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>S-REITs in Singapore have announced S$4 billion in equity fundraising in 2025, surpassing 2024's S$2.9 billion.</li><li>Primary market IPOs of NTT DC REIT and CAREIT raised US$824.1 million and S$816.1 million, respectively.</li><li>Secondary market fundraising includes CapitaLand Integrated Commercial Trust's S$600 million and CapitaLand Ascendas REIT's S$500 million placements.</li></ul>

S-REITs in Singapore have announced S$4 billion in equity fundraising in 2025, surpassing 2024's S$2.9 billion.Primary market IPOs of NTT DC REIT and CAREIT raised US$824.1 million and S$816.1 million, respectively.Secondary market fundraising includes CapitaLand Integrated Commercial Trust's S$600 million and CapitaLand Ascendas REIT's S$500 million placements.

REIT Watch – S-REITs fundraising continues uptrend in 2025, reaching S$4 billion for YTD

GROW with Singlife, Navigator Investment Services

GROW with Singlife

Navigator Investment Services

We’ve made it our mission to enable advisers to partner with clients to make more considered choices, across their entire financial life journey. Together, we’re building an industry where financial advisers do better.

Thematic (Sector/Industry)

<ul><li>Artificial Intelligence (AI) has firmly established itself as a transformative force, reshaping industries and economies worldwide.</li><li>A 2017 report by PwC titled “Sizing the Prize” estimated that AI could contribute up to $15.7 trillion to the global economy by 2030.</li><li>This staggering projection underscores the enormous potential of AI-driven innovation to boost productivity and create value across sectors.</li></ul>

Artificial Intelligence (AI) has firmly established itself as a transformative force, reshaping industries and economies worldwide.A 2017 report by PwC titled “Sizing the Prize” estimated that AI could contribute up to $15.7 trillion to the global economy by 2030.This staggering projection underscores the enormous potential of AI-driven innovation to boost productivity and create value across sectors.

Frasers Logistics & Commercial Trust / Equity Bottom-Up

<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

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

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keppel-dc-reit" target="_blank" data-smartkarma-citation="entities:85:1" rel="noopener">Keppel DC REIT (KDCREIT SP)</a> will replace <a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage (JCNC SP)</a> in the <a href="https://www.smartkarma.com/entities/spdr-straits-times-index-etf" target="_blank" data-smartkarma-citation="entities:35880:1" rel="noopener">SPDR Straits Times Index ETF (STTF SP)</a> at the close on 20 June.</li>
<li>The <a href="https://www.smartkarma.com/entities/spdr-straits-times-index-etf" target="_blank" data-smartkarma-citation="entities:35880:1" rel="noopener">SPDR Straits Times Index ETF (STTF SP)</a> will need to trade between 3-5 days of ADV in the add and delete.</li>
<li>The ETF trading could help <a href="https://www.smartkarma.com/entities/keppel-dc-reit" target="_blank" data-smartkarma-citation="entities:85:1" rel="noopener">Keppel DC REIT (KDCREIT SP)</a> break out of its short-term downtrend and could add further pressure on <a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage (JCNC SP)</a>. </li>
</ul>



Keppel DC REIT (KDCREIT SP) will replace Jardine Cycle &amp; Carriage (JCNC SP) in the SPDR Straits Times Index ETF (STTF SP) at the close on 20 June.
The SPDR Straits Times Index ETF (STTF SP) will need to trade between 3-5 days of ADV in the add and delete.
The ETF trading could help Keppel DC REIT (KDCREIT SP) break out of its short-term downtrend and could add further pressure on Jardine Cycle &amp; Carriage (JCNC SP). 


STTF Index Rebalance: Keppel DC REIT Replaces Jardine Cycle & Carriage

Singapore

Keppel DC REIT is Asia's first pure-play data centre REIT listed on the Singapore Exchange. Keppel DC REIT's investment strategy is to principally invest, directly or indirectly, in a diversified portfolio of income-producing real estate assets which are used primarily for data centre purposes, as well as real estate related assets.

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Keppel DC REIT (KDCREIT SP)

REIT Watch – S-REITs fundraising continues uptrend in 2025, reaching S$4 billion for YTD

S-REITs in Singapore have announced S$4 billion in equity fundraising in 2025, surpassing 2024's S$2.9 billion. Primary market IPOs of NTT DC REIT...

Singapore Exchange Ltd (SGX)

Digital Economy – The Case for AI

AI is revolutionizing industries, boosting global economies, and driving innovation while raising challenges in ethics, privacy, and workforce...

GROW with Singlife

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: 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

STTF Index Rebalance: Keppel DC REIT Replaces Jardine Cycle & Carriage

Keppel DC REIT will replace Jardine Cycle & Carriage in the STTF SP at the close on 20 June. Passives will need to trade between 3-5x ADV in the...

Brian Freitas

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