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

Capitaland Integrated Commercial Trust / Equity Bottom-Up

<ul><li>CapitaLand Integrated Commercial Trust's net property income grew by 3.4% to S$1.2 billion in FY24, with DPU increasing 1.2%.</li><li>Mapletree Pan Asia Commercial Trust's Q3 FY25 revenue was S$223.7 million, down 7.4% year-on-year due to overseas headwinds.</li><li>OUE REIT's FY24 revenue rose 3.7% to S$295.5 million, with a 10.7% positive rental reversion for office assets.</li></ul>

CapitaLand Integrated Commercial Trust's net property income grew by 3.4% to S$1.2 billion in FY24, with DPU increasing 1.2%.Mapletree Pan Asia Commercial Trust's Q3 FY25 revenue was S$223.7 million, down 7.4% year-on-year due to overseas headwinds.OUE REIT's FY24 revenue rose 3.7% to S$295.5 million, with a 10.7% positive rental reversion for office assets.

REIT Watch - Diversified S-Reits offer portfolio resilience with stable 2024 operating performance

<ul><li>Keppel REIT's FY2024 property income and NPI increased by 12.2% and 10.7% year-on-year, with a 13.2% rental reversion.</li><li>MPACT's 3Q FY24/25 gross revenue and NPI decreased by 7.4% and 8.5% year-on-year, with a 9.1% DPU dip.</li><li>OUE REIT's FY2024 revenue grew 3.7% year-on-year, with a 94.6% occupancy rate and 10.7% rent reversion.</li></ul>

Keppel REIT's FY2024 property income and NPI increased by 12.2% and 10.7% year-on-year, with a 13.2% rental reversion.MPACT's 3Q FY24/25 gross revenue and NPI decreased by 7.4% and 8.5% year-on-year, with a 9.1% DPU dip.OUE REIT's FY2024 revenue grew 3.7% year-on-year, with a 94.6% occupancy rate and 10.7% rent reversion.

REIT Watch – Singapore-based Office S-REITs report stronger operational performance

Alpha-Centric ESG Research

Kyle Rudden

Thematic (Sector/Industry)

<ul><li>New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding <em>mandatory</em> Scope 3 emissions reporting.</li><li>The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.</li><li>Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.</li></ul>

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding mandatory Scope 3 emissions reporting.The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

Smartkarma Insights: OUE REIT - Well-Heeled Exposure to SG Commercial Property

Smartkarma Insights: OUE Commercial REIT - Well-Heeled Exposure to SG Commercial Property

Singapore

OUE Real Estate Investment Trust (“OUE REIT”) is one of the largest diversified Singapore REITs (“S-REITs”) with total assets of S$6.0 billion as at 31 December 2022. With seven properties across the commercial and hospitality segments in Singapore and Shanghai, the property portfolio comprises more than 2.1 million square feet of prime office and retail space, and 1,643 upper upscale hotel rooms.

OUE REIT invests in income-producing real estate used primarily for commercial purposes (including real estate used primarily for office and/or retail purposes) in financial and business hubs, hospitality and/or hospitality-related purposes, as well as real estate-related assets.

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OUE REIT (OUECT SP)

REIT Watch - Diversified S-Reits offer portfolio resilience with stable 2024 operating performance

CapitaLand Integrated Commercial Trust's net property income grew by 3.4% to S$1.2 billion in FY24, with DPU increasing 1.2%. Mapletree Pan Asia...

Singapore Exchange Ltd (SGX)

REIT Watch – Singapore-based Office S-REITs report stronger operational performance

Keppel REIT's FY2024 property income and NPI increased by 12.2% and 10.7% year-on-year, with a 13.2% rental reversion. MPACT's 3Q FY24/25 gross...

Singapore Exchange Ltd (SGX)

Smartkarma Insights: OUE REIT - Well-Heeled Exposure to SG Commercial Property

Smartkarma Insights: OUE REIT - Well-Heeled Exposure to SG Commercial Property

Singapore Exchange Ltd (SGX)

Smartkarma Insights: OUE Commercial REIT - Well-Heeled Exposure to SG Commercial Property

Smartkarma Insights: OUE Commercial REIT - Well-Heeled Exposure to SG Commercial Property

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

REIT Watch - Diversified S-Reits offer portfolio resilience with stable 2024 operating performance

CapitaLand Integrated Commercial Trust's net property income grew by 3.4% to S$1.2 billion in FY24, with DPU increasing 1.2%. Mapletree Pan Asia...

Singapore Exchange Ltd (SGX)

REIT Watch – Singapore-based Office S-REITs report stronger operational performance

Keppel REIT's FY2024 property income and NPI increased by 12.2% and 10.7% year-on-year, with a 13.2% rental reversion. MPACT's 3Q FY24/25 gross...

Singapore Exchange Ltd (SGX)

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

​New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...

Kyle Rudden

Smartkarma Insights: OUE REIT - Well-Heeled Exposure to SG Commercial Property

Smartkarma Insights: OUE REIT - Well-Heeled Exposure to SG Commercial Property

Singapore Exchange Ltd (SGX)

Smartkarma Insights: OUE Commercial REIT - Well-Heeled Exposure to SG Commercial Property

Smartkarma Insights: OUE Commercial REIT - Well-Heeled Exposure to SG Commercial Property

Singapore Exchange Ltd (SGX)

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...