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

CDL Hospitality Trusts / Equity Bottom-Up

<ul><li>Centurion Accommodation REIT (CAREIT) launched with a market cap of S$1.51 billion, raising S$771.1 million.  </li><li>CAREIT's initial portfolio includes 14 assets valued at S$1.84 billion, with plans to expand to 15 assets.  </li><li>CAREIT projects a distribution yield of 7.47% for FY2026 and 8.11% for FY2027.</li></ul>

Centurion Accommodation REIT (CAREIT) launched with a market cap of S$1.51 billion, raising S$771.1 million.  CAREIT's initial portfolio includes 14 assets valued at S$1.84 billion, with plans to expand to 15 assets.  CAREIT projects a distribution yield of 7.47% for FY2026 and 8.11% for FY2027.

REIT Watch – Centurion Accommodation REIT debuts with first pure play portfolio of purpose-built worker and student housing assets

<ul><li>CapitaLand Ascott Trust's 1H 2025 revenue rose 3% to S$398.5 million, with gross profit up 6% to S$182.5 million.</li><li>Far East Hospitality Trust's 1H 2025 gross revenue declined 4.2% to S$51.6 million, with NPI falling 7.7% to S$45.6 million.</li><li>CDL Hospitality Trusts' NPI fell 11.9% to S$58.6 million, with total distribution after retention declining 20.2% to S$25.1 million.</li></ul>

CapitaLand Ascott Trust's 1H 2025 revenue rose 3% to S$398.5 million, with gross profit up 6% to S$182.5 million.Far East Hospitality Trust's 1H 2025 gross revenue declined 4.2% to S$51.6 million, with NPI falling 7.7% to S$45.6 million.CDL Hospitality Trusts' NPI fell 11.9% to S$58.6 million, with total distribution after retention declining 20.2% to S$25.1 million.

REIT Watch -  Mixed 1H 2025 performance, but Hospitality S-REITs push ahead with portfolio reconstitution and diversification

<ul><li>CapitaLand Ascott Trust's H2 2024 gross profit rose 8% to S$198.0 million, with revenue up 6% to S$432.2 million.</li><li>Far East Hospitality Trust's H2 2024 gross revenue and net property income both increased 0.2% to S$54.9 million and S$49.9 million.</li><li>CDL Hospitality Trusts' DPS declined 11.9% in H2 2024, despite growth in RevPar for most portfolio markets.</li></ul>

CapitaLand Ascott Trust's H2 2024 gross profit rose 8% to S$198.0 million, with revenue up 6% to S$432.2 million.Far East Hospitality Trust's H2 2024 gross revenue and net property income both increased 0.2% to S$54.9 million and S$49.9 million.CDL Hospitality Trusts' DPS declined 11.9% in H2 2024, despite growth in RevPar for most portfolio markets.

REIT Watch - Hospitality S-REITs focus on active portfolio management to drive growth

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>400+ days ago, the TCC Group bid for <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a> at just over 1.05x NAV failed on a combination of vocal minority opposition and minority apathy.</li>
<li>FHT has dramatically outperformed plummeting peers over the last few months on hope TCC might re-up that bid, but weaker peers and CRE markets suggest financing could be tougher.</li>
<li>Nothing is impossible, but it might make more sense for TCC to up its stake by stealth here rather than brute force. Earnings are 7 November.</li>
</ul>


400+ days ago, the TCC Group bid for Frasers Hospitality Trust (FHT SP) at just over 1.05x NAV failed on a combination of vocal minority opposition and minority apathy.
FHT has dramatically outperformed plummeting peers over the last few months on hope TCC might re-up that bid, but weaker peers and CRE markets suggest financing could be tougher.
Nothing is impossible, but it might make more sense for TCC to up its stake by stealth here rather than brute force. Earnings are 7 November.


Frasers Hospitality - Will TCC Renew Its Takeover Offer? Market Prices Bet Yes Ahead of Earnings

Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

Thematic (Sector/Industry)

<ul>
<li>Of the 30 companies that constitute the Straits Times Index (STI), Real Estate Investment Trusts (REITs) have long been a cornerstone.</li>
<li>For investors seeking growth and diversification beyond the blue-chip giants, the iEdge Singapore Next 50 indices present a compelling hunting ground beyond the 30 largest companies on the SGX. </li>
<li>These indices track the next 50 largest stocks after the top 30 SGX stocks ranked by market capitalization, and are home to a dynamic cohort of REITs.</li>
</ul>


Of the 30 companies that constitute the Straits Times Index (STI), Real Estate Investment Trusts (REITs) have long been a cornerstone.
For investors seeking growth and diversification beyond the blue-chip giants, the iEdge Singapore Next 50 indices present a compelling hunting ground beyond the 30 largest companies on the SGX. 
These indices track the next 50 largest stocks after the top 30 SGX stocks ranked by market capitalization, and are home to a dynamic cohort of REITs.


REITs Beyond the STI: A Review of the REIT Components of the IEdge Singapore Next 50 Indices

Singapore

CDL Hospitality Trusts is a stapled group compromising H-REIT and HBT. H-REIT is a real estate investment trust that invest in a portfolio of income-producing properties and HBT is a business trust.

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CDL Hospitality Trusts (CDREIT SP)

REIT Watch – Centurion Accommodation REIT debuts with first pure play portfolio of purpose-built worker and student housing assets

Centurion Accommodation REIT (CAREIT) launched with a market cap of S$1.51 billion, raising S$771.1 million. CAREIT's initial portfolio includes...

Singapore Exchange Ltd (SGX)

REIT Watch - Mixed 1H 2025 performance, but Hospitality S-REITs push ahead with portfolio reconstitution and diversification

CapitaLand Ascott Trust's 1H 2025 revenue rose 3% to S$398.5 million, with gross profit up 6% to S$182.5 million. Far East Hospitality Trust's 1H...

Singapore Exchange Ltd (SGX)

REIT Watch - Hospitality S-REITs focus on active portfolio management to drive growth

CapitaLand Ascott Trust's H2 2024 gross profit rose 8% to S$198.0 million, with revenue up 6% to S$432.2 million. Far East Hospitality Trust's H2...

Singapore Exchange Ltd (SGX)

Frasers Hospitality - Will TCC Renew Its Takeover Offer? Market Prices Bet Yes Ahead of Earnings

Frasers Hospitality Trust is trading as if TCC might make another offer. But peers in Singapore/Asia are getting crushed, and globally CRE is in...

Travis Lundy

REITs Beyond the STI: A Review of the REIT Components of the IEdge Singapore Next 50 Indices

Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...

Golden Section Capital

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

REIT Watch – Centurion Accommodation REIT debuts with first pure play portfolio of purpose-built worker and student housing assets

Centurion Accommodation REIT (CAREIT) launched with a market cap of S$1.51 billion, raising S$771.1 million. CAREIT's initial portfolio includes...

Singapore Exchange Ltd (SGX)

REIT Watch - Mixed 1H 2025 performance, but Hospitality S-REITs push ahead with portfolio reconstitution and diversification

CapitaLand Ascott Trust's 1H 2025 revenue rose 3% to S$398.5 million, with gross profit up 6% to S$182.5 million. Far East Hospitality Trust's 1H...

Singapore Exchange Ltd (SGX)

REIT Watch - Hospitality S-REITs focus on active portfolio management to drive growth

CapitaLand Ascott Trust's H2 2024 gross profit rose 8% to S$198.0 million, with revenue up 6% to S$432.2 million. Far East Hospitality Trust's H2...

Singapore Exchange Ltd (SGX)

Frasers Hospitality - Will TCC Renew Its Takeover Offer? Market Prices Bet Yes Ahead of Earnings

Frasers Hospitality Trust is trading as if TCC might make another offer. But peers in Singapore/Asia are getting crushed, and globally CRE is in...

Travis Lundy

REITs Beyond the STI: A Review of the REIT Components of the IEdge Singapore Next 50 Indices

​Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...

Golden Section Capital

Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...