SGX's liquidity-weighted index of the 50 most actively traded mid-cap stocks outside the Straits Times Index (STI) is showing a clear structural shift — technology names are claiming a bigger share of daily turnover, even as S-REITs remain the dominant sector by weight. Here is a full breakdown of the index, what's driving the tech rotation, and the key takeaways for Singapore investors.
Source: SGX Research, 16 April 2026 ↗
π Index at a Glance
| Constituents | REIT Weight | Trailing Div. Yield | 2025 Return |
| 50 stocks | ~40% (16 S-REITs) | ~5.4% | +27.4% (vs STI +28.6%) |
The iEdge Next 50 Liquidity index tracks the 50 most liquid SGX Mainboard stocks outside the STI, weighted by six-month median daily turnover rather than market cap. This means stocks with high trader participation carry more weight than those with large but illiquid balance sheets — and right now, that signal is pointing strongly toward technology.
π Key Takeaways
1️⃣ The index is one tier below the STI — the best of the mid-caps.
To qualify, stocks must be listed on the SGX Mainboard, have a minimum market cap of S$100M, meet minimum trading velocity thresholds, and maintain at least 15% free float. The 50 constituents are selected from this screened universe and rebalanced quarterly (March, June, September, December).
2️⃣ Technology is the article's headline theme.
UMS Integration [558.SI], Frencken Group [E28.SI], and iFAST Corporation [AIY.SI] together account for over 13% of turnover-weighted exposure. All three are seeing disproportionate institutional and retail interest relative to their market-cap weight — a strong signal of active accumulation.
3️⃣ S-REITs still dominate at ~40% liquidity weight across 16 names.
Data centre REITs (NTT DC REIT [NTDU.SI]) and accommodation REITs (Centurion Accommodation REIT [8C8U.SI]) are punching well above their market-cap weight in liquidity terms, reflecting growing investor interest in new-economy and alternative real estate asset classes.
4️⃣ Trailing yield of ~5.4% is meaningfully above the STI's ~4.1%.
This makes the index an attractive hunting ground for income investors who want exposure beyond the 30 blue chips, without giving up yield quality. With rate cut expectations building, the REIT-heavy composition provides rate-cycle optionality.
5️⃣ The S$5 billion EQDP is a sustained structural tailwind.
The Equity Market Development Programme continues to direct institutional flows toward non-STI mid-caps. Since its announcement, 44 of the 50 Next 50 stocks have shown higher turnover — a broad-based improvement in liquidity, not just index-driven noise.
π» Technology Spotlight — Where the Weight Is Shifting
Three names stand out for their outsized liquidity weight relative to market cap. These are the stocks the index is telling us traders and institutions are actively interested in.
1️⃣ iFAST Corporation [AIY.SI] — Liquidity weight: 5.3% (highest in the entire index)
Analyst call: BUY (DBS)
Core business: Digital wealth management platform and digital bank
iFAST is a dual-engine fintech story — its wealth management platform spans Singapore, Hong Kong, Malaysia, the UK and China, while its digital banking licence adds a second growth runway. The fact that it commands the highest liquidity weight across all 50 constituents speaks to how actively this name is being traded by both retail and institutional participants. It is a new-economy proxy in a traditionally yield-focused index.
2️⃣ UMS Integration [558.SI] — Liquidity weight: 4.5%
Analyst call: BUY (DBS)
Core business: Precision semiconductor components manufacturer
UMS is the highest-weight pure technology stock in the index. It manufactures precision components for semiconductor equipment OEMs and benefits directly from the global AI infrastructure buildout cycle — a structural, multi-year demand driver. Institutional investors (including Amova, which recently crossed the 5% threshold) have been actively accumulating the stock, reflecting confidence in the semiconductor recovery cycle through FY2026.
3️⃣ Frencken Group [E28.SI] — Liquidity weight: 3.6%
Analyst call: Consensus TP S$2.41
Core business: Precision manufacturing — semiconductor equipment, medical, analytical, automotive
Frencken was the best-performing Next 50 stock in 1Q2026, posting a total return of +47.8% for the quarter. The rally was driven by stronger confidence in the semiconductor recovery, margin beats in its FY2025 results, and its move into higher-value semiconductor equipment prototypes for a leading European customer. Capacity is being expanded across Singapore, Malaysia and a new US facility targeted for completion in 1Q2027. Consensus forecasts dividend per share of S$0.031 for FY2026.
π’ S-REITs — Still the Index Anchor (~40% Liquidity Weight)
16 S-REITs make up the largest single sector allocation. Below are the key names, ranked by liquidity weight:
· Suntec REIT [T82U.SI] — Diversified retail & office REIT · 4.5%
· Keppel REIT [K71U.SI] — Grade-A office REIT · 4.4%
· Centurion Accommodation REIT [8C8U.SI] — Worker & student accommodation REIT · 3.9%
· NTT DC REIT [NTDU.SI] — Data centre REIT, new-economy asset · 3.7%
· CapitaLand Ascott Trust [HMN.SI] — Global serviced apartments & hotels · 3.5%
· Lendlease REIT [JYEU.SI] — Retail mall REIT · 2.7%
· Parkway Life REIT [C2PU.SI] — Healthcare property REIT · 2.4%
· ESR-REIT [9A4U.SI] — Industrial & logistics REIT · 1.7%
· CapitaLand India Trust [CY6U.SI] — India IT parks & logistics · 1.6%
· AIMS APAC REIT [O5RU.SI] — Industrial & logistics REIT · 1.2%
· CapitaLand China Trust [AU8U.SI] — China retail & logistics REIT · 1.1%
· Digital Core REIT [DCRU.SI] — US-focused data centre REIT · 1.0%
· CDL Hospitality Trust [J85.SI] — Hotels & resorts REIT · 0.8%
· Starhill Global REIT [P40U.SI] — Retail & office properties · 0.5%
· Far East Hospitality Trust [Q5T.SI] — Singapore hospitality assets · 0.4%
· Sasseur REIT [CRPU.SI] — China outlet mall REIT · 0.4%
π All 50 Constituents — Full Sector Breakdown
| Stock | SGX Code | Core Business / Asset | Analyst Call | Liq. Weight |
| π» Technology | ||||
| iFAST Corporation | AIY.SI | Digital wealth management platform & digital bank | BUY (DBS) | 5.3% |
| UMS Integration | 558.SI | Precision semiconductor components manufacturer | BUY (DBS) | 4.5% |
| Frencken Group | E28.SI | Precision manufacturing: semicon equipment, medical, automotive | TP S$2.41 (Consensus) | 3.6% |
| π’ S-REITs (16 stocks) | ||||
| Suntec REIT | T82U.SI | Diversified retail & office REIT | — | 4.5% |
| Keppel REIT | K71U.SI | Grade-A office REIT | — | 4.4% |
| Centurion Accommodation REIT | 8C8U.SI | Worker & student accommodation REIT | — | 3.9% |
| NTT DC REIT | NTDU.SI | Data centre REIT, new-economy asset | — | 3.7% |
| CapitaLand Ascott Trust | HMN.SI | Global serviced apartments & hotels | — | 3.5% |
| Lendlease REIT | JYEU.SI | Retail mall REIT | — | 2.7% |
| Parkway Life REIT | C2PU.SI | Healthcare property REIT | — | 2.4% |
| ESR-REIT | 9A4U.SI | Industrial & logistics REIT | — | 1.7% |
| CapitaLand India Trust | CY6U.SI | India IT parks & logistics | — | 1.6% |
| AIMS APAC REIT | O5RU.SI | Industrial & logistics REIT | — | 1.2% |
| CapitaLand China Trust | AU8U.SI | China retail & logistics REIT | — | 1.1% |
| Digital Core REIT | DCRU.SI | US-focused data centre REIT | — | 1.0% |
| CDL Hospitality Trust | J85.SI | Hotels & resorts REIT | — | 0.8% |
| Starhill Global REIT | P40U.SI | Retail & office properties | — | 0.5% |
| Far East Hospitality Trust | Q5T.SI | Singapore hospitality assets | — | 0.4% |
| Sasseur REIT | CRPU.SI | China outlet mall REIT | — | 0.4% |
| π Industrials (7 stocks) | ||||
| ComfortDelGro | C52.SI | Land transport & bus operations | Resilient yield (DBS) | 5.1% |
| Singapore Post | S08.SI | Logistics & postal delivery | — | 2.4% |
| Hong Leong Asia | H22.SI | Building materials & industrials | — | 2.1% |
| SIA Engineering | S59.SI | Aviation MRO & cabin retrofitting | Growth (DBS) | 2.0% |
| Boustead Singapore | F9D.SI | Geospatial & energy engineering | — | 0.8% |
| SBS Transit | S61.SI | Public bus & rail operator | — | 0.2% |
| COSCO Shipping Intl | F83.SI | International shipping trade | — | 0.2% |
| π° Financials (7 stocks) | ||||
| YZJ Maritime Dev. | SGX-listed | Shipping assets & debt management | — | 4.5% |
| Yangzijiang Financial | YF8.SI | Debt management & maritime assets | — | 4.2% |
| Wee Hur Holdings | E3B.SI | Construction & worker dormitories | — | 2.2% |
| Centurion Corp. | OU8.SI | Dormitory asset developer/operator | — | 1.7% |
| PropNex | OYY.SI | Singapore's largest property agency | — | 1.5% |
| Yanlord Land | Z25.SI | China premium residential property | — | 1.4% |
| UOB-Kay Hian | U10.SI | UOB's stockbroking arm | — | 1.1% |
| π‘ Telecommunications (2 stocks) | ||||
| NetLink NBN Trust | CJLU.SI | Nationwide fibre network infrastructure trust | Resilient yield (DBS) | 2.9% |
| StarHub | CC3.SI | Integrated telco & enterprise ICT | — | 0.7% |
| π Consumer (5 stocks) | ||||
| Sheng Siong | OV8.SI | Supermarket retailer, defensive | — | 3.1% |
| Riverstone Holdings | AP4.SI | Medical & industrial glove maker | — | 2.0% |
| Olam Group | VC2.SI | Global agri-food supply chain | — | 1.2% |
| Golden Agri-Resources | E5H.SI | Palm oil plantation & processing | — | 1.2% |
| Food Empire Holdings | F03.SI | F&B brands, Russia & Southeast Asia | — | 1.2% |
| ⚡ Energy (3 stocks) | ||||
| CSE Global | 544.SI | Industrial automation & systems integration | — | 2.7% |
| Geo Energy Resources | RE4.SI | Indonesia coal mining | — | 1.7% |
| China Aviation Oil | G92.SI | International aviation fuel supply | — | 1.0% |
| π️ Materials (5 stocks) | ||||
| First Resources | EB5.SI | Palm oil plantation & downstream refining | — | 2.0% |
| Keppel Infra Trust | A7RU.SI | Infrastructure asset business trust | — | 1.6% |
| Pan-United | P52.SI | Concrete & building materials | — | 0.4% |
| China Sunsine Chemical | QES.SI | Rubber accelerator chemicals | — | 0.3% |
| BRC Asia | BEC.SI | Steel reinforcement, construction sector | — | 0.1% |
| π₯ Healthcare (1 stock) | ||||
| Raffles Medical Group | BSL.SI | Integrated healthcare services group | — | 0.9% |
π Macro Context
Technology's rising liquidity weight in this index reflects a genuine structural shift in where active market interest is concentrated. Semiconductors, data centres and fintech are drawing disproportionate turnover relative to their market cap — a signal worth paying attention to when most passive flows still go to REIT-heavy benchmarks.
The S$5bn EQDP continues to direct institutional capital toward non-STI mid-caps, creating a self-reinforcing dynamic for index constituents. Meanwhile, with rate cut expectations building globally, the REIT-heavy composition of the Next 50 provides meaningful rate-cycle optionality — if and when central banks move, the 16 S-REITs in this index stand to benefit disproportionately. The trailing dividend yield of ~5.4% already makes a compelling case for income investors as a complement to an STI-anchored core portfolio.
Data sourced from SGX as of 31 December 2025, updated April 2026. Analyst calls and target prices sourced from publicly available research reports (DBS, Bloomberg consensus) and are subject to change without notice. This post is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell any securities. All investments carry risk. Past performance is not indicative of future results.
Source: Some content and data are excerpted from SGX Research and publicly available market reports. Please comment to flag any attribution concerns.
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