa21 & Via dell'Industria 18 following the completion of redevelopment, income growth in the logistics/light industrial (+9.0% YoY) and other sectors (+14.7%) alongside lower doubtful debt expense.

Portfolio occupancy improved by 0.2 percentage points to 92.6%, supported by a stable occupancy in logistics / light industrial assets of 94.4%. Notably, occupancy within this segment would be over 95%, excluding Parc Sully, which was vacant as of 31 December 2025, ahead of a potential sale to an owner-occupier.

However, net finance costs rose more than NPI, surging 32.1% YoY to EUR 47.6 million. This increase was driven primarily by a higher all-in interest rate of 3.9% (vs 3.2% in the prior year) following the January 2025 bond refinancing. Contributing factors also included a higher average level of borrowings during the year and increased amortisation and write-off of debt issuance costs from refinancing activities.

These effects were partially offset by lower interest expense on floating-rate borrowings, as Euribor and the Euro Short-Term Rate declined, along with tighter loan margins on debt refinanced in the 2H25. As a result, DPU continued to decline, falling 5.1% YoY.

Looking ahead, management has indicated that 2026’s dividends are expected to be broadly in line with 2025. This underscores confidence in the stability and income-generating capacity of the repositioned portfolio. SERT’s CEO Simon Garing has also emphasised that 2026 is not expected to be another year of DPU decline, noting that the bulk of divestments were completed over the past 12 to 18 months.

2026E DPU is expected to be supported by organic NPI growth from the existing portfolio, alongside incremental contributions from completed and pipeline acquisitions. This marks a transition from earnings drag caused by capital recycling to earnings stabilisation and potential recovery.

Addressing concerns around higher finance costs in 2025, management highlighted that SERT has completed its refinancing programme and now has no debt maturities until 4Q30 (i.e. no refinancing requirements till 4Q30). This extended debt runway provides meaningful earnings visibility and allows the trust to operate without near-term refinancing pressure, creating a more stable platform to execute its growth strategy.

Table 4: Financial highlights of SERT based on its recent performance

Stoneweg Europe Stapled Trust (in EUR thousands unless otherwise stated)	2024	2025	YoY (%)
Gross revenue	212,919	214,617	+0.8%
Net property income	131,145	134,361	+2.5%
Distributable income	79,328	74,787	-5.7%
DPU (EUR cents)	14.106	13.390	-5.1%
Gross margin (%)	61.6%	62.6%	+1.0 pp
Source: Stoneweg Europe Stapled Trust. Data as of 31 Dec 2025.

Figure 4: Historical net property income and distribution per unit

Figure 5: 2025 DPU impacted by planned divestments and debt refinancing costs

Distribution policy

Stoneweg European REIT's distribution policy is to distribute at least 90% of its annual distributable income in each financial year. Distributions are declared in EUR. Stapled Security holders of SERT will receive their distributions in SGD, equivalent to the EUR distribution declared, unless they elect to receive the relevant distribution in EUR by submitting a “Notice of Election,” which will be sent to all Stapled Security holders.

Management and ownership

SERT is a SGX-listed, pan-European REIT managed by Stoneweg EREIT Management and Stoneweg EBT Management. It is sponsored by SWI Group (Stoneweg and Icona Capital), which holds approximately 28% stake and fully owns the manager.

• Managers: Stoneweg EREIT Management Pte. Ltd. and Stoneweg EBT Management Pte. Ltd. (wholly owned by SWI Group).
• Sponsor: SWI Group, an alternative investment platform comprising Stoneweg and Icona Capital.
• Ownership: SWI Group holds a substantial ~28% stake in the stapled securities.
• Structure: It is a stapled group comprising Stoneweg European Real Estate Investment Trust and Stoneweg European Business Trust.
• Key Leadership: Simon Garing serves as CEO and Executive Director of the REIT's manager.

Recent developments

• After issuing a EUR 300 million 7.3-year green bond in October 2025 at a reoffer yield of 4.203%, SERT has no refinancing obligations due before 2030.
• On 17 September 2025, SERT completed the divestment of an office asset in Poland for a consideration of EUR 7.8 million, which was 2.0% below the independent valuation dated 30 June 2025.
• On 4 November 2025, SERT completed the divestment of an office asset in Italy for a consideration of EUR 11.4 million, which was 2.9% above the independent valuation dated 30 June 2025.
• On 11 November 2025, SERT completed the divestment of its entire Slovakia investment in logistics/light industrial assets for a consideration of EUR 70.0 million via 100% share sale at 3.5% above the 30 June 2025 carrying value of the combined net equity value of EUR 67.7 million. As a result, SERT currently has no geographical exposure to Slovakia. Notably, the Slovakia portfolio contributed 2.86% of total segment profit in 2025. As such, the loss of income from this portfolio could exert modest downward pressure on near-term earnings.
• On 18 December 2025, SERT completed the divestment of an office asset in Italy for a consideration of EUR 34.0 million, which was 32.3% above the independent valuation dated 30 June 2025.
• On 16 March 2026, SERT completed the acquisition of a modern freehold temperature-controlled logistics facility in Waddinxveen, The Netherlands, using its existing cash resources, which also include proceeds from the Maxima Rome (non-core office asset) divestment. The transaction value is approximately EUR 35.0 million (SGD 51.7 million), which was approximately 8.0% below the independent valuation and approximately 37.0% below the estimated reinstatement cost and is expected to be accretive to distributions.

Growing Demand for European Logistics and Industrials

The European logistics sector continues to show strong growth, driven by nearshoring, structural supply constraints, and robust demand from e-commerce and third-party logistics (3PL) operators in 2025. Modern logistics assets, equipped with advanced specifications, automation readiness, ample power capacity, and sustainability features, have become increasingly essential. The sector’s structural re-rating is clear: logistics and industrial assets now account for 22% of total European real estate capital in 2025, up from 13% in 2018.

NATO’s 2025 commitment to a 5% GDP defence benchmark, including a 1.5% carve-out for industrial resilience, marks a generational shift for European logistics. Fiscal stimulus is expected to generate 37 million square metres (sqm) of additional industrial and logistics demand by 2033. To put into context, this is about 17% uplift relative to current demand levels. Given historically tight vacancy rates of about 4% to 6% in core European logistics market, this incremental demand is likely to materially tighten available space and support sector fundamentals. The EU Commission’s EUR 1.5 billion allocation to accelerate domestic production further strengthens long-term outlook.

Prime yields stabilised at around 5.25% in 4Q25 following the sharp repricing phase, reducing valuation risk and creating a firmer base for capital deployment. Meanwhile, occupier demand remains resilient, take-up is still above pre-pandemic averages and recovered meaningfully in 2H25, supported by structural drivers such as e-commerce, nearshoring and data-centre demand.

With a lower development pipeline potentially tightening vacancies and supporting rental growth, the sector appears positioned for steady income resilience and gradual capital recovery into 2026.

Figure 6: Industrials - Rising Market Share by Sector

Soaring Demand and Limited Supply for Data Centres

Data centres have grown rapidly, with global capacity rising over 200% in the past decade. As AI adoption accelerates, data centres are critical for training and deploying large-scale models, driving strong demand growth. Companies are relocating data centre operations to Europe due to regulatory pressures, lower operating costs, and the need for faster, more reliable digital infrastructure. Vacancy rates are forecasted to reach an all-time low of 6.5% by the end of 2026.

Rising demand and short-term supply constraints make pre-secured projects highly sought after by hyperscalers and investors. Supply challenges include:

• Land Scarcity: Limited land availability in high-density urban areas.
• Energy Constraints: Power scarcity and strict sustainability regulations.
• Environmental Regulations: Stringent laws slow new project approvals.

Figure 7: Vacancy Rates for European Data Centres Forecasted at an All-time Low

AiOnX data centre exposure offers long-term NAV upside

SERT’s investment in the AiOnX data centre development fund introduces a structural growth pillar that extends beyond its traditional European real estate portfolio. While SERT remains anchored by an income-focused core portfolio, this allocation provides measured exposure to development-stage data centre assets — a segment supported by powerful structural demand drivers.

In June 2025, SERT deployed EUR50 million to acquire a 6.65% stake in AiOnX, its sponsor-backed data centre platform. As of 2025, the stake was valued at EUR 70.5 million on a fair value through profit or loss basis, implying a meaningful mark-to-market uplift of EUR 20.5 million (+41.0%), since inception.

Importantly, this growth exposure is tightly risk-managed. Management has indicated that incremental capital commitments are expected to be minimal and distribution-neutral, with total development exposure capped at or below 10% of total assets. This ensures that AiOnX remains a strategic growth allocation rather than a source of balance-sheet strain.

The core of the investment thesis lies in development-driven value creation. As of 2025, AiOnX has secured 1,696MW (1H25: 1,446MW) across five European projects, with visibility to scale at a CAGR of 5.9% to 2,259MW by 2030. These are advanced-stage developments, not speculative land banks, having already secured critical grid access and planning approvals, two of the key bottlenecks in European data centre development.

Figure 8: The five data centres under the AiOnX data centre development fund

Source: Stoneweg Europe Stapled Trust.

As projects transition from development to operational assets, value typically rises through completion, grid energisation and long-term leasing. Against a backdrop of strong hyperscaler demand, constrained power availability and accelerating AI and cloud adoption, stabilised assets could command yields tighter than implied development costs.

For SERT unitholders, AiOnX embeds a layer of NAV upside within the portfolio. The initial EUR 50 million investment provides exposure to a multi-gigawatt platform, while downside risk remains contained through disciplined capital allocation and limited additional funding requirements. As projects are completed, leased and potentially monetised, SERT stands to benefit from valuation gains and possible realisation proceeds, supporting medium-term NAV per unit growth.

Overall, the AiOnX investment enhances SERT’s long-term growth optionality, complementing its stable core income profile and reinforcing its positioning within Europe’s evolving real estate and digital infrastructure landscape.

Capital recycling into higher-yielding assets

SERT’s capital recycling programme reflects a disciplined and value-accretive portfolio repositioning strategy. Since 2022, the trust has divested approximately EUR 411 million of non-strategic assets at an 11% premium to book value.

As of its latest earnings call, SERT is evaluating a pipeline of over EUR 70 million of near-term acquisitions, alongside a potential divestment pipeline of a similar quantum targeted for 2026; the office portfolio remains a key source of capital for disciplined recycling.

Importantly, management has demonstrated pricing discipline by selectively divesting assets where liquidity and valuations are favourable, while holding others where near-term pricing does not reflect intrinsic value.

Suburban or out-of-town business parks, for instance, typically attract a narrower buyer pool and face softer liquidity relative to well-located office assets. Likewise, properties with shorter remaining lease tenures may invite discounted bids. In such cases, management has shown a willingness to defer divestment, prioritising lease renewals and income stabilisation before pursuing a sale.

In the post-COVID environment, investors increasingly favour assets with strong tenant demand, longer lease visibility and deeper market liquidity. This has made disposals of certain non-core assets more price sensitive. SERT’s selective and patient approach mitigates forced selling at discounts and preserves NAV.

This measured approach has allowed SERT to strengthen its balance sheet, reducing net gearing to 38.0% in 2025 (1H25: 40.9%) and extending debt maturities to 2030, while progressively increasing exposure to higher-yielding logistics, light industrial and data centres, which now comprise 61% (as of 16 March 2026) of the portfolio and are targeted to reach 70%.

With structural tailwinds from e-commerce growth, digital infrastructure expansion and supply chain reconfiguration, these higher-yielding segments enhance earnings visibility and portfolio resilience. The combination of disciplined capital recycling, improved asset quality and sector reweighting supports sustainable NPI growth and long-term NAV expansion. These would collectively translate to greater DPU growth.

8% under-rented, scope for further positive rental reversions

SERT’s portfolio combines defensive income with clear embedded growth potential. With rents estimated to be around 8% below prevailing market levels, there is built-in rental reversion (potential uplift to market rent) as leases roll over and reset closer to market rates.

Almost all leases feature annual indexation, typically tied to inflation, providing automatic, contractual rental increases each year. This dual growth mechanism enhances earnings visibility while preserving upside potential. In a moderating yet still inflation-sensitive environment, SERT stands to benefit from both steady, inflation-linked income today and incremental rental reversion over time, supporting organic DPU growth and potential NAV expansion without relying on acquisitions.

We expect earnings to grow moderately as new contributions from acquisitions come through, partially offset by the absence of income from the recently divested Slovakia portfolio, which contributed 2.86% of total segment profit in 2025.

NPI growth should be supported by the industrials and logistics segments, which remain around 8% under-rented, alongside annual rental indexation and selective AEIs. Additional upside stems from SERT’s 6.65% stake in the AiOnX data centre platform, offering NAV growth potential as projects are completed and stabilised, while disciplined capital recycling into higher-yielding assets enhances income quality.

Importantly, with no debt maturities until 4Q30 and a well-laddered capital structure, SERT faces no near-term refinancing risk, providing balance sheet stability to support its growth trajectory.

Using a Dividend Discount Model (beta = 0.85, cost of equity = 9.3%, terminal growth rate = 2.0%), we derive a target price of SGD 2.07 by the end of 2028, reflecting an upside potential of 31.9% alongside an annual dividend yield of 9.4% based on the closing price on 16 March 2026.

SERT	2025A	2026E	2027E	2028E
P/B Ratio (X)	0.79	0.77	0.76	0.77
EPS (in EUR)	0.1368	0.1492	0.1662	0.1767
DPU growth (%)	-5.08%	0.28%	11.42%	6.30%
DPU (in EUR)	0.1339	0.1343	0.1496	0.1590
Dividend Yield (%)	8.65%	8.55%	9.53%	10.13%
Upside Potential (%)	31.9%
Target Price	EUR 2.07
Current Price	EUR 1.57
Source: Historical data is from Bloomberg Finance L.P., while forecasted data are based on iFAST Estimates. Computation of data used SERT’s closing price as of 16 March 2026.

	Price/Book			Dividend Yield			ROE
Company	2026E	2027E	2028E	2026E	2027E	2028E	2026E	2027E	2028E
Stoneweg Europe Stapled Trust	0.77	0.76	0.77	8.55*	9.53*	10.13*	6.32	6.48	6.53
MEDIAN	0.94	0.93	0.95	6.20	6.45	7.20	7.00	5.30	7.82
INDUSTRIALS
ESR REIT	0.95	0.95	1.06	9.19	9.02	9.79	7.70	8.31	7.82
AIMS APAC REIT	1.15	1.15	1.15	7.00	7.51	7.23	7.25	7.85	8.15
MAPLETREE LOGISTICS TRUST	0.92	0.93	0.95	6.00	6.33	6.83	4.41	4.51	5.50
MAPLETREE INDUSTRIAL TRUST	1.14	1.14	1.13	6.55	6.45	6.43	7.33	7.13	7.87
CAPITALAND ASCENDAS REIT	1.12	1.11	1.14	6.02	6.69	7.16	6.66	6.93	8.14
FRASERS LOGISTICS AND COMMERCIAL TRUST	0.85	0.86	0.83	6.20	6.33	7.20	4.40	4.68	5.37
GOODMAN PROPERTY TRUST	0.94	0.91	0.80	3.51	3.93	4.43	4.12	4.26	4.22
OFFICE
IREIT GLOBAL	0.46	0.46	0.47	5.76	5.76	11.53	8.20	5.30	6.70
ELITE UK REIT	0.81	0.83	0.83	9.12	9.71	8.82	-	3.66	8.20
Source: Bloomberg Finance L.P. Data retrieved on 16 Mar 2026. *based on iFAST Estimates Note: The peers are classified according to GICS sub-sector classification on Bloomberg.

Figure 10: Forward Price to Book of SERT vs FTSE ST REIT Index

Figure 11: Forward Dividend Yield

Figure 12: SERT’s share price vs DPU

SERT’s performance is closely tied to the broader European property market, and investors should consider several factors that could influence its near- to medium-term outlook:

Tenant default risk

SERT’s income depends on tenants’ ability to pay rent. While most leases are secured with deposits equivalent to six to twelve months’ rent, tenant defaults or prolonged vacancy could temporarily affect cash flow and DPU. While the default risk of its tenants remains, this risk is mitigated by SERT’s diversified tenant mix across more than six sectors, which helps mitigate near-term income volatility.

Development-stage data centre risk

SERT’s exposure to data centres under development carries higher execution and leasing risks compared with mature assets. Delays, cost overruns, pre-lease shortfalls, and rapid technological changes could affect cash flow and timelines. Notably, SERT is the only S-REIT with this exposure, whereas most peers focus on completed or stabilised data centres with more predictable income. While this positioning offers potential upside, it also introduces greater volatility in distributable income. We note that this risk may be mitigated as SERT looks to limit the exposure to these assets at 10% of its total assets.

Currency risk

SERT’s dividends are declared in EUR and paid out in SGD equivalent amount, exposing Singapore-based investors to foreign exchange fluctuations that could impact returns.

Interest rate risk

Escalating US–Iran tensions have pushed up energy prices and inflation expectations, leading markets to anticipate delayed Fed rate cuts and a prolonged period of higher interest rates. SERT’s exposure to rising interest rates is nevertheless moderated by its debt profile and hedging strategy. The REIT maintains a weighted average debt maturity of 5.6 years, with no debt maturing until 4Q30, and a high proportion of its borrowings are fixed or hedged, 94%. This structure limits near-term sensitivity to rate hikes, making interest rate risk moderate and unlikely to materially affect distributable income in the coming years.

Disclaimer: For specific disclosure, at the time of publication of this report, IFPL (via its connected and associated entities) and the analyst who produced this report hold a NIL position in the abovementioned securities.

This research report is produced under the Grant for Equity Market Singapore (“GEMS”) Scheme. iFAST Financial Pte Ltd receives financial compensation for the preparation and publication of this report. For more information regarding the GEMS scheme and its objectives, please refer to this infographic. iFAST Financial Pte Ltd maintains editorial independence regarding the analysis and conclusions presented herein.