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>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>Keppel REIT reported a 12.3% positive rental reversion and a 3.1% increase in Singapore portfolio NPI to S$131.7 million.</li><li>Suntec REIT saw a 3.7% DPU growth, with a 10% positive rental reversion and NPI growth in its Singapore portfolio.</li><li>OUE REIT's core DPU increased by 11.4% amid declining interest rates, with a 9.1% rental reversion for office renewals.</li></ul>

Keppel REIT reported a 12.3% positive rental reversion and a 3.1% increase in Singapore portfolio NPI to S$131.7 million.Suntec REIT saw a 3.7% DPU growth, with a 10% positive rental reversion and NPI growth in its Singapore portfolio.OUE REIT's core DPU increased by 11.4% amid declining interest rates, with a 9.1% rental reversion for office renewals.

REIT Watch - Singapore-Listed Office REITs deliver resilient 1H 2025 performance

<ul><li>The STI generated a 6.5% total return for 2025 to June 6, with an annualised return of 8.5%.</li><li>SIA Engineering and Singapore Land Group achieved highest gains among non-STI stocks with market capitalisation above S$3 billion.</li><li>Sheng Siong Group reported a 15% total return for 2025 to June 6, with increased revenue and net profit.</li></ul>

The STI generated a 6.5% total return for 2025 to June 6, with an annualised return of 8.5%.SIA Engineering and Singapore Land Group achieved highest gains among non-STI stocks with market capitalisation above S$3 billion.Sheng Siong Group reported a 15% total return for 2025 to June 6, with increased revenue and net profit.

The Broader Beat: Market Movers Beyond the Benchmark

CapitaLand Integrated Commercial Trust / Equity Bottom-Up

CapitaLand Integrated Commercial Trust (CICT SP)

<ul><li>Six S-REITs with Singapore office exposure reported positive rental reversions, with Keppel REIT achieving 10.6% growth.</li><li>Occupancy rates remained high, with Suntec REIT at 98.7% and LREIT's Jem office fully occupied.</li><li>Limited new office supply in Singapore's CBD from 2025-2027 is expected to support rental stability.</li></ul>

Six S-REITs with Singapore office exposure reported positive rental reversions, with Keppel REIT achieving 10.6% growth.Occupancy rates remained high, with Suntec REIT at 98.7% and LREIT's Jem office fully occupied.Limited new office supply in Singapore's CBD from 2025-2027 is expected to support rental stability.

REIT Watch - S-REITs with Singapore office assets post resilient 1Q 2025 amid positive rent reversions and high occupancy

Mapletree Pan Asia Commercial Trust / Equity Bottom-Up

Mapletree Pan Asia Commercial Trust (MPACT SP)

<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

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 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 - Singapore-Listed Office REITs deliver resilient 1H 2025 performance

Keppel REIT reported a 12.3% positive rental reversion and a 3.1% increase in Singapore portfolio NPI to S$131.7 million. Suntec REIT saw a 3.7%...

Singapore Exchange Ltd (SGX)

The Broader Beat: Market Movers Beyond the Benchmark

The STI generated a 6.5% total return for 2025 to June 6, with an annualised return of 8.5%. SIA Engineering and Singapore Land Group achieved...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs with Singapore office assets post resilient 1Q 2025 amid positive rent reversions and high occupancy

Six S-REITs with Singapore office exposure reported positive rental reversions, with Keppel REIT achieving 10.6% growth. Occupancy rates remained...

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)

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