Deputy Chief Economist

Sharmila Whelan

Independent and original Asian investment research

Aletheia Capital

Aletheia Capital (HK) Ltd. (previously known as Asianomics) combines the extensive knowledge of its experienced team with technology and regulatory changes to disrupt Global Markets business in Asia. The firm is completely independent with no conflicts of interest either on Investment Banking advisory or Capital Markets execution.

Macroeconomics

In insight note <a href="https://www.smartkarma.com/insights/asia-in-an-uncertain-world-the-place-to-hide" target="_blank" data-smartkarma-citation="insights:20932">Asia In An Uncertain World - The Place to Hide</a> we concluded that now more than ever investors need to pay attention to fundamentals, hold their nerve and stay overweight Asia. Give up on trying to interpret Mr Trump’s tweeter messages to make sense of US policymaking. Don’t waste time trying to predict whether or not the12 June North Korea – US summit will go ahead and what the fallout might be. Don’t lose sleep worrying whether the world is on the brink of a trade war and we are…

In insight note Asia In An Uncertain World - The Place to Hide we concluded that now more than ever investors need to pay attention to fundamentals, hold their nerve and stay overweight Asia. Give up on trying to interpret Mr Trump’s tweeter messages to make sense of US policymaking. Don’t waste time trying to predict whether or not the12 June North Korea – US summit will go ahead and what the fallout might be. Don’t lose sleep worrying whether the world is on the brink of a trade war and we are…

Asian Profit And Investment Cycles - Taking Comfort Despite Grey Hairs

Real Estate, General Equities

Will Tan

Thematic (Sector/Industry)

This is a weekly summary covering the week of 30 Oct 2017 on news flow reported in the media and updates on the Singapore REIT (S-REIT) sector, along with a recap on notable research by the Smartkarma community.S-REITs quarterly results season is still underway, so this update mainly covers snippets from selected results releases by various S-REITs during the week.

This is a weekly summary covering the week of 30 Oct 2017 on news flow reported in the media and updates on the Singapore REIT (S-REIT) sector, along with a recap on notable research by the Smartkarma community.S-REITs quarterly results season is still underway, so this update mainly covers snippets from selected results releases by various S-REITs during the week.

S-REIT Weekly: What Transpired in the S-REIT Scene - Cache Resolves Schenker Dispute

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

NikkoAM-StraitsTrading Asia Ex Japan REIT ETF / Equity Bottom-Up

NikkoAM-StraitsTrading Asia Ex Japan REIT ETF (AXJREIT SP)

NikkoAM-StraitsTrading Asia Ex Japan REIT ETF

<ul><li>Retail investors recorded S$2.62 billion net inflow into Singapore stocks in 2025, with DBS receiving S$1.387 billion.</li><li>Mapletree Industrial Trust and NTT DC REIT had net retail inflows representing 6.6% of their market cap in 2025.</li><li>Retail investors unwound S$350 million in CDL from April to year-end 2025, reversing 18 months of net buying.</li></ul>

Retail investors recorded S$2.62 billion net inflow into Singapore stocks in 2025, with DBS receiving S$1.387 billion.Mapletree Industrial Trust and NTT DC REIT had net retail inflows representing 6.6% of their market cap in 2025.Retail investors unwound S$350 million in CDL from April to year-end 2025, reversing 18 months of net buying.

Retail Logged S$2.6B of Net Buying in 2025 as Flows Concentrated in Banks

Lion-Phillip S-REIT ETF / Equity Bottom-Up

<ul><li>Singapore-listed REIT ETFs saw over S$300 million in net inflows, with AUM reaching S$1.2 billion by mid-2025.</li><li>Lion-Phillip S-REIT ETF and NikkoAM-StraitsTrading Asia ex Japan REIT ETF recorded the highest net inflows among top-traded ETFs.</li><li>UOB Asia Pacific Green REIT ETF led in returns with 9.3% in H1 2025, emphasizing environmental factors.</li></ul>

Singapore-listed REIT ETFs saw over S$300 million in net inflows, with AUM reaching S$1.2 billion by mid-2025.Lion-Phillip S-REIT ETF and NikkoAM-StraitsTrading Asia ex Japan REIT ETF recorded the highest net inflows among top-traded ETFs.UOB Asia Pacific Green REIT ETF led in returns with 9.3% in H1 2025, emphasizing environmental factors.

REIT Watch - REIT ETFs see 40% AUM growth in past year as S-REITs regain appeal

<ul><li>Source: SGX, Bloomberg (data as of 31 March 2024).</li><li>This is probably why the ETF industry exceeded US$11 trillion in global assets under management (AUM) in 2023, after growing 24 per cent year on year since the end of 2022, according to data from ETFGI.</li><li>The Phillip SGX APAC Dividend Leaders REIT ETF tracks the iEdge APAC ex-Japan Dividend Leaders REIT Index, which consists of 33 REITs across Australia (52 per cent by geographical breakdown), Singapore (36 per cent), and Hong Kong (12 per cent).</li></ul>

Source: SGX, Bloomberg (data as of 31 March 2024).This is probably why the ETF industry exceeded US$11 trillion in global assets under management (AUM) in 2023, after growing 24 per cent year on year since the end of 2022, according to data from ETFGI.The Phillip SGX APAC Dividend Leaders REIT ETF tracks the iEdge APAC ex-Japan Dividend Leaders REIT Index, which consists of 33 REITs across Australia (52 per cent by geographical breakdown), Singapore (36 per cent), and Hong Kong (12 per cent).

REIT Watch - Inflows into both S-Reit ETFs reach 19-month high in April

Singapore

Lion-Phillip S-REIT ETF is an exchange-traded fund established in Singapore. The Fund's investment objective is to replicate as closely as possible, before expenses, the performance of Morningstar Singapore REIT Yield Index PR SGD . The Fund invests all its assets in the underlying Index Securities through Full or Representative Sampling Strategy.

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Lion-Phillip S-REIT ETF (SREITS SP)

Asian Profit And Investment Cycles - Taking Comfort Despite Grey Hairs

In insight note Asia In An Uncertain World - The Place to Hide we concluded that now more than ever investors need to pay attention to...

Sharmila Whelan

S-REIT Weekly: What Transpired in the S-REIT Scene - Cache Resolves Schenker Dispute

This is a weekly summary covering the week of 30 Oct 2017 on news flow reported in the media and updates on the Singapore REIT (S-REIT) sector,...

Will Tan

Retail Logged S$2.6B of Net Buying in 2025 as Flows Concentrated in Banks

Retail investors recorded S$2.62 billion net inflow into Singapore stocks in 2025, with DBS receiving S$1.387 billion. Mapletree Industrial Trust...

Singapore Exchange Ltd (SGX)

REIT Watch - REIT ETFs see 40% AUM growth in past year as S-REITs regain appeal

Singapore-listed REIT ETFs saw over S$300 million in net inflows, with AUM reaching S$1.2 billion by mid-2025. Lion-Phillip S-REIT ETF and...

Singapore Exchange Ltd (SGX)

REIT Watch - Inflows into both S-Reit ETFs reach 19-month high in April

Source: SGX, Bloomberg (data as of 31 March 2024). This is probably why the ETF industry exceeded US$11 trillion in global assets under management...

Singapore Exchange Ltd (SGX)

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