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

First Real Estate Investment Trust / Equity Bottom-Up

First Real Estate Investment Trust (FIRT SP)

<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

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

<ul><li>Alpha Integrated REIT's 1Q26 saw a portfolio occupancy increase to 91.4% and rental reversion of 12.0%.  </li><li>Keppel DC REIT's 1Q26 DPU rose 13.2%, driven by Tokyo Data Centre 3 acquisition and strong portfolio performance.  </li><li>KORE US REIT's income for distribution improved 4.3%, with portfolio rental reversion at 0.8% and occupancy at 85.1%.</li></ul>

Alpha Integrated REIT's 1Q26 saw a portfolio occupancy increase to 91.4% and rental reversion of 12.0%.  Keppel DC REIT's 1Q26 DPU rose 13.2%, driven by Tokyo Data Centre 3 acquisition and strong portfolio performance.  KORE US REIT's income for distribution improved 4.3%, with portfolio rental reversion at 0.8% and occupancy at 85.1%.

REIT Watch - S-REITs commence Q1 reporting season with a positive start

<ul><li>Sabana REIT's DPU increased 26.9% year-on-year to S$0.017 in H1 2025, driven by higher revenue and NPI.</li><li>Digital Core REIT maintained a stable DPU of US$0.018 in H1 2025, with 1.8 million units repurchased.</li><li>OUE REIT's DPU rose 5.4% in H1 2025, aided by a 17.3% reduction in finance costs.</li></ul>

Sabana REIT's DPU increased 26.9% year-on-year to S$0.017 in H1 2025, driven by higher revenue and NPI.Digital Core REIT maintained a stable DPU of US$0.018 in H1 2025, with 1.8 million units repurchased.OUE REIT's DPU rose 5.4% in H1 2025, aided by a 17.3% reduction in finance costs.

REIT Watch - S-REITs earnings season kicks off, with 37 trusts scheduled to report their results in coming weeks

CapitaLand Integrated Commercial Trust / Equity Bottom-Up

CapitaLand Integrated Commercial Trust (CICT SP)

<ul><li>Top S-REIT performers in H1 2025 include FHT, CICT, First REIT, FCT, and Parkway Life REIT with returns of 10.0-21.4%.</li><li>Retail investors were net buyers with S$400 million inflow, while institutions were net sellers with S$500 million outflow.</li><li>Forward dividend yield for FTSE ST REIT Index was 6.4%, with a nearly 4% yield spread to 10-year Singapore Government Bonds.</li></ul>

Top S-REIT performers in H1 2025 include FHT, CICT, First REIT, FCT, and Parkway Life REIT with returns of 10.0-21.4%.Retail investors were net buyers with S$400 million inflow, while institutions were net sellers with S$500 million outflow.Forward dividend yield for FTSE ST REIT Index was 6.4%, with a nearly 4% yield spread to 10-year Singapore Government Bonds.

REIT Watch - Best performing S-REITs post double digit total returns in H1

Singapore

First Real Estate Investment Trust is a Singapore-based healthcare real estate investment trust. It invests in a diversified portfolio of income-producing real estate and related assets in Asia, primarily used for healthcare and healthcare-related purposes, including hospitals and nursing homes. The Trust was listed on the SGX-ST in December 2006 and is headquartered in Singapore.

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First Real Estate Investment Trust (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 - S-REITs commence Q1 reporting season with a positive start

Alpha Integrated REIT's 1Q26 saw a portfolio occupancy increase to 91.4% and rental reversion of 12.0%. Keppel DC REIT's 1Q26 DPU rose 13.2%,...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs earnings season kicks off, with 37 trusts scheduled to report their results in coming weeks

Sabana REIT's DPU increased 26.9% year-on-year to S$0.017 in H1 2025, driven by higher revenue and NPI. Digital Core REIT maintained a stable DPU...

Singapore Exchange Ltd (SGX)

REIT Watch - Best performing S-REITs post double digit total returns in H1

Top S-REIT performers in H1 2025 include FHT, CICT, First REIT, FCT, and Parkway Life REIT with returns of 10.0-21.4%. Retail investors were net...

Singapore Exchange Ltd (SGX)

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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)

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 commence Q1 reporting season with a positive start

Alpha Integrated REIT's 1Q26 saw a portfolio occupancy increase to 91.4% and rental reversion of 12.0%. Keppel DC REIT's 1Q26 DPU rose 13.2%,...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs earnings season kicks off, with 37 trusts scheduled to report their results in coming weeks

Sabana REIT's DPU increased 26.9% year-on-year to S$0.017 in H1 2025, driven by higher revenue and NPI. Digital Core REIT maintained a stable DPU...

Singapore Exchange Ltd (SGX)

REIT Watch - Best performing S-REITs post double digit total returns in H1

Top S-REIT performers in H1 2025 include FHT, CICT, First REIT, FCT, and Parkway Life REIT with returns of 10.0-21.4%. Retail investors were net...

Singapore Exchange Ltd (SGX)

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