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>S-REITs with office exposure, including Suntec, Keppel, and OUE REITs, reported strong growth in distributable income for H1 2026.</li><li>Keppel REIT's net property income rose 13.1% YoY, with a 25.2% increase in distributable income from operations.</li><li>Suntec REIT's distributable income increased 25.5% YoY, driven by strong operational performance and lower financing costs.</li></ul>

S-REITs with office exposure, including Suntec, Keppel, and OUE REITs, reported strong growth in distributable income for H1 2026.Keppel REIT's net property income rose 13.1% YoY, with a 25.2% increase in distributable income from operations.Suntec REIT's distributable income increased 25.5% YoY, driven by strong operational performance and lower financing costs.

REIT Watch: Singapore Office REITs deliver robust H1 performance on strong occupancy and higher rents

Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

Thematic (Sector/Industry)

<ul>
<li>The iEdge Singapore Next 50 is effectively a global growth proxy, with ~51% of revenues generated offshore, sharply reducing reliance on Singapore’s domestic and banking cycles.</li>
<li>Its mid-cap, real-asset and industrial skew creates structurally different earnings drivers from the STI, tied to trade flows, infrastructure, healthcare, and technology capex rather than credit growth.</li>
<li>The index offers diversification without governance compromise, using Singapore’s regulatory framework as a platform to access faster-growing ASEAN, Indian, and global markets.</li>
</ul>


The iEdge Singapore Next 50 is effectively a global growth proxy, with ~51% of revenues generated offshore, sharply reducing reliance on Singapore’s domestic and banking cycles.
Its mid-cap, real-asset and industrial skew creates structurally different earnings drivers from the STI, tied to trade flows, infrastructure, healthcare, and technology capex rather than credit growth.
The index offers diversification without governance compromise, using Singapore’s regulatory framework as a platform to access faster-growing ASEAN, Indian, and global markets.


The Global Footprint of the iEdge Singapore Next 50

<ul>
<li>Of the 30 companies that constitute the Straits Times Index (STI), Real Estate Investment Trusts (REITs) have long been a cornerstone.</li>
<li>For investors seeking growth and diversification beyond the blue-chip giants, the iEdge Singapore Next 50 indices present a compelling hunting ground beyond the 30 largest companies on the SGX. </li>
<li>These indices track the next 50 largest stocks after the top 30 SGX stocks ranked by market capitalization, and are home to a dynamic cohort of REITs.</li>
</ul>


Of the 30 companies that constitute the Straits Times Index (STI), Real Estate Investment Trusts (REITs) have long been a cornerstone.
For investors seeking growth and diversification beyond the blue-chip giants, the iEdge Singapore Next 50 indices present a compelling hunting ground beyond the 30 largest companies on the SGX. 
These indices track the next 50 largest stocks after the top 30 SGX stocks ranked by market capitalization, and are home to a dynamic cohort of REITs.


REITs Beyond the STI: A Review of the REIT Components of the iEdge Singapore Next 50 Indices

<ul><li>S-REITs raised over S$4.5 billion in 2026 YTD, surpassing 2025's strong fundraising, with UI Boustead REIT's IPO leading.</li><li>Keppel REIT's S$886 million preferential offering increased its portfolio value to S$11.2 billion, enhancing Singapore exposure.</li><li>CapitaLand Ascendas REIT raised S$903.5 million for acquisitions, including logistics properties and data centers in multiple countries.</li></ul>

S-REITs raised over S$4.5 billion in 2026 YTD, surpassing 2025's strong fundraising, with UI Boustead REIT's IPO leading.Keppel REIT's S$886 million preferential offering increased its portfolio value to S$11.2 billion, enhancing Singapore exposure.CapitaLand Ascendas REIT raised S$903.5 million for acquisitions, including logistics properties and data centers in multiple countries.

REIT Watch – S-REITs extend fundraising momentum in 2026

Alpha-Centric ESG Research

Kyle Rudden

<ul><li>New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding <em>mandatory</em> Scope 3 emissions reporting.</li><li>The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.</li><li>Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.</li></ul>

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding mandatory Scope 3 emissions reporting.The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

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: Singapore Office REITs deliver robust H1 performance on strong occupancy and higher rents

S-REITs with office exposure, including Suntec, Keppel, and OUE REITs, reported strong growth in distributable income for H1 2026. Keppel REIT's...

Singapore Exchange Ltd (SGX)

The Global Footprint of the iEdge Singapore Next 50

The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Golden Section Capital

REITs Beyond the STI: A Review of the REIT Components of the iEdge Singapore Next 50 Indices

Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...

Golden Section Capital

REIT Watch – S-REITs extend fundraising momentum in 2026

S-REITs raised over S$4.5 billion in 2026 YTD, surpassing 2025's strong fundraising, with UI Boustead REIT's IPO leading. Keppel REIT's S$886...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

REIT Watch: Singapore Office REITs deliver robust H1 performance on strong occupancy and higher rents

S-REITs with office exposure, including Suntec, Keppel, and OUE REITs, reported strong growth in distributable income for H1 2026. Keppel REIT's...

Singapore Exchange Ltd (SGX)

The Global Footprint of the iEdge Singapore Next 50

​The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Golden Section Capital

REITs Beyond the STI: A Review of the REIT Components of the iEdge Singapore Next 50 Indices

​Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...

Golden Section Capital

REIT Watch – S-REITs extend fundraising momentum in 2026

S-REITs raised over S$4.5 billion in 2026 YTD, surpassing 2025's strong fundraising, with UI Boustead REIT's IPO leading. Keppel REIT's S$886...

Singapore Exchange Ltd (SGX)

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

​New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...

Kyle Rudden

The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...