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>Seven S-REITs with Singapore retail assets reported improved revenue and net property income due to positive rental reversions and occupancy rates.</li><li>CICT, FCT, and LREIT achieved positive rent reversions, with CICT's retail portfolio seeing 17.5% growth in tenant sales.</li><li>MPACT, OUE REIT, Starhill Global REIT, and Suntec REIT reported high occupancy rates and varying rent reversions, with VivoCity achieving significant sales milestones.</li></ul>

Seven S-REITs with Singapore retail assets reported improved revenue and net property income due to positive rental reversions and occupancy rates.CICT, FCT, and LREIT achieved positive rent reversions, with CICT's retail portfolio seeing 17.5% growth in tenant sales.MPACT, OUE REIT, Starhill Global REIT, and Suntec REIT reported high occupancy rates and varying rent reversions, with VivoCity achieving significant sales milestones.

REIT Watch - Most S-REITs with Singapore retail assets record double digit positive rent reversions despite softer retail outlook

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

<ul>
<li>
<a href="https://www.smartkarma.com/entities/old-chang-kee-ltd" target="_blank" data-smartkarma-citation="entities:10465:1" rel="noopener">Old Chang Kee (OCK SP)</a> is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings. </li>
<li>It also offers chicken-based products such as chicken wings and chicken balls as a halal-certified food operator.</li>
<li>We initiate non-rated coverage on Old Chang Kee. Post-COVID, the firm’s revenue had steadily recovered to pre-COVID levels by FY23, with a notable shift in its sales mix.</li>
</ul>



Old Chang Kee (OCK SP) is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings. 
It also offers chicken-based products such as chicken wings and chicken balls as a halal-certified food operator.
We initiate non-rated coverage on Old Chang Kee. Post-COVID, the firm’s revenue had steadily recovered to pre-COVID levels by FY23, with a notable shift in its sales mix.


Old Chang Kee Initiation - Defying the Dip, Resilience Amidst F&B Headwinds

<ul><li>Keppel DC REIT re-enters the STI, increasing S-REITs' combined weight to over 10%, with a market cap of S$4.9 billion.</li><li>In 1Q 2025, Keppel DC REIT's distributable income rose 59.4% year-on-year, with a 14.2% increase in distribution per unit.</li><li>Keppel DC REIT's 2024 acquisitions included Tokyo Data Centre 1 and two AI-ready hyperscale data centres in Singapore.</li></ul>

Keppel DC REIT re-enters the STI, increasing S-REITs' combined weight to over 10%, with a market cap of S$4.9 billion.In 1Q 2025, Keppel DC REIT's distributable income rose 59.4% year-on-year, with a 14.2% increase in distribution per unit.Keppel DC REIT's 2024 acquisitions included Tokyo Data Centre 1 and two AI-ready hyperscale data centres in Singapore.

REIT Watch - Keppel DC REIT scheduled to join STI from 23 June

CapitaLand Integrated Commercial Trust / Equity Bottom-Up

CapitaLand Integrated Commercial Trust (CICT SP)

<ul><li>Six S-REITs with Singapore office exposure reported positive rental reversions, with Keppel REIT achieving 10.6% growth.</li><li>Occupancy rates remained high, with Suntec REIT at 98.7% and LREIT's Jem office fully occupied.</li><li>Limited new office supply in Singapore's CBD from 2025-2027 is expected to support rental stability.</li></ul>

Six S-REITs with Singapore office exposure reported positive rental reversions, with Keppel REIT achieving 10.6% growth.Occupancy rates remained high, with Suntec REIT at 98.7% and LREIT's Jem office fully occupied.Limited new office supply in Singapore's CBD from 2025-2027 is expected to support rental stability.

REIT Watch - S-REITs with Singapore office assets post resilient 1Q 2025 amid positive rent reversions and high occupancy

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 Pan Asia Commercial Trust is a real estate investment trust (REIT) that invests in a diversified portfolio of income-producing office and retail properties across key Asian gateway markets. Its portfolio includes commercial properties in Singapore, Hong Kong, China, Japan, and South Korea. The trust is headquartered in Singapore and was formed in 2022.

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Mapletree Pan Asia Commercial Trust (MPACT SP)

REIT Watch - Most S-REITs with Singapore retail assets record double digit positive rent reversions despite softer retail outlook

Seven S-REITs with Singapore retail assets reported improved revenue and net property income due to positive rental reversions and occupancy...

Singapore Exchange Ltd (SGX)

Old Chang Kee Initiation - Defying the Dip, Resilience Amidst F&B Headwinds

We initiate non-rated coverage on Old Chang Kee. Post-COVID, the firm’s revenue had steadily recovered to pre-COVID levels by FY23, with a notable...

Evolve Capital Advisory Pte Ltd

REIT Watch - Keppel DC REIT scheduled to join STI from 23 June

Keppel DC REIT re-enters the STI, increasing S-REITs' combined weight to over 10%, with a market cap of S$4.9 billion. In 1Q 2025, Keppel DC...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs with Singapore office assets post resilient 1Q 2025 amid positive rent reversions and high occupancy

Six S-REITs with Singapore office exposure reported positive rental reversions, with Keppel REIT achieving 10.6% growth. Occupancy rates remained...

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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