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

Lendlease Global Commercial REIT / Equity Bottom-Up

<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>CICT's DPU rose 3.5% to 5.62 cents, with leverage and debt costs reduced to 37.9% and 3.4%.  </li><li>FCT's committed occupancy reached 99.9%, with tenant sales up 4.4% and leverage increased to 40.4%.  </li><li>Suntec REIT's Gross Revenue and NPI grew 3.3% and 5.6%, with DPU increasing 3.7% to 3.155 cents.</li></ul>

CICT's DPU rose 3.5% to 5.62 cents, with leverage and debt costs reduced to 37.9% and 3.4%.  FCT's committed occupancy reached 99.9%, with tenant sales up 4.4% and leverage increased to 40.4%.  Suntec REIT's Gross Revenue and NPI grew 3.3% and 5.6%, with DPU increasing 3.7% to 3.155 cents.

REIT Watch - Retail S-REITs see lower cost of debt and positive rental reversions as retail sales improve

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>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>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

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)

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Lendlease Global Commercial REIT (LREIT SP)

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 - Retail S-REITs see lower cost of debt and positive rental reversions as retail sales improve

CICT's DPU rose 3.5% to 5.62 cents, with leverage and debt costs reduced to 37.9% and 3.4%. FCT's committed occupancy reached 99.9%, with tenant...

Singapore Exchange Ltd (SGX)

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 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)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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 - Retail S-REITs see lower cost of debt and positive rental reversions as retail sales improve

CICT's DPU rose 3.5% to 5.62 cents, with leverage and debt costs reduced to 37.9% and 3.4%. FCT's committed occupancy reached 99.9%, with tenant...

Singapore Exchange Ltd (SGX)

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 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)

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