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Tan Qiuyi Charmaine
Research Analyst, Research & Portfolio Management, iFAST Singapore
Tan Qiuyi Charmaine is a research analyst from the iFAST Research & Portfolio Management Team. She provides research coverage on global macro themes for SG, as well as specific sectors like Real Estate Investment Trusts (REITs). Besides publishing research articles for the iFAST Research Team, she has also contributed her views on local media platforms, such as Lianhe Zaobao, CNA938 and 96.3FM. She graduated from the National University of Singapore with a Bachelor of Business Administration with First Class Honours (major: Finance).
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S-REITs: Selectivity remains key in a higher-for-longer rate environment
Within the higher-for-longer rate environment, we continue to favour industrial and Grade A CBD office REITs, where structural demand drivers remain independent of the rate cycle, and highlight names with strong balance sheets and resilient income profiles as best placed to sustain distributions.
PropNex: Why the best is yet to come
Singapore's residential property market is displaying signs of resilience, with the HDB resale segment stabilising at elevated price levels and a well-stocked 2H26 Government Land Sales programme set to sustain developer activity and new launch transactions. We maintain our BUY rating on PropNex with a target price of SGD 2.70.
Singapore inflation and monetary policy: Stronger SGD to absorb imported oil price shock
Headline prices held steady at 1.8% for April 2026, propped up by rising fuel costs tied to the Middle East conflict. MAS responded by nudging its exchange rate policy tighter in April to keep imported inflation in check. For investors, this means a stable price environment that supports Singapore equities, with our STI target of 5,987 by the end of 2028.
Three strikes against gold: rates, central banks and India
Three new developments since April reinforce why gold fails the crisis hedge test — and why the rate environment has moved materially against it.
Singapore’s GDP continued to expand in 1Q26 despite the war. Here’s why we remain bullish.
Singapore's economy expanded 6.0% YoY in 1Q26, beating the prior quarter’s 5.7% and affirming the durability of AI-driven growth across manufacturing and wholesale trade. MTI maintained its full-year GDP forecast at 2.0% to 4.0%. We maintain our positive view on Singapore equities and expect STI to reach near 6,000 by the end of 2028.
Fund Spotlight: Gain balanced exposure to Asia with PineBridge Acorns of Asia Balanced Fund
Asia ex-Japan small and mid-cap equities have surged in 2026, driven by a broad-based recovery and growing investor conviction in the region. For investors who want equity upside but with the cushion of fixed income, the PineBridge Acorns of Asia Balanced Fund offers a disciplined multi-asset approach.
Singapore defies regional weakness as economic resilience drives STI to record highs
A 24.5% YoY NODX surge, the fastest pace since February 2012, and broadening demand across electronics and non-electronics reinforce our positive view on Singapore’s AI semiconductor positioning and its translation into investable growth.
Singapore’s semiconductor stocks: Riding the AI-driven upcycle
Singapore’s March 2026 NODX surge of 15.3% year-on-year confirms the country’s deepening integration into the global AI semiconductor supply chain. Three SGX-listed stocks offer distinct ways to access this structural tailwind. After assessing each of them, we believe UMS Integration offers the most attractive risk-reward profile.
PropNex: New EC rules accelerate near-term demand and could drive further resale activity
On 8 May 2026, Singapore introduced new executive condominium (EC) rules, including a longer 10-year minimum stay and the removal of the Deferred Payment Scheme. While these measures may appear negative initially, we believe the overall impact on PropNex is likely to be modestly positive. We maintain our BUY call and target price of SGD 2.70.
Stoneweg Europe Stapled Trust: Resilient income, data centre strategy gains traction
SERT delivered resilient 1Q26 results, with like-for-like Net Property Income up 2.3% YoY and Distribution Per Share growing 1.5% YoY, underpinned by strong logistics fundamentals and disciplined capital management. We maintain our BUY rating and EUR 1.87 target price, with SERT trading at a 22% discount to NAV and offering an average distribution yield of 9.1% over FY2026–2028E.
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