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

<ul><li>Institutions were net buyers of Singapore stocks with a S$57 million inflow, reversing a previous S$167 million outflow.</li><li>Eleven companies conducted share buybacks totaling S$13.6 million; United Overseas Bank led with 300,000 shares at S$34.57.</li><li>CapitaLand India Trust's 3Q 2025 update is due Oct 31; recent divestments aim to enhance financial flexibility.</li></ul>

Institutions were net buyers of Singapore stocks with a S$57 million inflow, reversing a previous S$167 million outflow.Eleven companies conducted share buybacks totaling S$13.6 million; United Overseas Bank led with 300,000 shares at S$34.57.CapitaLand India Trust's 3Q 2025 update is due Oct 31; recent divestments aim to enhance financial flexibility.

Real Estate Directors Continue to Build Interests

<ul><li>Institutions were net buyers of Singapore stocks, with a net inflow of S$113 million from July 11 to 17.</li><li>Aberdeen Group plc increased its interest in CapitaLand India Trust to 6.15% after acquiring over 2.5 million units.</li><li>United Overseas Bank led share buybacks, purchasing 1 million shares at an average price of S$36.80.</li></ul>

Institutions were net buyers of Singapore stocks, with a net inflow of S$113 million from July 11 to 17.Aberdeen Group plc increased its interest in CapitaLand India Trust to 6.15% after acquiring over 2.5 million units.United Overseas Bank led share buybacks, purchasing 1 million shares at an average price of S$36.80.

Aberdeen Extends CLINT Deemed Interest to 6% 

<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

<ul><li>Sabana Industrial REIT reported a 26.5% year-on-year growth in 1Q25 DPU, with NPI and gross revenue increasing by 22.0% and 4.6% respectively.</li><li>Keppel DC REIT achieved a 14.2% year-on-year growth in DPU, driven by acquisitions and contract renewals, with NPI and gross revenue growing 24.1% and 22.6% respectively.</li><li>Keppel Pacific Oak US REIT experienced a 19.3% year-on-year decline in income available for distribution due to lower rental income.</li></ul>

Sabana Industrial REIT reported a 26.5% year-on-year growth in 1Q25 DPU, with NPI and gross revenue increasing by 22.0% and 4.6% respectively.Keppel DC REIT achieved a 14.2% year-on-year growth in DPU, driven by acquisitions and contract renewals, with NPI and gross revenue growing 24.1% and 22.6% respectively.Keppel Pacific Oak US REIT experienced a 19.3% year-on-year decline in income available for distribution due to lower rental income.

S-REITs kick off earnings season; Sabana REIT and Keppel DC REIT report double-digit jump in DPU so far

Mapletree Pan Asia Commercial Trust / Equity Bottom-Up

Mapletree Pan Asia Commercial Trust (MPACT SP)

<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

Singapore

CapitaLand India Trust is a Singapore-listed property trust that invests in and develops income-producing real estate, primarily business spaces in India. Its portfolio includes IT business parks, industrial facilities, logistics parks, and data centers across major Indian cities. The trust was listed in August 2007 and is headquartered in Singapore.

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CapitaLand India Trust (CLINT SP)

Real Estate Directors Continue to Build Interests

Institutions were net buyers of Singapore stocks with a S$57 million inflow, reversing a previous S$167 million outflow. Eleven companies...

Singapore Exchange Ltd (SGX)

Aberdeen Extends CLINT Deemed Interest to 6%

Institutions were net buyers of Singapore stocks, with a net inflow of S$113 million from July 11 to 17. Aberdeen Group plc increased its interest...

Singapore Exchange Ltd (SGX)

S-REITs kick off earnings season; Sabana REIT and Keppel DC REIT report double-digit jump in DPU so far

Sabana Industrial REIT reported a 26.5% year-on-year growth in 1Q25 DPU, with NPI and gross revenue increasing by 22.0% and 4.6%...

Singapore Exchange Ltd (SGX)

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)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Real Estate Directors Continue to Build Interests

Institutions were net buyers of Singapore stocks with a S$57 million inflow, reversing a previous S$167 million outflow. Eleven companies...

Singapore Exchange Ltd (SGX)

Aberdeen Extends CLINT Deemed Interest to 6%

Institutions were net buyers of Singapore stocks, with a net inflow of S$113 million from July 11 to 17. Aberdeen Group plc increased its interest...

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)

S-REITs kick off earnings season; Sabana REIT and Keppel DC REIT report double-digit jump in DPU so far

Sabana Industrial REIT reported a 26.5% year-on-year growth in 1Q25 DPU, with NPI and gross revenue increasing by 22.0% and 4.6%...

Singapore Exchange Ltd (SGX)

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)