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

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

Far East Hospitality Trust / Equity Bottom-Up

<ul><li>The US Federal Reserve maintained its benchmark interest rate, with analysts predicting a 75 basis points cut in 2025.</li><li>The S-REIT sector maintains an average gearing ratio of 40%, with the 10 lowest averaging 33.5%.</li><li>Sasseur REIT reported a 25.9% gearing ratio in 1Q25, with a 1.6% year-on-year increase in RMB rental income.</li></ul>

The US Federal Reserve maintained its benchmark interest rate, with analysts predicting a 75 basis points cut in 2025.The S-REIT sector maintains an average gearing ratio of 40%, with the 10 lowest averaging 33.5%.Sasseur REIT reported a 25.9% gearing ratio in 1Q25, with a 1.6% year-on-year increase in RMB rental income.

REIT Watch - 10 S-REITs with lowest gearing ratios average 33.5% as investors await rate cuts

<ul><li>From April 14 to 24, top 10 iEdge S-REIT index performers received S$23.3 million in net institutional inflows.</li><li>Institutional investors net sold S$36.6 million in S-REITs from April 14 to 24, totaling S$465.1 million in outflows year-to-date.</li><li>Retail investors net sold S$64.4 million in S-REITs from April 14 to 24, with year-to-date net inflows of S$261.9 million.</li></ul>

From April 14 to 24, top 10 iEdge S-REIT index performers received S$23.3 million in net institutional inflows.Institutional investors net sold S$36.6 million in S-REITs from April 14 to 24, totaling S$465.1 million in outflows year-to-date.Retail investors net sold S$64.4 million in S-REITs from April 14 to 24, with year-to-date net inflows of S$261.9 million.

REIT Watch – S-REITs rebound from early April sell-off 

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

<ul><li>S-REITs with retail assets in China show mixed 2024 performance with stable occupancies but negative rental reversions amid cautious consumer sentiment.</li><li>CapitaLand China Trust's retail NPI increased 1.9% y-o-y in FY2024, with stable occupancy at 98.2% and negative rental reversion.</li><li>Sasseur REIT's portfolio occupancy reached 98.9% by end 2024, with double-digit sales growth during Lunar New Year 2025.</li></ul>

S-REITs with retail assets in China show mixed 2024 performance with stable occupancies but negative rental reversions amid cautious consumer sentiment.CapitaLand China Trust's retail NPI increased 1.9% y-o-y in FY2024, with stable occupancy at 98.2% and negative rental reversion.Sasseur REIT's portfolio occupancy reached 98.9% by end 2024, with double-digit sales growth during Lunar New Year 2025.

REIT Watch - S-REITs with China retail assets log mixed 2024 performance; may benefit from consumption push

Singapore

Sasseur Real Estate Investment Trust is a Singapore-based real estate investment trust that invests in a diversified portfolio of income-producing retail outlet malls and related real estate assets, primarily in China. Its portfolio includes four outlet malls located in Chongqing, Hefei, and Kunming. The company was founded in Singapore in 2017.

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Sasseur (SASSR SP)

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)

REIT Watch - 10 S-REITs with lowest gearing ratios average 33.5% as investors await rate cuts

The US Federal Reserve maintained its benchmark interest rate, with analysts predicting a 75 basis points cut in 2025. The S-REIT sector maintains...

Singapore Exchange Ltd (SGX)

REIT Watch – S-REITs rebound from early April sell-off

From April 14 to 24, top 10 iEdge S-REIT index performers received S$23.3 million in net institutional inflows. Institutional investors net sold...

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)

REIT Watch - S-REITs with China retail assets log mixed 2024 performance; may benefit from consumption push

S-REITs with retail assets in China show mixed 2024 performance with stable occupancies but negative rental reversions amid cautious consumer...

Singapore Exchange Ltd (SGX)

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