The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

Thematic (Sector/Industry)

<ul><li>Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the Artificial Intelligence (AI) sector, both directly and indirectly.</li><li>On direct exposure, we identify companies listed on the SGX – mainly in the upstream (including data centres) and midstream segments - which are, to a large or some extent, involved in AI. Downstream AI companies are predominately end-users and applications.</li><li>As a rough guide, the market capitalization of these companies totals around SGD21.3bn, accounting for a relatively small share of about 2.7% of the aggregated capitalization of SGD773bn of the FTSE Straits Times All Share Index (which comprises the top 98% of companies in the SGX Mainboard universe).</li></ul>

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the Artificial Intelligence (AI) sector, both directly and indirectly.On direct exposure, we identify companies listed on the SGX – mainly in the upstream (including data centres) and midstream segments - which are, to a large or some extent, involved in AI. Downstream AI companies are predominately end-users and applications.As a rough guide, the market capitalization of these companies totals around SGD21.3bn, accounting for a relatively small share of about 2.7% of the aggregated capitalization of SGD773bn of the FTSE Straits Times All Share Index (which comprises the top 98% of companies in the SGX Mainboard universe).

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 Industrial Trust / Equity Bottom-Up

<ul><li>Retail investors net bought S$92.5 million in S-REITs from April 7 to 10, indicating yield hunting behavior.</li><li>Institutional investors recorded net outflows of S$42.7 million in S-REITs, with MLT and CICT experiencing significant outflows.</li><li>NikkoAM-StraitsTrading Asia ex Japan REIT ETF and Lion-Phillip S-REIT ETF saw S$25 million combined net inflows.</li></ul>

Retail investors net bought S$92.5 million in S-REITs from April 7 to 10, indicating yield hunting behavior.Institutional investors recorded net outflows of S$42.7 million in S-REITs, with MLT and CICT experiencing significant outflows.NikkoAM-StraitsTrading Asia ex Japan REIT ETF and Lion-Phillip S-REIT ETF saw S$25 million combined net inflows.

REIT Watch - S-REITs’ yields remain compelling for defensive investors amid market volatility

CapitaLand Ascendas REIT / Equity Bottom-Up

<ul><li>Industrial S-REITs in Singapore showed stable performance in Q3 2025, with positive rental reversions and stable occupancy.</li><li>Alpha Integrated REIT's DPU increased by 38.4% year-on-year, while ESR REIT's distributable income rose by 6.8%.</li><li>Mapletree Industrial Trust's DPU declined by 5.6% due to absence of divestment gain and foreign exchange headwinds.</li></ul>

Industrial S-REITs in Singapore showed stable performance in Q3 2025, with positive rental reversions and stable occupancy.Alpha Integrated REIT's DPU increased by 38.4% year-on-year, while ESR REIT's distributable income rose by 6.8%.Mapletree Industrial Trust's DPU declined by 5.6% due to absence of divestment gain and foreign exchange headwinds.

REIT Watch - Industrial S-REITs deliver stable operating performance in Q3

<ul><li>Sabana REIT's DPU increased 26.9% year-on-year to S$0.017 in H1 2025, driven by higher revenue and NPI.</li><li>Digital Core REIT maintained a stable DPU of US$0.018 in H1 2025, with 1.8 million units repurchased.</li><li>OUE REIT's DPU rose 5.4% in H1 2025, aided by a 17.3% reduction in finance costs.</li></ul>

Sabana REIT's DPU increased 26.9% year-on-year to S$0.017 in H1 2025, driven by higher revenue and NPI.Digital Core REIT maintained a stable DPU of US$0.018 in H1 2025, with 1.8 million units repurchased.OUE REIT's DPU rose 5.4% in H1 2025, aided by a 17.3% reduction in finance costs.

REIT Watch - S-REITs earnings season kicks off, with 37 trusts scheduled to report their results in coming weeks

<ul><li>NTT DC REIT's IPO, scheduled for July 14, has a market capitalisation of US$1.03 billion, featuring six data centres.</li><li>NTT DC REIT projects a 7.5% annualised distribution yield for 9M FY26, surpassing other Data Centre S-REITs.</li><li>KDC's AUM is S$4.9 billion, with 24 data centres; Digital Core REIT manages US$1.7 billion in assets.</li></ul>

NTT DC REIT's IPO, scheduled for July 14, has a market capitalisation of US$1.03 billion, featuring six data centres.NTT DC REIT projects a 7.5% annualised distribution yield for 9M FY26, surpassing other Data Centre S-REITs.KDC's AUM is S$4.9 billion, with 24 data centres; Digital Core REIT manages US$1.7 billion in assets.

REIT Watch - NTT DC REIT IPO on July 14 broadens AI-related opportunities on SGX

Singapore

Mapletree Industrial Trust is a Singapore-focused real estate investment trust with a large and diversified portfolio of industrial properties. The Trust invests in a diverse portfolio of industrial properties with the primary objective of achieving an attractive level of return from rental income and for long-term capital growth.

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Mapletree Industrial Trust (MINT SP)

Singapore Equity Strategy: November 2025

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the...

Wealth Management Alliance

REIT Watch - S-REITs’ yields remain compelling for defensive investors amid market volatility

Retail investors net bought S$92.5 million in S-REITs from April 7 to 10, indicating yield hunting behavior. Institutional investors recorded net...

Singapore Exchange Ltd (SGX)

REIT Watch - Industrial S-REITs deliver stable operating performance in Q3

Industrial S-REITs in Singapore showed stable performance in Q3 2025, with positive rental reversions and stable occupancy. Alpha Integrated...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs earnings season kicks off, with 37 trusts scheduled to report their results in coming weeks

Sabana REIT's DPU increased 26.9% year-on-year to S$0.017 in H1 2025, driven by higher revenue and NPI. Digital Core REIT maintained a stable DPU...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Singapore Equity Strategy: November 2025

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the...

Wealth Management Alliance

REIT Watch - S-REITs’ yields remain compelling for defensive investors amid market volatility

Retail investors net bought S$92.5 million in S-REITs from April 7 to 10, indicating yield hunting behavior. Institutional investors recorded net...

Singapore Exchange Ltd (SGX)

REIT Watch - Industrial S-REITs deliver stable operating performance in Q3

Industrial S-REITs in Singapore showed stable performance in Q3 2025, with positive rental reversions and stable occupancy. Alpha Integrated...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs earnings season kicks off, with 37 trusts scheduled to report their results in coming weeks

Sabana REIT's DPU increased 26.9% year-on-year to S$0.017 in H1 2025, driven by higher revenue and NPI. Digital Core REIT maintained a stable DPU...

Singapore Exchange Ltd (SGX)

REIT Watch - NTT DC REIT IPO on July 14 broadens AI-related opportunities on SGX

NTT DC REIT's IPO, scheduled for July 14, has a market capitalisation of US$1.03 billion, featuring six data centres. NTT DC REIT projects a 7.5%...

Singapore Exchange Ltd (SGX)