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

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

<ul><li>The 25 Singapore stocks most net sold by retail in May averaged 8.5% total returns, outperforming the STI's 2.9%.</li><li>Retail investors net sold S$280 million in Singapore stocks in May, while institutions net bought S$306,522.</li><li>Singapore Airlines was the most net sold stock by retail, gaining 7% in May, with a record S$2.8 billion net profit.</li></ul>

The 25 Singapore stocks most net sold by retail in May averaged 8.5% total returns, outperforming the STI's 2.9%.Retail investors net sold S$280 million in Singapore stocks in May, while institutions net bought S$306,522.Singapore Airlines was the most net sold stock by retail, gaining 7% in May, with a record S$2.8 billion net profit.

25 Most Net Sold Stocks by Retail in May Averaged 9% Total Returns

<ul><li>In April 2025, S-REITs recorded a total net institutional selling of S$90.3 million and retail selling of S$54.6 million.</li><li>ParkwayLife REIT, CapitaLand Integrated Commercial Trust, and Frasers Hospitality Trust were the top three year-to-date gainers in 2025.</li><li>Stoneweg European REIT obtained unitholders' approval for stapling to form Stoneweg European Stapled Trust, enhancing tax efficiency and investment scope.</li></ul>

In April 2025, S-REITs recorded a total net institutional selling of S$90.3 million and retail selling of S$54.6 million.ParkwayLife REIT, CapitaLand Integrated Commercial Trust, and Frasers Hospitality Trust were the top three year-to-date gainers in 2025.Stoneweg European REIT obtained unitholders' approval for stapling to form Stoneweg European Stapled Trust, enhancing tax efficiency and investment scope.

REIT Watch - S-REITs rebound 9.5% from Apr 9 lows, tracking volatility in global markets

<ul><li>From April 14 to 24, top 10 iEdge S-REIT index performers received S$23.3 million in net institutional inflows.</li><li>Institutional investors net sold S$36.6 million in S-REITs from April 14 to 24, totaling S$465.1 million in outflows year-to-date.</li><li>Retail investors net sold S$64.4 million in S-REITs from April 14 to 24, with year-to-date net inflows of S$261.9 million.</li></ul>

From April 14 to 24, top 10 iEdge S-REIT index performers received S$23.3 million in net institutional inflows.Institutional investors net sold S$36.6 million in S-REITs from April 14 to 24, totaling S$465.1 million in outflows year-to-date.Retail investors net sold S$64.4 million in S-REITs from April 14 to 24, with year-to-date net inflows of S$261.9 million.

REIT Watch – S-REITs rebound from early April sell-off 

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

Singapore

Frasers Hospitality Trust is a global hotel and serviced residence trust that invests in income-producing real estate assets primarily used for hospitality purposes. Its portfolio includes hotels and serviced residences located in prime cities across Asia, Australia, and Europe. The trust was established in Singapore in 2014.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Frasers Hospitality (FHT SP)

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)

25 Most Net Sold Stocks by Retail in May Averaged 9% Total Returns

The 25 Singapore stocks most net sold by retail in May averaged 8.5% total returns, outperforming the STI's 2.9%. Retail investors net sold S$280...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs rebound 9.5% from Apr 9 lows, tracking volatility in global markets

In April 2025, S-REITs recorded a total net institutional selling of S$90.3 million and retail selling of S$54.6 million. ParkwayLife REIT,...

Singapore Exchange Ltd (SGX)

REIT Watch – S-REITs rebound from early April sell-off

From April 14 to 24, top 10 iEdge S-REIT index performers received S$23.3 million in net institutional inflows. Institutional investors net sold...

Singapore Exchange Ltd (SGX)

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)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)