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>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

First Real Estate Investment Trust / Equity Bottom-Up

First Real Estate Investment Trust (FIRT SP)

<ul><li>Six S-REITs reported growth in distributable income due to higher gross revenue, net property income, and decreased borrowing costs.</li><li>Digital Core REIT and Keppel DC REIT saw significant increases in NPI and distributable income, driven by acquisitions and demand.</li><li>Frasers Centrepoint Trust, Suntec REIT, and OUE REIT reported improved DPU, supported by stronger operational performance and lower financing costs.</li></ul>

Six S-REITs reported growth in distributable income due to higher gross revenue, net property income, and decreased borrowing costs.Digital Core REIT and Keppel DC REIT saw significant increases in NPI and distributable income, driven by acquisitions and demand.Frasers Centrepoint Trust, Suntec REIT, and OUE REIT reported improved DPU, supported by stronger operational performance and lower financing costs.

REIT Watch - Q3 reporting season kicks off with growth in distributions for S-REITs

<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

<ul><li>From Apr 25 to 30, 15 primary-listed companies conducted buybacks totaling S$5.1 million, with institutions net buying S$56.4 million of Singapore stocks.</li><li>Director transactions included 20 acquisitions by directors/CEOs and four acquisitions by substantial shareholders, with no disposals reported.</li><li>Mapletree Logistics Trust's Q4 FY2025 revenue decreased by 0.8%, while Straco's FY2024 revenue fell 0.8%, but net profit rose 6%.</li></ul>

From Apr 25 to 30, 15 primary-listed companies conducted buybacks totaling S$5.1 million, with institutions net buying S$56.4 million of Singapore stocks.Director transactions included 20 acquisitions by directors/CEOs and four acquisitions by substantial shareholders, with no disposals reported.Mapletree Logistics Trust's Q4 FY2025 revenue decreased by 0.8%, while Straco's FY2024 revenue fell 0.8%, but net profit rose 6%.

Straco Chair Wu Hsioh Kwang Elevates His Stake

<ul><li>From April 14 to 24, top 10 iEdge S-REIT index performers received S$23.3 million in net institutional inflows.</li><li>Institutional investors net sold S$36.6 million in S-REITs from April 14 to 24, totaling S$465.1 million in outflows year-to-date.</li><li>Retail investors net sold S$64.4 million in S-REITs from April 14 to 24, with year-to-date net inflows of S$261.9 million.</li></ul>

From April 14 to 24, top 10 iEdge S-REIT index performers received S$23.3 million in net institutional inflows.Institutional investors net sold S$36.6 million in S-REITs from April 14 to 24, totaling S$465.1 million in outflows year-to-date.Retail investors net sold S$64.4 million in S-REITs from April 14 to 24, with year-to-date net inflows of S$261.9 million.

REIT Watch – S-REITs rebound from early April sell-off 

Singapore

Mapletree Logistics Trust is a Singapore-based real estate investment trust (REIT) that invests in a diversified portfolio of income-producing logistics real estate and related assets across Asia Pacific. It provides logistics spaces and offers services such as leasing, sale & leaseback, asset enhancement, and development. The company is headquartered in Singapore and was founded in 2004.

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Mapletree Logistics (MLT SP)

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 - Q3 reporting season kicks off with growth in distributions for S-REITs

Six S-REITs reported growth in distributable income due to higher gross revenue, net property income, and decreased borrowing costs. Digital Core...

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)

Straco Chair Wu Hsioh Kwang Elevates His Stake

From Apr 25 to 30, 15 primary-listed companies conducted buybacks totaling S$5.1 million, with institutions net buying S$56.4 million of Singapore...

Singapore Exchange Ltd (SGX)

REIT Watch – S-REITs rebound from early April sell-off

From April 14 to 24, top 10 iEdge S-REIT index performers received S$23.3 million in net institutional inflows. Institutional investors net sold...

Singapore Exchange Ltd (SGX)

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