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>Six S-REITs reported growth in distributable income due to higher gross revenue, net property income, and decreased borrowing costs.</li><li>Digital Core REIT and Keppel DC REIT saw significant increases in NPI and distributable income, driven by acquisitions and demand.</li><li>Frasers Centrepoint Trust, Suntec REIT, and OUE REIT reported improved DPU, supported by stronger operational performance and lower financing costs.</li></ul>

Six S-REITs reported growth in distributable income due to higher gross revenue, net property income, and decreased borrowing costs.Digital Core REIT and Keppel DC REIT saw significant increases in NPI and distributable income, driven by acquisitions and demand.Frasers Centrepoint Trust, Suntec REIT, and OUE REIT reported improved DPU, supported by stronger operational performance and lower financing costs.

REIT Watch - Q3 reporting season kicks off with growth in distributions for S-REITs

<ul><li>The iEdge S-REIT index delivered 10.3% total returns since end-June 2025, with all 30 constituents in the black QTD.</li><li>OUE REIT, CICT, Lendlease Global REIT, and Keppel REIT reported YTD total returns between 23.5% to 30.2% as of Sept 12.</li><li>Retail investors net bought S-REITs with S$600 million inflow YTD, while institutions had S$800 million net outflows.</li></ul>

The iEdge S-REIT index delivered 10.3% total returns since end-June 2025, with all 30 constituents in the black QTD.OUE REIT, CICT, Lendlease Global REIT, and Keppel REIT reported YTD total returns between 23.5% to 30.2% as of Sept 12.Retail investors net bought S-REITs with S$600 million inflow YTD, while institutions had S$800 million net outflows.

REIT Watch - S-REITs deliver double-digit total return in Q3 as investors await rate cuts

<ul><li>Sabana REIT's DPU increased 26.9% year-on-year to S$0.017 in H1 2025, driven by higher revenue and NPI.</li><li>Digital Core REIT maintained a stable DPU of US$0.018 in H1 2025, with 1.8 million units repurchased.</li><li>OUE REIT's DPU rose 5.4% in H1 2025, aided by a 17.3% reduction in finance costs.</li></ul>

Sabana REIT's DPU increased 26.9% year-on-year to S$0.017 in H1 2025, driven by higher revenue and NPI.Digital Core REIT maintained a stable DPU of US$0.018 in H1 2025, with 1.8 million units repurchased.OUE REIT's DPU rose 5.4% in H1 2025, aided by a 17.3% reduction in finance costs.

REIT Watch - S-REITs earnings season kicks off, with 37 trusts scheduled to report their results in coming weeks

Mapletree Pan Asia Commercial Trust / Equity Bottom-Up

<ul><li>Institutional investors rotated into S-REITs with S$26 million net inflows on April 3 amid market volatility.</li><li>S-REITs ended Q1 2025 with 2.8% total returns, driven by a 5.0% price gain in March.</li><li>Franklin Resources acquired 5.06% interest in Digital Core REIT, buying 969,800 units at US$0.577 each.</li></ul>

Institutional investors rotated into S-REITs with S$26 million net inflows on April 3 amid market volatility.S-REITs ended Q1 2025 with 2.8% total returns, driven by a 5.0% price gain in March.Franklin Resources acquired 5.06% interest in Digital Core REIT, buying 969,800 units at US$0.577 each.

REIT Watch - S-REITs record net institutional inflows in March as sector snaps 5-month losing streak

Singtel (Singapore Telecommunications) / Equity Bottom-Up

<ul><li>Banks DBS, OCBC, and UOB, accounting for 54% of STI's weight, averaged 3.2% returns in January 2025.  </li><li>Institutions were net sellers of Singapore stocks, with a net outflow exceeding S$500 million in January 2025.  </li><li>Keppel Pacific Oak REIT led the S-REIT sector with a 17.1% return in USD terms in January 2025.</li></ul>

Banks DBS, OCBC, and UOB, accounting for 54% of STI's weight, averaged 3.2% returns in January 2025.  Institutions were net sellers of Singapore stocks, with a net outflow exceeding S$500 million in January 2025.  Keppel Pacific Oak REIT led the S-REIT sector with a 17.1% return in USD terms in January 2025.

STI Begins New Year with 1.8% Return, Led by Singtel & Seatrium

Singapore

Keppel Pacific Oak US REIT operates as a real estate investment trust with properties located in the United States. The Company invests in a diversified portfolio of income-producing commercial and real estate assets in key growth markets of the US.

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Keppel Pacific Oak US REIT (KORE SP)

REIT Watch - Q3 reporting season kicks off with growth in distributions for S-REITs

Six S-REITs reported growth in distributable income due to higher gross revenue, net property income, and decreased borrowing costs. Digital Core...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs deliver double-digit total return in Q3 as investors await rate cuts

The iEdge S-REIT index delivered 10.3% total returns since end-June 2025, with all 30 constituents in the black QTD. OUE REIT, CICT, Lendlease...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs earnings season kicks off, with 37 trusts scheduled to report their results in coming weeks

Sabana REIT's DPU increased 26.9% year-on-year to S$0.017 in H1 2025, driven by higher revenue and NPI. Digital Core REIT maintained a stable DPU...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs record net institutional inflows in March as sector snaps 5-month losing streak

Institutional investors rotated into S-REITs with S$26 million net inflows on April 3 amid market volatility. S-REITs ended Q1 2025 with 2.8%...

Singapore Exchange Ltd (SGX)

STI Begins New Year with 1.8% Return, Led by Singtel & Seatrium

Banks DBS, OCBC, and UOB, accounting for 54% of STI's weight, averaged 3.2% returns in January 2025. Institutions were net sellers of Singapore...

Singapore Exchange Ltd (SGX)

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