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>Seven S-REITs with Singapore retail assets reported improved revenue and net property income due to positive rental reversions and occupancy rates.</li><li>CICT, FCT, and LREIT achieved positive rent reversions, with CICT's retail portfolio seeing 17.5% growth in tenant sales.</li><li>MPACT, OUE REIT, Starhill Global REIT, and Suntec REIT reported high occupancy rates and varying rent reversions, with VivoCity achieving significant sales milestones.</li></ul>

Seven S-REITs with Singapore retail assets reported improved revenue and net property income due to positive rental reversions and occupancy rates.CICT, FCT, and LREIT achieved positive rent reversions, with CICT's retail portfolio seeing 17.5% growth in tenant sales.MPACT, OUE REIT, Starhill Global REIT, and Suntec REIT reported high occupancy rates and varying rent reversions, with VivoCity achieving significant sales milestones.

REIT Watch - Most S-REITs with Singapore retail assets record double digit positive rent reversions despite softer retail outlook

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 Industrial Trust / Equity Bottom-Up

<ul><li>Retail investors net bought S$92.5 million in S-REITs from April 7 to 10, indicating yield hunting behavior.</li><li>Institutional investors recorded net outflows of S$42.7 million in S-REITs, with MLT and CICT experiencing significant outflows.</li><li>NikkoAM-StraitsTrading Asia ex Japan REIT ETF and Lion-Phillip S-REIT ETF saw S$25 million combined net inflows.</li></ul>

Retail investors net bought S$92.5 million in S-REITs from April 7 to 10, indicating yield hunting behavior.Institutional investors recorded net outflows of S$42.7 million in S-REITs, with MLT and CICT experiencing significant outflows.NikkoAM-StraitsTrading Asia ex Japan REIT ETF and Lion-Phillip S-REIT ETF saw S$25 million combined net inflows.

REIT Watch - S-REITs’ yields remain compelling for defensive investors amid market volatility

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

<ul><li>CapitaLand Integrated Commercial Trust's net property income grew by 3.4% to S$1.2 billion in FY24, with DPU increasing 1.2%.</li><li>Mapletree Pan Asia Commercial Trust's Q3 FY25 revenue was S$223.7 million, down 7.4% year-on-year due to overseas headwinds.</li><li>OUE REIT's FY24 revenue rose 3.7% to S$295.5 million, with a 10.7% positive rental reversion for office assets.</li></ul>

CapitaLand Integrated Commercial Trust's net property income grew by 3.4% to S$1.2 billion in FY24, with DPU increasing 1.2%.Mapletree Pan Asia Commercial Trust's Q3 FY25 revenue was S$223.7 million, down 7.4% year-on-year due to overseas headwinds.OUE REIT's FY24 revenue rose 3.7% to S$295.5 million, with a 10.7% positive rental reversion for office assets.

REIT Watch - Diversified S-Reits offer portfolio resilience with stable 2024 operating performance

Singapore

Lendlease Global Commercial REIT operates as a real estate investment trust. The Company invests in diversified portfolio of real estate assets. Lendlease Global Commercial REIT serves customers worldwide.

Lendlease Global Commercial REIT (LREIT SP)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Lendlease Global Commercial REIT (LREIT SP)

REIT Watch - Most S-REITs with Singapore retail assets record double digit positive rent reversions despite softer retail outlook

Seven S-REITs with Singapore retail assets reported improved revenue and net property income due to positive rental reversions and occupancy...

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’ yields remain compelling for defensive investors amid market volatility

Retail investors net bought S$92.5 million in S-REITs from April 7 to 10, indicating yield hunting behavior. Institutional investors recorded net...

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)

REIT Watch - Diversified S-Reits offer portfolio resilience with stable 2024 operating performance

CapitaLand Integrated Commercial Trust's net property income grew by 3.4% to S$1.2 billion in FY24, with DPU increasing 1.2%. Mapletree Pan Asia...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)