iEdge Next 50: Haw Par, Ultragreen to Lift Healthcare Weighting

The iEdge Singapore Next 50 Index comprises 50 of the largest and most actively traded Mainboard‑listed stocks, excluding the 30 largest by market capitalisation.

In 1Q26, the Index continued to maintain a strong correlation with the FTSE ST Mid & Small Cap Index (R² = 0.94), while posting marginal declines through March 13, after delivering 19% total returns in 2H25. The trading activity across the iEdge Next 50 Index constituents has accelerated in 1Q26. Using the components that take effect at the upcoming March 23 rebalance, the combined average daily trading turnover (ADT) of the 50 stocks was S$261 million in 1Q26 to March 13, up from S$221 million in 2H25. 

For the upcoming rebalance that takes effect on March 23, market data for the last trading day of February (Feb 27) was used to screen for Index inclusion, as per the Index Rules. The result is four new Index additions, that include $Haw Par(H02.SI)$ , $GuocoLand(F17.SI)$ , $ULTRAGREEN AI USD(ULG.SI)$ and $ValueMax(T6I.SI)$ . This will be effective the March 23 open. 

Meanwhile, $Banyan Tree(B58.SI)$ , $SBS Transit(S61.SI)$ , $Geo Energy Res(RE4.SI)$ and $COSCO SHP SG(F83.SI)$ will be omitted from the Index. Other stocks that were close to Index inclusion at the rebalance included $AEM SGD(AWX.SI)$ , $Hong Fok(H30.SI)$ , $Delfi(P34.SI)$ , $MarcoPolo Marine(5LY.SI)$ and $NamCheong(1MZ.SI)$ . 

The new inclusions mean the Healthcare Sector representation in the Index doubles, from two to four stocks.

With Haw Par Corp and Ultragreen.ai joining Raffles Medical Group and Riverstone Holdings, this indicatively lifts the combined Healthcare Sector weighting from around 2%–3% to 6%–7%, based on relative February 27 prices.  

Beyond these four stocks, $ParkwayLife Reit(C2PU.SI)$ , with a portfolio of strategically located private hospitals, is also an Index component. $Aoxin Q & M(1D4.SI)$ (Singapore) is also among the next 10-15 stocks in the contention for Next 50 Index inclusion, should it see a significant increase in capitalisation from the existing S$524 million. 

Also of note, ValueMax Group will enter the Index on higher free float, driven by incremental share issuance from warrant exercises. Issued shares have risen modestly, with indications the additional float has been well absorbed by the market. This includes ValueMax ranking among the top 20 stocks by net institutional inflows in 1Q26. GuocoLand joins the Index following a reassessment of total shares outstanding by the Index team.

The 10 largest stocks of the Index that will take effect on March 23 based on current full market capitalisation are tabled below.  Note however that stock weights are assessed by free float capitalisation. 

 1. $Haw Par(H02.SI)$

Haw Par Corp to Join the Index After Clearing Liquidity Threshold

Haw Par Corp will be added to the Index after its stock exceeded the minimum average daily traded velocity threshold of 0.10% over the six-month review period to February 27, at 0.12%. The stock has also seen its trading activity notch higher following its FY25 results announcement, that was also on February 27, ranking just outside the 50 most traded SGX-listed stocks this year. 

For its FY25, Haw Par reported net profit of S$265.5 million, up 16.3% year on year despite softer core operating revenue. Its fair value changes on investments recorded in Other Comprehensive Income moderated in FY25, to S$185.6 million versus the outlier S$528.5 million in FY24. As a result, total comprehensive income declined to S$452.5 million in FY25 from S$761.1 million a year earlier, despite a 16.3% increase in net profit.

With its market capitalisation and free float of approximately, the stock is expected to rank among or near the Index’s top 10 constituents by weight when the changes take effect on March 23. 

On March 6, Impact Capital Asset Management (ICAM) noted that FY25 again underscored Haw Par’s investment led earnings profile, with “other income” rising 17.3% year on year to S$211 million and doing most of the heavy lifting for profit growth. While Haw Par Corp’s healthcare revenue declined 6.9% year on year, ICAM highlights that tighter cost control lifted Healthcare operating profit by 7.2%, reinforcing the segment’s defensive characteristics despite softer demand. ICAM also adds that earnings quality in FY25 improved relative to prior years, as profit growth was dividend led rather than driven by fair value gains, although headline results remain highly sensitive to portfolio income and capital allocation decisions.

2. $ULTRAGREEN AI USD(ULG.SI)$

Ultragreen.ai: Scaling MedTech with Strong Margins and Global Reach

Incoming entrant Ultragreen.ai has ranked highly on liquidity, with a six‑month median daily turnover (MDT) of S$3.6 million, equivalent to 0.7% of its median S$514 million free‑float market capitalisation as of February 27. This comfortably exceeded the 0.1% turnover velocity threshold, while the stock has delivered a 7.6% return since listing.

Ultragreen.ai listed in December 2025, representing the Healthcare Sector and MedTech Industry through fluorescence‑guided surgery, imaging agents, and AI‑enabled surgical data. Its IPO was well supported, attracting 13.6× subscription and raising US$162.5 million from the offer of 112.1 million shares. Growth is seen to be driven by broader applications of Indocyanine Green, complementary product expansion and continued investment in R&D, clinical trials and surgeon training, alongside global expansion with a growing Asia focus. 

In FY25 (ended Dec 31), its revenue rose 24% to US$142.4 million and underlying NPAT increased 14% to US$63.8 million; the group also ended the year debt‑free with US$176.1 million net cash and guided for FY26 revenue of US$170–190 million. Following the results DBS Research maintained its BUY call with a US$2.05 target price, noting that Ultragreen.ai’s structural growth story remains unchanged, even as continued investment may temper near‑term margins but is strategically important for long‑term growth. On March 12 Ultragreen.ai announced it received regulatory approvals for its IC‑Flow Imaging System V2 in India,Thailand, the Philippines, and Bangladesh, expanding its Asia‑Pacific footprint and bringing the system’s global regulatory coverage to 45 territories, supporting regional commercialisation of its fluorescence‑guided surgery platform.

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