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 India Trust / Equity Bottom-Up

<ul><li>CLINT anticipates revenue growth in FY2025 from MTB 6 at ITPB and a data centre in Navi Mumbai.</li><li>CLINT's portfolio occupancy reached 95% in December 2024, driven by asset enhancements and effective leasing activities.</li><li>CLINT achieved a 14% year-on-year growth in NPI for FY 2024 and a 7.2% distribution yield.</li></ul>

CLINT anticipates revenue growth in FY2025 from MTB 6 at ITPB and a data centre in Navi Mumbai.CLINT's portfolio occupancy reached 95% in December 2024, driven by asset enhancements and effective leasing activities.CLINT achieved a 14% year-on-year growth in NPI for FY 2024 and a 7.2% distribution yield.

10 in 10 with CapitaLand India Trust  – Capitalising India’s Tech Growth

<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

<ul><li>Institutions were net sellers of Singapore stocks, with a net outflow of S$169 million from Jan 31 to Feb 6.</li><li>CapitaLand Ascott Trust's FY24 core distribution per stapled security increased 1% to 5.49 cents, driven by portfolio reconstitution.</li><li>CapitaLand India Trust's FY24 distribution per unit rose 6% to 6.84 Singapore cents, supported by acquisitions and rent reversion.</li></ul>

Institutions were net sellers of Singapore stocks, with a net outflow of S$169 million from Jan 31 to Feb 6.CapitaLand Ascott Trust's FY24 core distribution per stapled security increased 1% to 5.49 cents, driven by portfolio reconstitution.CapitaLand India Trust's FY24 distribution per unit rose 6% to 6.84 Singapore cents, supported by acquisitions and rent reversion.

S-Reits, industrials lead institutional outflow

<ul><li>Retail investors net bought S$487 million in Singapore shares since end-2024, focusing on Financial Services, REITs, Technology.</li><li>Non-STI stocks with highest net retail buying: Keppel REIT, AEM Holdings, CapitaLand India Trust, CapitaLand Ascott Trust, iFAST Corporation.</li><li>SGX-listed REIT ETFs attracted S$38 million net inflows in 2025, increasing AUM to over S$1 billion.</li></ul>

Retail investors net bought S$487 million in Singapore shares since end-2024, focusing on Financial Services, REITs, Technology.Non-STI stocks with highest net retail buying: Keppel REIT, AEM Holdings, CapitaLand India Trust, CapitaLand Ascott Trust, iFAST Corporation.SGX-listed REIT ETFs attracted S$38 million net inflows in 2025, increasing AUM to over S$1 billion.

Singapore Stocks with the Most Net Retail Buy & Sells in Early 2025

Mapletree Pan Asia Commercial Trust / Equity Bottom-Up

Mapletree Pan Asia Commercial Trust (MPACT SP)

<ul><li>Softer US inflation data that came out the past week fuelled expectations of rate cuts once more.</li><li>The US consumer price index increased 0.3 per cent from March to April but was lower than what markets were expecting.</li><li>The iEdge S-Reit Index also rallied on Thursday, gaining 2 per cent.</li></ul>

Softer US inflation data that came out the past week fuelled expectations of rate cuts once more.The US consumer price index increased 0.3 per cent from March to April but was lower than what markets were expecting.The iEdge S-Reit Index also rallied on Thursday, gaining 2 per cent.

REIT Watch - Retail flows remain cautiously optimistic for S-Reits

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)

10 in 10 with CapitaLand India Trust – Capitalising India’s Tech Growth

CLINT anticipates revenue growth in FY2025 from MTB 6 at ITPB and a data centre in Navi Mumbai. CLINT's portfolio occupancy reached 95% in...

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)

S-Reits, industrials lead institutional outflow

Institutions were net sellers of Singapore stocks, with a net outflow of S$169 million from Jan 31 to Feb 6. CapitaLand Ascott Trust's FY24 core...

Singapore Exchange Ltd (SGX)

Singapore Stocks with the Most Net Retail Buy & Sells in Early 2025

Retail investors net bought S$487 million in Singapore shares since end-2024, focusing on Financial Services, REITs, Technology. Non-STI stocks...

Singapore Exchange Ltd (SGX)

REIT Watch - Retail flows remain cautiously optimistic for S-Reits

Softer US inflation data that came out the past week fuelled expectations of rate cuts once more. The US consumer price index increased 0.3 per...

Singapore Exchange Ltd (SGX)

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52-week Range

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P/E

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