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

In her earliest memories, bedtime stories for Jillian Smith were less about whimsical fables or enchanting tales, and more to do with equity markets, share prices, and the salmon-pink pages of the Financial Times.
"When I was eight, my usual bedtime reading with my father involved poring over pages of the FT and checking stock prices," recalled Smith, the Chief Executive Officer of Manulife US Real Estate Management Pte Ltd, which is the manager of Manulife US REIT.
Manulife US Real Estate Investment Trust, which made its trading debut on SGX about six months ago, is the first pure-play US office REIT to list in Singapore and Asia.
Smith's initiation into the world of investing took place against the backdrop of her grandfather's riches-to-rags saga in the 1930s, which became a cautionary tale for the family.

In her earliest memories, bedtime stories for Jillian Smith were less about whimsical fables or enchanting tales, and more to do with equity markets, share prices, and the salmon-pink pages of the Financial Times.
"When I was eight, my usual bedtime reading with my father involved poring over pages of the FT and checking stock prices," recalled Smith, the Chief Executive Officer of Manulife US Real Estate Management Pte Ltd, which is the manager of Manulife US REIT.
Manulife US Real Estate Investment Trust, which made its trading debut on SGX about six months ago, is the first pure-play US office REIT to list in Singapore and Asia.
Smith's initiation into the world of investing took place against the backdrop of her grandfather's riches-to-rags saga in the 1930s, which became a cautionary tale for the family.

Manulife US REIT: A Play on Vibrant Office Demand

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Manulife US REIT / Equity Capital Markets

After being postponed in July 2015, <a href="https://www.smartkarma.com/entities/567" target="_blank" data-smartkarma-citation="entities:567">Manulife US REIT</a> has relaunched its IPO to raise US$470m.We analysed its listing plans last year - <a href="https://www.smartkarma.com/insights/ample-reasons-to-avoid-mediocre-growth-outlook-high-debt-and-no-ipo-discount-to-singapore-peers" target="_blank" data-smartkarma-citation="insights:995">Ample reasons to avoid - mediocre growth outlook, high debt and no IPO discount to Singapore peers</a>. The IPO was subsequently shelved. In this insight, I examine what has changed.

After being postponed in July 2015, Manulife US REIT has relaunched its IPO to raise US$470m.We analysed its listing plans last year - Ample reasons to avoid - mediocre growth outlook, high debt and no IPO discount to Singapore peers. The IPO was subsequently shelved. In this insight, I examine what has changed. 

Manulife US REIT IPO Relaunched: Several Issues Unresolved

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Manulife US Real Estate (MUST) plans to raise US$420m to purchase three US office assets, and thus, become Singapore's first US office REIT.We would avoid the deal given: the underlying growth dynamics of the portfolio appear unexciting; owing to the small market cap and the cross-continents exposure, demand from property accounts might be limited; growth will likely be constraint by lack of ROFR and high gearing; past REIT listings in Singapore have been less than stellar, to say the least; and, the offering yield might be at a premium to US markets but is at similar level to Singapore office plays and hence, offers no real IPO discount.&nbsp;The main saving grace for the deal is the&nbsp;USD exposure, which given the weakening bent of SGD might be appealing to some investors.

Manulife US Real Estate (MUST) plans to raise US$420m to purchase three US office assets, and thus, become Singapore's first US office REIT.We would avoid the deal given: the underlying growth dynamics of the portfolio appear unexciting; owing to the small market cap and the cross-continents exposure, demand from property accounts might be limited; growth will likely be constraint by lack of ROFR and high gearing; past REIT listings in Singapore have been less than stellar, to say the least; and, the offering yield might be at a premium to US markets but is at similar level to Singapore office plays and hence, offers no real IPO discount.&nbsp;The main saving grace for the deal is the&nbsp;USD exposure, which given the weakening bent of SGD might be appealing to some investors.

Ample reasons to avoid - mediocre growth outlook, high debt and no IPO discount to Singapore peers

Singapore

Manulife US REIT is a Singapore-listed real estate investment trust that primarily invests in income-producing office properties and real estate-related assets in the United States and Canada. As of March 31, 2026, its portfolio includes seven freehold office properties across Arizona, California, Georgia, New Jersey, Virginia, and Washington, D.C., with a total net lettable area of 3.5 million sq ft. The company was incorporated in Singapore in 2015.

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Manulife US REIT (MUST SP)

Manulife US REIT: A Play on Vibrant Office Demand

In her earliest memories, bedtime stories for Jillian Smith were less about whimsical fables or enchanting tales, and more to do with equity...

Singapore Exchange Ltd (SGX)

Manulife US REIT IPO Relaunched: Several Issues Unresolved

After being postponed in July 2015, Manulife US REIT has relaunched its IPO to raise US$470m.We analysed its listing plans last year - Ample...

Ke Yan, CFA, FRM

Ample reasons to avoid - mediocre growth outlook, high debt and no IPO discount to Singapore peers

Manulife US Real Estate (MUST) plans to raise US$420m to purchase three US office assets, and thus, become Singapore's first US office REIT.We...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)