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

NikkoAM-StraitsTrading Asia Ex Japan REIT ETF / Equity Bottom-Up

NikkoAM-StraitsTrading Asia Ex Japan REIT ETF (AXJREIT SP)

NikkoAM-StraitsTrading Asia Ex Japan REIT ETF

<ul><li>Retail investors recorded S$2.62 billion net inflow into Singapore stocks in 2025, with DBS receiving S$1.387 billion.</li><li>Mapletree Industrial Trust and NTT DC REIT had net retail inflows representing 6.6% of their market cap in 2025.</li><li>Retail investors unwound S$350 million in CDL from April to year-end 2025, reversing 18 months of net buying.</li></ul>

Retail investors recorded S$2.62 billion net inflow into Singapore stocks in 2025, with DBS receiving S$1.387 billion.Mapletree Industrial Trust and NTT DC REIT had net retail inflows representing 6.6% of their market cap in 2025.Retail investors unwound S$350 million in CDL from April to year-end 2025, reversing 18 months of net buying.

Retail Logged S$2.6B of Net Buying in 2025 as Flows Concentrated in Banks

Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Cross Asset Strategy

<ul>
<li>Singapore's REITs, representing 12% of the equity market, face pressures from rising interest rates and economic downturns, which impact profitability and market performance.</li>
<li>The data center REIT sector is propelled by increasing AI applications, data sovereignty laws, and the growth of cloud services, positioning it for significant expansion.</li>
<li>Digital Core REIT benefits from its presence in key tech hubs and high-performance computing offerings, positioning them to outperform in a tight data center market.</li>
</ul>


Singapore's REITs, representing 12% of the equity market, face pressures from rising interest rates and economic downturns, which impact profitability and market performance.
The data center REIT sector is propelled by increasing AI applications, data sovereignty laws, and the growth of cloud services, positioning it for significant expansion.
Digital Core REIT benefits from its presence in key tech hubs and high-performance computing offerings, positioning them to outperform in a tight data center market.


Gen AI Unleashes Hyper Demand for Data Centers

Partner, River Valley Asset Management

River Valley Asset Management

Partner

Singapore-based boutique asset management firm

River Valley Asset Management is a Singapore-based boutique asset management firm. Our team at RVAM strongly believes in being a trusted steward of our clients' wealth across generations.

Each of our fund managers has years of rich portfolio management experience over multiple market cycles at world-class investment houses. We bring our clients the combined strength of our investment team to manage their financial portfolios and to provide bespoke guidance on all aspects of their financial health.

We offer multi-asset class expert investment advice to accredited investors who are family offices, high net worth individuals and institutional investors to preserve and grow our clients' wealth.

The fund management team of the company includes Homiyar Vasania, Anand Ramachandran and Jamshed Desai.

Thematic (Sector/Industry)

<p>Singapore listed REITs and Business Trusts have been reporting financial results and while we were perusing them, we couldn’t help but hark back to the period at the start of the year when a slew of market reports hit the headlines calling for a reversal of fortunes of several REIT sectors based on the premise that ‘supply’ in many of them had or was going to peak out in 2017 and that it was going to be smoother sailing here onward. The sector has had a good rally and it is time to ponder whether "peak supply" thesis can sustain the momentum. We weren’t buying that line then and we aren’t buying it now. </p>

Singapore listed REITs and Business Trusts have been reporting financial results and while we were perusing them, we couldn’t help but hark back to the period at the start of the year when a slew of market reports hit the headlines calling for a reversal of fortunes of several REIT sectors based on the premise that ‘supply’ in many of them had or was going to peak out in 2017 and that it was going to be smoother sailing here onward. The sector has had a good rally and it is time to ponder whether "peak supply" thesis can sustain the momentum. We weren’t buying that line then and we aren’t buying it now. 

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Japan Hotel Reit Investment / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-hotel-reit-investment" target="_blank" data-smartkarma-citation="entities:144:1" rel="noopener">Japan Hotel Reit Investment (8985 JP)</a> aims to raise around US$462m to partly fund the acquisition of Hyatt Regency Tokyo.</li>
<li>The company has undertaken a number of deals in the past, most of which have managed to perform well.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Japan Hotel Reit Investment (8985 JP) aims to raise around US$462m to partly fund the acquisition of Hyatt Regency Tokyo.
The company has undertaken a number of deals in the past, most of which have managed to perform well.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Japan Hotel REIT Placement - Relatively Large Deal but Not Really DPU Accretive

Lion-Phillip S-REIT ETF / Equity Bottom-Up

<ul><li>Singapore-listed REIT ETFs saw over S$300 million in net inflows, with AUM reaching S$1.2 billion by mid-2025.</li><li>Lion-Phillip S-REIT ETF and NikkoAM-StraitsTrading Asia ex Japan REIT ETF recorded the highest net inflows among top-traded ETFs.</li><li>UOB Asia Pacific Green REIT ETF led in returns with 9.3% in H1 2025, emphasizing environmental factors.</li></ul>

Singapore-listed REIT ETFs saw over S$300 million in net inflows, with AUM reaching S$1.2 billion by mid-2025.Lion-Phillip S-REIT ETF and NikkoAM-StraitsTrading Asia ex Japan REIT ETF recorded the highest net inflows among top-traded ETFs.UOB Asia Pacific Green REIT ETF led in returns with 9.3% in H1 2025, emphasizing environmental factors.

REIT Watch - REIT ETFs see 40% AUM growth in past year as S-REITs regain appeal

Singapore

NikkoAM-StraitsTrading Asia ex Japan REIT ETF is an exchange-traded fund established in Singapore. The Fund's investment objective is to replicate as closely as possible, before expenses, the performance of the FTSE EPRA/NAREIT Asia ex Japan Net TR REIT Index. The Fund will invest all, or substantially all, of its assets in Index Shares in same weightings. 

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NikkoAM-StraitsTrading Asia Ex Japan REIT ETF (AXJREIT SP)

Retail Logged S$2.6B of Net Buying in 2025 as Flows Concentrated in Banks

Retail investors recorded S$2.62 billion net inflow into Singapore stocks in 2025, with DBS receiving S$1.387 billion. Mapletree Industrial Trust...

Singapore Exchange Ltd (SGX)

Gen AI Unleashes Hyper Demand for Data Centers

Singapore REITs face challenges from rising interest rates and economic downturns, while data center REITs are poised for growth driven by AI,...

Mint Finance

The Peril of 'Peak Supply' Analyses

Singapore listed REITs and Business Trusts have been reporting financial results and while we were perusing them, we couldn’t help but hark back to...

River Valley Asset Management

Aequitas: Japan Hotel REIT Placement - Relatively Large Deal but Not Really DPU Accretive

Japan Hotel REIT (JHR) aims to raise around US$462m to partly fund the acquisition of Hyatt Regency Tokyo. In this note, we will talk about the...

Akshat Shah

REIT Watch - REIT ETFs see 40% AUM growth in past year as S-REITs regain appeal

Singapore-listed REIT ETFs saw over S$300 million in net inflows, with AUM reaching S$1.2 billion by mid-2025. Lion-Phillip S-REIT ETF and...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Retail Logged S$2.6B of Net Buying in 2025 as Flows Concentrated in Banks

Retail investors recorded S$2.62 billion net inflow into Singapore stocks in 2025, with DBS receiving S$1.387 billion. Mapletree Industrial Trust...

Singapore Exchange Ltd (SGX)

Gen AI Unleashes Hyper Demand for Data Centers

​Singapore REITs face challenges from rising interest rates and economic downturns, while data center REITs are poised for growth driven by AI,...

Mint Finance

The Peril of 'Peak Supply' Analyses

Singapore listed REITs and Business Trusts have been reporting financial results and while we were perusing them, we couldn’t help but hark back to...

River Valley Asset Management

Aequitas: Japan Hotel REIT Placement - Relatively Large Deal but Not Really DPU Accretive

Japan Hotel REIT (JHR) aims to raise around US$462m to partly fund the acquisition of Hyatt Regency Tokyo. In this note, we will talk about the...

Akshat Shah

REIT Watch - REIT ETFs see 40% AUM growth in past year as S-REITs regain appeal

Singapore-listed REIT ETFs saw over S$300 million in net inflows, with AUM reaching S$1.2 billion by mid-2025. Lion-Phillip S-REIT ETF and...

Singapore Exchange Ltd (SGX)

Singapore REITs face challenges from rising interest rates and economic downturns, while data center REITs are poised for growth driven by AI,...