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>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

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

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<li>
<a href="https://www.smartkarma.com/entities/beverly-jcg-ltd" target="_blank" data-smartkarma-citation="entities:11480:1" rel="noopener">Beverly JCG Ltd (JCGI SP)</a> is a SGX-Catalist listed company. It offers a broad suite of services including invasive and non-invasive aesthetic procedures, dentistry and wellness treatments, amongst others.</li>
<li>As of Apr 25, the firm has a total of two Ministry of Health licensed hospitals, four aesthetic and three dental clinics, most of which are located in Klang Valley.</li>
<li>In this note, we provide a company update as well as our thoughts on the firm's latest sale and purchase agreement with KL Wellness City (KLWC).</li>
</ul>



Beverly JCG Ltd (JCGI SP) is a SGX-Catalist listed company. It offers a broad suite of services including invasive and non-invasive aesthetic procedures, dentistry and wellness treatments, amongst others.
As of Apr 25, the firm has a total of two Ministry of Health licensed hospitals, four aesthetic and three dental clinics, most of which are located in Klang Valley.
In this note, we provide a company update as well as our thoughts on the firm's latest sale and purchase agreement with KL Wellness City (KLWC).


Beverly JCG - Company Update - Balancing Between Dilution and Value Creation

<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

<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

<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 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)

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)

Beverly JCG - Company Update - Balancing Between Dilution and Value Creation

In this note, we provide a company update as well as our thoughts on the Beverly JCG's latest sale and purchase agreement with KL Wellness City...

Evolve Capital Advisory Pte Ltd

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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