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

Mapletree Pan Asia Commercial Trust / Equity Bottom-Up

<ul><li>Institutions were net sellers of Singapore stocks from August 8 to 14, with a net outflow of S$465 million.</li><li>Suntec REIT saw S$8.5 million net inflow, increasing its 2025 cumulative net inflows to S$53.7 million.</li><li>Keppel led share buybacks, purchasing 2.99 million shares at S$8.41 each, totaling S$55.8 million in consideration.</li></ul>

Institutions were net sellers of Singapore stocks from August 8 to 14, with a net outflow of S$465 million.Suntec REIT saw S$8.5 million net inflow, increasing its 2025 cumulative net inflows to S$53.7 million.Keppel led share buybacks, purchasing 2.99 million shares at S$8.41 each, totaling S$55.8 million in consideration.

<ul><li>Institutional investors rotated into S-REITs with S$26 million net inflows on April 3 amid market volatility.</li><li>S-REITs ended Q1 2025 with 2.8% total returns, driven by a 5.0% price gain in March.</li><li>Franklin Resources acquired 5.06% interest in Digital Core REIT, buying 969,800 units at US$0.577 each.</li></ul>

Institutional investors rotated into S-REITs with S$26 million net inflows on April 3 amid market volatility.S-REITs ended Q1 2025 with 2.8% total returns, driven by a 5.0% price gain in March.Franklin Resources acquired 5.06% interest in Digital Core REIT, buying 969,800 units at US$0.577 each.

REIT Watch - S-REITs record net institutional inflows in March as sector snaps 5-month losing streak

<ul><li>In 3Q25, Singapore office REITs like CICT, MPACT, and Suntec REIT reported strong occupancy and positive rental reversions.</li><li>CICT's office portfolio occupancy rose to 96.2%, with a 1.9% rent increase, and full ownership of CapitaSpring.</li><li>Keppel REIT achieved a 12.0% rental reversion, maintaining 96.3% occupancy, with a WALE of 4.7 years.</li></ul>

In 3Q25, Singapore office REITs like CICT, MPACT, and Suntec REIT reported strong occupancy and positive rental reversions.CICT's office portfolio occupancy rose to 96.2%, with a 1.9% rent increase, and full ownership of CapitaSpring.Keppel REIT achieved a 12.0% rental reversion, maintaining 96.3% occupancy, with a WALE of 4.7 years.

REIT Watch - Positive momentum for Office S-REITs as vacancy rates ease and rents climb

<ul><li>The iEdge S-REIT index delivered 10.3% total returns since end-June 2025, with all 30 constituents in the black QTD.</li><li>OUE REIT, CICT, Lendlease Global REIT, and Keppel REIT reported YTD total returns between 23.5% to 30.2% as of Sept 12.</li><li>Retail investors net bought S-REITs with S$600 million inflow YTD, while institutions had S$800 million net outflows.</li></ul>

The iEdge S-REIT index delivered 10.3% total returns since end-June 2025, with all 30 constituents in the black QTD.OUE REIT, CICT, Lendlease Global REIT, and Keppel REIT reported YTD total returns between 23.5% to 30.2% as of Sept 12.Retail investors net bought S-REITs with S$600 million inflow YTD, while institutions had S$800 million net outflows.

REIT Watch - S-REITs deliver double-digit total return in Q3 as investors await rate cuts

Lendlease Global Commercial REIT / Equity Bottom-Up

<ul><li>CICT's DPU rose 3.5% to 5.62 cents, with leverage and debt costs reduced to 37.9% and 3.4%.  </li><li>FCT's committed occupancy reached 99.9%, with tenant sales up 4.4% and leverage increased to 40.4%.  </li><li>Suntec REIT's Gross Revenue and NPI grew 3.3% and 5.6%, with DPU increasing 3.7% to 3.155 cents.</li></ul>

CICT's DPU rose 3.5% to 5.62 cents, with leverage and debt costs reduced to 37.9% and 3.4%.  FCT's committed occupancy reached 99.9%, with tenant sales up 4.4% and leverage increased to 40.4%.  Suntec REIT's Gross Revenue and NPI grew 3.3% and 5.6%, with DPU increasing 3.7% to 3.155 cents.

REIT Watch - Retail S-REITs see lower cost of debt and positive rental reversions as retail sales improve

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)

IFS Capital Chairman and CEO Up Stakes

Institutions were net sellers of Singapore stocks from August 8 to 14, with a net outflow of S$465 million. Suntec REIT saw S$8.5 million net...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs record net institutional inflows in March as sector snaps 5-month losing streak

Institutional investors rotated into S-REITs with S$26 million net inflows on April 3 amid market volatility. S-REITs ended Q1 2025 with 2.8%...

Singapore Exchange Ltd (SGX)

REIT Watch - Positive momentum for Office S-REITs as vacancy rates ease and rents climb

In 3Q25, Singapore office REITs like CICT, MPACT, and Suntec REIT reported strong occupancy and positive rental reversions. CICT's office...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs deliver double-digit total return in Q3 as investors await rate cuts

The iEdge S-REIT index delivered 10.3% total returns since end-June 2025, with all 30 constituents in the black QTD. OUE REIT, CICT, Lendlease...

Singapore Exchange Ltd (SGX)

REIT Watch - Retail S-REITs see lower cost of debt and positive rental reversions as retail sales improve

CICT's DPU rose 3.5% to 5.62 cents, with leverage and debt costs reduced to 37.9% and 3.4%. FCT's committed occupancy reached 99.9%, with tenant...

Singapore Exchange Ltd (SGX)

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52-week Range

Market Cap (USDm)

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