Director and Founding Member, Corporate Monitor Limited

Tan Yee Peng

Director and Founding Member

Strengthening Corporate Performance

Corporate Monitor Limited

Corporate Monitor was established to encourage better performance of companies, particularly companies listed on the SGX, and hold their management and boards to account, for the benefit of their shareholders and stakeholders.

Thematic (Sector/Industry)

<ul><li>This report is a follow-up on Corporate Monitor Limited’s (CML) fourth REIT report which looked at whether Singapore REITs (S-REIT) provide a return on capital, or return of capital.</li><li>This report performs similar research on the Business Trust (BT) sector.</li><li>To be clear, the BT sector excludes REITs that have a stapled security structure comprising a REIT and business trust, and only focuses on pure business trusts, of which there are 5.</li></ul>

This report is a follow-up on Corporate Monitor Limited’s (CML) fourth REIT report which looked at whether Singapore REITs (S-REIT) provide a return on capital, or return of capital.This report performs similar research on the Business Trust (BT) sector.To be clear, the BT sector excludes REITs that have a stapled security structure comprising a REIT and business trust, and only focuses on pure business trusts, of which there are 5.

Singapore Business Trust Sector: Return OF Capital, No Exception

<ul>
<li>Real Estate Investment Trusts (REITs) and Business Trusts (BTs) are popular among Singapore investors.</li>
<li>Their key attraction is the higher yields relative to bank deposit rates, Singapore government bonds, and investment-grade corporate bonds.</li>
<li>As of 30 September 2025, there are 41 REITs and 5 BTs listed on SGX with total market capitalisation of S$101 billion, accounting for around 10% of the total market capitalisation of Singapore’s stock market.</li>
</ul>


Real Estate Investment Trusts (REITs) and Business Trusts (BTs) are popular among Singapore investors.
Their key attraction is the higher yields relative to bank deposit rates, Singapore government bonds, and investment-grade corporate bonds.
As of 30 September 2025, there are 41 REITs and 5 BTs listed on SGX with total market capitalisation of S$101 billion, accounting for around 10% of the total market capitalisation of Singapore’s stock market.


Singapore Reits & Business Trust Sector: Overview and The Hard Truth of Fees

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

Keppel Infrastructure Trust / Equity Bottom-Up

<ul><li>OCBC, CapitaLand Investment, UOBKH lead buyback tally OCBC led the share buyback consideration tally, buying back 1.2 million shares at an average price of S$12.74 per share, followed by CapitaLand Investment, which bought back two million shares at an average price of S$3.03 per share.</li><li>This was due mainly to the increase in revenue from hotel operations of S$34.7 million and rental of investment properties of S$2.3 million.</li></ul>

OCBC, CapitaLand Investment, UOBKH lead buyback tally OCBC led the share buyback consideration tally, buying back 1.2 million shares at an average price of S$12.74 per share, followed by CapitaLand Investment, which bought back two million shares at an average price of S$3.03 per share.This was due mainly to the increase in revenue from hotel operations of S$34.7 million and rental of investment properties of S$2.3 million.

OCBC, CapitaLand Investment, UOBKH Lead Buyback Tally

<ul><li>Share buybacks by primary listed companies 21 Apr - 27 Apr 2023 DBS, CapitaLand Integrated Commercial Trust, CapitaLand Investment, Singtel and Singapore Airlines led the net institutional inflow for the five sessions.</li><li>The current share buyback mandate of Nanofilm has seen Asia’s nanotechnology solutions leader buy back 1.78 per cent of its issued shares (excluding treasury shares).</li></ul>

Share buybacks by primary listed companies 21 Apr - 27 Apr 2023 DBS, CapitaLand Integrated Commercial Trust, CapitaLand Investment, Singtel and Singapore Airlines led the net institutional inflow for the five sessions.The current share buyback mandate of Nanofilm has seen Asia’s nanotechnology solutions leader buy back 1.78 per cent of its issued shares (excluding treasury shares).

Institutions net buy S$219 million in Singapore stocks over 10 sessions

<ul><li>Sembcorp leads buyback tally for second consecutive week Meanwhile, UOB, Genting Singapore, Golden Agri-Resources Wilmar International and Sembcorp Industries led the net institutional inflow for the five sessions.</li><li>Executive director and chief operating officer Ng Mun Fey also acquired one million shares in a married deal on Mar 22, increasing his deemed interest in the Catalist listed stock from 7.12 per cent to 7.32 per cent.</li></ul>

Sembcorp leads buyback tally for second consecutive week Meanwhile, UOB, Genting Singapore, Golden Agri-Resources Wilmar International and Sembcorp Industries led the net institutional inflow for the five sessions.Executive director and chief operating officer Ng Mun Fey also acquired one million shares in a married deal on Mar 22, increasing his deemed interest in the Catalist listed stock from 7.12 per cent to 7.32 per cent.

Sembcorp leads buyback tally for second consecutive week

Singapore

Asian Pay Television is an investment trust that acquires, owns, and operates pay-TV and broadband businesses. Its primary asset is Taiwan Broadband Communications Group, which offers basic and premium digital cable TV and high-speed broadband services in Taiwan. The company is headquartered in Singapore and was founded in 2013.

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Asian Pay Television (APTT SP)

Singapore Business Trust Sector: Return OF Capital, No Exception

This report is a follow-up on Corporate Monitor Limited’s (CML) fourth REIT report which looked at whether Singapore REITs (S-REIT) provide a...

Corporate Monitor Limited

Singapore Reits & Business Trust Sector: Overview and The Hard Truth of Fees

Real Estate Investment Trusts (REITs) and Business Trusts (BTs) are popular among Singapore investors. Their key attraction is the higher yields...

Corporate Monitor Limited

OCBC, CapitaLand Investment, UOBKH Lead Buyback Tally

OCBC, CapitaLand Investment, UOBKH lead buyback tally OCBC led the share buyback consideration tally, buying back 1.2 million shares at an average...

Singapore Exchange Ltd (SGX)

Institutions net buy S$219 million in Singapore stocks over 10 sessions

Share buybacks by primary listed companies 21 Apr - 27 Apr 2023 DBS, CapitaLand Integrated Commercial Trust, CapitaLand Investment, Singtel and...

Singapore Exchange Ltd (SGX)

Sembcorp leads buyback tally for second consecutive week

Sembcorp leads buyback tally for second consecutive week Meanwhile, UOB, Genting Singapore, Golden Agri-Resources Wilmar International and...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)