SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Lendlease Global Commercial REIT / Equity Bottom-Up

Lendlease Global Commercial REIT operates as a real estate investment trust. The Company invests in diversified portfolio of real estate assets. Lendlease Global Commercial REIT serves customers worldwide.

Lendlease Global Commercial REIT (LREIT SP)

<ul><li>The next 30 most traded stocks in 2H25 have a combined market capitalisation of S$74 billion, spanning all 12 sectors.</li><li>Seven REITs among these stocks have a combined market value of S$19.5 billion and S$53.1 million in 2H25 ADT.</li><li>CSE Global leads net institutional inflow-to-market cap ratio, with ADT rising to S$5.8 million in 2H25.</li></ul>

The next 30 most traded stocks in 2H25 have a combined market capitalisation of S$74 billion, spanning all 12 sectors.Seven REITs among these stocks have a combined market value of S$19.5 billion and S$53.1 million in 2H25 ADT.CSE Global leads net institutional inflow-to-market cap ratio, with ADT rising to S$5.8 million in 2H25.

Highlights of the 30 Most Traded Non-STI Stocks in 2H25

External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Sasseur Real Estate Investment Trust (“Sasseur REIT”) is the first outlet REIT listed in Asia. Sasseur REIT’s property portfolio comprises four outlets with an estimated appraised value of RMB 8.5 billion and net lettable area of 310,241 square metres. The outlets are strategically located in the high-growth cities of Chongqing, Hefei and Kunming in China and well-positioned to ride on the growth of the rising spending power of the Chinese middle class.

<ul><li>Company Update:28 November 2025 Operational strength. Sasseur REIT delivered a resilient 3Q25 performance, with 10.8% YoY outlet sales growth, occupancy remaining high at 98.5%, and a WALE of 2.0 years.</li><li>The results were supported by strong tenant retention and longer lease commitments from sports, lifestyle and domestic fashion brands.</li><li>3Q25 EMA rental income rose 4.9% YoY to RMB166.3mn, driven by a 9.7% increase in the variable component on strong outlet sales.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Company Update:28 November 2025 Operational strength. Sasseur REIT delivered a resilient 3Q25 performance, with 10.8% YoY outlet sales growth, occupancy remaining high at 98.5%, and a WALE of 2.0 years.The results were supported by strong tenant retention and longer lease commitments from sports, lifestyle and domestic fashion brands.3Q25 EMA rental income rose 4.9% YoY to RMB166.3mn, driven by a 9.7% increase in the variable component on strong outlet sales.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Company Report: Sasseur REIT (SASSR SP): REIT-Vitalisation Continues Amid Macro Conditions

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Frasers Property Limited provides real estate ownership and development services. The Company engages in the development of land, housing projects, apartments, as well as commercial, industrial, and retail properties. Frasers Property serves customers globally.

<ul>
 <li>Frasers Property is a geographically diversified real estate company with a significant presence across Singapore, Australia, Europe, and Southeast Asia, operating across residential, retail, commercial, industrial, and hospitality sectors.</li>
 <li>The company is currently trading at a significant discount to its book value, with a Price-to-Book ratio of 0.43, suggesting a potential valuation gap. This is supported by a high Smartkarma Value score of 5/5.</li>
 <li>Recent financial performance indicates headwinds, with both revenue and net income declining in the latest reported year. The company's growth track record also shows negative trends over 3, 7, and 10-year periods for key metrics like revenue and EPS, signaling underlying challenges.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Frasers Property is a geographically diversified real estate company with a significant presence across Singapore, Australia, Europe, and Southeast Asia, operating across residential, retail, commercial, industrial, and hospitality sectors.
  The company is currently trading at a significant discount to its book value, with a Price-to-Book ratio of 0.43, suggesting a potential valuation gap. This is supported by a high Smartkarma Value score of 5/5.
  Recent financial performance indicates headwinds, with both revenue and net income declining in the latest reported year. The company's growth track record also shows negative trends over 3, 7, and 10-year periods for key metrics like revenue and EPS, signaling underlying challenges.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Frasers Property Ltd (FPL SP) - Nov 2025

Centurion Accommodation REIT / Equity Bottom-Up

Centurion Accommodation REIT aims to invest in purpose building worker assets and purpose built student assets globally.

<ul>
 <li>
<a href="https://smartkarma.com/entities/centurion-accommodation-reit">Centurion Accommodation REIT</a> (CAREIT) is Singapore's first publicly listed real estate investment trust with a pure-play focus on specialized accommodation assets, specifically Purpose-Built Worker Accommodation (PBWA) in Singapore and Purpose-Built Student Accommodation (PBSA) in the United Kingdom and Australia.</li>
 <li>The REIT benefits from a strong, committed sponsor, Centurion Corporation Limited, which is the largest PBWA operator in Singapore. This relationship provides a robust pipeline for future growth, operational expertise, and significant alignment of interests, with the sponsor retaining a substantial stake post-IPO.</li>
 <li>CAREIT exhibits a compelling financial profile characterized by high initial portfolio occupancy (over 96%), strong revenue and net income growth, and an attractive forward distribution yield, underpinned by a commitment to distribute 100% of its distributable income until 2027.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Centurion Accommodation REIT (CAREIT) is Singapore's first publicly listed real estate investment trust with a pure-play focus on specialized accommodation assets, specifically Purpose-Built Worker Accommodation (PBWA) in Singapore and Purpose-Built Student Accommodation (PBSA) in the United Kingdom and Australia.
  The REIT benefits from a strong, committed sponsor, Centurion Corporation Limited, which is the largest PBWA operator in Singapore. This relationship provides a robust pipeline for future growth, operational expertise, and significant alignment of interests, with the sponsor retaining a substantial stake post-IPO.
  CAREIT exhibits a compelling financial profile characterized by high initial portfolio occupancy (over 96%), strong revenue and net income growth, and an attractive forward distribution yield, underpinned by a commitment to distribute 100% of its distributable income until 2027.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Centurion Accommodation REIT (CAREIT SP) - Nov 2025

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>RHB's Natarajan maintains IREIT Global's target price at 35 cents. uSmart places 'hold' on Kimly amid stagnant income growth.</li>
<li>uSMART starts 'buy' on Starhill Global REIT, target price at 67 cents. CGS International maintains 'add' on Sanli Environmental, lowers target price post-placement.</li>
<li>Analysts remain positive on CSE Global after 3QFY2025 update and potential DC wins.</li>
</ul>


RHB's Natarajan maintains IREIT Global's target price at 35 cents. uSmart places 'hold' on Kimly amid stagnant income growth.
uSMART starts 'buy' on Starhill Global REIT, target price at 67 cents. CGS International maintains 'add' on Sanli Environmental, lowers target price post-placement.
Analysts remain positive on CSE Global after 3QFY2025 update and potential DC wins.


Singapore Market Roundup (25-Nov-2025): RHB's Natarajan keeps IREIT Global's target price at 35c.

Singapore Real Estate Investment Trusts (REITs)

Singapore REITs
Singapore Real Estate Investment Trusts (REITs)

Highlights of the 30 Most Traded Non-STI Stocks in 2H25

The next 30 most traded stocks in 2H25 have a combined market capitalisation of S$74 billion, spanning all 12 sectors. Seven REITs among these...

Singapore Exchange Ltd (SGX)

Company Report: Sasseur REIT (SASSR SP): REIT-Vitalisation Continues Amid Macro Conditions

Sasseur REIT delivered a resilient 3Q25 performance, with 10.8% YoY outlet sales growth, occupancy remaining high at 98.5%, and a WALE of 2.0 years.

KGI Securities

Primer: Frasers Property Ltd (FPL SP) - Nov 2025

Frasers Property is a geographically diversified real estate company with a significant presence across Singapore, Australia, Europe, and...

αSK

Primer: Centurion Accommodation REIT (CAREIT SP) - Nov 2025

Centurion Accommodation REIT (CAREIT) is Singapore's first publicly listed real estate investment trust with a pure-play focus on specialized...

αSK

Singapore Market Roundup (25-Nov-2025): RHB's Natarajan keeps IREIT Global's target price at 35c.

RHB keeps IREIT Global's target price at 35 cents; uSMART holds Kimly due to stagnant growth and starts 'buy' on Starhill Global REIT with a target...

Singapore Market Roundup