Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Thematic (Sector/Industry)

<ul>
<li>Approaching 50% gearing limits, stranded S-REITs are locked out of equity markets, halting dividends and triggering lucrative, event-driven M&amp;A opportunities for private credit and larger peers.</li>
<li>Manulife US REIT is a highly distressed restructuring play. Facing 60.8% gearing, it is executing fire sales to repay debt, offering deep-discount targets for opportunistic buyers.</li>
<li>Keppel Pacific Oak US REIT is a clean turnaround target. Resuming dividends early with stable 44.1% gearing, it trades at steep NAV discounts, ripe for privatisation.</li>
</ul>


Approaching 50% gearing limits, stranded S-REITs are locked out of equity markets, halting dividends and triggering lucrative, event-driven M&amp;A opportunities for private credit and larger peers.
Manulife US REIT is a highly distressed restructuring play. Facing 60.8% gearing, it is executing fire sales to repay debt, offering deep-discount targets for opportunistic buyers.
Keppel Pacific Oak US REIT is a clean turnaround target. Resuming dividends early with stable 44.1% gearing, it trades at steep NAV discounts, ripe for privatisation.


Blood in the Water: S-REIT Distress Unlocks Generational M&A Trades

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<ul><li>Loh of OCBC favors pawnbroking, with MoneyMax as the top choice.</li><li>uSmart issues 'hold' rating on Azeus Systems with a target price of $9.45.</li><li>Jefferies begins coverage on Singapore banks, targets DBS at $91.</li></ul>

Loh of OCBC favors pawnbroking, with MoneyMax as the top choice.uSmart issues 'hold' rating on Azeus Systems with a target price of $9.45.Jefferies begins coverage on Singapore banks, targets DBS at $91.

Singapore Market Roundup (23-Sep-2026): Loh of OCBC prefers MoneyMax for pawnbroking.

<ul><li>Solid beat, raised guidance, but 3x book discounts significantly: JP Morgan.</li><li>RHB raises Lum Chang Creations' target price to 59 cents after contract win.</li><li>Pang of DBS upholds 'buy' rating and $35.50 target on Jardine C&amp;C.</li></ul>

Solid beat, raised guidance, but 3x book discounts significantly: JP Morgan.RHB raises Lum Chang Creations' target price to 59 cents after contract win.Pang of DBS upholds 'buy' rating and $35.50 target on Jardine C&amp;C.

Singapore Market Roundup (06-Aug-2026): Solid beat, raised guidance, but 3x book discounts: JP

Director and Founding Member, Corporate Monitor Limited

Tan Yee Peng

Director and Founding Member

Strengthening Corporate Performance

Corporate Monitor Limited

Corporate Monitor was established to encourage better performance of companies, particularly companies listed on the SGX, and hold their management and boards to account, for the benefit of their shareholders and stakeholders.

<ul>
<li>Investors view REITs as high-yield instruments.</li>
<li>However, they may be just receiving (only partially, in some cases) the very capital they put in, based on Corporate Monitor Limited’s(CML) research.</li>
<li>Of the 38 S-REITs covered, 15 S-REITs distributed less than what they raised. </li>
</ul>


Investors view REITs as high-yield instruments.
However, they may be just receiving (only partially, in some cases) the very capital they put in, based on Corporate Monitor Limited’s(CML) research.
Of the 38 S-REITs covered, 15 S-REITs distributed less than what they raised. 


Singapore Reits Sector: Return ON Capital or Return OF Capital?

<ul>
<li>This is Corporate Monitor Limited’s (CML) third report on the Singapore REITs (“S-REITs”) and Business Trust (“BT”) sector.</li>
<li>Our first report discussed the sector’s management fee structures. Our second report delved into S-REIT and BT performance and other fees.</li>
<li>From this fee study, CML concluded that the fees are excessive and unreasonable. </li>
</ul>


This is Corporate Monitor Limited’s (CML) third report on the Singapore REITs (“S-REITs”) and Business Trust (“BT”) sector.
Our first report discussed the sector’s management fee structures. Our second report delved into S-REIT and BT performance and other fees.
From this fee study, CML concluded that the fees are excessive and unreasonable. 


Singapore Reits & Business Trust Sector: An Analysis of the Issuance of Units to Pay for Managers’ Fees

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)

Blood in the Water: S-REIT Distress Unlocks Generational M&A Trades

We think Manulife US REIT and Keppel Pacific Oak US REIT are potential M&A targets in S-REIT sector due to high distress, potential turnaround, and...

Jacob Cheng

Singapore Market Roundup (23-Sep-2026): Loh of OCBC prefers MoneyMax for pawnbroking.

Loh of OCBC prefers pawnbroking, naming MoneyMax as the top pick. uSmart rates Azeus Systems 'hold' with a $9.45 target; Jefferies targets DBS at $91.

Singapore Market Roundup

Singapore Market Roundup (06-Aug-2026): Solid beat, raised guidance, but 3x book discounts: JP

JP Morgan notes solid beat but 3x book discounts. RHB raises Lum Chang Creations' target to 59 cents. DBS maintains 'buy' on Jardine C&C with...

Singapore Market Roundup

Singapore Reits Sector: Return ON Capital or Return OF Capital?

Investors view REITs as high-yield instruments. However, they may be just receiving (only partially, in some cases) the very capital they put in,...

Corporate Monitor Limited

Singapore Reits & Business Trust Sector: An Analysis of the Issuance of Units to Pay for Managers’ Fees

This is Corporate Monitor Limited’s (CML) third report on the Singapore REITs (“S-REITs”) and Business Trust (“BT”) sector. Our first report...

Corporate Monitor Limited

Price Gauge

52-week Range

Market Cap (USDm)

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