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>Healthcare S-REITs recorded an average total return of 2.8% year to date, following 6.9% in 2024 and 7.1% in 2023.</li><li>Parkway Life REIT's FY2024 revenue declined 1.5% due to yen weakness, but DPU grew 1% year on year.</li><li>First REIT's FY2024 rental income fell 5.9% due to yen and rupiah weakness, maintaining 100% occupancy rates.</li></ul>

Healthcare S-REITs recorded an average total return of 2.8% year to date, following 6.9% in 2024 and 7.1% in 2023.Parkway Life REIT's FY2024 revenue declined 1.5% due to yen weakness, but DPU grew 1% year on year.First REIT's FY2024 rental income fell 5.9% due to yen and rupiah weakness, maintaining 100% occupancy rates.

REIT Watch - Healthcare S-REITs are here to stay

<ul><li>Healthcare S-Reits stay defensive with robust fundamentals JLL’s latest Healthcare Real Estate Outlook report also identified that healthcare-related assets remain one of the most resilient commercial real estate sectors.</li><li>Notably, Parkway Life Reit (PLife) and First Reit are two listed healthcare Singapore Reits (S-Reits) that invest in income-producing, healthcare-related commercial properties in both Singapore and overseas markets such as Japan, Indonesia and Malaysia.</li></ul>

Healthcare S-Reits stay defensive with robust fundamentals JLL’s latest Healthcare Real Estate Outlook report also identified that healthcare-related assets remain one of the most resilient commercial real estate sectors.Notably, Parkway Life Reit (PLife) and First Reit are two listed healthcare Singapore Reits (S-Reits) that invest in income-producing, healthcare-related commercial properties in both Singapore and overseas markets such as Japan, Indonesia and Malaysia.

REIT Watch - Healthcare S-Reits stay defensive with robust fundamentals

10 in 10 with OUE Healthcare - Sustainable Expansion across Asia

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

ARA US Hospitality Trust / Equity Bottom-Up

<ul><li>10 Top performing S-REITs and Trusts for Mar 18-22 MANULIFE US REAL ESTATE INV  The top five gainers among S-REITs and property trusts in the week ahead of the Friday afternoon session were: Manulife US REIT, Keppel Pacific Oak US REIT, ARA US Hospitality Trust, First REIT, and Far East Hospitality Trust.</li></ul>

10 Top performing S-REITs and Trusts for Mar 18-22 MANULIFE US REAL ESTATE INV  The top five gainers among S-REITs and property trusts in the week ahead of the Friday afternoon session were: Manulife US REIT, Keppel Pacific Oak US REIT, ARA US Hospitality Trust, First REIT, and Far East Hospitality Trust.

REIT Watch - S-REITs gain on Fed chair Powell reaffirming three rate cuts to come this year

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 - Healthcare S-REITs are here to stay

Healthcare S-REITs recorded an average total return of 2.8% year to date, following 6.9% in 2024 and 7.1% in 2023. Parkway Life REIT's FY2024...

Singapore Exchange Ltd (SGX)

REIT Watch - Healthcare S-Reits stay defensive with robust fundamentals

Healthcare S-Reits stay defensive with robust fundamentals JLL’s latest Healthcare Real Estate Outlook report also identified that...

Singapore Exchange Ltd (SGX)

10 in 10 with OUE Healthcare - Sustainable Expansion across Asia

10 in 10 with OUE Healthcare - Sustainable Expansion across Asia

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs gain on Fed chair Powell reaffirming three rate cuts to come this year

10 Top performing S-REITs and Trusts for Mar 18-22 MANULIFE US REAL ESTATE INV The top five gainers among S-REITs and property trusts in the week...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

REIT Watch - Healthcare S-REITs are here to stay

Healthcare S-REITs recorded an average total return of 2.8% year to date, following 6.9% in 2024 and 7.1% in 2023. Parkway Life REIT's FY2024...

Singapore Exchange Ltd (SGX)

REIT Watch - Healthcare S-Reits stay defensive with robust fundamentals

Healthcare S-Reits stay defensive with robust fundamentals JLL’s latest Healthcare Real Estate Outlook report also identified that...

Singapore Exchange Ltd (SGX)

10 in 10 with OUE Healthcare - Sustainable Expansion across Asia

10 in 10 with OUE Healthcare - Sustainable Expansion across Asia

Singapore Exchange Ltd (SGX)

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 gain on Fed chair Powell reaffirming three rate cuts to come this year

10 Top performing S-REITs and Trusts for Mar 18-22 MANULIFE US REAL ESTATE INV The top five gainers among S-REITs and property trusts in the week...

Singapore Exchange Ltd (SGX)

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