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>Institutions were net buyers of Singapore stocks with S$250 million inflow, led by DBS Group and Sembcorp Industries.</li><li>Keppel REIT raised S$113 million through a private placement to finance a 75% stake in Top Ryde City Shopping Centre.</li><li>ASL Marine Holdings entered a placement agreement for 41,104,000 shares at S$0.1703 each to support business expansion.</li></ul>

Institutions were net buyers of Singapore stocks with S$250 million inflow, led by DBS Group and Sembcorp Industries.Keppel REIT raised S$113 million through a private placement to finance a 75% stake in Top Ryde City Shopping Centre.ASL Marine Holdings entered a placement agreement for 41,104,000 shares at S$0.1703 each to support business expansion.

Placements Continue, SERT Buys Back Units 

Lendlease Global Commercial REIT / Equity Bottom-Up

<ul><li>The next 30 most traded stocks in 2H25 have a combined market capitalisation of S$74 billion, spanning all 12 sectors.</li><li>Seven REITs among these stocks have a combined market value of S$19.5 billion and S$53.1 million in 2H25 ADT.</li><li>CSE Global leads net institutional inflow-to-market cap ratio, with ADT rising to S$5.8 million in 2H25.</li></ul>

The next 30 most traded stocks in 2H25 have a combined market capitalisation of S$74 billion, spanning all 12 sectors.Seven REITs among these stocks have a combined market value of S$19.5 billion and S$53.1 million in 2H25 ADT.CSE Global leads net institutional inflow-to-market cap ratio, with ADT rising to S$5.8 million in 2H25.

Highlights of the 30 Most Traded Non-STI Stocks in 2H25

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

<ul><li>Keppel REIT's FY2024 property income and NPI increased by 12.2% and 10.7% year-on-year, with a 13.2% rental reversion.</li><li>MPACT's 3Q FY24/25 gross revenue and NPI decreased by 7.4% and 8.5% year-on-year, with a 9.1% DPU dip.</li><li>OUE REIT's FY2024 revenue grew 3.7% year-on-year, with a 94.6% occupancy rate and 10.7% rent reversion.</li></ul>

Keppel REIT's FY2024 property income and NPI increased by 12.2% and 10.7% year-on-year, with a 13.2% rental reversion.MPACT's 3Q FY24/25 gross revenue and NPI decreased by 7.4% and 8.5% year-on-year, with a 9.1% DPU dip.OUE REIT's FY2024 revenue grew 3.7% year-on-year, with a 94.6% occupancy rate and 10.7% rent reversion.

REIT Watch – Singapore-based Office S-REITs report stronger operational performance

<ul><li>Retail investors have been net buyers of real estate investment trust (S-REITs) in 2024 amid volatile performance for the sector during the year.</li><li>These investors net bought some S$1.6 billion across the sector in 2024, bringing their total net inflows into S-REITs over the past five years to over S$6 billion.</li><li>Across the broader Singapore market, the REIT sector was also the sector with the highest net retail inflows in 2024, followed by Real Estate (excluding REITs), which saw around S$400 million in net inflows.</li></ul>

Retail investors have been net buyers of real estate investment trust (S-REITs) in 2024 amid volatile performance for the sector during the year.These investors net bought some S$1.6 billion across the sector in 2024, bringing their total net inflows into S-REITs over the past five years to over S$6 billion.Across the broader Singapore market, the REIT sector was also the sector with the highest net retail inflows in 2024, followed by Real Estate (excluding REITs), which saw around S$400 million in net inflows.

REIT Watch - Larger S-Reits rank among those with highest net retail inflows in 2024

Singapore

Keppel REIT operates as a commercial real estate investment trust. The Trust owns and invests in a portfolio of income-producing office buildings and related real estate assets. Keppel REIT offers its services in Asia and Australia.

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Keppel REIT (KREIT SP)

Placements Continue, SERT Buys Back Units

Institutions were net buyers of Singapore stocks with S$250 million inflow, led by DBS Group and Sembcorp Industries. Keppel REIT raised S$113...

Singapore Exchange Ltd (SGX)

Highlights of the 30 Most Traded Non-STI Stocks in 2H25

The next 30 most traded stocks in 2H25 have a combined market capitalisation of S$74 billion, spanning all 12 sectors. Seven REITs among these...

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 – Singapore-based Office S-REITs report stronger operational performance

Keppel REIT's FY2024 property income and NPI increased by 12.2% and 10.7% year-on-year, with a 13.2% rental reversion. MPACT's 3Q FY24/25 gross...

Singapore Exchange Ltd (SGX)

REIT Watch - Larger S-Reits rank among those with highest net retail inflows in 2024

Retail investors have been net buyers of real estate investment trust (S-REITs) in 2024 amid volatile performance for the sector during the...

Singapore Exchange Ltd (SGX)

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