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

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

Nam Lee Pressed Metal Industries / Equity Bottom-Up

Nam Lee Pressed Metal Industries (NLPM SP)

<ul><li>The 50 SMIDs in Singapore's YTD net-institutional-inflow-to-market-cap ratio span 10 sectors with S$170M daily turnover.</li><li>InnoTek, Frencken, AEM, and CSE Global show semiconductor-adjacent and engineering-driven focus, with significant institutional inflows.</li><li>Huationg Global completed a S$7 million share placement, attracting institutional investors, with a market cap of S$142 million.</li></ul>

The 50 SMIDs in Singapore's YTD net-institutional-inflow-to-market-cap ratio span 10 sectors with S$170M daily turnover.InnoTek, Frencken, AEM, and CSE Global show semiconductor-adjacent and engineering-driven focus, with significant institutional inflows.Huationg Global completed a S$7 million share placement, attracting institutional investors, with a market cap of S$142 million.

Singapore SMIDs: Where Institutional Flows Are Concentrating in Early 1Q26

<ul><li>Institutions were net sellers of Singapore stocks with a net outflow of S$592 million from Sep 19 to 25.</li><li>Food Empire Holdings raised S$42.8 million by placing 17 million treasury shares at S$2.52 each on Sep 24.</li><li>Prime US REIT launched a private placement to raise at least US$25 million, issuing new units at US$0.1935.</li></ul>

Institutions were net sellers of Singapore stocks with a net outflow of S$592 million from Sep 19 to 25.Food Empire Holdings raised S$42.8 million by placing 17 million treasury shares at S$2.52 each on Sep 24.Prime US REIT launched a private placement to raise at least US$25 million, issuing new units at US$0.1935.

<ul><li>The iEdge S-REIT index delivered 10.3% total returns since end-June 2025, with all 30 constituents in the black QTD.</li><li>OUE REIT, CICT, Lendlease Global REIT, and Keppel REIT reported YTD total returns between 23.5% to 30.2% as of Sept 12.</li><li>Retail investors net bought S-REITs with S$600 million inflow YTD, while institutions had S$800 million net outflows.</li></ul>

The iEdge S-REIT index delivered 10.3% total returns since end-June 2025, with all 30 constituents in the black QTD.OUE REIT, CICT, Lendlease Global REIT, and Keppel REIT reported YTD total returns between 23.5% to 30.2% as of Sept 12.Retail investors net bought S-REITs with S$600 million inflow YTD, while institutions had S$800 million net outflows.

REIT Watch - S-REITs deliver double-digit total return in Q3 as investors await rate cuts

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

Prime US REIT is a Singapore-based real estate investment trust that invests in stabilized income-producing Class A freehold office properties in key markets across the United States. It aims to provide unitholders with regular and stable distributions and long-term growth in distribution per unit and net asset value per unit. The REIT was listed on the Main Board of the Singapore Exchange on July 19, 2019, and is headquartered in Singapore.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Prime US REIT (PRIME SP)

Singapore SMIDs: Where Institutional Flows Are Concentrating in Early 1Q26

The 50 SMIDs in Singapore's YTD net-institutional-inflow-to-market-cap ratio span 10 sectors with S$170M daily turnover. InnoTek, Frencken, AEM,...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs deliver double-digit total return in Q3 as investors await rate cuts

The iEdge S-REIT index delivered 10.3% total returns since end-June 2025, with all 30 constituents in the black QTD. OUE REIT, CICT, Lendlease...

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)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Singapore SMIDs: Where Institutional Flows Are Concentrating in Early 1Q26

The 50 SMIDs in Singapore's YTD net-institutional-inflow-to-market-cap ratio span 10 sectors with S$170M daily turnover. InnoTek, Frencken, AEM,...

Singapore Exchange Ltd (SGX)

Rising Spotlight on Share Placements

Institutions were net sellers of Singapore stocks with a net outflow of S$592 million from Sep 19 to 25. Food Empire Holdings raised S$42.8...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs deliver double-digit total return in Q3 as investors await rate cuts

The iEdge S-REIT index delivered 10.3% total returns since end-June 2025, with all 30 constituents in the black QTD. OUE REIT, CICT, Lendlease...

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)

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