The iEdge Singapore Next 50 Index gained four new constituents on 22 June 2026: AEM Holdings (SGX: AWX), Top Glove Corporation (SGX: BVA), UI Boustead REIT (SGX: UIBU) and PC Partner Group (SGX: PCT). The additions followed the index's quarterly rebalancing by SGX Indices, which also displaced Singapore Post, Digital Core REIT, Wee Hur Holdings and China Sunsine Chemical. Technology-related stocks now account for 26.2% of index weight, up from 16.6% before the review. For investors tracking Singapore's mid-cap market, the shift changes which companies the index bets on and why each new name qualified.
The iEdge Singapore Next 50 Index covers the 50 largest and most-traded stocks on the SGX Mainboard that sit outside the top 30 blue chips forming the Straits Times Index. Think of it as the next tier down: companies large enough to matter but not yet among Singapore's biggest names. The index exists alongside the STI to give investors a window into SGX's mid-cap segment.
SGX Indices runs two versions. The standard iEdge Singapore Next 50 Index weights each stock by free-float market capitalisation with a 5% cap on any single name at rebalancing. The iEdge Singapore Next 50 Liquidity Weighted Index replaces market-cap weights with six-month median daily traded value, giving heavier weight to stocks with higher turnover.
To qualify, a company must list on the SGX Mainboard, hold a market cap above SGD 100 million, generate at least SGD 100,000 in average daily turnover and maintain a free float of at least 15%. SGX Indices reviews and rebalances both variants every March, June, September and December. The June 2026 review produced the four additions effective 22 June.
No Singapore ETF or unit trust currently tracks this index, which means investors who want to mirror its holdings must buy each constituent individually through a brokerage account. For a comparison of how index-based investing compares with stock-picking, see active vs passive investing in Singapore.
The table below summarises key data for each addition around the time of the June 2026 rebalancing. Share prices and market caps reflect approximate values near the effective date of 22 June 2026.
| Company | SGX ticker | Market cap (SGD) | Share price (SGD) | FY2025 revenue |
|---|---|---|---|---|
| AEM Holdings | AWX | ~$2.98 billion | $9.82 | S$399.3 million |
| Top Glove Corporation | BVA | ~$2.22 billion | $0.21 | MYR 3.49 billion (TTM) |
| UI Boustead REIT | UIBU | ~$1.06 billion | $0.77 (May 2026) | S$99.3 million |
| PC Partner Group | PCT | ~$883 million | $2.75 | HKD 13.95 billion |
AEM Holdings is a Singapore-based manufacturer of semiconductor test equipment. Its core product is the Handler Intelligence Platform, a system that stress-tests chips at high speed and elevated temperature during production. The company supplies test handlers primarily for AI processors and high-performance computing chips, which is why revenue has moved in step with AI infrastructure spending.
In FY2025, revenue rose 5% year on year to S$399.3 million, supported by a production ramp for a major AI and HPC customer. The second half of FY2025 alone generated S$209.1 million, exceeding management's own guidance of S$170-190 million. For FY2026, management has guided revenue of S$460 million to S$510 million, driven by continued orders from that primary customer, increased volume from a second long-standing HPC client and a third AI customer expected to grow into AEM's largest account by revenue. Manufacturing operations span Singapore, Malaysia (Penang), Indonesia (Batam), Vietnam and Finland.
The share price gained over 90% in the first half of 2026, reflecting a significant operational turnaround. Free cash flow swung from negative S$41.7 million in 2024 to positive S$111.5 million in 2025. Net debt of S$29 million at the end of 2024 became net cash of S$74.3 million by December 2025. AEM reinstated its dividend after three years, paying S$0.013 per share as a final dividend for FY2025. The company holds an estimated 20% market share in the semiconductor test equipment segment.
One caveat worth tracking: net profit margin was 4.3% in FY2025, well below the historical range of 16-19%. The thesis on AEM rests on margin recovery alongside revenue growth. If the AI infrastructure spending cycle slows or a major customer delays orders, earnings per share could disappoint even if headline revenue holds up. For a broader look at how to evaluate individual stocks within a portfolio strategy, see our guide on starting to invest in Singapore.
Top Glove is the world's largest manufacturer of disposable rubber gloves. Founded in Malaysia in 1991, the company runs 50 manufacturing facilities across Malaysia, Thailand, China and Vietnam and exports to over 195 countries. Its product range includes nitrile, latex, surgical and vinyl gloves, alongside ancillary healthcare and personal care products. The sheer scale of Top Glove's output means that any shift in global healthcare spending or nitrile rubber prices moves the company's margins quickly.
Top Glove holds a secondary listing on SGX under the ticker BVA, alongside its primary listing in Malaysia under TOPGLOV on Bursa Malaysia. Revenue was MYR 2.51 billion in FY2024, a rise of 11.4% from the prior year, and analysts forecast around MYR 6.15 billion for FY2026 as the company continues to recover ground lost after the COVID-19 pandemic glove-demand collapse.
At a share price of around S$0.21 at the time of the June review, Top Glove has the lowest unit price of the four new index additions but the second-largest market cap at roughly S$2.22 billion. The gap between share price and market cap reflects the company's large share count rather than any discount to peers. SGX-listed investors should note the currency dimension: Top Glove's costs and revenues are primarily in Malaysian Ringgit, so the SGD-denominated shares carry an additional layer of exchange rate exposure.
Top Glove's inclusion in the iEdge Next 50 is a signal that its trading turnover and market cap have recovered enough to rank among the 50 largest mid-cap names on the SGX Mainboard. The company went through a multi-year correction after glove demand collapsed from its 2021 pandemic peak. Investors considering BVA should weigh the structural recovery in healthcare consumption against the glove industry's tendency toward oversupply when demand returns.
UI Boustead REIT listed on the SGX on 12 March 2026, making it one of the youngest index inclusions in recent memory. The REIT was constituted on 3 July 2025 and completed an initial public offering at S$0.88 per unit before beginning trading. Its principal strategy is to invest in logistics, industrial, high-specification industrial and business space assets across Asia Pacific, with a current focus on Singapore and Japan. For investors new to real estate investment trusts, these are collective investment vehicles that own income-producing properties and distribute most rental income to unitholders.
The portfolio comprises 23 properties valued at SGD 1.9 billion in total. Singapore accounts for 21 of the 23 assets and 71.2% of portfolio value by appraisal. Japan accounts for the remaining two properties and 28.8% of value. About 69.2% of tenants operate in high-tech and innovation sectors. The weighted average lease expiry stands at 5.8 years, which provides income visibility over the medium term. Gearing sits at approximately 38%, with a debt cost of around 2.5%.
At a unit price of around S$0.77 in late May 2026, DBS Research projected distribution yields of 8.4% for FY25/26 and 8.8% for FY26/27. The REIT's manager estimates distributable income will grow by 5.7% in FY26/27, supported by built-in rental escalation clauses in over 70% of leases. The sponsor holds an identified acquisition pipeline of USD 5.9 billion in potential future assets, which could support further growth if the REIT's balance sheet allows.
Investors comparing UI Boustead REIT with other S-REITs should factor in its March 2026 IPO date. The REIT joined the iEdge Next 50 just three months after listing, which is unusual and reflects how quickly it reached the SGD 100 million market cap threshold. The limited trading history means there is less data on how the unit price responds to rate changes or occupancy dips than with longer-established REITs.
PC Partner Group manufactures and distributes graphics processing units under the Zotac and Inno3D brands. The company is one of NVIDIA's board partners, meaning it takes NVIDIA GPU chips and produces the finished cards sold to consumers, gaming PC builders and AI server integrators. PC Partner relocated its headquarters from Hong Kong to Singapore in 2024, completed a secondary listing on the SGX in November 2024 and then delisted from the Hong Kong Stock Exchange in January 2025, making SGX its sole listing.
FY2025 revenue rose 38.4% year on year, with VGA card sales up 50%. Own-brand sales grew 68.9%, driven by early allocation of NVIDIA's RTX 5090 cards to the Zotac and Inno3D labels. The Batam, Indonesia manufacturing facility reduces dependence on China-based production and gives PC Partner more supply-chain flexibility against US export controls on advanced semiconductor hardware. The company is also expanding into GPU servers and medical-grade computing systems, both of which carry higher margins than consumer graphics cards.
At a share price of around S$2.75 and a market cap of roughly S$883 million, PC Partner is the smallest of the four new additions. It sits just above the SGD 100 million eligibility floor and will need to maintain its market cap above that level to remain in the index at future reviews. Revenue denominated in Hong Kong dollars (HKD 13.95 billion TTM) means there is foreign exchange exposure relative to the SGD share price.
The key risk for PC Partner is that GPU hardware demand is cyclical and tied closely to NVIDIA's product release calendar. The RTX 5090 drove the FY2025 revenue surge. When the next major NVIDIA refresh cycle occurs, sales can shift sharply. PC Partner's expanding position in AI server GPU kits provides some buffer against the consumer gaming cycle, but the two demand streams can diverge. For an overview of how ETFs and index funds in Singapore approach sector concentration risk, the iEdge Next 50's rising tech weight is a useful case study.
Four companies were displaced by the June 2026 rebalancing: Singapore Post, Digital Core REIT, Wee Hur Holdings and China Sunsine Chemical. Removal from the index does not indicate a company is in financial difficulty or at risk of delisting. It means other companies now rank higher by market cap or trading volume, pushing the former members below the eligibility cutoff.
Singapore Post has faced structural pressure from declining letter-mail volumes and has been restructuring its logistics operations across multiple years. Digital Core REIT, a US data centre REIT that listed on SGX in December 2021 at US$0.88 per unit, saw its unit price fall substantially from the IPO level as rising interest rates weighed on its asset valuations. Wee Hur Holdings is a construction and workers' accommodation company, and China Sunsine Chemical is a rubber chemicals producer. Both are smaller companies whose relative market caps declined as the four new additions grew.
All four remain eligible for re-inclusion. If their market caps or trading volumes recover relative to other SGX Mainboard stocks, any of them could return at a subsequent quarterly review in September or December 2026.
The June 2026 rebalancing pushed technology-related sector weight in the iEdge Singapore Next 50 from 16.6% to 26.2%. AEM Holdings (semiconductor test equipment) and PC Partner (GPU hardware) are the two direct technology additions. This sector shift reflects what has been happening across the SGX Mainboard: AI infrastructure spending has lifted demand for chips, test systems and GPU hardware, and the companies supplying those products have grown their market caps faster than the broader market.
From January to May 2026, the iEdge Singapore Next 50 Liquidity Weighted Index returned 12.3%, marginally ahead of the Straits Times Index's 10.8% over the same period. Part of that outperformance came before the June rebalancing, suggesting that the technology-linked names already in the index were contributing positively. After the June additions, the technology tilt is more pronounced.
For investors comparing the iEdge Next 50 to the STI, the sector profile is now quite different. The STI remains dominated by the three major banks (DBS, OCBC, UOB), REITs and telecommunications. After the June 2026 rebalancing, the iEdge Next 50 has over a quarter of its weight in technology-related names. See Nikko AM Singapore STI ETF for a detailed breakdown of what the STI blue-chip index holds and how it differs from the mid-cap tier.
No Singapore ETF or unit trust directly tracks the iEdge Singapore Next 50 Index as of June 2026. Unlike the STI, which has ETF products from Nikko AM and SPDR, the Next 50 remains accessible only by purchasing its constituent stocks individually through a brokerage account. Buying all 50 names would require 50 separate transactions and ongoing rebalancing whenever the index changes its constituents each quarter.
Investors who use CPF Investment Scheme (CPFIS) funds should check whether each individual constituent qualifies under CPFIS rules before transacting. SGX-listed stocks are generally eligible for CPFIS-OA investment, but the scheme has its own approved-list and risk-rating process that operates separately from iEdge Next 50 membership. Checking the CPF Board's approved list before placing any order is worth the extra step.
For those who want a more practical approach, tracking the iEdge Next 50's quarterly reviews is one way to identify which SGX Mainboard stocks have grown large enough to cross into the mid-cap bracket and which are falling out. The SGX stocks guide covers how to screen for stocks on the SGX Mainboard and access the full list of current iEdge Next 50 constituents through the SGX website.
The iEdge Singapore Next 50 Index tracks the 50 largest and most-traded stocks on the SGX Mainboard outside the top 30 blue chips that form the Straits Times Index. SGX Indices maintains the index and rebalances it every March, June, September and December. Each constituent is subject to a 5% weighting cap at rebalancing. To qualify, a stock must have a market cap above SGD 100 million, average daily turnover above SGD 100,000 and a free float of at least 15%. A second version, the iEdge Singapore Next 50 Liquidity Weighted Index, weights constituents by six-month median daily traded value rather than market cap.
The four companies qualified for the iEdge Singapore Next 50 by meeting the eligibility criteria: sufficient market capitalisation, trading turnover and free float to rank among the 50 largest mid-cap names on the SGX Mainboard. AEM Holdings benefited from a 90%-plus share price rise in 2026, lifting its market cap to roughly S$2.98 billion. PC Partner's market cap grew on the back of 38.4% revenue growth in FY2025. UI Boustead REIT joined just three months after its March 2026 IPO. Top Glove's inclusion reflects a recovery in its market cap following the post-pandemic decline in glove demand.
Singapore Post, Digital Core REIT, Wee Hur Holdings and China Sunsine Chemical were removed effective 22 June 2026. They were displaced because the four new additions rank higher by market cap and trading volume under the index's selection criteria. Removal does not affect a company's SGX listing, trading status or day-to-day operations. All four remain eligible for re-inclusion at a future quarterly review in September or December 2026 if their relative market caps or trading volumes recover.
No, not as of June 2026. No Singapore ETF or unit trust directly tracks the iEdge Singapore Next 50 Index. Investors who want to replicate the index must buy all 50 constituent stocks individually through a brokerage account. This requires multiple transactions and quarterly rebalancing whenever the index changes constituents, which adds cost and effort compared with buying a single ETF. The STI, by contrast, has multiple ETF products from Nikko AM and SPDR that retail investors can buy on SGX.
The Straits Times Index covers Singapore's 30 largest blue-chip stocks, dominated by the three major banks (DBS, OCBC, UOB), REITs and telecommunications companies. The iEdge Singapore Next 50 covers the next 50 in size. After the June 2026 rebalancing, the iEdge Next 50 has a 26.2% weighting in technology-related names, up from 16.6% before the review. The STI has much lower technology exposure. On performance, the iEdge Singapore Next 50 Liquidity Weighted Index returned 12.3% from January to May 2026, compared with the STI's 10.8% over the same period, though past short-term returns do not indicate future results.
This is general financial information for Singapore, not personal financial advice. Figures change — verify current rates against the official sources above before acting. See our full disclaimer.