
Adeline Gao Yuanhui
Research Analyst, Research & Portfolio Management
Adeline Gao Yuanhui is a Research Analyst with the iFAST Research & Portfolio Management Team, where she covers global macroeconomic themes and equity markets with a focus on Singapore. In addition to publishing research articles for iFAST, she has shared her insights through local media platforms such as Lianhe Zaobao. She graduated from the National University of Singapore (NUS) with a Bachelor of Business Administration (Honours) degree, double major in Finance and Economics.
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Industrials cement their role as the STI's earnings growth engine
The STI's record run in 2026 has been driven by more than resilient bank earnings alone. Industrial leaders are translating structural growth drivers—from record order books to expanding recurring income—into sustained earnings growth, reinforcing the investment case for Singapore equities through the remainder of 2026.

ETF Spotlight: Greater China – One region, multiple growth drivers
Taiwan's AI hardware leadership and China's technology platform recovery are creating complementary growth opportunities across the Greater China region. The Global X FTSE Greater China ETF provides a convenient and cost-efficient way to gain diversified exposure to the region through a single investment vehicle.

Singapore banks: Higher expectations, dividend appeal remains intact
Singapore banks have rallied to record highs on the back of strengthening earnings fundamentals, with robust non-interest income growth complemented by easing net interest margin pressure. As the sector heads into the 1H26 reporting season, the focus shifts from the recent re-rating to whether earnings can continue to justify higher valuations.

UltraGreen.ai: Illuminating the future of surgery
We examine how UltraGreen.ai is positioned to capitalise on the structural adoption of fluorescence-guided surgery and assess its ability to deliver sustained earnings growth through its dominant ICG franchise, expanding global footprint and integrated surgical technology ecosystem.

Rising SMID turnover and board lot reforms strengthens the case for Singapore
SMID turnover is now outpacing share price gains, alongside strong institutional inflows into high-quality companies, while upcoming board lot and custody reforms are set to improve accessibility for blue-chip stocks—signalling that Singapore's market revitalisation is broadening as it enters 2H26.

Jumbo Group: East Coast closure prompts downgrade to TRIM
The upcoming closure of JUMBO's East Coast flagship—its founding site and contributor of approximately 14% of group revenue—creates a meaningful FY2027 earnings headwind. While new domestic initiatives and overseas expansion support a gradual recovery, the offset is backloaded, leaving limited upside at current level.

The first KOSPI 200 ETF on HKEX has arrived. But is it the best way to invest Korea?
Korea's AI-fuelled rally has arrived on HKEX through the debut of CSOP KOSPI 200 ETF (HKEX: 3121), but new access does not automatically mean better exposure. A comparison with existing Korea and Asia semiconductor ETFs shows that cost, concentration and investment objectives remain the key differentiators.

Will China's new capital rules derail Singapore's wealth hub story? We think not
China's new outbound investment rules have raised concerns over the future of wealth inflows into Singapore, but the implications for Singapore banks appear more manageable than initial market fears suggest. While the regulation adds friction to new Chinese capital flows, the structural drivers underpinning Singapore's wealth hub status and long-term wealth income growth remain firmly intact.

Singapore's May NODX surges to 22-year high: AI integration runs deep, positive view maintained
Singapore's May NODX surged 38.4% year on year, marking its fastest growth in more than two decades. More importantly, the composition of exports highlights Singapore's deepening role in the global AI semiconductor supply chain, supporting the view that the current export upswing is driven by structural rather than cyclical factors.

Still expanding: What Singapore's ten-month PMI streak says about the road ahead
As global uncertainty deepens, Singapore's manufacturing sector is accelerating rather than retreating — and with safe-haven capital flows reinforcing the factory-floor data, the case for Singapore as the region's most resilient equity market is growing stronger.