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>Keppel DC REIT's S$625 million private placement will partially finance its acquisition of two hyperscale data centres in Tokyo.</li><li>Secondary fundraising in Singapore is set to exceed S$4 billion in 2026, led by large REIT placements.</li><li>The acquisition will increase Japan's contribution to Keppel DC REIT's portfolio rental income from 9% to 23%.</li></ul>

Keppel DC REIT's S$625 million private placement will partially finance its acquisition of two hyperscale data centres in Tokyo.Secondary fundraising in Singapore is set to exceed S$4 billion in 2026, led by large REIT placements.The acquisition will increase Japan's contribution to Keppel DC REIT's portfolio rental income from 9% to 23%.

Keppel DC REIT Deal To Lift 2026 Secondary Fundraising Above S$4B

Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

Thematic (Sector/Industry)

<ul>
<li>Data centres trade as real estate but do not behave like it: value is set by secured, energised power, execution capability and regulation, not by location or floor space.</li>
<li>Valuation requires triangulation across various methodologies. The metrics that matter are contracted versus energised MW, WALE by contract type, PUE trajectory and ESG compliance against regulatory thresholds.</li>
<li>Six SGX-listed vehicles offer differentiated exposure: three pure-plays (Keppel DC REIT, Digital Core REIT, NTT DC REIT) and three diversified names (CapitaLand Ascendas REIT, Mapletree Industrial Trust, CapitaLand India Trust).</li>
</ul>


Data centres trade as real estate but do not behave like it: value is set by secured, energised power, execution capability and regulation, not by location or floor space.
Valuation requires triangulation across various methodologies. The metrics that matter are contracted versus energised MW, WALE by contract type, PUE trajectory and ESG compliance against regulatory thresholds.
Six SGX-listed vehicles offer differentiated exposure: three pure-plays (Keppel DC REIT, Digital Core REIT, NTT DC REIT) and three diversified names (CapitaLand Ascendas REIT, Mapletree Industrial Trust, CapitaLand India Trust).


<ul>
<li>Power is the product. Data centres are sold by the megawatt, not the square metre. Whoever secures the electricity controls the value.</li>
<li>The usual property metrics mislead. Cap rates and occupancy metrics, borrowed from real estate, hide the huge mandatory upgrade cycles these assets demand. Standard valuation reaches the wrong answer.</li>
<li>Governments now decide. Grid access and planning approval, not customer demand, determine which projects get built. Regulators in Singapore, Ireland and US states have become the real gatekeepers of supply.</li>
</ul>


Power is the product. Data centres are sold by the megawatt, not the square metre. Whoever secures the electricity controls the value.
The usual property metrics mislead. Cap rates and occupancy metrics, borrowed from real estate, hide the huge mandatory upgrade cycles these assets demand. Standard valuation reaches the wrong answer.
Governments now decide. Grid access and planning approval, not customer demand, determine which projects get built. Regulators in Singapore, Ireland and US states have become the real gatekeepers of supply.


Data Centres: The Asset Class Powering the Digital Economy

Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

<ul>
<li>Singapore data centers should be understood as constrained infrastructure rather than as a broad technology theme.</li>
<li>The sector sells reliable digital capacity built on power, cooling, connectivity, and resilience, so the economics are driven less by digital demand in the abstract and more by access to scarce physical inputs, execution quality, and operating discipline.</li>
<li>Singapore remains the region’s premium node even as expansion becomes harder.</li>
</ul>


Singapore data centers should be understood as constrained infrastructure rather than as a broad technology theme.
The sector sells reliable digital capacity built on power, cooling, connectivity, and resilience, so the economics are driven less by digital demand in the abstract and more by access to scarce physical inputs, execution quality, and operating discipline.
Singapore remains the region’s premium node even as expansion becomes harder.


Singapore Data Center Primer: Premium Node in a Constrained Market

<ul><li>Keppel DC REIT's FY2025 distributable income grew 55.2% year-on-year, with a 9.8% rise in distribution per unit.</li><li>Digital Core REIT reported a 1.9% increase in distributable income for FY2025, with favorable leasing fundamentals and a 10-year agreement.</li><li>NTT DC REIT's 9-month revenue was US$106 million, up 1.7% from IPO forecast, with 97.3% occupancy.</li></ul>

Keppel DC REIT's FY2025 distributable income grew 55.2% year-on-year, with a 9.8% rise in distribution per unit.Digital Core REIT reported a 1.9% increase in distributable income for FY2025, with favorable leasing fundamentals and a 10-year agreement.NTT DC REIT's 9-month revenue was US$106 million, up 1.7% from IPO forecast, with 97.3% occupancy.

REIT Watch - Data Centre S-REITs Stay Resilient on AI tailwinds

Singapore

Keppel DC REIT is Asia's first pure-play data centre real estate investment trust, investing in a diversified portfolio of income-producing real estate assets used primarily for data centre purposes and assets supporting the digital economy. Its properties are leased as colocation, fully fitted, and shell and core data centers across Asia and Europe. Headquartered in Singapore, the company was founded in 2014.

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Keppel DC (KDCREIT SP)

Keppel DC REIT Deal To Lift 2026 Secondary Fundraising Above S$4B

Keppel DC REIT's S$625 million private placement will partially finance its acquisition of two hyperscale data centres in Tokyo. Secondary...

Singapore Exchange Ltd (SGX)

Investing in Data Centres

Data centres are valued based on secured power, execution capability, and regulation, not location or floor space. Six SGX-listed vehicles offer...

Golden Section Capital

Data Centres: The Asset Class Powering the Digital Economy

From megawatts and Tier ratings to valuation, power risk and regulation, the foundations required to evaluate one of the decade's defining asset...

Golden Section Capital

Singapore Data Center Primer: Premium Node in a Constrained Market

Singapore data centers should be understood as constrained infrastructure rather than as a broad technology theme. The sector sells reliable...

ICAM

REIT Watch - Data Centre S-REITs Stay Resilient on AI tailwinds

Keppel DC REIT's FY2025 distributable income grew 55.2% year-on-year, with a 9.8% rise in distribution per unit. Digital Core REIT reported a 1.9%...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Keppel DC REIT Deal To Lift 2026 Secondary Fundraising Above S$4B

Keppel DC REIT's S$625 million private placement will partially finance its acquisition of two hyperscale data centres in Tokyo. Secondary...

Singapore Exchange Ltd (SGX)

Investing in Data Centres

​Data centres are valued based on secured power, execution capability, and regulation, not location or floor space. Six SGX-listed vehicles offer...

Golden Section Capital

Data Centres: The Asset Class Powering the Digital Economy

​From megawatts and Tier ratings to valuation, power risk and regulation, the foundations required to evaluate one of the decade's defining asset...

Golden Section Capital

Singapore Data Center Primer: Premium Node in a Constrained Market

Singapore data centers should be understood as constrained infrastructure rather than as a broad technology theme. The sector sells reliable...

ICAM

REIT Watch - Data Centre S-REITs Stay Resilient on AI tailwinds

Keppel DC REIT's FY2025 distributable income grew 55.2% year-on-year, with a 9.8% rise in distribution per unit. Digital Core REIT reported a 1.9%...

Singapore Exchange Ltd (SGX)

Data centres are valued based on secured power, execution capability, and regulation, not location or floor space. Six SGX-listed vehicles offer...

From megawatts and Tier ratings to valuation, power risk and regulation, the foundations required to evaluate one of the decade's defining asset...