iEdge Next 50: Haw Par, Ultragreen to Lift Healthcare Weighting

Trading activity across iEdge Next 50 constituents accelerated in 1Q26. The components that take effect at the upcoming Mar 23 rebalance saw combined ADT of S$261M, up S$40M from S$221M in 2H25. Technology drove the largest increase in trading activity, with Frencken, UMS & CSE Global also leading index performances. At the rebalance, Haw Par will join the Index, as it surpassed the minimum daily traded velocity of 0.10% for the 6-month period into Feb 27. Based on market cap and free float on the rebalance date, Haw Par may also rank among the 10 Index heavyweights when it joins the Index on Mar 23. It reports more than half its revenue to healthcare. Incoming entrant Ultragreen also ranked highly in turnover velocity, with a six‑month MDT of S$3.6M, equating to around 0.7% of its median S$514M free‑float market capitalisation (as of Feb 27), well surpassing the 0.1% requirement. The stock has returned 7.6% since its Dec 2025 debut. This will increase iEdge Next 50 Index Healthcare Sector representation from two to four stocks. With Haw Par and Ultragreen joining Raffles Medical and Riverstone, this also indicatively lifts the combined Healthcare Sector weighting from around 2%–3% to 6%–7% based on Feb 27 prices.The iEdge Singapore Next 50 Index comprises 50 of the largest and most actively traded Mainboard‑listed stocks, excluding the 30 largest by market capitalisation. In 1Q26, the Index continued to maintain a strong correlation with the FTSE ST Mid & Small Cap Index (R² = 0.94), while posting marginal declines through March 13, after delivering 19% total returns in 2H25. The trading activity across the iEdge Next 50 Index constituents has accelerated in 1Q26. Using the components that take effect at the upcoming March 23 rebalance, the combined average daily trading turnover (ADT) of the 50 stocks was S$261 million in 1Q26 to March 13, up from S$221 million in 2H25.For the upcoming rebalance that takes effect on March 23, market data for the last trading day of February (Feb 27) was used to screen for Index inclusion, as per the Index Rules. The result is four new Index additions, that include Haw Par Corp, GuocoLand, Ultragreen.ai and Valuemax Group. This will be effective the March 23 open. Meanwhile, Banyan Tree Holdings, SBS Transit, Geo Energy Resources and COSCO SHIPPING International Singapore Co will be omitted from the Index. Other stocks that were close to Index inclusion at the rebalance included AEM Holdings, Hong Fok Corporation, Delfi, Marco Polo Marine and Nam Cheong. The new inclusions mean the Healthcare Sector representation in the Index doubles, from two to four stocks.With Haw Par Corp and Ultragreen.ai joining Raffles Medical Group and Riverstone Holdings, this indicatively lifts the combined Healthcare Sector weighting from around 2%–3% to 6%–7%, based on relative February 27 prices. Beyond these four stocks, Parkway Life REIT, with a portfolio of strategically located private hospitals, is also an Index component. Q & M Dental Group (Singapore) is also among the next 10-15 stocks in the contention for Next 50 Index inclusion, should it see a significant increase in capitalisation from the existing S$524 million. Also of note, ValueMax Group will enter the Index on higher free float, driven by incremental share issuance from warrant exercises. Issued shares have risen modestly, with indications the additional float has been well absorbed by the market. This includes ValueMax ranking among the top 20 stocks by net institutional inflows in 1Q26. GuocoLand joins the Index following a reassessment of total shares outstanding by the Index team.The 10 largest stocks of the Index that will take effect on March 23 based on current full market capitalisation are tabled below. Note however that stock weights are assessed by free float capitalisation. Index Constituents Effective March 23CodeCurrent Mkt Cap S$MYTD ADT S$MYTD TR %YTD NIF S$M2H25 ADT S$M2H25 TR%2H25 NIF S$MSectorKeppel REITK71U4,50916.05-5.8-8.08.9115.538.1REITsFirst Resources (Singapore)EB54,1494.96928.20.93.89746.010.5Consumer Non-CyclicalsSuntec REITT82U4,02010.72-4.2-9.58.4430.955.9REITsSheng Siong Group OV83,87910.372-1.9-45.26.84042.8-18.2Consumer Non-CyclicalsGolden Agri-Resources E5H3,8054.555.35.13.5214.0-34.5Consumer Non-CyclicalsNetLink NBN TrustCJLU3,7805.600.50.24.9112.8-14.6TelecommunicationsSIA Engineering Co S593,5363.312-12.2-19.03.46517.654.7IndustrialsCapitaLand Ascott TrustHMN3,4626.78-2.2-17.76.5411.0-53.6REITsHaw Par Corporation H023,3035.26-4.8-35.12.2832.814.2HealthcareOlam Group VC23,2054.279-11.5-34.72.0553.0-24.7Consumer Non-CyclicalsADT refers to Average Daily Trading Turnover, NIF refers to Net Institutional Flow, TR refers to Total Return. Source: SGX Data as of 13 March 2026. Haw Par Corp to Join the Index After Clearing Liquidity ThresholdHaw Par Corp will be added to the Index after its stock exceeded the minimum average daily traded velocity threshold of 0.10% over the six-month review period to February 27, at 0.12%. The stock has also seen its trading activity notch higher following its FY25 results announcement, that was also on February 27, ranking just outside the 50 most traded SGX-listed stocks this year. For its FY25, Haw Par reported net profit of S$265.5 million, up 16.3% year on year despite softer core operating revenue. Its fair value changes on investments recorded in Other Comprehensive Income moderated in FY25, to S$185.6 million versus the outlier S$528.5 million in FY24. As a result, total comprehensive income declined to S$452.5 million in FY25 from S$761.1 million a year earlier, despite a 16.3% increase in net profit.With its market capitalisation and free float of approximately, the stock is expected to rank among or near the Index’s top 10 constituents by weight when the changes take effect on March 23. On March 6, Impact Capital Asset Management (ICAM) noted that FY25 again underscored Haw Par’s investment led earnings profile, with “other income” rising 17.3% year on year to S$211 million and doing most of the heavy lifting for profit growth. While Haw Par Corp’s healthcare revenue declined 6.9% year on year, ICAM highlights that tighter cost control lifted Healthcare operating profit by 7.2%, reinforcing the segment’s defensive characteristics despite softer demand. ICAM also adds that earnings quality in FY25 improved relative to prior years, as profit growth was dividend led rather than driven by fair value gains, although headline results remain highly sensitive to portfolio income and capital allocation decisions. Ultragreen.ai: Scaling MedTech with Strong Margins and Global ReachIncoming entrant Ultragreen.ai has ranked highly on liquidity, with a six‑month median daily turnover (MDT) of S$3.6 million, equivalent to 0.7% of its median S$514 million free‑float market capitalisation as of February 27. This comfortably exceeded the 0.1% turnover velocity threshold, while the stock has delivered a 7.6% return since listing.Ultragreen.ai listed in December 2025, representing the Healthcare Sector and MedTech Industry through fluorescence‑guided surgery, imaging agents, and AI‑enabled surgical data. Its IPO was well supported, attracting 13.6× subscription and raising US$162.5 million from the offer of 112.1 million shares. Growth is seen to be driven by broader applications of Indocyanine Green, complementary product expansion and continued investment in R&D, clinical trials and surgeon training, alongside global expansion with a growing Asia focus. In FY25 (ended Dec 31), its revenue rose 24% to US$142.4 million and underlying NPAT increased 14% to US$63.8 million; the group also ended the year debt‑free with US$176.1 million net cash and guided for FY26 revenue of US$170–190 million. Following the results DBS Research maintained its BUY call with a US$2.05 target price, noting that Ultragreen.ai’s structural growth story remains unchanged, even as continued investment may temper near‑term margins but is strategically important for long‑term growth. On March 12 Ultragreen.ai announced it received regulatory approvals for its IC‑Flow Imaging System V2 in India,Thailand, the Philippines, and Bangladesh, expanding its Asia‑Pacific footprint and bringing the system’s global regulatory coverage to 45 territories, supporting regional commercialisation of its fluorescence‑guided surgery platform. Mixed Performance of Index Constituents in 1Q26For 1Q26 to March 13 total returns, Frencken Group, UMS Integration, CSE Global, First Resources and Food Empire Holdings were the strongest performers among the 50 constituents that will make up the Index on March 23. The four technology stocks of the Index also contributed S$58.8 million of average daily turnover (ADT) of the 50 constituents in 1Q26 to March 13, compared to as many as 16 trusts of the REIT sector contributing S$77.1 million of ADT. While iFAST Corporation booked the highest net institutional outflow over the period, Frencken Group booked the highest net institutional inflow of S$45 million, followed by Valuemax Group at S$39.9 million, and UOB Kay Hian holdings at S$36.3 million. The 50 constituents that will make up the Index w.e.f. March 23, sort by total returns in 1Q26 to March 13, are tabled below. Index Constituents Effective Mar 23 (sort by 1Q26 performance to Mar 13)CodeCurrent Mkt Cap S$MYTD ADT S$MYTD TR %YTD NIF S$M2H25 ADT S$M2H25 TR%2H25 NIF S$MSectorFrencken Group E2885113.59744.245.06.22811.310.8TechnologyUMS Integration 5581,35015.66333.836.28.1379.1-23.8TechnologyCSE Global 54492710.04729.97.65.67477.245.1TechnologyFirst Resources EB54,1494.96928.20.93.89746.010.5Consumer Non-CyclicalsFood Empire Holdings F031,6863.60527.917.72.89632.1-5.0Consumer Non-CyclicalsPan-United Corporation P521,0020.63723.38.30.64736.815.9Materials & ResourcesChina Aviation Oil (Singapore) G921,7553.31722.918.12.00582.439.3IndustrialsUOB-Kay Hian Holdings U102,9423.70617.536.32.03223.045.4Financial ServicesHong Leong Asia H222,0954.77616.76.33.74851.234.7Consumer CyclicalsGuocoLand F172,9441.70311.111.50.62449.09.0Real Estate (excl. REITs)Keppel Infrastructure TrustA7RU3,1347.459.021.73.2428.22.4UtilitiesCenturion Corporation OU81,2112.4517.5-1.12.939-19.3-34.2Real Estate (excl. REITs)Boustead Singapore F9D9341.9256.318.61.31527.48.1IndustrialsBRC Asia BEC1,2180.4296.00.50.30137.2-3.1IndustrialsGolden Agri-Resources E5H3,8054.555.35.13.5214.0-34.5Consumer Non-CyclicalsValueMax Group T6I9831.6745.139.90.31566.08.5Consumer CyclicalsUltragreen.ai ULG2,2084.6763.0-20.19.663N/A-3.8HealthcareNetLink NBN TrustCJLU3,7805.600.50.24.9112.8-14.6TelecommunicationsCDL Hospitality TrustsJ851,0311.1580.24.01.3009.1-7.8REITsSasseur REITCRPU8570.9470.0-14.60.87011.0-20.1REITsParkway Life REITC2PU2,5914.29-0.9-26.33.881.4-77.9REITsRaffles Medical Group BSL1,8591.903-1.0-2.61.6722.52.0HealthcareDigital Core REITDCRU8112.330-1.9-5.51.8700.6-32.6REITsSheng Siong Group OV83,87910.372-1.9-45.26.84042.8-18.2Consumer Non-CyclicalsCenturion Accommodation REIT8C8U1,8435.087-2.1-7.77.339N/A-40.2REITsCapitaLand Ascott TrustHMN3,4626.78-2.2-17.76.5411.0-53.6REITsComfortdelgro Corporation C523,09815.10-3.4-1.217.196.2-145.9IndustrialsSuntec REITT82U4,02010.72-4.2-9.58.4430.955.9REITsHaw Par Corporation H023,3035.26-4.8-35.12.2832.814.2HealthcareAIMS APAC REITO5RU1,1382.454-5.8-0.72.84017.6-6.2REITsKeppel REITK71U4,50916.05-5.8-8.08.9115.538.1REITsFar East Hospitality TrustQ5T1,1500.697-6.0-3.70.60212.1-5.2REITsNTT DC REITNTDU1,2625.165-6.6-10.68.777N/A-76.9REITsStarhill Global REITP40U1,2391.006-7.2-4.50.83820.7-1.7REITsYangzijiang Maritime Dev 8YZ1,9895.628-8.1-29.59.571N/A-11.3Financial ServicesWee Hur Holdings E3B6203.729-9.49.93.97957.920.8IndustrialsLendlease Global Comm REITJYEU1,6439.277-9.4-43.66.67125.723.6REITsESR-REIT9A4U1,8953.546-9.6-8.12.97114.8-15.6REITsYanlord Land Group Z251,2172.532-10.0-2.32.70240.013.6Real Estate (excl. REITs)iFAST Corporation AIY2,59919.50-10.4-91.214.2944.9115.0TechnologyStarHub CC31,7242.791-10.7-16.31.532-0.9-8.0TelecommunicationsPropNex OYY1,2364.192-11.2-12.73.36878.017.5Real Estate (excl. REITs)Olam Group VC23,2054.279-11.5-34.72.0553.0-24.7Consumer Non-CyclicalsCapitaLand India TrustCY6U1,5295.821-11.9-25.22.89520.212.0REITsSIA Engineering Co S593,5363.312-12.2-19.03.46517.654.7IndustrialsRiverstone Holdings AP41,1042.745-12.9-5.23.32132.318.2HealthcareCapitaLand China TrustAU8U1,1321.784-13.5-9.11.69613.710.5REITsSingapore Post S087772.808-14.8-18.25.057-21.9-110.1IndustrialsChina Sunsine Chemical Holdings QES6050.969-20.62.21.13347.7-12.3Materials & ResourcesYangzijiang Financial Holding YF89058.357-35.0-74.113.78019.4-34.7Financial ServicesADT refers to Average Daily Trading Turnover, NIF refers to Net Institutional Flow, TR refers to Total Return. Source: SGX Data as of 13 March 2026. 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