Director and Founding Member, Corporate Monitor Limited

Tan Yee Peng

Director and Founding Member

Strengthening Corporate Performance

Corporate Monitor Limited

Corporate Monitor was established to encourage better performance of companies, particularly companies listed on the SGX, and hold their management and boards to account, for the benefit of their shareholders and stakeholders.

Thematic (Sector/Industry)

<ul><li>Corporate Monitor Ltd’s(CML) 4th report on the REIT sector concluded that overall performance of REITs is poor, as 15 of the 38 failed to return more money to unitholders than the equity they raised (i.e. Return OF Capital or R-OF-C), and only 10 provided a return ON capital (or R-ON-C).</li><li>Another 13 can be said to have provided a return if the increase in net asset value (NAV) is taken into consideration.</li><li>Even here, CML is of the view that their performance is lacklustre.</li></ul>

Corporate Monitor Ltd’s(CML) 4th report on the REIT sector concluded that overall performance of REITs is poor, as 15 of the 38 failed to return more money to unitholders than the equity they raised (i.e. Return OF Capital or R-OF-C), and only 10 provided a return ON capital (or R-ON-C).Another 13 can be said to have provided a return if the increase in net asset value (NAV) is taken into consideration.Even here, CML is of the view that their performance is lacklustre.

Singapore Reit and Business Trust Sector: What Really Caused the Poor Performance?

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

<ul>
<li>We think Singapore REITs are positioned for a re-rating on the back of multiple catalysts: interest rate decline, accelerated M&amp;A and recovery in physical real estate market</li>
<li>3M SORA has declined sharply from 3.034% in January to 1.32% in November.  The steep decline in rates will boost earnings and result in more favorable REIT valuations</li>
<li>The physical market in Singapore is also recovering, especially in the office and residential market.  We think CICT, FCT, and UOL are well positioned to benefit from this cycle</li>
</ul>


We think Singapore REITs are positioned for a re-rating on the back of multiple catalysts: interest rate decline, accelerated M&amp;A and recovery in physical real estate market
3M SORA has declined sharply from 3.034% in January to 1.32% in November.  The steep decline in rates will boost earnings and result in more favorable REIT valuations
The physical market in Singapore is also recovering, especially in the office and residential market.  We think CICT, FCT, and UOL are well positioned to benefit from this cycle


LONG Singapore REITs: Capturing the Yield Compression Cycle and Asset Recycling Renaissance

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The <a href="https://www.smartkarma.com/entities/spdr-straits-times-index-etf" target="_blank" data-smartkarma-citation="entities:35880:1" rel="noopener">SPDR Straits Times Index ETF (STTF SP)</a> will need to sell <a href="https://www.smartkarma.com/entities/emperador-inc-1be53f2f-f106-4f4f-b9be-5cf1341e76ae" target="_blank" data-smartkarma-citation="entities:36111:1" rel="noopener">Emperador (EMI SP)</a> at the close of trading on 15 March.</li>
<li>Other global index trackers will need to sell <a href="https://www.smartkarma.com/entities/emperador-inc" target="_blank" data-smartkarma-citation="entities:3485:1" rel="noopener">Emperador (EMP PM)</a> at the close on 15 March.</li>
<li>There will be around US$55m to sell across both lines and varying liquidity has opened up a huge spread between the listings.</li>
</ul>


The SPDR Straits Times Index ETF (STTF SP) will need to sell Emperador (EMI SP) at the close of trading on 15 March.
Other global index trackers will need to sell Emperador (EMP PM) at the close on 15 March.
There will be around US$55m to sell across both lines and varying liquidity has opened up a huge spread between the listings.


STTF Index Rebalance: The Widening Emperador Spread

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

CapitaLand Integrated Commercial Trust / Equity Capital Markets

CapitaLand Integrated Commercial Trust (CICT SP)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105:1" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> is looking to raise at least S$610M (US$481m) in a primary placement, to partially fund the proposed acquisition of 100% interest in Paragon.</li>
<li>This deal represents 9.2 days of ADV and ~3.2% of market cap.</li>
<li>In this note, we comment on the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Capitaland Integrated Commercial Trust (CICT SP) is looking to raise at least S$610M (US$481m) in a primary placement, to partially fund the proposed acquisition of 100% interest in Paragon.
This deal represents 9.2 days of ADV and ~3.2% of market cap.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.


Aequitas: Capitaland Integrated Commercial Trust Placement - Premier Orchard Rd Asset; DPU Accretive

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<ul><li>UOB Kay Hian downgrades DBS to 'hold' and keeps 'buy' rating on OCBC.</li><li>UOBKH's Tang cuts Huationg's target price to 88 cents due to rising fuel costs.</li><li>RHB's Yeo keeps Nam Cheong rating at 'buy' with a $2.05 target price.</li></ul>

UOB Kay Hian downgrades DBS to 'hold' and keeps 'buy' rating on OCBC.UOBKH's Tang cuts Huationg's target price to 88 cents due to rising fuel costs.RHB's Yeo keeps Nam Cheong rating at 'buy' with a $2.05 target price.

Singapore Market Roundup (26-Aug-2026): UOB Kay Hian downgrades DBS to 'hold', maintains 'buy' on

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.

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CapitaLand Integrated Commercial Trust (CICT SP)

Singapore Reit and Business Trust Sector: What Really Caused the Poor Performance?

Corporate Monitor Ltd’s(CML) 4th report on the REIT sector concluded that overall performance of REITs is poor, as 15 of the 38 failed to return...

Corporate Monitor Limited

LONG Singapore REITs: Capturing the Yield Compression Cycle and Asset Recycling Renaissance

We think Singapore REITs are well positioned for a re-rating, on the back of steep interest rate decline, accelerated M&As and recovery in the...

Jacob Cheng

STTF Index Rebalance: The Widening Emperador Spread

The STTF ETF will need to sell Singapore listed Emperador at the close on 15 March. Global passive portfolios will be selling Emperador in the...

Brian Freitas

Aequitas: Capitaland Integrated Commercial Trust Placement - Premier Orchard Rd Asset; DPU Accretive

Capitaland Integrated Commercial Trust is looking to raise at least S$610M (US$481m) in a primary placement, to partially fund the proposed...

Nicholas Tan

Singapore Market Roundup (26-Aug-2026): UOB Kay Hian downgrades DBS to 'hold', maintains 'buy' on

UOB Kay Hian downgrades DBS to 'hold', maintains 'buy' on OCBC. Huationg's target price cut to 88 cents; Nam Cheong remains 'buy' at $2.05 target.

Singapore Market Roundup

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