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 sellers of Singapore stocks, with a net outflow of S$631 million from April 17-23.  </li><li>Singtel led share buybacks, purchasing 15.2 million shares under its S$2 billion value realisation programme.  </li><li>CICT raised S$750 million via private placement to finance the acquisition of Paragon on Orchard Road.</li></ul>

Institutions were net sellers of Singapore stocks, with a net outflow of S$631 million from April 17-23.  Singtel led share buybacks, purchasing 15.2 million shares under its S$2 billion value realisation programme.  CICT raised S$750 million via private placement to finance the acquisition of Paragon on Orchard Road.

JEP, XMH Chairs Up Stakes; AGT Becomes OKP Substantial Shareholder; MoneyMax Placement

Mapletree Pan Asia Commercial Trust / Equity Bottom-Up

Mapletree Pan Asia Commercial Trust (MPACT SP)

<ul><li>S-REITs have benefited from stable operating performance, lower borrowing costs, and supportive interest rate cuts in 2025.</li><li>Analysts report improved S-REITs performance due to falling interest rates, enhancing distributable income and capital market conditions.</li><li>Fitch Ratings expects S-REITs to increase capex by 20-25% in 2025, focusing on asset quality improvements.</li></ul>

S-REITs have benefited from stable operating performance, lower borrowing costs, and supportive interest rate cuts in 2025.Analysts report improved S-REITs performance due to falling interest rates, enhancing distributable income and capital market conditions.Fitch Ratings expects S-REITs to increase capex by 20-25% in 2025, focusing on asset quality improvements.

REIT Watch - S-REITs set for best year since 2019 with 14.7% total returns in 2025 YTD

<ul><li>In 3Q25, Singapore office REITs like CICT, MPACT, and Suntec REIT reported strong occupancy and positive rental reversions.</li><li>CICT's office portfolio occupancy rose to 96.2%, with a 1.9% rent increase, and full ownership of CapitaSpring.</li><li>Keppel REIT achieved a 12.0% rental reversion, maintaining 96.3% occupancy, with a WALE of 4.7 years.</li></ul>

In 3Q25, Singapore office REITs like CICT, MPACT, and Suntec REIT reported strong occupancy and positive rental reversions.CICT's office portfolio occupancy rose to 96.2%, with a 1.9% rent increase, and full ownership of CapitaSpring.Keppel REIT achieved a 12.0% rental reversion, maintaining 96.3% occupancy, with a WALE of 4.7 years.

REIT Watch - Positive momentum for Office S-REITs as vacancy rates ease and rents climb

First Real Estate Investment Trust / Equity Bottom-Up

First Real Estate Investment Trust (FIRT SP)

<ul><li>Six S-REITs reported growth in distributable income due to higher gross revenue, net property income, and decreased borrowing costs.</li><li>Digital Core REIT and Keppel DC REIT saw significant increases in NPI and distributable income, driven by acquisitions and demand.</li><li>Frasers Centrepoint Trust, Suntec REIT, and OUE REIT reported improved DPU, supported by stronger operational performance and lower financing costs.</li></ul>

Six S-REITs reported growth in distributable income due to higher gross revenue, net property income, and decreased borrowing costs.Digital Core REIT and Keppel DC REIT saw significant increases in NPI and distributable income, driven by acquisitions and demand.Frasers Centrepoint Trust, Suntec REIT, and OUE REIT reported improved DPU, supported by stronger operational performance and lower financing costs.

REIT Watch - Q3 reporting season kicks off with growth in distributions for S-REITs

<ul><li>S-REITs in Singapore have announced S$4 billion in equity fundraising in 2025, surpassing 2024's S$2.9 billion.</li><li>Primary market IPOs of NTT DC REIT and CAREIT raised US$824.1 million and S$816.1 million, respectively.</li><li>Secondary market fundraising includes CapitaLand Integrated Commercial Trust's S$600 million and CapitaLand Ascendas REIT's S$500 million placements.</li></ul>

S-REITs in Singapore have announced S$4 billion in equity fundraising in 2025, surpassing 2024's S$2.9 billion.Primary market IPOs of NTT DC REIT and CAREIT raised US$824.1 million and S$816.1 million, respectively.Secondary market fundraising includes CapitaLand Integrated Commercial Trust's S$600 million and CapitaLand Ascendas REIT's S$500 million placements.

REIT Watch – S-REITs fundraising continues uptrend in 2025, reaching S$4 billion for YTD

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)

JEP, XMH Chairs Up Stakes; AGT Becomes OKP Substantial Shareholder; MoneyMax Placement

Institutions were net sellers of Singapore stocks, with a net outflow of S$631 million from April 17-23. Singtel led share buybacks, purchasing...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs set for best year since 2019 with 14.7% total returns in 2025 YTD

S-REITs have benefited from stable operating performance, lower borrowing costs, and supportive interest rate cuts in 2025. Analysts report...

Singapore Exchange Ltd (SGX)

REIT Watch - Positive momentum for Office S-REITs as vacancy rates ease and rents climb

In 3Q25, Singapore office REITs like CICT, MPACT, and Suntec REIT reported strong occupancy and positive rental reversions. CICT's office...

Singapore Exchange Ltd (SGX)

REIT Watch - Q3 reporting season kicks off with growth in distributions for S-REITs

Six S-REITs reported growth in distributable income due to higher gross revenue, net property income, and decreased borrowing costs. Digital Core...

Singapore Exchange Ltd (SGX)

REIT Watch – S-REITs fundraising continues uptrend in 2025, reaching S$4 billion for YTD

S-REITs in Singapore have announced S$4 billion in equity fundraising in 2025, surpassing 2024's S$2.9 billion. Primary market IPOs of NTT DC REIT...

Singapore Exchange Ltd (SGX)

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