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

Frasers Logistics & Commercial Trust / Equity Bottom-Up

Frasers Logistics & Commercial Trust (FLT SP)

<ul><li>S-REITs achieved 14.4% total returns in 2025, driven by improved fundamentals and lower interest rates.  </li><li>Retail investors contributed S$961 million net inflows into S-REITs, contrasting with S$1.3 billion institutional net outflows.  </li><li>Top S-REITs by retail inflows include Mapletree Industrial Trust and Keppel DC REIT, focusing on industrial and data centre segments.</li></ul>

S-REITs achieved 14.4% total returns in 2025, driven by improved fundamentals and lower interest rates.  Retail investors contributed S$961 million net inflows into S-REITs, contrasting with S$1.3 billion institutional net outflows.  Top S-REITs by retail inflows include Mapletree Industrial Trust and Keppel DC REIT, focusing on industrial and data centre segments.

REIT Watch - 10 S-REITs which garnered over S$1 billion in total retail net inflows in 2025

<ul><li>S-REITs in Singapore have announced S$4 billion in equity fundraising in 2025, surpassing 2024's S$2.9 billion.</li><li>Primary market IPOs of NTT DC REIT and CAREIT raised US$824.1 million and S$816.1 million, respectively.</li><li>Secondary market fundraising includes CapitaLand Integrated Commercial Trust's S$600 million and CapitaLand Ascendas REIT's S$500 million placements.</li></ul>

S-REITs in Singapore have announced S$4 billion in equity fundraising in 2025, surpassing 2024's S$2.9 billion.Primary market IPOs of NTT DC REIT and CAREIT raised US$824.1 million and S$816.1 million, respectively.Secondary market fundraising includes CapitaLand Integrated Commercial Trust's S$600 million and CapitaLand Ascendas REIT's S$500 million placements.

REIT Watch – S-REITs fundraising continues uptrend in 2025, reaching S$4 billion for YTD

<ul><li>Institutions net bought S$396.6 million in Singapore stocks in July, reducing the 7-month net outflow to S$1.67 billion.</li><li>Industrials led net institutional inflows, driven by Keppel, Yangzijiang Shipbuilding, and Seatrium, while REITs saw the largest net outflows.</li><li>mDR's average daily trading turnover increased significantly in July, narrowing its 5-day average bid-ask spread to 150 bps.</li></ul>

Institutions net bought S$396.6 million in Singapore stocks in July, reducing the 7-month net outflow to S$1.67 billion.Industrials led net institutional inflows, driven by Keppel, Yangzijiang Shipbuilding, and Seatrium, while REITs saw the largest net outflows.mDR's average daily trading turnover increased significantly in July, narrowing its 5-day average bid-ask spread to 150 bps.

FTSE ST Industrials Outpaces STI in July with a 13.2% Gain

<ul><li>NTT DC REIT's IPO, scheduled for July 14, has a market capitalisation of US$1.03 billion, featuring six data centres.</li><li>NTT DC REIT projects a 7.5% annualised distribution yield for 9M FY26, surpassing other Data Centre S-REITs.</li><li>KDC's AUM is S$4.9 billion, with 24 data centres; Digital Core REIT manages US$1.7 billion in assets.</li></ul>

NTT DC REIT's IPO, scheduled for July 14, has a market capitalisation of US$1.03 billion, featuring six data centres.NTT DC REIT projects a 7.5% annualised distribution yield for 9M FY26, surpassing other Data Centre S-REITs.KDC's AUM is S$4.9 billion, with 24 data centres; Digital Core REIT manages US$1.7 billion in assets.

REIT Watch - NTT DC REIT IPO on July 14 broadens AI-related opportunities on SGX

CapitaLand Integrated Commercial Trust / Equity Bottom-Up

CapitaLand Integrated Commercial Trust (CICT SP)

<ul><li>Top S-REIT performers in H1 2025 include FHT, CICT, First REIT, FCT, and Parkway Life REIT with returns of 10.0-21.4%.</li><li>Retail investors were net buyers with S$400 million inflow, while institutions were net sellers with S$500 million outflow.</li><li>Forward dividend yield for FTSE ST REIT Index was 6.4%, with a nearly 4% yield spread to 10-year Singapore Government Bonds.</li></ul>

Top S-REIT performers in H1 2025 include FHT, CICT, First REIT, FCT, and Parkway Life REIT with returns of 10.0-21.4%.Retail investors were net buyers with S$400 million inflow, while institutions were net sellers with S$500 million outflow.Forward dividend yield for FTSE ST REIT Index was 6.4%, with a nearly 4% yield spread to 10-year Singapore Government Bonds.

REIT Watch - Best performing S-REITs post double digit total returns in H1

Singapore

CapitaLand Ascendas REIT is Singapore's first and largest listed business space and industrial real estate investment trust. It focuses on a diversified portfolio of business and industrial properties, including business and science parks, high-specification industrial properties, data centers, light industrial properties, and logistics and distribution centers across Singapore, Australia, Europe, and the US. Headquartered in Singapore, the company was established in 2002.

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CapitaLand Ascendas (CLAR SP)

REIT Watch - 10 S-REITs which garnered over S$1 billion in total retail net inflows in 2025

S-REITs achieved 14.4% total returns in 2025, driven by improved fundamentals and lower interest rates. Retail investors contributed S$961...

Singapore Exchange Ltd (SGX)

REIT Watch – S-REITs fundraising continues uptrend in 2025, reaching S$4 billion for YTD

S-REITs in Singapore have announced S$4 billion in equity fundraising in 2025, surpassing 2024's S$2.9 billion. Primary market IPOs of NTT DC REIT...

Singapore Exchange Ltd (SGX)

FTSE ST Industrials Outpaces STI in July with a 13.2% Gain

Institutions net bought S$396.6 million in Singapore stocks in July, reducing the 7-month net outflow to S$1.67 billion. Industrials led net...

Singapore Exchange Ltd (SGX)

REIT Watch - Best performing S-REITs post double digit total returns in H1

Top S-REIT performers in H1 2025 include FHT, CICT, First REIT, FCT, and Parkway Life REIT with returns of 10.0-21.4%. Retail investors were net...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

REIT Watch - 10 S-REITs which garnered over S$1 billion in total retail net inflows in 2025

S-REITs achieved 14.4% total returns in 2025, driven by improved fundamentals and lower interest rates. Retail investors contributed S$961...

Singapore Exchange Ltd (SGX)

REIT Watch – S-REITs fundraising continues uptrend in 2025, reaching S$4 billion for YTD

S-REITs in Singapore have announced S$4 billion in equity fundraising in 2025, surpassing 2024's S$2.9 billion. Primary market IPOs of NTT DC REIT...

Singapore Exchange Ltd (SGX)

FTSE ST Industrials Outpaces STI in July with a 13.2% Gain

Institutions net bought S$396.6 million in Singapore stocks in July, reducing the 7-month net outflow to S$1.67 billion. Industrials led net...

Singapore Exchange Ltd (SGX)

REIT Watch - NTT DC REIT IPO on July 14 broadens AI-related opportunities on SGX

NTT DC REIT's IPO, scheduled for July 14, has a market capitalisation of US$1.03 billion, featuring six data centres. NTT DC REIT projects a 7.5%...

Singapore Exchange Ltd (SGX)

REIT Watch - Best performing S-REITs post double digit total returns in H1

Top S-REIT performers in H1 2025 include FHT, CICT, First REIT, FCT, and Parkway Life REIT with returns of 10.0-21.4%. Retail investors were net...

Singapore Exchange Ltd (SGX)