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 Ascendas REIT / Equity Bottom-Up

<ul><li>Industrial S-REITs in Singapore showed stable performance in Q3 2025, with positive rental reversions and stable occupancy.</li><li>Alpha Integrated REIT's DPU increased by 38.4% year-on-year, while ESR REIT's distributable income rose by 6.8%.</li><li>Mapletree Industrial Trust's DPU declined by 5.6% due to absence of divestment gain and foreign exchange headwinds.</li></ul>

Industrial S-REITs in Singapore showed stable performance in Q3 2025, with positive rental reversions and stable occupancy.Alpha Integrated REIT's DPU increased by 38.4% year-on-year, while ESR REIT's distributable income rose by 6.8%.Mapletree Industrial Trust's DPU declined by 5.6% due to absence of divestment gain and foreign exchange headwinds.

REIT Watch - Industrial S-REITs deliver stable operating performance in Q3

Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

Thematic (Sector/Industry)

<ul>
<li>Of the 30 companies that constitute the Straits Times Index (STI), Real Estate Investment Trusts (REITs) have long been a cornerstone.</li>
<li>For investors seeking growth and diversification beyond the blue-chip giants, the iEdge Singapore Next 50 indices present a compelling hunting ground beyond the 30 largest companies on the SGX. </li>
<li>These indices track the next 50 largest stocks after the top 30 SGX stocks ranked by market capitalization, and are home to a dynamic cohort of REITs.</li>
</ul>


Of the 30 companies that constitute the Straits Times Index (STI), Real Estate Investment Trusts (REITs) have long been a cornerstone.
For investors seeking growth and diversification beyond the blue-chip giants, the iEdge Singapore Next 50 indices present a compelling hunting ground beyond the 30 largest companies on the SGX. 
These indices track the next 50 largest stocks after the top 30 SGX stocks ranked by market capitalization, and are home to a dynamic cohort of REITs.


REITs Beyond the STI: A Review of the REIT Components of the IEdge Singapore Next 50 Indices

The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

<ul><li>In this strategy update, we look at the two new stock indices - the iEdge Singapore Next 50 Index and the iEdge Next 50 Liquidity Weighted Index - released by the SGX on 22 September 2025.</li><li>The two new indices cover the next 50 largest companies listed on the SGX Mainboard, excluding the 30 largest companies by market capitalization (which are covered by the benchmark Straits Times Index, STI).</li><li>The 50 constituent companies are identical for both new indices, but the first is weighted by free-float market capitalization while the second is weighted by turnover to capture the relative liquidity of the constituents.</li></ul>

In this strategy update, we look at the two new stock indices - the iEdge Singapore Next 50 Index and the iEdge Next 50 Liquidity Weighted Index - released by the SGX on 22 September 2025.The two new indices cover the next 50 largest companies listed on the SGX Mainboard, excluding the 30 largest companies by market capitalization (which are covered by the benchmark Straits Times Index, STI).The 50 constituent companies are identical for both new indices, but the first is weighted by free-float market capitalization while the second is weighted by turnover to capture the relative liquidity of the constituents.

Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

<ul>
<li>Over the past five years, Southeast Asia’s e -commerce industry has changed from chasing market share to improving profitability.</li>
<li>Singapore’s advantage in e -commerce lies in its dense logistics network and limited industrial land.</li>
<li>Every online order ends with a digital payment, and this layer generates steady revenue for service providers.</li>
</ul>


Over the past five years, Southeast Asia’s e -commerce industry has changed from chasing market share to improving profitability.
Singapore’s advantage in e -commerce lies in its dense logistics network and limited industrial land.
Every online order ends with a digital payment, and this layer generates steady revenue for service providers.


Far East Hospitality Trust / Equity Bottom-Up

<ul><li>The US Federal Reserve maintained its benchmark interest rate, with analysts predicting a 75 basis points cut in 2025.</li><li>The S-REIT sector maintains an average gearing ratio of 40%, with the 10 lowest averaging 33.5%.</li><li>Sasseur REIT reported a 25.9% gearing ratio in 1Q25, with a 1.6% year-on-year increase in RMB rental income.</li></ul>

The US Federal Reserve maintained its benchmark interest rate, with analysts predicting a 75 basis points cut in 2025.The S-REIT sector maintains an average gearing ratio of 40%, with the 10 lowest averaging 33.5%.Sasseur REIT reported a 25.9% gearing ratio in 1Q25, with a 1.6% year-on-year increase in RMB rental income.

REIT Watch - 10 S-REITs with lowest gearing ratios average 33.5% as investors await rate cuts

Singapore

AIMS APAC REIT is a real estate investment trust. The Trust's principal investment objective is owning and investing in a diversified portfolio of income-producing industrial real estate assets throughout Asia Pacific, including warehousing and logistics, manufacturing, business parks and hi-tech spaces.

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AIMS APAC REIT (AAREIT SP)

REIT Watch - Industrial S-REITs deliver stable operating performance in Q3

Industrial S-REITs in Singapore showed stable performance in Q3 2025, with positive rental reversions and stable occupancy. Alpha Integrated...

Singapore Exchange Ltd (SGX)

REITs Beyond the STI: A Review of the REIT Components of the IEdge Singapore Next 50 Indices

Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...

Golden Section Capital

Singapore Equity Strategy: October 2025

In this strategy update, we look at the two new stock indices - the iEdge Singapore Next 50 Index and the iEdge Next 50 Liquidity Weighted Index

Wealth Management Alliance

E -Commerce in Singapore

Over the past five years, Southeast Asia’s e -commerce industry has changed from chasing market share to improving profitability. Singapore’s...

ICAM

REIT Watch - 10 S-REITs with lowest gearing ratios average 33.5% as investors await rate cuts

The US Federal Reserve maintained its benchmark interest rate, with analysts predicting a 75 basis points cut in 2025. The S-REIT sector maintains...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

REIT Watch - Industrial S-REITs deliver stable operating performance in Q3

Industrial S-REITs in Singapore showed stable performance in Q3 2025, with positive rental reversions and stable occupancy. Alpha Integrated...

Singapore Exchange Ltd (SGX)

REITs Beyond the STI: A Review of the REIT Components of the IEdge Singapore Next 50 Indices

​Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...

Golden Section Capital

Singapore Equity Strategy: October 2025

In this strategy update, we look at the two new stock indices - the iEdge Singapore Next 50 Index and the iEdge Next 50 Liquidity Weighted Index

Wealth Management Alliance

E -Commerce in Singapore

Over the past five years, Southeast Asia’s e -commerce industry has changed from chasing market share to improving profitability. Singapore’s...

ICAM

REIT Watch - 10 S-REITs with lowest gearing ratios average 33.5% as investors await rate cuts

The US Federal Reserve maintained its benchmark interest rate, with analysts predicting a 75 basis points cut in 2025. The S-REIT sector maintains...

Singapore Exchange Ltd (SGX)

Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...