---
title: "iEdge Next 50: Haw Par, Ultragreen to Lift Healthcare Weighting"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/279200996.md"
description: "Haw Par and Ultragreen will join the iEdge Next 50 Index on March 23, increasing the Healthcare Sector representation from two to four stocks and lifting its weighting from 2%-3% to 6%-7%. The combined average daily trading turnover of the Index constituents rose to S$261M in 1Q26, up from S$221M in 2H25, driven by technology stocks. Other new additions include GuocoLand and Valuemax Group, while Banyan Tree Holdings and others will be removed from the Index."
datetime: "2026-03-15T20:11:58.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/279200996.md)
  - [en](https://longbridge.com/en/news/279200996.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/279200996.md)
---

# 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 23**

**Code**

**Current Mkt Cap S$M**

**YTD ADT S$M**

**YTD TR %**

**YTD NIF S$M**

**2H25 ADT S$M**

**2H25 TR%**

**2H25 NIF S$M**

**Sector**

Keppel REIT

K71U

4,509

16.05

\-5.8

\-8.0

8.91

15.5

38.1

REITs

First Resources  (Singapore)

EB5

4,149

4.969

28.2

0.9

3.897

46.0

10.5

Consumer Non-Cyclicals

Suntec REIT

T82U

4,020

10.72

\-4.2

\-9.5

8.44

30.9

55.9

REITs

Sheng Siong Group 

OV8

3,879

10.372

\-1.9

\-45.2

6.840

42.8

\-18.2

Consumer Non-Cyclicals

Golden Agri-Resources 

E5H

3,805

4.55

5.3

5.1

3.52

14.0

\-34.5

Consumer Non-Cyclicals

NetLink NBN Trust

CJLU

3,780

5.60

0.5

0.2

4.91

12.8

\-14.6

Telecommunications

SIA Engineering Co 

S59

3,536

3.312

\-12.2

\-19.0

3.465

17.6

54.7

Industrials

CapitaLand Ascott Trust

HMN

3,462

6.78

\-2.2

\-17.7

6.54

11.0

\-53.6

REITs

Haw Par Corporation 

H02

3,303

5.26

\-4.8

\-35.1

2.28

32.8

14.2

Healthcare

Olam Group 

VC2

3,205

4.279

\-11.5

\-34.7

2.055

3.0

\-24.7

Consumer Non-Cyclicals

_ADT 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 Threshold**

Haw 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 Reach**

Incoming 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 1Q26**

For 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)**

**Code**

**Current Mkt Cap S$M**

**YTD ADT S$M**

**YTD TR %**

**YTD NIF S$M**

**2H25 ADT S$M**

**2H25 TR%**

**2H25 NIF S$M**

**Sector**

Frencken Group 

E28

851

13.597

**44.2**

45.0

6.228

11.3

10.8

Technology

UMS Integration 

558

1,350

15.663

**33.8**

36.2

8.137

9.1

\-23.8

Technology

CSE Global 

544

927

10.047

**29.9**

7.6

5.674

77.2

45.1

Technology

First Resources  

EB5

4,149

4.969

**28.2**

0.9

3.897

46.0

10.5

Consumer Non-Cyclicals

Food Empire Holdings 

F03

1,686

3.605

**27.9**

17.7

2.896

32.1

\-5.0

Consumer Non-Cyclicals

Pan-United Corporation 

P52

1,002

0.637

**23.3**

8.3

0.647

36.8

15.9

Materials & Resources

China Aviation Oil (Singapore) 

G92

1,755

3.317

**22.9**

18.1

2.005

82.4

39.3

Industrials

UOB-Kay Hian Holdings 

U10

2,942

3.706

**17.5**

36.3

2.032

23.0

45.4

Financial Services

Hong Leong Asia 

H22

2,095

4.776

**16.7**

6.3

3.748

51.2

34.7

Consumer Cyclicals

GuocoLand 

F17

2,944

1.703

**11.1**

11.5

0.624

49.0

9.0

Real Estate (excl. REITs)

Keppel Infrastructure Trust

A7RU

3,134

7.45

**9.0**

21.7

3.24

28.2

2.4

Utilities

Centurion Corporation 

OU8

1,211

2.451

**7.5**

\-1.1

2.939

\-19.3

\-34.2

Real Estate (excl. REITs)

Boustead Singapore 

F9D

934

1.925

**6.3**

18.6

1.315

27.4

8.1

Industrials

BRC Asia 

BEC

1,218

0.429

**6.0**

0.5

0.301

37.2

\-3.1

Industrials

Golden Agri-Resources 

E5H

3,805

4.55

**5.3**

5.1

3.52

14.0

\-34.5

Consumer Non-Cyclicals

ValueMax Group 

T6I

983

1.674

**5.1**

39.9

0.315

66.0

8.5

Consumer Cyclicals

Ultragreen.ai  

ULG

2,208

4.676

**3.0**

\-20.1

9.663

N/A

\-3.8

Healthcare

NetLink NBN Trust

CJLU

3,780

5.60

**0.5**

0.2

4.91

12.8

\-14.6

Telecommunications

CDL Hospitality Trusts

J85

1,031

1.158

**0.2**

4.0

1.300

9.1

\-7.8

REITs

Sasseur REIT

CRPU

857

0.947

**0.0**

\-14.6

0.870

11.0

\-20.1

REITs

Parkway Life REIT

C2PU

2,591

4.29

**\-0.9**

\-26.3

3.88

1.4

\-77.9

REITs

Raffles Medical Group 

BSL

1,859

1.903

**\-1.0**

\-2.6

1.672

2.5

2.0

Healthcare

Digital Core REIT

DCRU

811

2.330

**\-1.9**

\-5.5

1.870

0.6

\-32.6

REITs

Sheng Siong Group 

OV8

3,879

10.372

**\-1.9**

\-45.2

6.840

42.8

\-18.2

Consumer Non-Cyclicals

Centurion Accommodation REIT

8C8U

1,843

5.087

**\-2.1**

\-7.7

7.339

N/A

\-40.2

REITs

CapitaLand Ascott Trust

HMN

3,462

6.78

**\-2.2**

\-17.7

6.54

11.0

\-53.6

REITs

Comfortdelgro Corporation 

C52

3,098

15.10

**\-3.4**

\-1.2

17.19

6.2

\-145.9

Industrials

Suntec REIT

T82U

4,020

10.72

**\-4.2**

\-9.5

8.44

30.9

55.9

REITs

Haw Par Corporation 

H02

3,303

5.26

**\-4.8**

\-35.1

2.28

32.8

14.2

Healthcare

AIMS APAC REIT

O5RU

1,138

2.454

**\-5.8**

\-0.7

2.840

17.6

\-6.2

REITs

Keppel REIT

K71U

4,509

16.05

**\-5.8**

\-8.0

8.91

15.5

38.1

REITs

Far East Hospitality Trust

Q5T

1,150

0.697

**\-6.0**

\-3.7

0.602

12.1

\-5.2

REITs

NTT DC REIT

NTDU

1,262

5.165

**\-6.6**

\-10.6

8.777

N/A

\-76.9

REITs

Starhill Global REIT

P40U

1,239

1.006

**\-7.2**

\-4.5

0.838

20.7

\-1.7

REITs

Yangzijiang Maritime Dev 

8YZ

1,989

5.628

**\-8.1**

\-29.5

9.571

N/A

\-11.3

Financial Services

Wee Hur Holdings 

E3B

620

3.729

**\-9.4**

9.9

3.979

57.9

20.8

Industrials

Lendlease Global Comm REIT

JYEU

1,643

9.277

**\-9.4**

\-43.6

6.671

25.7

23.6

REITs

ESR-REIT

9A4U

1,895

3.546

**\-9.6**

\-8.1

2.971

14.8

\-15.6

REITs

Yanlord Land Group 

Z25

1,217

2.532

**\-10.0**

\-2.3

2.702

40.0

13.6

Real Estate (excl. REITs)

iFAST Corporation 

AIY

2,599

19.50

**\-10.4**

\-91.2

14.29

44.9

115.0

Technology

StarHub 

CC3

1,724

2.791

**\-10.7**

\-16.3

1.532

\-0.9

\-8.0

Telecommunications

PropNex 

OYY

1,236

4.192

**\-11.2**

\-12.7

3.368

78.0

17.5

Real Estate (excl. REITs)

Olam Group 

VC2

3,205

4.279

**\-11.5**

\-34.7

2.055

3.0

\-24.7

Consumer Non-Cyclicals

CapitaLand India Trust

CY6U

1,529

5.821

**\-11.9**

\-25.2

2.895

20.2

12.0

REITs

SIA Engineering Co 

S59

3,536

3.312

**\-12.2**

\-19.0

3.465

17.6

54.7

Industrials

Riverstone Holdings 

AP4

1,104

2.745

**\-12.9**

\-5.2

3.321

32.3

18.2

Healthcare

CapitaLand China Trust

AU8U

1,132

1.784

**\-13.5**

\-9.1

1.696

13.7

10.5

REITs

Singapore Post 

S08

777

2.808

**\-14.8**

\-18.2

5.057

\-21.9

\-110.1

Industrials

China Sunsine Chemical Holdings 

QES

605

0.969

**\-20.6**

2.2

1.133

47.7

\-12.3

Materials & Resources

Yangzijiang Financial Holding 

YF8

905

8.357

**\-35.0**

\-74.1

13.780

19.4

\-34.7

Financial Services

ADT 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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