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

Mapletree Pan Asia Commercial Trust / Equity Bottom-Up

Mapletree Pan Asia Commercial Trust (MPACT SP)

<ul><li>S-REITs have benefited from stable operating performance, lower borrowing costs, and supportive interest rate cuts in 2025.</li><li>Analysts report improved S-REITs performance due to falling interest rates, enhancing distributable income and capital market conditions.</li><li>Fitch Ratings expects S-REITs to increase capex by 20-25% in 2025, focusing on asset quality improvements.</li></ul>

S-REITs have benefited from stable operating performance, lower borrowing costs, and supportive interest rate cuts in 2025.Analysts report improved S-REITs performance due to falling interest rates, enhancing distributable income and capital market conditions.Fitch Ratings expects S-REITs to increase capex by 20-25% in 2025, focusing on asset quality improvements.

REIT Watch - S-REITs set for best year since 2019 with 14.7% total returns in 2025 YTD

<ul><li>CapitaLand Ascott Trust's 1H 2025 revenue rose 3% to S$398.5 million, with gross profit up 6% to S$182.5 million.</li><li>Far East Hospitality Trust's 1H 2025 gross revenue declined 4.2% to S$51.6 million, with NPI falling 7.7% to S$45.6 million.</li><li>CDL Hospitality Trusts' NPI fell 11.9% to S$58.6 million, with total distribution after retention declining 20.2% to S$25.1 million.</li></ul>

CapitaLand Ascott Trust's 1H 2025 revenue rose 3% to S$398.5 million, with gross profit up 6% to S$182.5 million.Far East Hospitality Trust's 1H 2025 gross revenue declined 4.2% to S$51.6 million, with NPI falling 7.7% to S$45.6 million.CDL Hospitality Trusts' NPI fell 11.9% to S$58.6 million, with total distribution after retention declining 20.2% to S$25.1 million.

REIT Watch -  Mixed 1H 2025 performance, but Hospitality S-REITs push ahead with portfolio reconstitution and diversification

<ul><li>CapitaLand Ascott Trust's H2 2024 gross profit rose 8% to S$198.0 million, with revenue up 6% to S$432.2 million.</li><li>Far East Hospitality Trust's H2 2024 gross revenue and net property income both increased 0.2% to S$54.9 million and S$49.9 million.</li><li>CDL Hospitality Trusts' DPS declined 11.9% in H2 2024, despite growth in RevPar for most portfolio markets.</li></ul>

CapitaLand Ascott Trust's H2 2024 gross profit rose 8% to S$198.0 million, with revenue up 6% to S$432.2 million.Far East Hospitality Trust's H2 2024 gross revenue and net property income both increased 0.2% to S$54.9 million and S$49.9 million.CDL Hospitality Trusts' DPS declined 11.9% in H2 2024, despite growth in RevPar for most portfolio markets.

REIT Watch - Hospitality S-REITs focus on active portfolio management to drive growth

Far East Hospitality Trust / Equity Bottom-Up

<ul><li>REIT Watch - Hospitality S-Reits’ RevPAR mostly resilient as tourism activity normalises Singapore real estate investment trusts (S-REITs) with hospitality assets have reported mostly stable operating performance in the third quarter even as tourism activity normalises following the post-pandemic travel boom.</li><li>Meanwhile CDL Hospitality Trusts saw mixed RevPAR performance across its portfolio, with around half the markets – including Australia, Japan and Germany – experiencing growth in the third quarter.</li></ul>

REIT Watch - Hospitality S-Reits’ RevPAR mostly resilient as tourism activity normalises Singapore real estate investment trusts (S-REITs) with hospitality assets have reported mostly stable operating performance in the third quarter even as tourism activity normalises following the post-pandemic travel boom.Meanwhile CDL Hospitality Trusts saw mixed RevPAR performance across its portfolio, with around half the markets – including Australia, Japan and Germany – experiencing growth in the third quarter.

REIT Watch - Hospitality S-REITs’ RevPAR mostly resilient as tourism activity normalises

<ul><li>Schedule of S-REITs & Property Trusts Earnings or Business Updates ParkwayLife REIT 16-Oct After Market Business Update 18-Oct Before Market Business Update  CapitaLand Integrated Commercial Trust 5-Nov Before Market Business Update 5-Nov Before Market Business Update 5-Nov Before Market Financial Results.</li></ul>

Schedule of S-REITs & Property Trusts Earnings or Business Updates ParkwayLife REIT 16-Oct After Market Business Update 18-Oct Before Market Business Update  CapitaLand Integrated Commercial Trust 5-Nov Before Market Business Update 5-Nov Before Market Business Update 5-Nov Before Market Financial Results.

REIT Watch – S-REITs announce their schedule for upcoming earnings season

Singapore

Acrophyte Hospitality Trust is a hospitality stapled group that invests in income-producing real estate assets, primarily upscale select-service hotels, located in the United States. Its portfolio includes properties franchised under brands like Hyatt Place and Hyatt House. The trust was incorporated on August 29, 2018, and is headquartered in Singapore.

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Acrophyte Hospitality Trust (ARAUS SP)

REIT Watch - S-REITs set for best year since 2019 with 14.7% total returns in 2025 YTD

S-REITs have benefited from stable operating performance, lower borrowing costs, and supportive interest rate cuts in 2025. Analysts report...

Singapore Exchange Ltd (SGX)

REIT Watch - Mixed 1H 2025 performance, but Hospitality S-REITs push ahead with portfolio reconstitution and diversification

CapitaLand Ascott Trust's 1H 2025 revenue rose 3% to S$398.5 million, with gross profit up 6% to S$182.5 million. Far East Hospitality Trust's 1H...

Singapore Exchange Ltd (SGX)

REIT Watch - Hospitality S-REITs focus on active portfolio management to drive growth

CapitaLand Ascott Trust's H2 2024 gross profit rose 8% to S$198.0 million, with revenue up 6% to S$432.2 million. Far East Hospitality Trust's H2...

Singapore Exchange Ltd (SGX)

REIT Watch - Hospitality S-REITs’ RevPAR mostly resilient as tourism activity normalises

REIT Watch - Hospitality S-Reits’ RevPAR mostly resilient as tourism activity normalises Singapore real estate investment trusts (S-REITs) with...

Singapore Exchange Ltd (SGX)

REIT Watch – S-REITs announce their schedule for upcoming earnings season

Schedule of S-REITs & Property Trusts Earnings or Business Updates ParkwayLife REIT 16-Oct After Market Business Update 18-Oct Before Market...

Singapore Exchange Ltd (SGX)

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