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>S-Reits with retail assets in Singapore reported strong committed occupancy and positive rental reversions, driven by tourism recovery.</li><li>Frasers Centrepoint Trust, CapitaLand Integrated Commercial Trust, and Mapletree Pan Asia Commercial Trust reported occupancy above 99% and rental growth.</li><li>CBRE and DBS Group Research anticipate continued strong leasing sentiment and retail rent growth in Singapore through 2025.</li></ul>

S-Reits with retail assets in Singapore reported strong committed occupancy and positive rental reversions, driven by tourism recovery.Frasers Centrepoint Trust, CapitaLand Integrated Commercial Trust, and Mapletree Pan Asia Commercial Trust reported occupancy above 99% and rental growth.CBRE and DBS Group Research anticipate continued strong leasing sentiment and retail rent growth in Singapore through 2025.

REIT Watch – Occupancy remains high for S-Reits’ Singapore retail assets

<ul><li>Keppel REIT's FY2024 property income and NPI increased by 12.2% and 10.7% year-on-year, with a 13.2% rental reversion.</li><li>MPACT's 3Q FY24/25 gross revenue and NPI decreased by 7.4% and 8.5% year-on-year, with a 9.1% DPU dip.</li><li>OUE REIT's FY2024 revenue grew 3.7% year-on-year, with a 94.6% occupancy rate and 10.7% rent reversion.</li></ul>

Keppel REIT's FY2024 property income and NPI increased by 12.2% and 10.7% year-on-year, with a 13.2% rental reversion.MPACT's 3Q FY24/25 gross revenue and NPI decreased by 7.4% and 8.5% year-on-year, with a 9.1% DPU dip.OUE REIT's FY2024 revenue grew 3.7% year-on-year, with a 94.6% occupancy rate and 10.7% rent reversion.

REIT Watch – Singapore-based Office S-REITs report stronger operational performance

<ul><li>Over the five trading sessions from Nov 1 to 7, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of S$141 million.</li><li>Stocks that led the net institutional outflow over those five sessions were OCBC, Capitaland Ascendas Reit, CapitaLand Integrated Commercial Trust, Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, UOB, Frasers Centrepoint Trust, Suntec Reit, Frasers Logistics & Commercial Trust and Keppel.</li><li>Notably, in the November 2024 rebalance, Singapore stands out as the only Asia developed market with a net increase in MSCI Standard Index constituents.</li></ul>

Over the five trading sessions from Nov 1 to 7, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of S$141 million.Stocks that led the net institutional outflow over those five sessions were OCBC, Capitaland Ascendas Reit, CapitaLand Integrated Commercial Trust, Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, UOB, Frasers Centrepoint Trust, Suntec Reit, Frasers Logistics & Commercial Trust and Keppel.Notably, in the November 2024 rebalance, Singapore stands out as the only Asia developed market with a net increase in MSCI Standard Index constituents.

SIA Engineering resumes buybacks after reporting H1 FY2025 results

Singapore Technologies Engineering / Equity Bottom-Up

Singapore Technologies Engineering (STE SP)

<ul><li>Zheneng Jinjiang Environment Continues Buyback Pace Over the four trading sessions from Oct 25 to Oct 30, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of S$365 million.</li><li>The stocks that led the net institutional outflow over these four sessions were DBS, UOB, OCBC, Sembcorp Industries, Singapore Technologies (ST) Engineering, Mapletree Pan Asia Commercial Trust, CapitaLand Investment, Seatrium, CapitaLand Integrated Commercial Trust and Mapletree Logistics Trust.</li></ul>

Zheneng Jinjiang Environment Continues Buyback Pace Over the four trading sessions from Oct 25 to Oct 30, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of S$365 million.The stocks that led the net institutional outflow over these four sessions were DBS, UOB, OCBC, Sembcorp Industries, Singapore Technologies (ST) Engineering, Mapletree Pan Asia Commercial Trust, CapitaLand Investment, Seatrium, CapitaLand Integrated Commercial Trust and Mapletree Logistics Trust.

Zheneng Jinjiang Environment Continues Buyback Pace

Mapletree Pan Asia Commercial Trust / Equity Bottom-Up

Mapletree Pan Asia Commercial Trust (MPACT SP)

<ul><li>Singapore-based retail S-Reits record growth on higher sales, positive rent reversion The seven are: CapitaLand Integrated Commercial Trust (CICT), Frasers Centrepoint Trust (FCT), Lendlease Global Commercial Reit (Lendlease Reit), Mapletree Pan Asia Commercial Trust : N2IU (MPACT), Paragon Reit, Starhill Global Reit and Suntec Reit.</li><li>Suntec Reit’s retail portfolio reported a 3 per cent yoy growth in gross revenue and 1.3 per cent growth in NPI for Q1 2024.</li></ul>

Singapore-based retail S-Reits record growth on higher sales, positive rent reversion The seven are: CapitaLand Integrated Commercial Trust (CICT), Frasers Centrepoint Trust (FCT), Lendlease Global Commercial Reit (Lendlease Reit), Mapletree Pan Asia Commercial Trust : N2IU (MPACT), Paragon Reit, Starhill Global Reit and Suntec Reit.Suntec Reit’s retail portfolio reported a 3 per cent yoy growth in gross revenue and 1.3 per cent growth in NPI for Q1 2024.

REIT Watch - Singapore-based retail S-Reits record growth on higher sales, positive rent reversion

Singapore

Mapletree Pan Asia Commercial Trust is a real estate investment trust (REIT) that invests in a diversified portfolio of income-producing office and retail properties across key Asian gateway markets. Its portfolio includes commercial properties in Singapore, Hong Kong, China, Japan, and South Korea. The trust is headquartered in Singapore and was formed in 2022.

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Mapletree Pan Asia Commercial Trust (MPACT SP)

REIT Watch – Occupancy remains high for S-Reits’ Singapore retail assets

S-Reits with retail assets in Singapore reported strong committed occupancy and positive rental reversions, driven by tourism recovery. Frasers...

Singapore Exchange Ltd (SGX)

REIT Watch – Singapore-based Office S-REITs report stronger operational performance

Keppel REIT's FY2024 property income and NPI increased by 12.2% and 10.7% year-on-year, with a 13.2% rental reversion. MPACT's 3Q FY24/25 gross...

Singapore Exchange Ltd (SGX)

SIA Engineering resumes buybacks after reporting H1 FY2025 results

Over the five trading sessions from Nov 1 to 7, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of...

Singapore Exchange Ltd (SGX)

Zheneng Jinjiang Environment Continues Buyback Pace

Zheneng Jinjiang Environment Continues Buyback Pace Over the four trading sessions from Oct 25 to Oct 30, institutions were net sellers of...

Singapore Exchange Ltd (SGX)

REIT Watch - Singapore-based retail S-Reits record growth on higher sales, positive rent reversion

Singapore-based retail S-Reits record growth on higher sales, positive rent reversion The seven are: CapitaLand Integrated Commercial Trust...

Singapore Exchange Ltd (SGX)

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