Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>RHB starts 'buy' on KIT, predicts 1.2% FFO CAGR from FY2024 to FY2027.</li><li>CGS International boosts Wee Hur's target price to 95 cents on strong orderbook outlook.</li><li>PhillipCapital's Chew reaffirms 'buy' rating for TeleChoice International.</li></ul>

RHB starts 'buy' on KIT, predicts 1.2% FFO CAGR from FY2024 to FY2027.CGS International boosts Wee Hur's target price to 95 cents on strong orderbook outlook.PhillipCapital's Chew reaffirms 'buy' rating for TeleChoice International.

Singapore Market Roundup (26-Nov-2025): RHB initiates 'buy' on KIT, forecasts 1.2% FFO CAGR.

<ul>
<li>RHB's Natarajan maintains IREIT Global's target price at 35 cents. uSmart places 'hold' on Kimly amid stagnant income growth.</li>
<li>uSMART starts 'buy' on Starhill Global REIT, target price at 67 cents. CGS International maintains 'add' on Sanli Environmental, lowers target price post-placement.</li>
<li>Analysts remain positive on CSE Global after 3QFY2025 update and potential DC wins.</li>
</ul>


RHB's Natarajan maintains IREIT Global's target price at 35 cents. uSmart places 'hold' on Kimly amid stagnant income growth.
uSMART starts 'buy' on Starhill Global REIT, target price at 67 cents. CGS International maintains 'add' on Sanli Environmental, lowers target price post-placement.
Analysts remain positive on CSE Global after 3QFY2025 update and potential DC wins.


Singapore Market Roundup (25-Nov-2025): RHB's Natarajan keeps IREIT Global's target price at 35c.

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.

<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

The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

<ul><li>In this strategy update, we look at the two new stock indices - the iEdge Singapore Next 50 Index and the iEdge Next 50 Liquidity Weighted Index - released by the SGX on 22 September 2025.</li><li>The two new indices cover the next 50 largest companies listed on the SGX Mainboard, excluding the 30 largest companies by market capitalization (which are covered by the benchmark Straits Times Index, STI).</li><li>The 50 constituent companies are identical for both new indices, but the first is weighted by free-float market capitalization while the second is weighted by turnover to capture the relative liquidity of the constituents.</li></ul>

In this strategy update, we look at the two new stock indices - the iEdge Singapore Next 50 Index and the iEdge Next 50 Liquidity Weighted Index - released by the SGX on 22 September 2025.The two new indices cover the next 50 largest companies listed on the SGX Mainboard, excluding the 30 largest companies by market capitalization (which are covered by the benchmark Straits Times Index, STI).The 50 constituent companies are identical for both new indices, but the first is weighted by free-float market capitalization while the second is weighted by turnover to capture the relative liquidity of the constituents.

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 retail REITs have proven to be among the more resilient segments within the broader S-REIT universe.</li>
<li>By early 2025, high shopper footfall, recovering tenant sales, and positive rental reversions are now the norm across well-managed portfolios. Suburban malls, anchored in necessity trades like groceries, healthcare, and Food and Beverage (F&amp;B), led the recovery, with some even exceeding pre-Covid revenue metrics.</li>
<li>Prime malls have also regained momentum, buoyed by international tourism and luxury brand expansion. Occupancy rates are now typically north of 96%, and mall operators are again achieving mid- to high-single-digit rent uplifts on lease renewals, clear signs of restored landlord pricing power.</li>
</ul>


Singapore’s retail REITs have proven to be among the more resilient segments within the broader S-REIT universe.
By early 2025, high shopper footfall, recovering tenant sales, and positive rental reversions are now the norm across well-managed portfolios. Suburban malls, anchored in necessity trades like groceries, healthcare, and Food and Beverage (F&amp;B), led the recovery, with some even exceeding pre-Covid revenue metrics.
Prime malls have also regained momentum, buoyed by international tourism and luxury brand expansion. Occupancy rates are now typically north of 96%, and mall operators are again achieving mid- to high-single-digit rent uplifts on lease renewals, clear signs of restored landlord pricing power.


Singapore Retail REITs: Show Resilience And Relevance

Singapore

Starhill Global REIT is a Singapore-based real estate investment trust that invests in a portfolio of retail and office properties. It owns nine mid- to high-end assets across Singapore, Australia, Malaysia, Japan, and China, generating revenue primarily from leasing. The company was established in 2005 and is headquartered in Singapore.

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Starhill Global REIT (SGREIT SP)

Singapore Market Roundup (26-Nov-2025): RHB initiates 'buy' on KIT, forecasts 1.2% FFO CAGR.

RHB initiates 'buy' on KIT, forecasting 1.2% FFO CAGR (FY2024-FY2027). CGS raises Wee Hur's target to 95 cents; PhillipCapital reaffirms 'buy' for...

Singapore Market Roundup

Singapore Market Roundup (25-Nov-2025): RHB's Natarajan keeps IREIT Global's target price at 35c.

RHB keeps IREIT Global's target price at 35 cents; uSMART holds Kimly due to stagnant growth and starts 'buy' on Starhill Global REIT with a target...

Singapore Market Roundup

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 Equity Strategy: October 2025

In this strategy update, we look at the two new stock indices - the iEdge Singapore Next 50 Index and the iEdge Next 50 Liquidity Weighted Index

Wealth Management Alliance

Singapore Retail REITs: Show Resilience And Relevance

Singapore’s retail REITs have proven to be among the more resilient segments within the broader S-REIT universe. By early 2025, high shopper...

Syfe

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Singapore Market Roundup (26-Nov-2025): RHB initiates 'buy' on KIT, forecasts 1.2% FFO CAGR.

RHB initiates 'buy' on KIT, forecasting 1.2% FFO CAGR (FY2024-FY2027). CGS raises Wee Hur's target to 95 cents; PhillipCapital reaffirms 'buy' for...

Singapore Market Roundup

Singapore Market Roundup (25-Nov-2025): RHB's Natarajan keeps IREIT Global's target price at 35c.

RHB keeps IREIT Global's target price at 35 cents; uSMART holds Kimly due to stagnant growth and starts 'buy' on Starhill Global REIT with a target...

Singapore Market Roundup

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 Equity Strategy: October 2025

In this strategy update, we look at the two new stock indices - the iEdge Singapore Next 50 Index and the iEdge Next 50 Liquidity Weighted Index

Wealth Management Alliance

Singapore Retail REITs: Show Resilience And Relevance

Singapore’s retail REITs have proven to be among the more resilient segments within the broader S-REIT universe. By early 2025, high shopper...

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...