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

CapitaLand Integrated Commercial Trust / Equity Bottom-Up

CapitaLand Integrated Commercial Trust (CICT SP)

<ul><li>CapitaLand Integrated Commercial Trust's net property income grew by 3.4% to S$1.2 billion in FY24, with DPU increasing 1.2%.</li><li>Mapletree Pan Asia Commercial Trust's Q3 FY25 revenue was S$223.7 million, down 7.4% year-on-year due to overseas headwinds.</li><li>OUE REIT's FY24 revenue rose 3.7% to S$295.5 million, with a 10.7% positive rental reversion for office assets.</li></ul>

CapitaLand Integrated Commercial Trust's net property income grew by 3.4% to S$1.2 billion in FY24, with DPU increasing 1.2%.Mapletree Pan Asia Commercial Trust's Q3 FY25 revenue was S$223.7 million, down 7.4% year-on-year due to overseas headwinds.OUE REIT's FY24 revenue rose 3.7% to S$295.5 million, with a 10.7% positive rental reversion for office assets.

REIT Watch - Diversified S-Reits offer portfolio resilience with stable 2024 operating performance

<ul><li>Over the five trading sessions from Dec 6 to Dec 12, institutions were net sellers of Singapore stocks, leading to a net institutional outflow of S$104 million, reversing a quarter of the S$418 million net inflow over the preceding five sessions.</li><li>Stocks that led the net institutional outflow over the five sessions through to Dec 12 were DBS Group Holdings, Capitaland Investment, SATS, Singapore Exchange, Mapletree Industrial Trust, Capitaland Integrated Comm Trust, Genting Singapore, Capitaland Ascendas REIT, Singapore Telecommunications and Mapletree Pan Asia Commercial Trust.</li><li>The five trading sessions saw more than 50 director interests and substantial shareholdings filed for close to 25 primary-listed stocks.</li></ul>

Over the five trading sessions from Dec 6 to Dec 12, institutions were net sellers of Singapore stocks, leading to a net institutional outflow of S$104 million, reversing a quarter of the S$418 million net inflow over the preceding five sessions.Stocks that led the net institutional outflow over the five sessions through to Dec 12 were DBS Group Holdings, Capitaland Investment, SATS, Singapore Exchange, Mapletree Industrial Trust, Capitaland Integrated Comm Trust, Genting Singapore, Capitaland Ascendas REIT, Singapore Telecommunications and Mapletree Pan Asia Commercial Trust.The five trading sessions saw more than 50 director interests and substantial shareholdings filed for close to 25 primary-listed stocks.

<ul><li>5 Largest S-REITs’ equity fundraising in 2024-to-date Date Announced Gross Proceeds (S$m unless otherwise) Main use of proceeds CapitaLand Integrated Commercial Trust 3-Sep 1,108 Acquisition 19-Nov 1,086 Acquisition  Elsewhere, CapitaLand Integrated Commercial Trust (CICT) also carried out a billion-dollar EFR this year, raising S$1.1 billion in September, comprising a S$350.3 million private placement and S$757.2 million preferential offering.</li></ul>

5 Largest S-REITs’ equity fundraising in 2024-to-date Date Announced Gross Proceeds (S$m unless otherwise) Main use of proceeds CapitaLand Integrated Commercial Trust 3-Sep 1,108 Acquisition 19-Nov 1,086 Acquisition  Elsewhere, CapitaLand Integrated Commercial Trust (CICT) also carried out a billion-dollar EFR this year, raising S$1.1 billion in September, comprising a S$350.3 million private placement and S$757.2 million preferential offering.

REIT Watch - S-Reits’ secondary fundraising rebounds in 2024; more may tap capital markets next year

Yangzijiang Financial Holding / Equity Bottom-Up

<ul><li>Share buybacks can be used for employee compensation plans, such as share option schemes or employee share purchase plans, as well as for long-term capital management.</li><li>As at Nov 13, nearly 80 primary-listed companies have repurchased their shares on-market this year, amounting to S$1.03 billion in buyback consideration.</li><li>In 2024 to Nov 13, CLI bought back 126.2 million shares at an average price of S$2.72 per share.</li></ul>

Share buybacks can be used for employee compensation plans, such as share option schemes or employee share purchase plans, as well as for long-term capital management.As at Nov 13, nearly 80 primary-listed companies have repurchased their shares on-market this year, amounting to S$1.03 billion in buyback consideration.In 2024 to Nov 13, CLI bought back 126.2 million shares at an average price of S$2.72 per share.

CapitaLand Investment leads buyback consideration tally in 2024 till Nov 13

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)

REIT Watch - Diversified S-Reits offer portfolio resilience with stable 2024 operating performance

CapitaLand Integrated Commercial Trust's net property income grew by 3.4% to S$1.2 billion in FY24, with DPU increasing 1.2%. Mapletree Pan Asia...

Singapore Exchange Ltd (SGX)

Tuan Sing CEO and director add to stakes

Over the five trading sessions from Dec 6 to Dec 12, institutions were net sellers of Singapore stocks, leading to a net institutional outflow of...

Singapore Exchange Ltd (SGX)

REIT Watch - S-Reits’ secondary fundraising rebounds in 2024; more may tap capital markets next year

5 Largest S-REITs’ equity fundraising in 2024-to-date Date Announced Gross Proceeds (S$m unless otherwise) Main use of proceeds CapitaLand...

Singapore Exchange Ltd (SGX)

CapitaLand Investment leads buyback consideration tally in 2024 till Nov 13

Share buybacks can be used for employee compensation plans, such as share option schemes or employee share purchase plans, as well as for...

Singapore Exchange Ltd (SGX)

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