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

<ul><li>Institutional investors rotated into S-REITs with S$26 million net inflows on April 3 amid market volatility.</li><li>S-REITs ended Q1 2025 with 2.8% total returns, driven by a 5.0% price gain in March.</li><li>Franklin Resources acquired 5.06% interest in Digital Core REIT, buying 969,800 units at US$0.577 each.</li></ul>

Institutional investors rotated into S-REITs with S$26 million net inflows on April 3 amid market volatility.S-REITs ended Q1 2025 with 2.8% total returns, driven by a 5.0% price gain in March.Franklin Resources acquired 5.06% interest in Digital Core REIT, buying 969,800 units at US$0.577 each.

REIT Watch - S-REITs record net institutional inflows in March as sector snaps 5-month losing streak

Capitaland India Trust / Equity Bottom-Up

<ul><li>Keppel DC REIT's FY2024 net property income rose 6.3% to S$260.3 million, with DPU increasing 0.7% to S$0.09451.  </li><li>Digital Core REIT's FY2024 distributable income rose 10.9% to US$46.0 million, driven by robust cloud and AI demand.  </li><li>Mapletree Industrial Trust's third-quarter FY2024 DPU increased 1.5%, with growth from Osaka Data Centre and Tokyo facility acquisition.</li></ul>

Keppel DC REIT's FY2024 net property income rose 6.3% to S$260.3 million, with DPU increasing 0.7% to S$0.09451.  Digital Core REIT's FY2024 distributable income rose 10.9% to US$46.0 million, driven by robust cloud and AI demand.  Mapletree Industrial Trust's third-quarter FY2024 DPU increased 1.5%, with growth from Osaka Data Centre and Tokyo facility acquisition.

REIT Watch – Data Centre S-REITs report growth in latest results

Yangzijiang Shipbuilding / Equity Bottom-Up

<ul><li>Over the five trading sessions from Jan 17 to Jan 23, institutions were net sellers of Singapore stocks, leading to net institutional outflow of S$393 million, adding to the S$184 million net outflow over the preceding five sessions.</li><li>Stocks that led the net institutional outflow over the five sessions through January 16 were DBS Group Holdings, CapitaLand Investment, Oversea-Chinese Banking Corp, CapitaLand Ascendas REIT, Yangzijiang Shipbuilding Holdings, SATS, Keppel, Mapletree Industrial Trust, CapitaLand Integrated Commercial Trust, and Singapore Telecommunications.</li><li>As of Jan 23, Top Glove Corporation Bhd recorded the eighth highest net institutional inflow in the Singapore stock market for the month.</li></ul>

Over the five trading sessions from Jan 17 to Jan 23, institutions were net sellers of Singapore stocks, leading to net institutional outflow of S$393 million, adding to the S$184 million net outflow over the preceding five sessions.Stocks that led the net institutional outflow over the five sessions through January 16 were DBS Group Holdings, CapitaLand Investment, Oversea-Chinese Banking Corp, CapitaLand Ascendas REIT, Yangzijiang Shipbuilding Holdings, SATS, Keppel, Mapletree Industrial Trust, CapitaLand Integrated Commercial Trust, and Singapore Telecommunications.As of Jan 23, Top Glove Corporation Bhd recorded the eighth highest net institutional inflow in the Singapore stock market for the month.

Huationg Global’s Patrick Ng enhances stake amid robust business prospects

<ul><li>Over the five trading sessions from Jan 10 to Jan 16, institutions were net sellers of Singapore stocks, leading to net institutional outflow of S$184 million, reversing the S$103 million net inflow over the preceding five sessions.</li><li>Stocks that led the net institutional outflow over the five sessions through to Jan 16 were DBS Group Holdings, CapitaLand Integrated Commercial Trust, Singapore Airlines, Singapore Exchange, Genting Singapore, Venture Corporation, Oversea-Chinese Banking Corporation, Hongkong Land Holdings, Centurion Corporation, and CapitaLand Ascendas REIT.</li><li>Between Jan 14 and 15, Centurion Corporation Executive Director and Joint Chairman David Loh Kim Kang acquired 10 million shares in two married deals, at S$0.935 per share.</li></ul>

Over the five trading sessions from Jan 10 to Jan 16, institutions were net sellers of Singapore stocks, leading to net institutional outflow of S$184 million, reversing the S$103 million net inflow over the preceding five sessions.Stocks that led the net institutional outflow over the five sessions through to Jan 16 were DBS Group Holdings, CapitaLand Integrated Commercial Trust, Singapore Airlines, Singapore Exchange, Genting Singapore, Venture Corporation, Oversea-Chinese Banking Corporation, Hongkong Land Holdings, Centurion Corporation, and CapitaLand Ascendas REIT.Between Jan 14 and 15, Centurion Corporation Executive Director and Joint Chairman David Loh Kim Kang acquired 10 million shares in two married deals, at S$0.935 per share.

Centurion joint chairman David Loh raises his stake in the group

<ul><li>Retail investors have been net buyers of real estate investment trust (S-REITs) in 2024 amid volatile performance for the sector during the year.</li><li>These investors net bought some S$1.6 billion across the sector in 2024, bringing their total net inflows into S-REITs over the past five years to over S$6 billion.</li><li>Across the broader Singapore market, the REIT sector was also the sector with the highest net retail inflows in 2024, followed by Real Estate (excluding REITs), which saw around S$400 million in net inflows.</li></ul>

Retail investors have been net buyers of real estate investment trust (S-REITs) in 2024 amid volatile performance for the sector during the year.These investors net bought some S$1.6 billion across the sector in 2024, bringing their total net inflows into S-REITs over the past five years to over S$6 billion.Across the broader Singapore market, the REIT sector was also the sector with the highest net retail inflows in 2024, followed by Real Estate (excluding REITs), which saw around S$400 million in net inflows.

REIT Watch - Larger S-Reits rank among those with highest net retail inflows in 2024

Singapore

CapitaLand Ascendas REIT is an industrial real estate investment trust. The Trust invests in business and science park properties, integrated development, amenities, and retail (IDAR) properties, high-specifications industrial properties and data centers, light industrial and flatted factories, and logistics and distribution centers.

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CapitaLand Ascendas REIT (CLAR SP)

REIT Watch - S-REITs record net institutional inflows in March as sector snaps 5-month losing streak

Institutional investors rotated into S-REITs with S$26 million net inflows on April 3 amid market volatility. S-REITs ended Q1 2025 with 2.8%...

Singapore Exchange Ltd (SGX)

REIT Watch – Data Centre S-REITs report growth in latest results

Keppel DC REIT's FY2024 net property income rose 6.3% to S$260.3 million, with DPU increasing 0.7% to S$0.09451. Digital Core REIT's FY2024...

Singapore Exchange Ltd (SGX)

Huationg Global’s Patrick Ng enhances stake amid robust business prospects

Over the five trading sessions from Jan 17 to Jan 23, institutions were net sellers of Singapore stocks, leading to net institutional outflow of...

Singapore Exchange Ltd (SGX)

Centurion joint chairman David Loh raises his stake in the group

Over the five trading sessions from Jan 10 to Jan 16, institutions were net sellers of Singapore stocks, leading to net institutional outflow of...

Singapore Exchange Ltd (SGX)

REIT Watch - Larger S-Reits rank among those with highest net retail inflows in 2024

Retail investors have been net buyers of real estate investment trust (S-REITs) in 2024 amid volatile performance for the sector during the...

Singapore Exchange Ltd (SGX)

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