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>Suntec REIT's 1Q 2025 gross revenue increased 3.4% y-o-y to S$113.5 million, with DPU up 3.4% y-o-y.  </li><li>CICT's 1Q 2025 gross revenue was S$395.3 million, up 1.1% y-o-y, with NPI increasing 1.4% y-o-y.  </li><li>Suntec REIT completed S$730 million refinancing, resulting in annual interest savings of approximately S$1.8 million.</li></ul>

Suntec REIT's 1Q 2025 gross revenue increased 3.4% y-o-y to S$113.5 million, with DPU up 3.4% y-o-y.  CICT's 1Q 2025 gross revenue was S$395.3 million, up 1.1% y-o-y, with NPI increasing 1.4% y-o-y.  Suntec REIT completed S$730 million refinancing, resulting in annual interest savings of approximately S$1.8 million.

REIT Watch - Diversified S-REITs’ operating performance remain resilient amid market uncertainties

<ul><li>Keppel DC REIT re-enters the STI, increasing S-REITs' combined weight to over 10%, with a market cap of S$4.9 billion.</li><li>In 1Q 2025, Keppel DC REIT's distributable income rose 59.4% year-on-year, with a 14.2% increase in distribution per unit.</li><li>Keppel DC REIT's 2024 acquisitions included Tokyo Data Centre 1 and two AI-ready hyperscale data centres in Singapore.</li></ul>

Keppel DC REIT re-enters the STI, increasing S-REITs' combined weight to over 10%, with a market cap of S$4.9 billion.In 1Q 2025, Keppel DC REIT's distributable income rose 59.4% year-on-year, with a 14.2% increase in distribution per unit.Keppel DC REIT's 2024 acquisitions included Tokyo Data Centre 1 and two AI-ready hyperscale data centres in Singapore.

REIT Watch - Keppel DC REIT scheduled to join STI from 23 June

<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

CapitaLand Integrated Commercial Trust / Equity Bottom-Up

CapitaLand Integrated Commercial Trust (CICT SP)

<ul><li>S-REITs recorded net institutional inflows of S$42 million, reversing nearly seven weeks of net outflows.</li><li>CapitaLand Integrated Commercial Trust's FY24 AUM grew 6%, with NPI up 3.4% and rental reversion increases.</li><li>The US Federal Reserve maintained interest rates at 4.25-4.5%, lowered 2025 growth forecast, and raised inflation projection.</li></ul>

S-REITs recorded net institutional inflows of S$42 million, reversing nearly seven weeks of net outflows.CapitaLand Integrated Commercial Trust's FY24 AUM grew 6%, with NPI up 3.4% and rental reversion increases.The US Federal Reserve maintained interest rates at 4.25-4.5%, lowered 2025 growth forecast, and raised inflation projection.

REIT Watch - S-REITs surge as banks decline; see beginnings of a rebound

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.

Frasers Logistics & Commercial Trust (FLT SP)

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Frasers Logistics & Commercial Trust (FLT SP)

REIT Watch - Diversified S-REITs’ operating performance remain resilient amid market uncertainties

Suntec REIT's 1Q 2025 gross revenue increased 3.4% y-o-y to S$113.5 million, with DPU up 3.4% y-o-y. CICT's 1Q 2025 gross revenue was S$395.3...

Singapore Exchange Ltd (SGX)

REIT Watch - Keppel DC REIT scheduled to join STI from 23 June

Keppel DC REIT re-enters the STI, increasing S-REITs' combined weight to over 10%, with a market cap of S$4.9 billion. In 1Q 2025, Keppel DC...

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)

REIT Watch - S-REITs surge as banks decline; see beginnings of a rebound

S-REITs recorded net institutional inflows of S$42 million, reversing nearly seven weeks of net outflows. CapitaLand Integrated Commercial Trust's...

Singapore Exchange Ltd (SGX)

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