Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

Keppel Infrastructure Trust / Equity Bottom-Up

<ul>
<li>Debt Wall Squeeze: Rising rates and maturing low-cost debt will crush distributable income as SGD 3.28 bn in leverage and expensive perpetual securities face imminent yield resets.</li>
<li>Terminal Value Erosion: Core legacy assets like Senoko Waste-to-Energy and SingSpring Desalination face looming contractual run-offs, fundamentally destroying the portfolio's base cash-generation capacity.</li>
<li>Chronic Dilution Cycle: Management's reliance on heavily discounted equity placements to fund replacement acquisitions has systematically destroyed Unitholder value, shrinking net asset value per unit by 40%.</li>
</ul>


Debt Wall Squeeze: Rising rates and maturing low-cost debt will crush distributable income as SGD 3.28 bn in leverage and expensive perpetual securities face imminent yield resets.
Terminal Value Erosion: Core legacy assets like Senoko Waste-to-Energy and SingSpring Desalination face looming contractual run-offs, fundamentally destroying the portfolio's base cash-generation capacity.
Chronic Dilution Cycle: Management's reliance on heavily discounted equity placements to fund replacement acquisitions has systematically destroyed Unitholder value, shrinking net asset value per unit by 40%.


The Refinancing Trap: Shorting Keppel Infrastructure Trust on Yield Collapse

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.

<ul><li>Keppel Infrastructure Trust (KIT) shifted from stable, bond-like assets to an active management model for growth potential.  </li><li>KIT's portfolio includes essential infrastructure assets, providing resilience and steady distributions through economic cycles.  </li><li>KIT achieved total returns of approximately 13% in the first half of 2026, demonstrating value creation across market cycles.</li></ul>

Keppel Infrastructure Trust (KIT) shifted from stable, bond-like assets to an active management model for growth potential.  KIT's portfolio includes essential infrastructure assets, providing resilience and steady distributions through economic cycles.  KIT achieved total returns of approximately 13% in the first half of 2026, demonstrating value creation across market cycles.

kopi-C with CEO of Keppel Infrastructure Trust: Turning essential infrastructure into growth

Thematic (Sector/Industry)

<ul>
<li>AI inference demands sub-10 millisecond latency, forcing massive compute workloads away from centralized hyperscale campuses to distributed edge data centers.</li>
<li>Five-Year grid interconnection delays make edge sites critical bypass valves, positioning tower operators like American Tower to monetize pre-zoned, power-ready land.</li>
<li>A core pair trade going long American Tower and short Keppel Infrastructure Trust captures edge growth while hedging against elevated 44.2% gearing and finite-life concession cliffs.</li>
</ul>


AI inference demands sub-10 millisecond latency, forcing massive compute workloads away from centralized hyperscale campuses to distributed edge data centers.
Five-Year grid interconnection delays make edge sites critical bypass valves, positioning tower operators like American Tower to monetize pre-zoned, power-ready land.
A core pair trade going long American Tower and short Keppel Infrastructure Trust captures edge growth while hedging against elevated 44.2% gearing and finite-life concession cliffs.


Edge Inference: Profiting from AI Decentralization and Grid Constraints

Director and Founding Member, Corporate Monitor Limited

Tan Yee Peng

Director and Founding Member

Strengthening Corporate Performance

Corporate Monitor Limited

Corporate Monitor was established to encourage better performance of companies, particularly companies listed on the SGX, and hold their management and boards to account, for the benefit of their shareholders and stakeholders.

<ul><li>This report is a follow-up on Corporate Monitor Limited’s (CML) fourth REIT report which looked at whether Singapore REITs (S-REIT) provide a return on capital, or return of capital.</li><li>This report performs similar research on the Business Trust (BT) sector.</li><li>To be clear, the BT sector excludes REITs that have a stapled security structure comprising a REIT and business trust, and only focuses on pure business trusts, of which there are 5.</li></ul>

This report is a follow-up on Corporate Monitor Limited’s (CML) fourth REIT report which looked at whether Singapore REITs (S-REIT) provide a return on capital, or return of capital.This report performs similar research on the Business Trust (BT) sector.To be clear, the BT sector excludes REITs that have a stapled security structure comprising a REIT and business trust, and only focuses on pure business trusts, of which there are 5.

Singapore Business Trust Sector: Return OF Capital, No Exception

<ul><li>Keppel Infrastructure Trust (KIT) is the only business trust in Singapore focusing on infrastructure assets, with total assets of S$6.2 billion as of 2025.</li><li>The assets are grouped under “Energy Transition” (total assets S$3.1 billion), “Environmental Services” (total assets S$986 million), “Distribution &amp; Storage” (total assets S$2 billion), and a new “Digital Infrastructure” (total assets S$119 million, with the recently-acquired Global Marine Group as its sole asset).</li><li>Corporate Monitor Ltd (CML) has issued three reports on KIT.</li></ul>

Keppel Infrastructure Trust (KIT) is the only business trust in Singapore focusing on infrastructure assets, with total assets of S$6.2 billion as of 2025.The assets are grouped under “Energy Transition” (total assets S$3.1 billion), “Environmental Services” (total assets S$986 million), “Distribution &amp; Storage” (total assets S$2 billion), and a new “Digital Infrastructure” (total assets S$119 million, with the recently-acquired Global Marine Group as its sole asset).Corporate Monitor Ltd (CML) has issued three reports on KIT.

Divestments and Capital Management Are the Bright Spots

Singapore

Keppel Infrastructure Trust is an infrastructure business trust that invests in strategic infrastructure assets across Energy Transition, Environmental Services, Distribution & Storage, and Digital Infrastructure. It provides essential products and services to a diverse customer base. Headquartered in Singapore, the trust traces its origins to 2007.

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Keppel Infrastructure Trust (KIT SP)

The Refinancing Trap: Shorting Keppel Infrastructure Trust on Yield Collapse

Keppel Infra's debt wall squeeze: Rising rates and maturing low-cost debt will crush distributable income as SGD 3.28 bn in leverage and expensive...

Jacob Cheng

kopi-C with CEO of Keppel Infrastructure Trust: Turning essential infrastructure into growth

Keppel Infrastructure Trust (KIT) shifted from stable, bond-like assets to an active management model for growth potential. KIT's portfolio...

Singapore Exchange Ltd (SGX)

Edge Inference: Profiting from AI Decentralization and Grid Constraints

AI inference demands sub-10 millisecond latency, forcing massive compute workloads away from centralized hyperscale campuses to distributed edge...

Jacob Cheng

Singapore Business Trust Sector: Return OF Capital, No Exception

This report is a follow-up on Corporate Monitor Limited’s (CML) fourth REIT report which looked at whether Singapore REITs (S-REIT) provide a...

Corporate Monitor Limited

Divestments and Capital Management Are the Bright Spots

Keppel Infrastructure Trust (KIT) is the only business trust in Singapore focusing on infrastructure assets, with total assets of S$6.2 billion as...

Corporate Monitor Limited

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