Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>DBS keeps 'buy' rating and 45¢ target price on OUE REIT post-Salesforce Tower deal.</li><li>DBS downgrades StarHub to 'fully valued'; recovery expected post-FY2027.</li><li>Maybank's Toh keeps 'buy' rating and 75¢ target for Soon Hock after FY2025 earnings rise.</li></ul>

DBS keeps 'buy' rating and 45¢ target price on OUE REIT post-Salesforce Tower deal.DBS downgrades StarHub to 'fully valued'; recovery expected post-FY2027.Maybank's Toh keeps 'buy' rating and 75¢ target for Soon Hock after FY2025 earnings rise.

Singapore Market Roundup (25-Feb-2026): DBS maintains 'buy' rating, 45¢ target on OUE REIT

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>Over five sessions to 17 September, 75 director interests and substantial shareholdings were filed for 40 primary-listed stocks, with 18 acquisitions and six disposals by directors or CEOs, and nine acquisitions and eight disposals by substantial shareholders.</li><li>All-Link Air & Sea's Executive Director Tang Ying increased her stake to 57.94% after acquiring 2.3 million shares for S$1.22 million, following a 38.2% revenue increase in 1HFY26.</li><li>Amova Asset Management increased its stake in Frencken Group to 8.09% on 14 September, while Frencken completed a S$100 million private placement for business expansion and strategic investments.</li></ul>

Over five sessions to 17 September, 75 director interests and substantial shareholdings were filed for 40 primary-listed stocks, with 18 acquisitions and six disposals by directors or CEOs, and nine acquisitions and eight disposals by substantial shareholders.All-Link Air & Sea's Executive Director Tang Ying increased her stake to 57.94% after acquiring 2.3 million shares for S$1.22 million, following a 38.2% revenue increase in 1HFY26.Amova Asset Management increased its stake in Frencken Group to 8.09% on 14 September, while Frencken completed a S$100 million private placement for business expansion and strategic investments.

Buybacks and Director Buying Mark Active Filing Week

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

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<li>
<a href="https://www.smartkarma.com/entities/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> 2Q22 DPU -9.5% YoY; Hit by the pre-termination compensation, though top-line remains stable</li>
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<a href="https://www.smartkarma.com/entities/sasseur-reit" target="_blank" data-smartkarma-citation="entities:26807" rel="noopener">Sasseur REIT (SASSR SP)</a> 2Q22 DPU -1.6% YoY; Weak performance of variable rental income though occupancy improving</li>
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<a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889" rel="noopener">Cromwell European REIT (CERT SP)</a> 1H22 DPU +2.3% YoY; Weaknesses in I&amp;L reversions, overall portfolio metrics remain stable</li>
</ul>



EC World Reit (ECWREIT SP) 2Q22 DPU -9.5% YoY; Hit by the pre-termination compensation, though top-line remains stable

Sasseur REIT (SASSR SP) 2Q22 DPU -1.6% YoY; Weak performance of variable rental income though occupancy improving

Cromwell European REIT (CERT SP) 1H22 DPU +2.3% YoY; Weaknesses in I&amp;L reversions, overall portfolio metrics remain stable


ASEAN Builder's Scoop (12Aug22) - ECWREIT Steady Top-Line Due to Master Leases

<ul><li>Two 99-year leasehold developments slated for Jul22 launch; Cape Royale in Sentosa selling at an attractive S$2,103psf onwards</li><li>Sun Venture in due diligence to acquire Bugis Junction Towers</li><li>Bukit Batok EC site launched for tender under 1H22 GLS programme; Up to 8 bidders expected to participate</li></ul>

Two 99-year leasehold developments slated for Jul22 launch; Cape Royale in Sentosa selling at an attractive S$2,103psf onwardsSun Venture in due diligence to acquire Bugis Junction TowersBukit Batok EC site launched for tender under 1H22 GLS programme; Up to 8 bidders expected to participate

ASEAN Builder's Scoop (29Jun22) - Cape Royale in Sentosa Selling for S$2,100+psf Onwards

<ul><li><a href="https://www.smartkarma.com/entities/uol-group-ltd" target="_blank" data-smartkarma-citation="entities:142" rel="noopener">UOL Group (UOL SP)</a> 2H21 PATMI +126% YoY; Stronger contributions from property development and hotel properties</li><li><a href="https://www.smartkarma.com/entities/mapletree-logistics-trust" target="_blank" data-smartkarma-citation="entities:16035" rel="noopener">Mapletree Logistics Trust (MLT SP)</a> acquires South Korean Logistic at 4.0% NPI yield; Expected to be DPU accretive</li><li><a href="https://www.smartkarma.com/entities/yanlord-land-group-ltd" target="_blank" data-smartkarma-citation="entities:14152" rel="noopener">Yanlord Land (YLLG SP)</a> 2H21 net profit fell 13% YoY; Declared S$0.068/share divvy (~5.6% yield)</li></ul>

UOL Group (UOL SP) 2H21 PATMI +126% YoY; Stronger contributions from property development and hotel propertiesMapletree Logistics Trust (MLT SP) acquires South Korean Logistic at 4.0% NPI yield; Expected to be DPU accretiveYanlord Land (YLLG SP) 2H21 net profit fell 13% YoY; Declared S$0.068/share divvy (~5.6% yield)

ASEAN Builder's Scoop (1Mar22) - UOL Stronger Contributions from Prop Dev't and Hotels

Singapore

Ho Bee Land is a Singapore-based real estate development and investment company. It specializes in residential, commercial, and high-tech industrial projects, including luxury homes in Sentosa Cove and Grade A office developments like The Metropolis. The company was founded in 1987 and is headquartered in Singapore.

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Ho Bee Land (HOBEE SP)

Singapore Market Roundup (25-Feb-2026): DBS maintains 'buy' rating, 45¢ target on OUE REIT

DBS maintains 'buy' on OUE REIT with a 45¢ target, downgrades StarHub to 'fully valued', while Maybank's Toh keeps 'buy' on Soon Hock with a 75¢...

Singapore Market Roundup

Buybacks and Director Buying Mark Active Filing Week

Over five sessions to 17 September, 75 director interests and substantial shareholdings were filed for 40 primary-listed stocks, with 18...

Singapore Exchange Ltd (SGX)

ASEAN Builder's Scoop (12Aug22) - ECWREIT Steady Top-Line Due to Master Leases

SASSR hit by weak variable income; CERT weakness in I&L reversions; IREIT low gearing opportunities; UHU occupancies trending up; PWON reached 44%...

SCCM Asia Research

ASEAN Builder's Scoop (29Jun22) - Cape Royale in Sentosa Selling for S$2,100+psf Onwards

Sun Venture in DD for Bugis Junction Tower; Bukit Batok EC tender launched; MYR3bn infra of Tun Razak Exchange 99% completed; Phils POGOs coming back

SCCM Asia Research

ASEAN Builder's Scoop (1Mar22) - UOL Stronger Contributions from Prop Dev't and Hotels

MLT buys South Korean logistics at 4% yield; DC rates rising except for hotel use; AREIT growing AUM boosted earnings; SIRI targets +26% YoY 2022...

SCCM Asia Research

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