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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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Confirmed but contained: Singapore's 12.5% US tariff takes effect, thesis intact
The Section 301 forced-labour tariff flagged in our June note has now been confirmed and took effect today (24 July 2026, SGT 12 pm), lifting Singapore's effective US tariff rate to 12.5%. The constructive investment case for Singapore holds, with the unresolved overcapacity probe remaining the key variable to watch.
Singapore’s NODX continues to expand, further solidifying its economic resilience
June NODX grew 20.7% YoY, moderating from May’s exceptional 38.4% surge, as electronic NODX surged past 100% while non-electronic NODX slipped into contraction. Combined with a 12.2% YoY manufacturing print in 2Q26 GDP, the data reinforces our positive view on Singapore’s AI semiconductor positioning.
Singapore property prices cooled in 2Q26 — here's why PropNex still looks attractive
URA's 2Q26 flash estimate looks worse than it is. PropNex earns commissions on both price and volume, and volume held steady — a resilience joined by three multi-year structural drivers building through 2028. We maintain our BUY rating on PropNex with a target price of SGD 2.70.
AI demand continues to confirm our case for Singapore equities
Singapore's economy expanded 5.7% YoY in 2Q26, easing from the prior quarter’s 6.3% growth as a higher base weighed on the headline figure, even as manufacturing accelerated to 12.2% growth on sustained AI-related semiconductor demand. We maintain our positive view on Singapore equities and expect the STI to reach near 6,000 by the end of 2028.
Demand for AI continued to drive Singapore’s industrial output in May 2026
Singapore's manufacturing output expanded 13.0% year-on-year in May 2026, propelled by a 35.8% surge in electronics and 32.2% growth in precision engineering as AI-related semiconductor demand accelerated. Broad-based strength in industrial output reinforces our constructive view of Singapore equities.
VOO vs SPYL: What the ETF domicile means for Singapore investors
Vanguard's VOO and State Street's SPYL both track the S&P 500 at the same annual expense ratio of 0.03%. However, their listing domicile, the US for VOO and Ireland for SPYL, drives materially different outcomes for Singapore investors once dividend withholding tax and US estate tax exposure are factored in.
ISOTeam: A player in Singapore's building maintenance and estate upgrading industry
ISOTeam is well positioned to benefit from Singapore's construction upcycle, supported by autonomous painting, the nationwide rollout of cool coatings, taller HDBs, a resilient orderbook, and improving margins.
We warned about gold since late 2025. It is now down 29% from its January 2026 peak.
On 24 June 2026, gold fell below USD 4,000 per ounce for the first time since November 2025. Rates, ETF flows, and Indian demand have all moved against gold since our last update, and the June 2026 FOMC meeting added a further headwind with a dot plot pointing to rate hikes and a communication reset under Chair Warsh.
Fund Spotlight: Capture the AI and semiconductor upcycle with Eastspring Global Technology Fund
The past 12 months have seen global technology equities stage one of the most powerful sector rallies. For investors who like a technology-focused fund with exposure across both Information Technology and Communication Services, Eastspring Global Technology Fund offers a compelling proposition.
Singapore Outlook 2H26: Yield, growth and revitalisation in one market
Banks continue to anchor index income through resilient dividends, while industrials support earnings growth. Continued capital market revitalisation is enhancing market depth and liquidity, with SMID-cap stocks increasingly attracting institutional capital. We maintain our STI target of 5,987 by end-2028, representing about 15% capital upside, in addition to an annual dividend yield of about 4.5%.
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