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>The STI generated a 6.5% total return for 2025 to June 6, with an annualised return of 8.5%.</li><li>SIA Engineering and Singapore Land Group achieved highest gains among non-STI stocks with market capitalisation above S$3 billion.</li><li>Sheng Siong Group reported a 15% total return for 2025 to June 6, with increased revenue and net profit.</li></ul>

The STI generated a 6.5% total return for 2025 to June 6, with an annualised return of 8.5%.SIA Engineering and Singapore Land Group achieved highest gains among non-STI stocks with market capitalisation above S$3 billion.Sheng Siong Group reported a 15% total return for 2025 to June 6, with increased revenue and net profit.

The Broader Beat: Market Movers Beyond the Benchmark

<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>Institutions net sold S$73M in Singapore stocks, with STI Banks experiencing S$701M in net institutional outflow in April.</li><li>Singtel recorded the highest net institutional inflow, with the Telecommunications Sector booking S$522M net inflow in April.</li><li>REITs saw S$74M net institutional outflow, but Frasers Centrepoint Trust led net inflow relative to market cap.</li></ul>

Institutions net sold S$73M in Singapore stocks, with STI Banks experiencing S$701M in net institutional outflow in April.Singtel recorded the highest net institutional inflow, with the Telecommunications Sector booking S$522M net inflow in April.REITs saw S$74M net institutional outflow, but Frasers Centrepoint Trust led net inflow relative to market cap.

Singapore Stocks Most Net Bought by Institutions in April

CapitaLand Integrated Commercial Trust / Equity Bottom-Up

CapitaLand Integrated Commercial Trust (CICT SP)

<ul><li>S-REITs rebounded 5.2% with S$50 million net institutional inflow, led by CapitaLand Integrated Commercial Trust and Frasers Centrepoint Trust.</li><li>US Fed Fund Rates outlook turned dovish, with expectations of 75bps cuts by 2026 due to weak consumer gauges.</li><li>Larger-cap S-REITs averaged 4.8% returns, outperforming smaller-cap counterparts, supported by institutional inflows and index weightings.</li></ul>

S-REITs rebounded 5.2% with S$50 million net institutional inflow, led by CapitaLand Integrated Commercial Trust and Frasers Centrepoint Trust.US Fed Fund Rates outlook turned dovish, with expectations of 75bps cuts by 2026 due to weak consumer gauges.Larger-cap S-REITs averaged 4.8% returns, outperforming smaller-cap counterparts, supported by institutional inflows and index weightings.

S-REITs That Bucked Recent Market Downturn

<ul><li>S-Reits with retail assets in Singapore reported strong committed occupancy and positive rental reversions, driven by tourism recovery.</li><li>Frasers Centrepoint Trust, CapitaLand Integrated Commercial Trust, and Mapletree Pan Asia Commercial Trust reported occupancy above 99% and rental growth.</li><li>CBRE and DBS Group Research anticipate continued strong leasing sentiment and retail rent growth in Singapore through 2025.</li></ul>

S-Reits with retail assets in Singapore reported strong committed occupancy and positive rental reversions, driven by tourism recovery.Frasers Centrepoint Trust, CapitaLand Integrated Commercial Trust, and Mapletree Pan Asia Commercial Trust reported occupancy above 99% and rental growth.CBRE and DBS Group Research anticipate continued strong leasing sentiment and retail rent growth in Singapore through 2025.

REIT Watch – Occupancy remains high for S-Reits’ Singapore retail assets

Singapore

Frasers Property is a multinational investor, developer, and operator of real estate products and services, spanning residential, retail, commercial, business parks, industrial, logistics, and hospitality sectors. The company develops, owns, and manages a diverse portfolio of properties globally, including serviced apartments and hotels, and sponsors real estate investment trusts. Headquartered in Singapore, the company was founded in 1963.

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Frasers Property (FPL SP)

The Broader Beat: Market Movers Beyond the Benchmark

The STI generated a 6.5% total return for 2025 to June 6, with an annualised return of 8.5%. SIA Engineering and Singapore Land Group achieved...

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)

Singapore Stocks Most Net Bought by Institutions in April

Institutions net sold S$73M in Singapore stocks, with STI Banks experiencing S$701M in net institutional outflow in April. Singtel recorded the...

Singapore Exchange Ltd (SGX)

S-REITs That Bucked Recent Market Downturn

S-REITs rebounded 5.2% with S$50 million net institutional inflow, led by CapitaLand Integrated Commercial Trust and Frasers Centrepoint Trust. US...

Singapore Exchange Ltd (SGX)

REIT Watch – Occupancy remains high for S-Reits’ Singapore retail assets

S-Reits with retail assets in Singapore reported strong committed occupancy and positive rental reversions, driven by tourism recovery. Frasers...

Singapore Exchange Ltd (SGX)

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