Alpha-Centric ESG Research

Kyle Rudden

Thematic (Sector/Industry)

<ul><li>New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding <em>mandatory</em> Scope 3 emissions reporting.</li><li>The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.</li><li>Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.</li></ul>

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding mandatory Scope 3 emissions reporting.The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

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

Mapletree Pan Asia Commercial Trust / Equity Bottom-Up

Mapletree Pan Asia Commercial Trust (MPACT SP)

<ul><li>Institutional investors rotated into S-REITs with S$26 million net inflows on April 3 amid market volatility.</li><li>S-REITs ended Q1 2025 with 2.8% total returns, driven by a 5.0% price gain in March.</li><li>Franklin Resources acquired 5.06% interest in Digital Core REIT, buying 969,800 units at US$0.577 each.</li></ul>

Institutional investors rotated into S-REITs with S$26 million net inflows on April 3 amid market volatility.S-REITs ended Q1 2025 with 2.8% total returns, driven by a 5.0% price gain in March.Franklin Resources acquired 5.06% interest in Digital Core REIT, buying 969,800 units at US$0.577 each.

REIT Watch - S-REITs record net institutional inflows in March as sector snaps 5-month losing streak

<ul><li>Institutions were net buyers of Singapore stocks, with a net inflow of S$63 million from Feb 7 to Feb 13.</li><li>Singapore Telecommunications saw a net institutional inflow of S$112 million, linked to a S$643 million green loan.</li><li>Marco Polo Marine's CEO increased his stake to 4.80% after acquiring 500,000 shares at S$0.054 each.</li></ul>

Institutions were net buyers of Singapore stocks, with a net inflow of S$63 million from Feb 7 to Feb 13.Singapore Telecommunications saw a net institutional inflow of S$112 million, linked to a S$643 million green loan.Marco Polo Marine's CEO increased his stake to 4.80% after acquiring 500,000 shares at S$0.054 each.

Marco Polo Marine CEO increases stake; ESR REIT buys back 5 million units

<ul><li>Industrial REITs listed on SGX Market Cap (S$B) 12-Month Distribution Yield (%)  Sabana Industrial REIT reported positive rental reversion of per cent for 4Q 2024, while its full year rental reversion rose to 20.6 per cent, its fourth consecutive year of double-digit positive rental reversion.</li></ul>

Industrial REITs listed on SGX Market Cap (S$B) 12-Month Distribution Yield (%)  Sabana Industrial REIT reported positive rental reversion of per cent for 4Q 2024, while its full year rental reversion rose to 20.6 per cent, its fourth consecutive year of double-digit positive rental reversion.

REIT Watch - Industrial S-REITs operating performance remain resilient, with positive rental reversions in 2024

<ul><li>S-Reits log best quarterly performance since 2020 with double-digit returns in Q3 Meanwhile, the iEdge S-Reit Index rallied 14.7 per cent in its best quarterly performance since its inception in 2010.</li><li>Prior to this, the index’s best quarterly performance was in Q2 2020, when it rose 14.1 per cent.</li></ul>

S-Reits log best quarterly performance since 2020 with double-digit returns in Q3 Meanwhile, the iEdge S-Reit Index rallied 14.7 per cent in its best quarterly performance since its inception in 2010.Prior to this, the index’s best quarterly performance was in Q2 2020, when it rose 14.1 per cent.

REIT Watch - S-Reits log best quarterly performance since 2020 with double-digit returns in Q3

Singapore

ESR-REIT is a real estate investment trust that invests in and manages a diversified portfolio of income-producing industrial properties. These properties include logistics, high-specifications industrial, business parks, and general industrial assets across Singapore, Australia, and Japan. The company is headquartered in Singapore and was founded in 2006.

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ESR-REIT (EREIT SP)

REIT Watch - S-REITs record net institutional inflows in March as sector snaps 5-month losing streak

Institutional investors rotated into S-REITs with S$26 million net inflows on April 3 amid market volatility. S-REITs ended Q1 2025 with 2.8%...

Singapore Exchange Ltd (SGX)

Marco Polo Marine CEO increases stake; ESR REIT buys back 5 million units

Institutions were net buyers of Singapore stocks, with a net inflow of S$63 million from Feb 7 to Feb 13. Singapore Telecommunications saw a net...

Singapore Exchange Ltd (SGX)

REIT Watch - Industrial S-REITs operating performance remain resilient, with positive rental reversions in 2024

Industrial REITs listed on SGX Market Cap (S$B) 12-Month Distribution Yield (%) Sabana Industrial REIT reported positive rental reversion of per...

Singapore Exchange Ltd (SGX)

REIT Watch - S-Reits log best quarterly performance since 2020 with double-digit returns in Q3

S-Reits log best quarterly performance since 2020 with double-digit returns in Q3 Meanwhile, the iEdge S-Reit Index rallied 14.7 per cent in its...

Singapore Exchange Ltd (SGX)

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52-week Range

Market Cap (USDm)

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S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

​New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...

Kyle Rudden

REIT Watch - S-REITs record net institutional inflows in March as sector snaps 5-month losing streak

Institutional investors rotated into S-REITs with S$26 million net inflows on April 3 amid market volatility. S-REITs ended Q1 2025 with 2.8%...

Singapore Exchange Ltd (SGX)

Marco Polo Marine CEO increases stake; ESR REIT buys back 5 million units

Institutions were net buyers of Singapore stocks, with a net inflow of S$63 million from Feb 7 to Feb 13. Singapore Telecommunications saw a net...

Singapore Exchange Ltd (SGX)

REIT Watch - Industrial S-REITs operating performance remain resilient, with positive rental reversions in 2024

Industrial REITs listed on SGX Market Cap (S$B) 12-Month Distribution Yield (%) Sabana Industrial REIT reported positive rental reversion of per...

Singapore Exchange Ltd (SGX)

REIT Watch - S-Reits log best quarterly performance since 2020 with double-digit returns in Q3

S-Reits log best quarterly performance since 2020 with double-digit returns in Q3 Meanwhile, the iEdge S-Reit Index rallied 14.7 per cent in its...

Singapore Exchange Ltd (SGX)

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...