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

Lendlease Global Commercial REIT / Equity Bottom-Up

<ul><li>The next 30 most traded stocks in 2H25 have a combined market capitalisation of S$74 billion, spanning all 12 sectors.</li><li>Seven REITs among these stocks have a combined market value of S$19.5 billion and S$53.1 million in 2H25 ADT.</li><li>CSE Global leads net institutional inflow-to-market cap ratio, with ADT rising to S$5.8 million in 2H25.</li></ul>

The next 30 most traded stocks in 2H25 have a combined market capitalisation of S$74 billion, spanning all 12 sectors.Seven REITs among these stocks have a combined market value of S$19.5 billion and S$53.1 million in 2H25 ADT.CSE Global leads net institutional inflow-to-market cap ratio, with ADT rising to S$5.8 million in 2H25.

Highlights of the 30 Most Traded Non-STI Stocks in 2H25

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>For the better part of two decades, Singaporean real estate investment trusts (REITs) have provided an efficient and popular exposure to quality large-scale commercial properties. </li>
<li>Yet as global central banks hike interest rates to address inflationary pressures, can REITs retain their attractiveness?</li>
<li>SREITs have corrected as Singaporean interest rates have increased. The question is whether higher interest rates are baked in, and which SREITs will hold up; and which ones will not?</li>
</ul>


For the better part of two decades, Singaporean real estate investment trusts (REITs) have provided an efficient and popular exposure to quality large-scale commercial properties. 
Yet as global central banks hike interest rates to address inflationary pressures, can REITs retain their attractiveness?
SREITs have corrected as Singaporean interest rates have increased. The question is whether higher interest rates are baked in, and which SREITs will hold up; and which ones will not?


S-REITs: Investing In An Inflationary Environment

<ul><li>Healthcare S-REITs recorded an average total return of 2.8% year to date, following 6.9% in 2024 and 7.1% in 2023.</li><li>Parkway Life REIT's FY2024 revenue declined 1.5% due to yen weakness, but DPU grew 1% year on year.</li><li>First REIT's FY2024 rental income fell 5.9% due to yen and rupiah weakness, maintaining 100% occupancy rates.</li></ul>

Healthcare S-REITs recorded an average total return of 2.8% year to date, following 6.9% in 2024 and 7.1% in 2023.Parkway Life REIT's FY2024 revenue declined 1.5% due to yen weakness, but DPU grew 1% year on year.First REIT's FY2024 rental income fell 5.9% due to yen and rupiah weakness, maintaining 100% occupancy rates.

REIT Watch - Healthcare S-REITs are here to stay

Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

Thematic (Sector/Industry)

<ul>
<li>Of the 30 companies that constitute the Straits Times Index (STI), Real Estate Investment Trusts (REITs) have long been a cornerstone.</li>
<li>For investors seeking growth and diversification beyond the blue-chip giants, the iEdge Singapore Next 50 indices present a compelling hunting ground beyond the 30 largest companies on the SGX. </li>
<li>These indices track the next 50 largest stocks after the top 30 SGX stocks ranked by market capitalization, and are home to a dynamic cohort of REITs.</li>
</ul>


Of the 30 companies that constitute the Straits Times Index (STI), Real Estate Investment Trusts (REITs) have long been a cornerstone.
For investors seeking growth and diversification beyond the blue-chip giants, the iEdge Singapore Next 50 indices present a compelling hunting ground beyond the 30 largest companies on the SGX. 
These indices track the next 50 largest stocks after the top 30 SGX stocks ranked by market capitalization, and are home to a dynamic cohort of REITs.


REITs Beyond the STI: A Review of the REIT Components of the IEdge Singapore Next 50 Indices

Invest, Trade and Save in Singapore, Syfe

Syfe

Invest, Trade and Save in Singapore

Syfe is an investment platform offering Managed Portfolios, Brokerage services, and Cash Management solutions to help people build wealth for a better future.

<ul><li>Singapore’s healthcare Real Estate Investment Trusts (REITs) continue to stand out as one of the most defensive segments in the S-REIT universe.</li><li>In 2025, the sub-sector has materially outperformed sector indices, supported by inelastic demand for healthcare, ageing demographics, and the scarcity of medical real estate supply.</li><li>These structural drivers insulate the segment from a great deal of economic cyclicality and position it as a reliable source of total returns.</li></ul>

Singapore’s healthcare Real Estate Investment Trusts (REITs) continue to stand out as one of the most defensive segments in the S-REIT universe.In 2025, the sub-sector has materially outperformed sector indices, supported by inelastic demand for healthcare, ageing demographics, and the scarcity of medical real estate supply.These structural drivers insulate the segment from a great deal of economic cyclicality and position it as a reliable source of total returns.

Singapore Healthcare REITs: A Defensive Haven in a Shifting Market

Singapore

Parkway Life Real Estate Investment Trust (Parkway Life REIT) invests primarily in income producing real estate and real estate related assets in the Asia Pacific region. The trust's real estate is used primarily for healthcare and healthcare-related purposes.

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Parkway Life REIT (PREIT SP)

Highlights of the 30 Most Traded Non-STI Stocks in 2H25

The next 30 most traded stocks in 2H25 have a combined market capitalisation of S$74 billion, spanning all 12 sectors. Seven REITs among these...

Singapore Exchange Ltd (SGX)

S-REITs: Investing In An Inflationary Environment

Suntec, with one of the highest gearings in the office subsector, may need to go to the market cap in hand. That or divest some assets - in what is...

David Blennerhassett

REIT Watch - Healthcare S-REITs are here to stay

Healthcare S-REITs recorded an average total return of 2.8% year to date, following 6.9% in 2024 and 7.1% in 2023. Parkway Life REIT's FY2024...

Singapore Exchange Ltd (SGX)

REITs Beyond the STI: A Review of the REIT Components of the IEdge Singapore Next 50 Indices

Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...

Golden Section Capital

Singapore Healthcare REITs: A Defensive Haven in a Shifting Market

Singapore’s healthcare Real Estate Investment Trusts (REITs) continue to stand out as one of the most defensive segments in the S-REIT...

Syfe

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Highlights of the 30 Most Traded Non-STI Stocks in 2H25

The next 30 most traded stocks in 2H25 have a combined market capitalisation of S$74 billion, spanning all 12 sectors. Seven REITs among these...

Singapore Exchange Ltd (SGX)

S-REITs: Investing In An Inflationary Environment

Suntec, with one of the highest gearings in the office subsector, may need to go to the market cap in hand. That or divest some assets - in what is...

David Blennerhassett

REIT Watch - Healthcare S-REITs are here to stay

Healthcare S-REITs recorded an average total return of 2.8% year to date, following 6.9% in 2024 and 7.1% in 2023. Parkway Life REIT's FY2024...

Singapore Exchange Ltd (SGX)

REITs Beyond the STI: A Review of the REIT Components of the IEdge Singapore Next 50 Indices

​Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...

Golden Section Capital

Singapore Healthcare REITs: A Defensive Haven in a Shifting Market

Singapore’s healthcare Real Estate Investment Trusts (REITs) continue to stand out as one of the most defensive segments in the S-REIT...

Syfe

Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...