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>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

<ul><li>Industrial S-REITs reported growth in net property income due to stable occupancies and positive rental reversions in Q1.  </li><li>Mapletree Industrial Trust's FY25 distribution per unit rose 1% due to higher gross revenue and NPI.  </li><li>ESR Reit's NPI increased 31.3% in Q1, driven by acquisitions, AEIs, and higher contributions from existing properties.</li></ul>

Industrial S-REITs reported growth in net property income due to stable occupancies and positive rental reversions in Q1.  Mapletree Industrial Trust's FY25 distribution per unit rose 1% due to higher gross revenue and NPI.  ESR Reit's NPI increased 31.3% in Q1, driven by acquisitions, AEIs, and higher contributions from existing properties.

REIT Watch – Industrial S-REITs report NPI growth, but managers are cautious on outlook

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

Mapletree Pan Asia Commercial Trust / Equity Bottom-Up

Mapletree Pan Asia Commercial Trust (MPACT SP)

<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

Singapore

Mapletree Industrial Trust is a real estate investment trust that invests in a diversified portfolio of income-producing industrial properties and data centers. Its portfolio includes data centers, high-tech buildings, business parks, flatted factories, and light industrial buildings across Singapore, North America, and Japan. The company was founded in 2008 and is headquartered in Singapore.

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Mapletree Industrial Trust (MINT SP)

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 – Industrial S-REITs report NPI growth, but managers are cautious on outlook

Industrial S-REITs reported growth in net property income due to stable occupancies and positive rental reversions in Q1. Mapletree Industrial...

Singapore Exchange Ltd (SGX)

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 - 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)

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

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)

REIT Watch – Industrial S-REITs report NPI growth, but managers are cautious on outlook

Industrial S-REITs reported growth in net property income due to stable occupancies and positive rental reversions in Q1. Mapletree Industrial...

Singapore Exchange Ltd (SGX)

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 - 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)