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>IREIT Global's FY2024 revenue increased by 16.3% to €75.6 million, driven by B&M Portfolio acquisition and higher rental income.</li><li>Property operating expenses rose over 40% in FY2024 due to B&M Portfolio costs and a €4.1 million feasibility study.</li><li>IREIT's aggregate leverage was 37.6% as of December 2024, with 97.2% of bank borrowings hedged against interest rate fluctuations.</li></ul>

IREIT Global's FY2024 revenue increased by 16.3% to €75.6 million, driven by B&M Portfolio acquisition and higher rental income.Property operating expenses rose over 40% in FY2024 due to B&M Portfolio costs and a €4.1 million feasibility study.IREIT's aggregate leverage was 37.6% as of December 2024, with 97.2% of bank borrowings hedged against interest rate fluctuations.

10 in 10 with IREIT Global  - Gateway to European Real Estate

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>For the better part of two decades, Singaporean real estate investment trusts (REITs) have provided an efficient and popular exposure to quality large-scale commercial properties. </li>
<li>Yet as global central banks hike interest rates to address inflationary pressures, can REITs retain their attractiveness?</li>
<li>SREITs have corrected as Singaporean interest rates have increased. The question is whether higher interest rates are baked in, and which SREITs will hold up; and which ones will not?</li>
</ul>


For the better part of two decades, Singaporean real estate investment trusts (REITs) have provided an efficient and popular exposure to quality large-scale commercial properties. 
Yet as global central banks hike interest rates to address inflationary pressures, can REITs retain their attractiveness?
SREITs have corrected as Singaporean interest rates have increased. The question is whether higher interest rates are baked in, and which SREITs will hold up; and which ones will not?


S-REITs: Investing In An Inflationary Environment

Capitaland Integrated Commercial Trust / Equity Bottom-Up

<ul><li>CapitaLand Integrated Commercial Trust's net property income grew by 3.4% to S$1.2 billion in FY24, with DPU increasing 1.2%.</li><li>Mapletree Pan Asia Commercial Trust's Q3 FY25 revenue was S$223.7 million, down 7.4% year-on-year due to overseas headwinds.</li><li>OUE REIT's FY24 revenue rose 3.7% to S$295.5 million, with a 10.7% positive rental reversion for office assets.</li></ul>

CapitaLand Integrated Commercial Trust's net property income grew by 3.4% to S$1.2 billion in FY24, with DPU increasing 1.2%.Mapletree Pan Asia Commercial Trust's Q3 FY25 revenue was S$223.7 million, down 7.4% year-on-year due to overseas headwinds.OUE REIT's FY24 revenue rose 3.7% to S$295.5 million, with a 10.7% positive rental reversion for office assets.

REIT Watch - Diversified S-Reits offer portfolio resilience with stable 2024 operating performance

<ul><li>Elite UK REIT's FY2024 revenue and NPI decreased, but DPU rose 5.0% to 2.87 pence due to savings.</li><li>IREIT Global's FY2024 revenue and NPI increased, with DPU rising 1.6% to 1.90 euro cents, driven by portfolio performance.</li><li>Stoneweg European REIT's FY24 revenue and NPI declined, DPU dropped 10.1% to 14.106 euro cents, impacted by asset sales.</li></ul>

Elite UK REIT's FY2024 revenue and NPI decreased, but DPU rose 5.0% to 2.87 pence due to savings.IREIT Global's FY2024 revenue and NPI increased, with DPU rising 1.6% to 1.90 euro cents, driven by portfolio performance.Stoneweg European REIT's FY24 revenue and NPI declined, DPU dropped 10.1% to 14.106 euro cents, impacted by asset sales.

REIT Watch - Stoneweg European REIT eyes growth with a new Sponsor as European property rebounds in 2024

<ul><li>kopi-C with IREIT Global’s CEO: "Conviction is what matters" “Everyone was saying we were crazy, that retail is over due to e-commerce and Covid-19,” recalls Louis d’Estienne d’Orves, chief executive officer of IREIT.</li><li>The REIT also has the backing of its joint sponsors, global real estate firm City Developments Limited and international alternative asset management group Tikehau Capital.</li></ul>

kopi-C with IREIT Global’s CEO: "Conviction is what matters" “Everyone was saying we were crazy, that retail is over due to e-commerce and Covid-19,” recalls Louis d’Estienne d’Orves, chief executive officer of IREIT.The REIT also has the backing of its joint sponsors, global real estate firm City Developments Limited and international alternative asset management group Tikehau Capital.

kopi-C with IREIT Global’s CEO: "Conviction is what matters"

Singapore

IREIT Global is the first Singapore-listed real estate investment trust with the investment strategy of principally investing, directly or indirectly, in a portfolio of income-producing real estate in Europe which is used primarily for office, retail and industrial (including logistics) purposes, as well as real estate-related assets.

IREIT Global’s current portfolio comprises 5 freehold office properties in Germany, 5 freehold office properties in Spain and 27 freehold retail properties in France, with a total lettable area of approximately 384,000 sqm and a portfolio valuation of approximately €974.9 million.

IREIT Global is managed by IREIT Global Group Pte. Ltd., which is jointly owned by Tikehau Capital and City Developments Limited ("CDL"). Tikehau Capital is a global alternative asset management group listed in France, while CDL is a leading global real estate company listed in Singapore.

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IREIT Global (IREIT SP)

10 in 10 with IREIT Global - Gateway to European Real Estate

IREIT Global's FY2024 revenue increased by 16.3% to €75.6 million, driven by B&M Portfolio acquisition and higher rental income. Property...

Singapore Exchange Ltd (SGX)

S-REITs: Investing In An Inflationary Environment

Suntec, with one of the highest gearings in the office subsector, may need to go to the market cap in hand. That or divest some assets - in what is...

David Blennerhassett

REIT Watch - Diversified S-Reits offer portfolio resilience with stable 2024 operating performance

CapitaLand Integrated Commercial Trust's net property income grew by 3.4% to S$1.2 billion in FY24, with DPU increasing 1.2%. Mapletree Pan Asia...

Singapore Exchange Ltd (SGX)

kopi-C with IREIT Global’s CEO: "Conviction is what matters"

kopi-C with IREIT Global’s CEO: "Conviction is what matters" “Everyone was saying we were crazy, that retail is over due to e-commerce and...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

10 in 10 with IREIT Global - Gateway to European Real Estate

IREIT Global's FY2024 revenue increased by 16.3% to €75.6 million, driven by B&M Portfolio acquisition and higher rental income. Property...

Singapore Exchange Ltd (SGX)

S-REITs: Investing In An Inflationary Environment

Suntec, with one of the highest gearings in the office subsector, may need to go to the market cap in hand. That or divest some assets - in what is...

David Blennerhassett

REIT Watch - Diversified S-Reits offer portfolio resilience with stable 2024 operating performance

CapitaLand Integrated Commercial Trust's net property income grew by 3.4% to S$1.2 billion in FY24, with DPU increasing 1.2%. Mapletree Pan Asia...

Singapore Exchange Ltd (SGX)

REIT Watch - Stoneweg European REIT eyes growth with a new Sponsor as European property rebounds in 2024

Elite UK REIT's FY2024 revenue and NPI decreased, but DPU rose 5.0% to 2.87 pence due to savings. IREIT Global's FY2024 revenue and NPI increased,...

Singapore Exchange Ltd (SGX)

kopi-C with IREIT Global’s CEO: "Conviction is what matters"

kopi-C with IREIT Global’s CEO: "Conviction is what matters" “Everyone was saying we were crazy, that retail is over due to e-commerce and...

Singapore Exchange Ltd (SGX)