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>Alpha Integrated REIT's 1Q26 saw a portfolio occupancy increase to 91.4% and rental reversion of 12.0%.  </li><li>Keppel DC REIT's 1Q26 DPU rose 13.2%, driven by Tokyo Data Centre 3 acquisition and strong portfolio performance.  </li><li>KORE US REIT's income for distribution improved 4.3%, with portfolio rental reversion at 0.8% and occupancy at 85.1%.</li></ul>

Alpha Integrated REIT's 1Q26 saw a portfolio occupancy increase to 91.4% and rental reversion of 12.0%.  Keppel DC REIT's 1Q26 DPU rose 13.2%, driven by Tokyo Data Centre 3 acquisition and strong portfolio performance.  KORE US REIT's income for distribution improved 4.3%, with portfolio rental reversion at 0.8% and occupancy at 85.1%.

REIT Watch - S-REITs commence Q1 reporting season with a positive start

<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

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>S-REITs with office exposure, including Suntec, Keppel, and OUE REITs, reported strong growth in distributable income for H1 2026.</li><li>Keppel REIT's net property income rose 13.1% YoY, with a 25.2% increase in distributable income from operations.</li><li>Suntec REIT's distributable income increased 25.5% YoY, driven by strong operational performance and lower financing costs.</li></ul>

S-REITs with office exposure, including Suntec, Keppel, and OUE REITs, reported strong growth in distributable income for H1 2026.Keppel REIT's net property income rose 13.1% YoY, with a 25.2% increase in distributable income from operations.Suntec REIT's distributable income increased 25.5% YoY, driven by strong operational performance and lower financing costs.

REIT Watch: Singapore Office REITs deliver robust H1 performance on strong occupancy and higher rents

Lendlease Global Commercial REIT / Equity Bottom-Up

Lendlease Global Commercial REIT (LREIT SP)

<ul><li>S-REITs' combined average daily traded value increased to over S$240 million in H2 2025, driven by new listings.</li><li>Lendlease Global Commercial REIT's ADT rose 164% in H2, with total returns of 25.7% and a S$0.72 target price.</li><li>AIMS APAC REIT's ADTV more than doubled in H2, delivering 17.6% total returns, with a S$1.52 target price.</li></ul>

S-REITs' combined average daily traded value increased to over S$240 million in H2 2025, driven by new listings.Lendlease Global Commercial REIT's ADT rose 164% in H2, with total returns of 25.7% and a S$0.72 target price.AIMS APAC REIT's ADTV more than doubled in H2, delivering 17.6% total returns, with a S$1.52 target price.

REIT Watch - Five S-Reits that saw strong growth in trading activity in H2 2025

Singapore

OUE Real Estate Investment Trust is a Singapore-based diversified real estate investment trust that invests in income-producing properties primarily for hospitality, retail, and office purposes. Its portfolio includes prime office buildings, high-end retail malls, and upper upscale hotels in Singapore and Australia. The company was constituted in 2013 and is headquartered in Singapore.

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OUE (OUEREIT SP)

REIT Watch - S-REITs commence Q1 reporting season with a positive start

Alpha Integrated REIT's 1Q26 saw a portfolio occupancy increase to 91.4% and rental reversion of 12.0%. Keppel DC REIT's 1Q26 DPU rose 13.2%,...

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: Singapore Office REITs deliver robust H1 performance on strong occupancy and higher rents

S-REITs with office exposure, including Suntec, Keppel, and OUE REITs, reported strong growth in distributable income for H1 2026. Keppel REIT's...

Singapore Exchange Ltd (SGX)

REIT Watch - Five S-Reits that saw strong growth in trading activity in H2 2025

S-REITs' combined average daily traded value increased to over S$240 million in H2 2025, driven by new listings. Lendlease Global Commercial...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

REIT Watch - S-REITs commence Q1 reporting season with a positive start

Alpha Integrated REIT's 1Q26 saw a portfolio occupancy increase to 91.4% and rental reversion of 12.0%. Keppel DC REIT's 1Q26 DPU rose 13.2%,...

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)

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: Singapore Office REITs deliver robust H1 performance on strong occupancy and higher rents

S-REITs with office exposure, including Suntec, Keppel, and OUE REITs, reported strong growth in distributable income for H1 2026. Keppel REIT's...

Singapore Exchange Ltd (SGX)

REIT Watch - Five S-Reits that saw strong growth in trading activity in H2 2025

S-REITs' combined average daily traded value increased to over S$240 million in H2 2025, driven by new listings. Lendlease Global Commercial...

Singapore Exchange Ltd (SGX)

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