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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ISOTeam: Margin gains cushion a revenue miss as drone and cool coatings pipeline stay intactStocks

ISOTeam: Margin gains cushion a revenue miss as drone and cool coatings pipeline stay intact

ISOTeam's FY2026 results came in below our forecasts on revenue and earnings, as the timing of project completions pushed a larger share of R&R, A&A and C&P billings beyond the financial year. Gross margin nonetheless expanded to a multi-year high on dormitory-driven cost savings, and the Board raised the final dividend despite the shortfall. We maintain our HOLD rating with a lower target price of SGD 0.072.

By Tan Qiuyi Charmaine | 01 Sep 2026 |423 Views
SGXIndustrialsDronesHIPISOTeam
Singapore’s inflation edged higher. Here’s why we remain constructive on Singapore equities.Macro Research

Singapore’s inflation edged higher. Here’s why we remain constructive on Singapore equities.

Headline inflation accelerated to 2.2% year-on-year (YoY) in July 2026, its fastest pace in nearly two years, while MAS Core Inflation stepped up to 2.0% YoY. Both prints came in below consensus, but the pickup was broad-based as the anticipated pass-through of the Middle East conflict's energy shock finally showed up in household electricity bills. For investors, we maintain our constructive view on Singapore equities, with an STI target of 5,987 by end-2028.

By Tan Qiuyi Charmaine | 27 Aug 2026 |1104 Views
SGXEquityGeneral
S-REITs: Selectivity remains key as 1H26 earnings confirm an uneven recoveryETFs

S-REITs: Selectivity remains key as 1H26 earnings confirm an uneven recovery

1H26 results were broadly resilient at the operating level. We favour industrial, Grade A CBD office and data centre REITs for their structural demand drivers and highlight names with strong balance sheets and resilient income profiles as best placed to sustain distributions.

By Tan Qiuyi Charmaine | 25 Aug 2026 |4532 Views
SGXReal EstateS-REITs
Stoneweg Europe Stapled Trust: Resilient income, data centre gains momentumStocks

Stoneweg Europe Stapled Trust: Resilient income, data centre gains momentum

SERT delivered resilient 1H26 results, with like-for-like Net Property Income up 1.3% YoY and Distribution Per Share growing 1.4% YoY, underpinned by strong logistics fundamentals and disciplined capital management. We maintain our BUY rating and EUR 1.79 target price, with SERT trading at about 23% discount to NAV and offering an average distribution yield of 8.8% over FY2026–2028E.

By Tan Qiuyi Charmaine | 18 Aug 2026 |591 Views
SGXReal EstateGEMSStoneweg Europe Stapled Trust
PropNex: The CCR-heavy, backloaded launch calendar is still aheadStocks

PropNex: The CCR-heavy, backloaded launch calendar is still ahead

PropNex reported a steady 1H2026, with revenue broadly flat as resilient agency commissions offset softer project marketing income on a lighter launch calendar. We maintain our BUY rating on PropNex, anchored by five structural drivers: the HDB MOP pipeline, developers’ timely positioning to capture the MOP wave, record land bids, resilient CCR and landed demand and a newly emerging en bloc reform channel.

By Tan Qiuyi Charmaine | 14 Aug 2026 |660 Views
SGXHDBReal EstateSingapore PropertyPropNex
Gold rallies to around USD 4,400, but the case against it hasn't movedMacro Research

Gold rallies to around USD 4,400, but the case against it hasn't moved

The rebound is not a reversal of the structural case. It reflects two risk events, followed by a rate repricing on Hormuz reopening hopes that collapsed on 10 August, sending gold prices higher again on renewed safe-haven demand. Meanwhile, China’s physical gold demand is pulling ahead of India’s. Here is what has changed, and why our allocation has not.

By Tan Qiuyi Charmaine | 11 Aug 2026 |5156 Views
NYSEGold & Precious MetalsAlternative InvestmentsGoldTrump
Fund Spotlight: A National Day present? The iFAST-Amova Singapore Equity Fund is up 54% LTM*.Funds

Fund Spotlight: A National Day present? The iFAST-Amova Singapore Equity Fund is up 54% LTM*.

Singapore’s Equity Market Development Programme has delivered improvements in liquidity and IPO activity. Investors seeking higher small to mid-cap exposure may consider the iFAST-Amova Singapore Equity Fund, which has outperformed both its benchmark and peers over the past three years.

By Tan Qiuyi Charmaine | 06 Aug 2026 |1787 Views
EquityGeneralSingaporeIFAST-Amova Singapore Equity FundSMID
The first actively managed iEdge Singapore Next 50 ETF is here!ETFs

The first actively managed iEdge Singapore Next 50 ETF is here!

Singapore's market reform push has put the SGX Mainboard's “next 50” largest companies in focus, but until now there has been no listed vehicle offering direct access to that segment. The CGS Fullgoal Singapore Next 50 Active ETF changes that, giving investors easy access to the mid-cap names sitting just outside the Straits Times Index.

By Tan Qiuyi Charmaine | 05 Aug 2026 |1907 Views
SGXSingaporeIEdge Singapore Next 50 IndexCGS Fullgoal Singapore Next 50 Active ETF
Fund Spotlight: A dividend-quality tilt with JPMorgan's Emerging Markets Dividend FundFunds

Fund Spotlight: A dividend-quality tilt with JPMorgan's Emerging Markets Dividend Fund

Emerging markets have rallied into mid-2026, yet the asset class continues to trade at a meaningful valuation discount to developed markets. For investors seeking dividend income with a valuation-disciplined tilt across EM, the JPMorgan Funds – Emerging Markets Dividend A (acc) – USD stands out as a compelling actively managed option.

By Tan Qiuyi Charmaine | 31 Jul 2026 |873 Views
EquityGeneralEmerging Markets
Confirmed but contained: Singapore's 12.5% US tariff takes effect, thesis intactMacro Research

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.

By Tan Qiuyi Charmaine | 24 Jul 2026 |929 Views
SGXEquityGeneralSingaporeSingaporeTariffsTariffs