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 announced 11 acquisitions worth over S$6.3 billion in the first four months of 2026.</li><li>CapitaLand Integrated Commercial Trust acquired Paragon for S$3.9 billion, funded by private placement and asset sales.</li><li>Logistics assets led acquisition activity, with six of 11 transactions, driven by e-commerce growth and supply-chain reconfiguration.</li></ul>

S-REITs announced 11 acquisitions worth over S$6.3 billion in the first four months of 2026.CapitaLand Integrated Commercial Trust acquired Paragon for S$3.9 billion, funded by private placement and asset sales.Logistics assets led acquisition activity, with six of 11 transactions, driven by e-commerce growth and supply-chain reconfiguration.

REIT Watch - S-REIT acquisitions regain momentum as capital reopens

Alpha-Centric ESG Research

Kyle Rudden

Thematic (Sector/Industry)

<ul><li>New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding <em>mandatory</em> Scope 3 emissions reporting.</li><li>The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.</li><li>Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.</li></ul>

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding mandatory Scope 3 emissions reporting.The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

<ul><li>Industrial S-REITs in Singapore show resilient performance with positive rental reversions and proactive leasing and capital management.</li><li>CLAR reported S$1.6 billion in acquisitions, including a Japan data centre, with portfolio occupancy at 90.5%.</li><li>MLT and MINT focus on portfolio rejuvenation through divestments and acquisitions, targeting modern assets and data centres.</li></ul>

Industrial S-REITs in Singapore show resilient performance with positive rental reversions and proactive leasing and capital management.CLAR reported S$1.6 billion in acquisitions, including a Japan data centre, with portfolio occupancy at 90.5%.MLT and MINT focus on portfolio rejuvenation through divestments and acquisitions, targeting modern assets and data centres.

REIT Watch – Industrial S-REITs maintain operational resilience while undertaking portfolio rejuvenation

<ul><li>ParkwayLife REIT's full-year DPU increased by 2.5% to 15.29 Singapore cents, with gross revenue up 7.6% to S$156.3 million.  </li><li>First REIT's full-year DPU declined by 8.1% to 2.17 Singapore cents, impacted by currency depreciation against the Singapore dollar.  </li><li>ParkwayLife REIT maintains a gearing ratio of 33.4% and an interest coverage ratio of 8.6 times, supporting growth.</li></ul>

ParkwayLife REIT's full-year DPU increased by 2.5% to 15.29 Singapore cents, with gross revenue up 7.6% to S$156.3 million.  First REIT's full-year DPU declined by 8.1% to 2.17 Singapore cents, impacted by currency depreciation against the Singapore dollar.  ParkwayLife REIT maintains a gearing ratio of 33.4% and an interest coverage ratio of 8.6 times, supporting growth.

REIT Watch – Healthcare S-REITs record mixed DPU performance, but deliver operational stability amid currency headwinds

Frasers Logistics & Commercial Trust / Equity Bottom-Up

Frasers Logistics & Commercial Trust (FLT SP)

<ul><li>S-REITs achieved 14.4% total returns in 2025, driven by improved fundamentals and lower interest rates.  </li><li>Retail investors contributed S$961 million net inflows into S-REITs, contrasting with S$1.3 billion institutional net outflows.  </li><li>Top S-REITs by retail inflows include Mapletree Industrial Trust and Keppel DC REIT, focusing on industrial and data centre segments.</li></ul>

S-REITs achieved 14.4% total returns in 2025, driven by improved fundamentals and lower interest rates.  Retail investors contributed S$961 million net inflows into S-REITs, contrasting with S$1.3 billion institutional net outflows.  Top S-REITs by retail inflows include Mapletree Industrial Trust and Keppel DC REIT, focusing on industrial and data centre segments.

REIT Watch - 10 S-REITs which garnered over S$1 billion in total retail net inflows in 2025

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 - S-REIT acquisitions regain momentum as capital reopens

S-REITs announced 11 acquisitions worth over S$6.3 billion in the first four months of 2026. CapitaLand Integrated Commercial Trust acquired...

Singapore Exchange Ltd (SGX)

REIT Watch – Industrial S-REITs maintain operational resilience while undertaking portfolio rejuvenation

Industrial S-REITs in Singapore show resilient performance with positive rental reversions and proactive leasing and capital management. CLAR...

Singapore Exchange Ltd (SGX)

REIT Watch – Healthcare S-REITs record mixed DPU performance, but deliver operational stability amid currency headwinds

ParkwayLife REIT's full-year DPU increased by 2.5% to 15.29 Singapore cents, with gross revenue up 7.6% to S$156.3 million. First REIT's...

Singapore Exchange Ltd (SGX)

REIT Watch - 10 S-REITs which garnered over S$1 billion in total retail net inflows in 2025

S-REITs achieved 14.4% total returns in 2025, driven by improved fundamentals and lower interest rates. Retail investors contributed S$961...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

REIT Watch - S-REIT acquisitions regain momentum as capital reopens

S-REITs announced 11 acquisitions worth over S$6.3 billion in the first four months of 2026. CapitaLand Integrated Commercial Trust acquired...

Singapore Exchange Ltd (SGX)

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

​New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...

Kyle Rudden

REIT Watch – Industrial S-REITs maintain operational resilience while undertaking portfolio rejuvenation

Industrial S-REITs in Singapore show resilient performance with positive rental reversions and proactive leasing and capital management. CLAR...

Singapore Exchange Ltd (SGX)

REIT Watch – Healthcare S-REITs record mixed DPU performance, but deliver operational stability amid currency headwinds

ParkwayLife REIT's full-year DPU increased by 2.5% to 15.29 Singapore cents, with gross revenue up 7.6% to S$156.3 million. First REIT's...

Singapore Exchange Ltd (SGX)

REIT Watch - 10 S-REITs which garnered over S$1 billion in total retail net inflows in 2025

S-REITs achieved 14.4% total returns in 2025, driven by improved fundamentals and lower interest rates. Retail investors contributed S$961...

Singapore Exchange Ltd (SGX)

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...