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>Alpha Integrated REIT's 1Q26 saw a portfolio occupancy increase to 91.4% and rental reversion of 12.0%.  </li><li>Keppel DC REIT's 1Q26 DPU rose 13.2%, driven by Tokyo Data Centre 3 acquisition and strong portfolio performance.  </li><li>KORE US REIT's income for distribution improved 4.3%, with portfolio rental reversion at 0.8% and occupancy at 85.1%.</li></ul>

Alpha Integrated REIT's 1Q26 saw a portfolio occupancy increase to 91.4% and rental reversion of 12.0%.  Keppel DC REIT's 1Q26 DPU rose 13.2%, driven by Tokyo Data Centre 3 acquisition and strong portfolio performance.  KORE US REIT's income for distribution improved 4.3%, with portfolio rental reversion at 0.8% and occupancy at 85.1%.

REIT Watch - S-REITs commence Q1 reporting season with a positive start

Mapletree Pan Asia Commercial Trust / Equity Bottom-Up

Mapletree Pan Asia Commercial Trust (MPACT SP)

<ul><li>S-REITs have benefited from stable operating performance, lower borrowing costs, and supportive interest rate cuts in 2025.</li><li>Analysts report improved S-REITs performance due to falling interest rates, enhancing distributable income and capital market conditions.</li><li>Fitch Ratings expects S-REITs to increase capex by 20-25% in 2025, focusing on asset quality improvements.</li></ul>

S-REITs have benefited from stable operating performance, lower borrowing costs, and supportive interest rate cuts in 2025.Analysts report improved S-REITs performance due to falling interest rates, enhancing distributable income and capital market conditions.Fitch Ratings expects S-REITs to increase capex by 20-25% in 2025, focusing on asset quality improvements.

REIT Watch - S-REITs set for best year since 2019 with 14.7% total returns in 2025 YTD

Lendlease Global Commercial REIT / Equity Bottom-Up

Lendlease Global Commercial REIT (LREIT SP)

<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

<ul><li>In 3Q25, Singapore office REITs like CICT, MPACT, and Suntec REIT reported strong occupancy and positive rental reversions.</li><li>CICT's office portfolio occupancy rose to 96.2%, with a 1.9% rent increase, and full ownership of CapitaSpring.</li><li>Keppel REIT achieved a 12.0% rental reversion, maintaining 96.3% occupancy, with a WALE of 4.7 years.</li></ul>

In 3Q25, Singapore office REITs like CICT, MPACT, and Suntec REIT reported strong occupancy and positive rental reversions.CICT's office portfolio occupancy rose to 96.2%, with a 1.9% rent increase, and full ownership of CapitaSpring.Keppel REIT achieved a 12.0% rental reversion, maintaining 96.3% occupancy, with a WALE of 4.7 years.

REIT Watch - Positive momentum for Office S-REITs as vacancy rates ease and rents climb

<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 

Singapore

Keppel REIT is a commercial real estate investment trust that invests in a portfolio of prime commercial assets across Asia Pacific's key business districts, including Singapore, Australia, South Korea, and Japan. It aims to generate stable income and sustainable long-term total returns for its unitholders. Keppel REIT was established in 2005 and is headquartered in Singapore.

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Keppel REIT (KREIT SP)

REIT Watch - S-REITs commence Q1 reporting season with a positive start

Alpha Integrated REIT's 1Q26 saw a portfolio occupancy increase to 91.4% and rental reversion of 12.0%. Keppel DC REIT's 1Q26 DPU rose 13.2%,...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs set for best year since 2019 with 14.7% total returns in 2025 YTD

S-REITs have benefited from stable operating performance, lower borrowing costs, and supportive interest rate cuts in 2025. Analysts report...

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)

REIT Watch - Positive momentum for Office S-REITs as vacancy rates ease and rents climb

In 3Q25, Singapore office REITs like CICT, MPACT, and Suntec REIT reported strong occupancy and positive rental reversions. CICT's office...

Singapore Exchange Ltd (SGX)

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)

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