Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>RHB raises STI year-end target to 4,690 and highlights top sector picks.</li><li>Analysts are optimistic about CICT, stating it's 'revving on all engines.'</li><li>UOB Kay Hian's Loh sets Centurion Accommodation REIT's target price at $1.23.</li></ul>

RHB raises STI year-end target to 4,690 and highlights top sector picks.Analysts are optimistic about CICT, stating it's 'revving on all engines.'UOB Kay Hian's Loh sets Centurion Accommodation REIT's target price at $1.23.

Singapore Market Roundup (30-Oct-2025): RHB raises STI target to 4,690, names top sector picks.

<ul><li>Genting Singapore, Sanli Environmental, Marco Polo Marine, Suntec REIT, CDL news.</li><li>RHB raises STI year-end target to 4,690 and highlights top sector picks.</li><li>CapitaLand India Trust sees 10% growth in total and net property income in 3Q2025.</li></ul>

Genting Singapore, Sanli Environmental, Marco Polo Marine, Suntec REIT, CDL news.RHB raises STI year-end target to 4,690 and highlights top sector picks.CapitaLand India Trust sees 10% growth in total and net property income in 3Q2025.

Singapore Market Roundup (31-Oct-2025): Genting Singapore, Sanli, Marco Polo, Suntec REIT, CDL

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>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

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 14th May 2025, S-REIT <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> entered into a Scheme with its current sponsor, Frasers Property Limited, <a href="https://links.sgx.com/FileOpen/Joint%20Announcement.ashx?App=Announcement&amp;FileID=845322" target="_blank" rel="noopener">@ S$0.71/share</a>.</li>
<li>The Scheme Consideration is 1.11x the latest adjusted NAV estimate of S$0.63904/unit; and S$0.01/unit above Frasers/TCC's S$0.70/unit failed Offer back in September 2022.</li>
<li>
<a href="https://links.sgx.com/FileOpen/Scheme%20Document.ashx?App=Announcement&amp;FileID=852799" target="_blank" rel="noopener">The Scheme Doc is now out</a>, with a shareholder vote on the 13th August. The IFA says fair and reasonable. </li>
</ul>


Back on the 14th May 2025, S-REIT Frasers Hospitality Trust (FHT SP) entered into a Scheme with its current sponsor, Frasers Property Limited, @ S$0.71/share.
The Scheme Consideration is 1.11x the latest adjusted NAV estimate of S$0.63904/unit; and S$0.01/unit above Frasers/TCC's S$0.70/unit failed Offer back in September 2022.

The Scheme Doc is now out, with a shareholder vote on the 13th August. The IFA says fair and reasonable. 


Frasers Hospitality Trust (FHT SP): 15th August Vote On Frasers Prop/TCC Offer

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>The <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> IFA opines that <a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670:1" rel="noopener">Frasers Property Ltd (FPL SP)</a>’s scheme offer of S$0.71 cash and permitted distributions (estimated at S$0.0098) is fair and reasonable.</li>
<li>While the current offer is arguably light compared to the failed 2022 offer, the lack of vocal opposition and limited retail displeasure reduces the vote risk.</li>
<li>On balance, the scheme vote should pass. For a 30 September payment, the gross/annualised spread of the total offer (S$0.7198) is 2.8%/15.6%.  </li>
</ul>


The Frasers Hospitality Trust (FHT SP) IFA opines that Frasers Property Ltd (FPL SP)’s scheme offer of S$0.71 cash and permitted distributions (estimated at S$0.0098) is fair and reasonable.
While the current offer is arguably light compared to the failed 2022 offer, the lack of vocal opposition and limited retail displeasure reduces the vote risk.
On balance, the scheme vote should pass. For a 30 September payment, the gross/annualised spread of the total offer (S$0.7198) is 2.8%/15.6%.  


Fraser Hospitality Trust (FHT SP): Scheme Vote on 15 August

Singapore

Far East Hospitality Trust is a hospitality stapled group comprising Far East H-REIT and Far East H-BT. Far East H-REIT is a Singapore-based real estate investment trust, which invests in hospitality assets and Far East H-BT, a Singapore-based business trust which will be dormant as of the Listing Date.

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Far East Hospitality Trust (FEHT SP)

Singapore Market Roundup (30-Oct-2025): RHB raises STI target to 4,690, names top sector picks.

RHB raises STI year-end target to 4,690, favors CICT, while UOB Kay Hian sets Centurion Accommodation REIT's target price at $1.23.

Singapore Market Roundup

Singapore Market Roundup (31-Oct-2025): Genting Singapore, Sanli, Marco Polo, Suntec REIT, CDL

Genting Singapore, Sanli Environmental, Marco Polo Marine, Suntec REIT, and CDL news. RHB raises STI target to 4,690; CapitaLand India Trust...

Singapore Market Roundup

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)

Frasers Hospitality Trust (FHT SP): 15th August Vote On Frasers Prop/TCC Offer

Trading at a gross/annualised spread of 1.4%/8%, excluding any clean-up divi; perhaps 1.7%/10% with one. The Offerors need to rustle up apathetic...

David Blennerhassett

Fraser Hospitality Trust (FHT SP): Scheme Vote on 15 August

While the current offer is arguably light compared to the failed 2022 offer, the lack of vocal opposition and limited retail displeasure reduces...

Arun George

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