Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>DBS downgrades SGX to 'hold' as growth shows signs of tapering off.</li><li>uSmart upgrades Hong Leong Asia to 'buy' following strong 1HFY2026 results.</li><li>uSMART starts ‘buy’ on Toku, setting a target price of 15.1 cents.</li></ul>

DBS downgrades SGX to 'hold' as growth shows signs of tapering off.uSmart upgrades Hong Leong Asia to 'buy' following strong 1HFY2026 results.uSMART starts ‘buy’ on Toku, setting a target price of 15.1 cents.

Singapore Market Roundup (13-Oct-2026): DBS downgrades SGX to 'hold' amid slowing growth.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ui-boustead-reit" target="_blank" data-smartkarma-citation="entities:47562:1" rel="noopener">UI Boustead Reit (UIBREIT SP)</a> (UBREIT), a logistics and industrial REIT, aims to raise up to US$767m in its Singapore IPO.</li>
<li>UBREIT’s initial portfolio comprises 21 properties in Singapore and two properties in Japan. The total value of the IPO Portfolio is approximately S$1.9bn (US$1.5bn) as at 30 September 2025.</li>
<li>We have looked at the past performance in our earlier note. In this note, we talk about valuations.</li>
</ul>



UI Boustead Reit (UIBREIT SP) (UBREIT), a logistics and industrial REIT, aims to raise up to US$767m in its Singapore IPO.
UBREIT’s initial portfolio comprises 21 properties in Singapore and two properties in Japan. The total value of the IPO Portfolio is approximately S$1.9bn (US$1.5bn) as at 30 September 2025.
We have looked at the past performance in our earlier note. In this note, we talk about valuations.


Aequitas: UI Boustead REIT IPO - Thoughts on Valuations

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ui-boustead-reit" target="_blank" data-smartkarma-citation="entities:47562:1" rel="noopener">Ui Boustead Reit (UIBREIT SP)</a> (UBREIT), a logistics and industrial REIT, aims to raise up to US$767m in its Singapore IPO.</li>
<li>UBREIT’s initial portfolio comprises 21 properties in Singapore and two properties in Japan. The total value of the IPO Portfolio is approximately S$1.9bn (US$1.5bn) as at 30 September 2025.</li>
<li>In this note, we look at the company's past performace.</li>
</ul>



Ui Boustead Reit (UIBREIT SP) (UBREIT), a logistics and industrial REIT, aims to raise up to US$767m in its Singapore IPO.
UBREIT’s initial portfolio comprises 21 properties in Singapore and two properties in Japan. The total value of the IPO Portfolio is approximately S$1.9bn (US$1.5bn) as at 30 September 2025.
In this note, we look at the company's past performace.


UI Boustead REIT IPO - Diverse Asset Base

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Frasers Logistics & Commercial Trust / Equity Bottom-Up

Frasers Logistics & Commercial Trust (FLT SP)

<ul>
  <li>
<a href="https://smartkarma.com/entities/frasers-logistics-commercial-trust">Frasers Logistics &amp; Commercial Trust</a> (FLCT) is a diversified real estate investment trust with a portfolio of 113 logistics, industrial, and commercial properties valued at approximately S$6.9 billion.</li>
  <li>The Trust is strategically focused on expanding its logistics and industrial segment, which currently constitutes the majority of its portfolio and demonstrates strong operational performance with high occupancy rates and positive rental reversions.</li>
  <li>While facing headwinds from higher interest rates and foreign currency volatility, FLCT maintains a relatively low gearing and has significant debt headroom to fund future acquisitions, supported by a substantial pipeline of assets from its sponsor, Frasers Property Limited.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Frasers Logistics &amp; Commercial Trust (FLCT) is a diversified real estate investment trust with a portfolio of 113 logistics, industrial, and commercial properties valued at approximately S$6.9 billion.
  The Trust is strategically focused on expanding its logistics and industrial segment, which currently constitutes the majority of its portfolio and demonstrates strong operational performance with high occupancy rates and positive rental reversions.
  While facing headwinds from higher interest rates and foreign currency volatility, FLCT maintains a relatively low gearing and has significant debt headroom to fund future acquisitions, supported by a substantial pipeline of assets from its sponsor, Frasers Property Limited.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Frasers Logistics & Commercial Trust (FLT SP) - Apr 2026

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.

<ul><li>S-REITs achieved 14.4% total returns in 2025, driven by improved fundamentals and lower interest rates.  </li><li>Retail investors contributed S$961 million net inflows into S-REITs, contrasting with S$1.3 billion institutional net outflows.  </li><li>Top S-REITs by retail inflows include Mapletree Industrial Trust and Keppel DC REIT, focusing on industrial and data centre segments.</li></ul>

S-REITs achieved 14.4% total returns in 2025, driven by improved fundamentals and lower interest rates.  Retail investors contributed S$961 million net inflows into S-REITs, contrasting with S$1.3 billion institutional net outflows.  Top S-REITs by retail inflows include Mapletree Industrial Trust and Keppel DC REIT, focusing on industrial and data centre segments.

REIT Watch - 10 S-REITs which garnered over S$1 billion in total retail net inflows in 2025

Singapore

Frasers Logistics & Commercial Trust (FLCT) is a Singapore-listed real estate investment trust that invests in a diversified portfolio of income-producing logistics, industrial, and commercial properties. Its portfolio includes 113 properties across Australia, Germany, Singapore, the United Kingdom, and the Netherlands. The company was established in Singapore on November 30, 2015.

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Frasers Logistics & Commercial Trust (FLT SP)

Singapore Market Roundup (13-Oct-2026): DBS downgrades SGX to 'hold' amid slowing growth.

DBS downgrades SGX to 'hold' amid slowing growth; uSMART upgrades Hong Leong Asia to 'buy' after strong 1HFY2026 results and starts 'buy' on Toku...

Singapore Market Roundup

Aequitas: UI Boustead REIT IPO - Thoughts on Valuations

UI Boustead REIT (UIBREIT SP) (UBREIT), a logistics and industrial REIT, aims to raise up to US$767m in its Singapore IPO. In this note, we talk...

Sumeet Singh

UI Boustead REIT IPO - Diverse Asset Base

Ui Boustead Reit (UIBREIT SP) (UBREIT), a logistics and industrial REIT, aims to raise up to US$767m in its Singapore IPO. In this ntoe, we look at...

Sumeet Singh

Primer: Frasers Logistics & Commercial Trust (FLT SP) - Apr 2026

Frasers Logistics & Commercial Trust (FLCT) is a diversified real estate investment trust with a portfolio of 113 logistics, industrial,...

αSK Primers

REIT Watch - 10 S-REITs which garnered over S$1 billion in total retail net inflows in 2025

S-REITs achieved 14.4% total returns in 2025, driven by improved fundamentals and lower interest rates. Retail investors contributed S$961...

Singapore Exchange Ltd (SGX)

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52-week Range

Market Cap (USDm)

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