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>STI constituents are expected to deliver around 10% earnings growth in their current FYs, with similar growth implied for the following FY.</li><li>Retail flows concentrated in DBS, Singapore Telecommunications, CapitaLand Ascendas REIT, Genting Singapore, and Sembcorp Industries, with OCBC recording both net institutional and retail inflows.</li><li>SATS reported FY26 EPS of 19.2 cents, with current consensus forecast for FY27F EPS at 21.825 cents, illustrating evolving earnings expectations.</li></ul>

STI constituents are expected to deliver around 10% earnings growth in their current FYs, with similar growth implied for the following FY.Retail flows concentrated in DBS, Singapore Telecommunications, CapitaLand Ascendas REIT, Genting Singapore, and Sembcorp Industries, with OCBC recording both net institutional and retail inflows.SATS reported FY26 EPS of 19.2 cents, with current consensus forecast for FY27F EPS at 21.825 cents, illustrating evolving earnings expectations.

STI Hits Record as Focus Shifts to Earnings

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Cover Story: Jeju Missing Persons Scandal Tests Seoul’s Criminal Justice Overhaul Along South Korea’s Jeju Island, the Jeju Olle Trail passes through villages, farmland and coastal roads.</li><li>In Suwon-ri, a community of about 500 households in the northwestern township of Hallim-eup, a narrow palm grove sits beside a road, about 200 meters from the village office and 400 meters from a house.</li><li>BlackRock China Unit Wins QDII License for Overseas Investment BlackRock Fund Management Co.</li></ul>

Cover Story: Jeju Missing Persons Scandal Tests Seoul’s Criminal Justice Overhaul Along South Korea’s Jeju Island, the Jeju Olle Trail passes through villages, farmland and coastal roads.In Suwon-ri, a community of about 500 households in the northwestern township of Hallim-eup, a narrow palm grove sits beside a road, about 200 meters from the village office and 400 meters from a house.BlackRock China Unit Wins QDII License for Overseas Investment BlackRock Fund Management Co.

CX Daily: Jeju Missing Persons Scandal Tests Seoul’s Criminal Justice Overhaul 

Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Thematic (Sector/Industry)

<ul>
<li>Structural Repricing: Markets actively reward asset-light real estate managers with premium multiples exceeding 1.0x P/B, valuing their predictable, annuity-like fee-related earnings and infinite platform scalability.</li>
<li>Developer Distress: Legacy balance-sheet developers suffer steep 50% discounts to RNAV, penalized for cyclical earnings, rising debt burdens, and severe margin compression from punitive housing regulations.</li>
<li>Pair Trade Strategy: Long CapitaLand Investment for aggressive fund expansion and fee growth, against short City Developments, which remains heavily anchored to capital-intensive residential landbanks facing tight regulatory deadlines.</li>
</ul>


Structural Repricing: Markets actively reward asset-light real estate managers with premium multiples exceeding 1.0x P/B, valuing their predictable, annuity-like fee-related earnings and infinite platform scalability.
Developer Distress: Legacy balance-sheet developers suffer steep 50% discounts to RNAV, penalized for cyclical earnings, rising debt burdens, and severe margin compression from punitive housing regulations.
Pair Trade Strategy: Long CapitaLand Investment for aggressive fund expansion and fee growth, against short City Developments, which remains heavily anchored to capital-intensive residential landbanks facing tight regulatory deadlines.


Asian Equities Great Divide: REIM Premium Vs Legacy Developer Discount

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>CapitaLand Investment (CLI) is a global real estate investment manager (REIM) with a strong Asia footprint, pivoting to an asset-light model focused on growing recurring fee-related earnings from its fund and lodging management businesses.</li>
  <li>The company has an ambitious growth strategy, aiming to increase its funds under management (FUM) from S$117 billion to S$200 billion by 2028, supported by a strong balance sheet and significant debt headroom for potential acquisitions.</li>
  <li>Despite a positive long-term growth outlook, CLI faces near-term headwinds from margin pressures in its fee-related businesses, elevated costs, and potential for further real estate valuation losses, which could impact profitability.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  CapitaLand Investment (CLI) is a global real estate investment manager (REIM) with a strong Asia footprint, pivoting to an asset-light model focused on growing recurring fee-related earnings from its fund and lodging management businesses.
  The company has an ambitious growth strategy, aiming to increase its funds under management (FUM) from S$117 billion to S$200 billion by 2028, supported by a strong balance sheet and significant debt headroom for potential acquisitions.
  Despite a positive long-term growth outlook, CLI faces near-term headwinds from margin pressures in its fee-related businesses, elevated costs, and potential for further real estate valuation losses, which could impact profitability.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: CapitaLand Investment /Sing (CLI SP) - Apr 2026

<ul>
<li>China/HK real estate developers used to operate on “asset heavy” business model, where they build, own and operate the assets on balance sheet</li>
<li>We think a new “asset light” model is emerging: the new model is charactered by minimized asset ownership, reduced financial risk and improved ROE</li>
<li>In particular, we like CLI, Link REIT and China Resources Land.  We think they are on a transformational path and will provide further upside to shareholders</li>
</ul>


China/HK real estate developers used to operate on “asset heavy” business model, where they build, own and operate the assets on balance sheet
We think a new “asset light” model is emerging: the new model is charactered by minimized asset ownership, reduced financial risk and improved ROE
In particular, we like CLI, Link REIT and China Resources Land.  We think they are on a transformational path and will provide further upside to shareholders


Transforming from Asset Heavy to Asset Light: The New Business Model of Real Estate in Asia

Singapore

CapitaLand Investment Limited is a leading global real asset manager with a strong Asia foothold. It manages funds across diversified real asset classes including retail, office, lodging, industrial, logistics, business parks, wellness, self-storage, data centers, private credit, and special opportunities. Headquartered in Singapore, the company was listed in 2021.

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CapitaLand Investment (CLI SP)

STI Hits Record as Focus Shifts to Earnings

STI constituents are expected to deliver around 10% earnings growth in their current FYs, with similar growth implied for the following FY. Retail...

Singapore Exchange Ltd (SGX)

CX Daily: Jeju Missing Persons Scandal Tests Seoul’s Criminal Justice Overhaul

TOP STORIES Cover Story: Jeju Missing Persons Scandal Tests Seoul’s Criminal Justice Overhaul Along South Korea’s Jeju Island, the Jeju Olle Trail...

Caixin Global

Asian Equities Great Divide: REIM Premium Vs Legacy Developer Discount

Markets actively reward asset-light real estate managers with premium multiples exceeding 1.0x P/B, valuing their predictable, annuity-like fee...

Jacob Cheng

Primer: CapitaLand Investment /Sing (CLI SP) - Apr 2026

CapitaLand Investment (CLI) is a global real estate investment manager (REIM) with a strong Asia footprint, pivoting to an asset-light model...

αSK Primers

Transforming from Asset Heavy to Asset Light: The New Business Model of Real Estate in Asia

We think real estate companies in Asia are transforming from asset-heavy to asset-light, highlighted by minimized asset ownership, reduced...

Jacob Cheng

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