The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

Thematic (Sector/Industry)

<ul><li>It appears that the Singapore stock market is currently witnessing a positive re-rating, as seen in a rise in the market’s price-earnings ratio while earnings per share has stayed relatively stable. </li><li>In our view, the upward re-rating has come on the back of several key developments. • On the external front, the US will charge Singapore the baseline tariff rate of 10%. While tariffs work against every US trading partner, on a relative basis, Singapore compares well with most other countries.</li><li>Also, amid concerns over US policies and the outlook for the US dollar. anecdotal evidence points to capital flows into Singapore.</li></ul>

It appears that the Singapore stock market is currently witnessing a positive re-rating, as seen in a rise in the market’s price-earnings ratio while earnings per share has stayed relatively stable. In our view, the upward re-rating has come on the back of several key developments. • On the external front, the US will charge Singapore the baseline tariff rate of 10%. While tariffs work against every US trading partner, on a relative basis, Singapore compares well with most other countries.Also, amid concerns over US policies and the outlook for the US dollar. anecdotal evidence points to capital flows into Singapore.

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>S-REITs raised over S$4.5 billion in 2026 YTD, surpassing 2025's strong fundraising, with UI Boustead REIT's IPO leading.</li><li>Keppel REIT's S$886 million preferential offering increased its portfolio value to S$11.2 billion, enhancing Singapore exposure.</li><li>CapitaLand Ascendas REIT raised S$903.5 million for acquisitions, including logistics properties and data centers in multiple countries.</li></ul>

S-REITs raised over S$4.5 billion in 2026 YTD, surpassing 2025's strong fundraising, with UI Boustead REIT's IPO leading.Keppel REIT's S$886 million preferential offering increased its portfolio value to S$11.2 billion, enhancing Singapore exposure.CapitaLand Ascendas REIT raised S$903.5 million for acquisitions, including logistics properties and data centers in multiple countries.

REIT Watch – S-REITs extend fundraising momentum in 2026

Alpha-Centric ESG Research

Kyle Rudden

<ul><li>New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding <em>mandatory</em> Scope 3 emissions reporting.</li><li>The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.</li><li>Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.</li></ul>

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding mandatory Scope 3 emissions reporting.The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

<ul><li>AIMS APAC REIT led the iEdge S-REIT index with a 10.3% total return, 2.2% revenue growth, and 5.7% net property income growth in FY26.</li><li>Retail investors were net buyers of S$1 billion in S-REITs, while institutional investors were net sellers of a similar amount.</li><li>CAREIT attracted institutional interest, with Cohen & Steers increasing its stake, and added 3,112 beds through acquisitions and expansions.</li></ul>

AIMS APAC REIT led the iEdge S-REIT index with a 10.3% total return, 2.2% revenue growth, and 5.7% net property income growth in FY26.Retail investors were net buyers of S$1 billion in S-REITs, while institutional investors were net sellers of a similar amount.CAREIT attracted institutional interest, with Cohen & Steers increasing its stake, and added 3,112 beds through acquisitions and expansions.

REIT Watch - S-REITs maintain pockets of resilience despite headwinds in H1

<ul><li>S-REITs announced 11 acquisitions worth over S$6.3 billion in the first four months of 2026.</li><li>CapitaLand Integrated Commercial Trust acquired Paragon for S$3.9 billion, funded by private placement and asset sales.</li><li>Logistics assets led acquisition activity, with six of 11 transactions, driven by e-commerce growth and supply-chain reconfiguration.</li></ul>

S-REITs announced 11 acquisitions worth over S$6.3 billion in the first four months of 2026.CapitaLand Integrated Commercial Trust acquired Paragon for S$3.9 billion, funded by private placement and asset sales.Logistics assets led acquisition activity, with six of 11 transactions, driven by e-commerce growth and supply-chain reconfiguration.

REIT Watch - S-REIT acquisitions regain momentum as capital reopens

Singapore

CapitaLand Integrated Commercial Trust is a real estate investment trust (REIT) that owns and invests in income-producing commercial properties, including retail malls, office buildings, and integrated developments. Its diversified portfolio is predominantly located in Singapore, with additional assets in Germany and Australia. Headquartered in Singapore, the company was formed in 2020.

CapitaLand Integrated Commercial Trust (CICT SP)

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CapitaLand Integrated Commercial Trust (CICT SP)

Singapore Equity Strategy: August 2025

It appears that the Singapore stock market is currently witnessing a positive re-rating, as seen in a rise in the market’s price-earnings ratio...

Wealth Management Alliance

REIT Watch – S-REITs extend fundraising momentum in 2026

S-REITs raised over S$4.5 billion in 2026 YTD, surpassing 2025's strong fundraising, with UI Boustead REIT's IPO leading. Keppel REIT's S$886...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs maintain pockets of resilience despite headwinds in H1

AIMS APAC REIT led the iEdge S-REIT index with a 10.3% total return, 2.2% revenue growth, and 5.7% net property income growth in FY26. Retail...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REIT acquisitions regain momentum as capital reopens

S-REITs announced 11 acquisitions worth over S$6.3 billion in the first four months of 2026. CapitaLand Integrated Commercial Trust acquired...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Singapore Equity Strategy: August 2025

It appears that the Singapore stock market is currently witnessing a positive re-rating, as seen in a rise in the market’s price-earnings ratio...

Wealth Management Alliance

REIT Watch – S-REITs extend fundraising momentum in 2026

S-REITs raised over S$4.5 billion in 2026 YTD, surpassing 2025's strong fundraising, with UI Boustead REIT's IPO leading. Keppel REIT's S$886...

Singapore Exchange Ltd (SGX)

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

​New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...

Kyle Rudden

REIT Watch - S-REITs maintain pockets of resilience despite headwinds in H1

AIMS APAC REIT led the iEdge S-REIT index with a 10.3% total return, 2.2% revenue growth, and 5.7% net property income growth in FY26. Retail...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REIT acquisitions regain momentum as capital reopens

S-REITs announced 11 acquisitions worth over S$6.3 billion in the first four months of 2026. CapitaLand Integrated Commercial Trust acquired...

Singapore Exchange Ltd (SGX)

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...