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>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

Far East Hospitality Trust / Equity Bottom-Up

<ul><li>The US Federal Reserve maintained its benchmark interest rate, with analysts predicting a 75 basis points cut in 2025.</li><li>The S-REIT sector maintains an average gearing ratio of 40%, with the 10 lowest averaging 33.5%.</li><li>Sasseur REIT reported a 25.9% gearing ratio in 1Q25, with a 1.6% year-on-year increase in RMB rental income.</li></ul>

The US Federal Reserve maintained its benchmark interest rate, with analysts predicting a 75 basis points cut in 2025.The S-REIT sector maintains an average gearing ratio of 40%, with the 10 lowest averaging 33.5%.Sasseur REIT reported a 25.9% gearing ratio in 1Q25, with a 1.6% year-on-year increase in RMB rental income.

REIT Watch - 10 S-REITs with lowest gearing ratios average 33.5% as investors await rate cuts

Capitaland Integrated Commercial Trust / Equity Bottom-Up

<ul><li>Top S-REIT performers in H1 2025 include FHT, CICT, First REIT, FCT, and Parkway Life REIT with returns of 10.0-21.4%.</li><li>Retail investors were net buyers with S$400 million inflow, while institutions were net sellers with S$500 million outflow.</li><li>Forward dividend yield for FTSE ST REIT Index was 6.4%, with a nearly 4% yield spread to 10-year Singapore Government Bonds.</li></ul>

Top S-REIT performers in H1 2025 include FHT, CICT, First REIT, FCT, and Parkway Life REIT with returns of 10.0-21.4%.Retail investors were net buyers with S$400 million inflow, while institutions were net sellers with S$500 million outflow.Forward dividend yield for FTSE ST REIT Index was 6.4%, with a nearly 4% yield spread to 10-year Singapore Government Bonds.

REIT Watch - Best performing S-REITs post double digit total returns in H1

<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

Frasers Centrepoint Trust / Equity Bottom-Up

<ul><li>Keppel DC REIT re-enters the STI, increasing S-REITs' combined weight to over 10%, with a market cap of S$4.9 billion.</li><li>In 1Q 2025, Keppel DC REIT's distributable income rose 59.4% year-on-year, with a 14.2% increase in distribution per unit.</li><li>Keppel DC REIT's 2024 acquisitions included Tokyo Data Centre 1 and two AI-ready hyperscale data centres in Singapore.</li></ul>

Keppel DC REIT re-enters the STI, increasing S-REITs' combined weight to over 10%, with a market cap of S$4.9 billion.In 1Q 2025, Keppel DC REIT's distributable income rose 59.4% year-on-year, with a 14.2% increase in distribution per unit.Keppel DC REIT's 2024 acquisitions included Tokyo Data Centre 1 and two AI-ready hyperscale data centres in Singapore.

REIT Watch - Keppel DC REIT scheduled to join STI from 23 June

Singapore

Mapletree Pan Asia Commercial Trust is a Singapore-focused real estate investment trust. The Trust invests on a long-term basis, directly or indirectly, in a diversified portfolio of income-producing real estate used primarily for office and/or retail purposes, whether wholly or partially, as well as real estate-related assets.

Mapletree Pan Asia Commercial Trust (MCT SP)

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Mapletree Pan Asia Commercial Trust (MCT SP)

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)

REIT Watch - 10 S-REITs with lowest gearing ratios average 33.5% as investors await rate cuts

The US Federal Reserve maintained its benchmark interest rate, with analysts predicting a 75 basis points cut in 2025. The S-REIT sector maintains...

Singapore Exchange Ltd (SGX)

REIT Watch - Best performing S-REITs post double digit total returns in H1

Top S-REIT performers in H1 2025 include FHT, CICT, First REIT, FCT, and Parkway Life REIT with returns of 10.0-21.4%. Retail investors were net...

Singapore Exchange Ltd (SGX)

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 - Keppel DC REIT scheduled to join STI from 23 June

Keppel DC REIT re-enters the STI, increasing S-REITs' combined weight to over 10%, with a market cap of S$4.9 billion. In 1Q 2025, Keppel DC...

Singapore Exchange Ltd (SGX)

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