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>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>Healthcare S-REITs achieved a 6.2% average total return in 2025, with S$17.6 million net institutional inflows year-to-date.</li><li>ParkwayLife REIT's 1Q25 gross revenue rose 7.3% to S$39.0 million, with a 9.1% increase in distributable income.</li><li>First REIT's 1Q25 rental income declined 2.8% to S$25.4 million, with a 40.7% gearing ratio and no refinancing until May 2026.</li></ul>

Healthcare S-REITs achieved a 6.2% average total return in 2025, with S$17.6 million net institutional inflows year-to-date.ParkwayLife REIT's 1Q25 gross revenue rose 7.3% to S$39.0 million, with a 9.1% increase in distributable income.First REIT's 1Q25 rental income declined 2.8% to S$25.4 million, with a 40.7% gearing ratio and no refinancing until May 2026.

REIT Watch - Healthcare S-REITs outperform broader S-REIT market and sub-segments year to date

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

<ul><li>Santarli and Apex make joint bid worth $368M for a site in Western Singapore, expanding their real estate portfolio.</li><li>CVC-backed chain competes for First REIT's Indonesian assets valued at $599M, increasing their presence in the market.</li><li>EdgeConneX ventures into Japan with a 140MW data center project in Greater Osaka, showcasing their global growth strategy.</li></ul>

Santarli and Apex make joint bid worth $368M for a site in Western Singapore, expanding their real estate portfolio.CVC-backed chain competes for First REIT's Indonesian assets valued at $599M, increasing their presence in the market.EdgeConneX ventures into Japan with a 140MW data center project in Greater Osaka, showcasing their global growth strategy.

Asia Real Estate Tracker (15-Jan-2025): Santarli, Apex $368M top bid for West Singapore site

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>DBS initiates coverage of NTT DC REIT as 'buy' with a 20% target rise.</li>
<li>OCBC lowers First REIT's fair value due to ongoing FX impact.           </li>
<li>AIMS APAC REIT reports 1.1% increase in DPU for 1HFY2026.</li>
</ul>


DBS initiates coverage of NTT DC REIT as 'buy' with a 20% target rise.
OCBC lowers First REIT's fair value due to ongoing FX impact.           
AIMS APAC REIT reports 1.1% increase in DPU for 1HFY2026.


Singapore Market Roundup (05-Nov-2025): DBS rates NTT DC REIT 'buy' with a 20% target increase.

Invest, Trade and Save in Singapore, Syfe

Syfe

Invest, Trade and Save in Singapore

Syfe is an investment platform offering Managed Portfolios, Brokerage services, and Cash Management solutions to help people build wealth for a better future.

<ul><li>Singapore’s healthcare Real Estate Investment Trusts (REITs) continue to stand out as one of the most defensive segments in the S-REIT universe.</li><li>In 2025, the sub-sector has materially outperformed sector indices, supported by inelastic demand for healthcare, ageing demographics, and the scarcity of medical real estate supply.</li><li>These structural drivers insulate the segment from a great deal of economic cyclicality and position it as a reliable source of total returns.</li></ul>

Singapore’s healthcare Real Estate Investment Trusts (REITs) continue to stand out as one of the most defensive segments in the S-REIT universe.In 2025, the sub-sector has materially outperformed sector indices, supported by inelastic demand for healthcare, ageing demographics, and the scarcity of medical real estate supply.These structural drivers insulate the segment from a great deal of economic cyclicality and position it as a reliable source of total returns.

Singapore Healthcare REITs: A Defensive Haven in a Shifting Market

Singapore

First Real Estate Investment Trust is a healthcare real estate investment trust. The Trust invests in and owns a diversified portfolio of healthcare and healthcare-related real-estate assets in Asia.

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First REIT (FIRT SP)

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 - Healthcare S-REITs outperform broader S-REIT market and sub-segments year to date

Healthcare S-REITs achieved a 6.2% average total return in 2025, with S$17.6 million net institutional inflows year-to-date. ParkwayLife REIT's...

Singapore Exchange Ltd (SGX)

Asia Real Estate Tracker (15-Jan-2025): Santarli, Apex $368M top bid for West Singapore site

Santarli, Apex, and CVC-backed chain make significant bids for properties in Singapore, Indonesia, and Japan, respectively, totaling over $967...

Asia Real Estate Tracker

Singapore Market Roundup (05-Nov-2025): DBS rates NTT DC REIT 'buy' with a 20% target increase.

DBS rates NTT DC REIT as 'buy' with a 20% target rise; OCBC cuts First REIT's fair value; AIMS APAC REIT sees 1.1% DPU growth in 1HFY2026.

Singapore Market Roundup

Singapore Healthcare REITs: A Defensive Haven in a Shifting Market

Singapore’s healthcare Real Estate Investment Trusts (REITs) continue to stand out as one of the most defensive segments in the S-REIT...

Syfe

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