Here are the five stocks that may benefit from MAS’ $5b EQDP

Macquarie Equity Research expects the EQDP to be implemented in Q3 2025.

ComfortDelGro and StarHub are amongst stocks that may benefit from the upcoming $5b Equity Market Development Program (EQDP) aimed at broadening investor participation beyond large cap stocks.

Under the EQDP, the Monetary Authority of Singapore (MAS) will invest in strategies managed by Singapore-based asset managers that have a strong focus on locally listed equities.

Macquarie Equity Research expects the EQDP to be implemented in Q3 2025, it said in a 16 June report.

ComfortDelGro Corp (CD), iFAST (IFAST SP), First Resources (FR SP), ParkwayLife REIT (PREIT SP), and StarHub (STH SP) are the five small and mid-cap stocks likely to benefit from the EQDP, according to estimates from Macquarie.

Macquarie said that iFAST is a “rare high-growth name” on the Singapore market.

Meanwhile, PREIT is poised for a “rare quantum leap” in rental growth in FY2026E once enhancements to Mount Elizabeth Orchard Hospital are completed.

PREIT also has a new market to expand and grow via its maiden acquisition of 11 nursing homes in France.

CD, meanwhile, is poised to get maiden contributions from its FY2024 acquisitions, which fuels its positive growth outlook for the current fiscal year.

Macquarie sees STH pursuing aggressive consumer mobile market share growth in FY2025, which will impact service revenue, although EBITDA is guided to be stable.

Finally, First Resources offers the highest year-on-year earnings growth potential amongst planters covered by Macquarie. It was notably relatively unaffected by adverse weather conditions that affected other Indonesian planters in 2023 and 2024.