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

Frasers Logistics & Commercial Trust / Equity Bottom-Up

Frasers Logistics & Commercial Trust (FLT SP)

<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

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>Over five sessions, 22 primary-listed companies conducted buybacks totaling S$88.9 million, with Singapore Telecommunications leading with 14 million shares.</li><li>Azure Capital completed the acquisition of 22,074,000 Trek 2000 International shares, becoming a substantial shareholder with a 7.3% interest.</li><li>Frasers Logistics & Commercial Trust acquired four logistics properties in Germany and the Netherlands for €294.9 million, funded through debt.</li></ul>

Over five sessions, 22 primary-listed companies conducted buybacks totaling S$88.9 million, with Singapore Telecommunications leading with 14 million shares.Azure Capital completed the acquisition of 22,074,000 Trek 2000 International shares, becoming a substantial shareholder with a 7.3% interest.Frasers Logistics & Commercial Trust acquired four logistics properties in Germany and the Netherlands for €294.9 million, funded through debt.

AGT Raises Nam Cheong Stake, Silchester Increases ComfortDelGro Stake

<ul><li>S-REITs announced 11 acquisitions worth over S$6.3 billion in the first four months of 2026.</li><li>CapitaLand Integrated Commercial Trust acquired Paragon for S$3.9 billion, funded by private placement and asset sales.</li><li>Logistics assets led acquisition activity, with six of 11 transactions, driven by e-commerce growth and supply-chain reconfiguration.</li></ul>

S-REITs announced 11 acquisitions worth over S$6.3 billion in the first four months of 2026.CapitaLand Integrated Commercial Trust acquired Paragon for S$3.9 billion, funded by private placement and asset sales.Logistics assets led acquisition activity, with six of 11 transactions, driven by e-commerce growth and supply-chain reconfiguration.

REIT Watch - S-REIT acquisitions regain momentum as capital reopens

Far East Hospitality Trust / Equity Bottom-Up

<ul><li>The US Federal Reserve maintained its benchmark interest rate, with analysts predicting a 75 basis points cut in 2025.</li><li>The S-REIT sector maintains an average gearing ratio of 40%, with the 10 lowest averaging 33.5%.</li><li>Sasseur REIT reported a 25.9% gearing ratio in 1Q25, with a 1.6% year-on-year increase in RMB rental income.</li></ul>

The US Federal Reserve maintained its benchmark interest rate, with analysts predicting a 75 basis points cut in 2025.The S-REIT sector maintains an average gearing ratio of 40%, with the 10 lowest averaging 33.5%.Sasseur REIT reported a 25.9% gearing ratio in 1Q25, with a 1.6% year-on-year increase in RMB rental income.

REIT Watch - 10 S-REITs with lowest gearing ratios average 33.5% as investors await rate cuts

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)

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)

AGT Raises Nam Cheong Stake, Silchester Increases ComfortDelGro Stake

Over five sessions, 22 primary-listed companies conducted buybacks totaling S$88.9 million, with Singapore Telecommunications leading with 14...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REIT acquisitions regain momentum as capital reopens

S-REITs announced 11 acquisitions worth over S$6.3 billion in the first four months of 2026. CapitaLand Integrated Commercial Trust acquired...

Singapore Exchange Ltd (SGX)

REIT Watch - 10 S-REITs with lowest gearing ratios average 33.5% as investors await rate cuts

The US Federal Reserve maintained its benchmark interest rate, with analysts predicting a 75 basis points cut in 2025. The S-REIT sector maintains...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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)

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

AGT Raises Nam Cheong Stake, Silchester Increases ComfortDelGro Stake

Over five sessions, 22 primary-listed companies conducted buybacks totaling S$88.9 million, with Singapore Telecommunications leading with 14...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REIT acquisitions regain momentum as capital reopens

S-REITs announced 11 acquisitions worth over S$6.3 billion in the first four months of 2026. CapitaLand Integrated Commercial Trust acquired...

Singapore Exchange Ltd (SGX)

REIT Watch - 10 S-REITs with lowest gearing ratios average 33.5% as investors await rate cuts

The US Federal Reserve maintained its benchmark interest rate, with analysts predicting a 75 basis points cut in 2025. The S-REIT sector maintains...

Singapore Exchange Ltd (SGX)

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