Director and Founding Member, Corporate Monitor Limited

Tan Yee Peng

Director and Founding Member

Strengthening Corporate Performance

Corporate Monitor Limited

Corporate Monitor was established to encourage better performance of companies, particularly companies listed on the SGX, and hold their management and boards to account, for the benefit of their shareholders and stakeholders.

Thematic (Sector/Industry)

<ul><li>Corporate Monitor Ltd’s(CML) 4th report on the REIT sector concluded that overall performance of REITs is poor, as 15 of the 38 failed to return more money to unitholders than the equity they raised (i.e. Return OF Capital or R-OF-C), and only 10 provided a return ON capital (or R-ON-C).</li><li>Another 13 can be said to have provided a return if the increase in net asset value (NAV) is taken into consideration.</li><li>Even here, CML is of the view that their performance is lacklustre.</li></ul>

Corporate Monitor Ltd’s(CML) 4th report on the REIT sector concluded that overall performance of REITs is poor, as 15 of the 38 failed to return more money to unitholders than the equity they raised (i.e. Return OF Capital or R-OF-C), and only 10 provided a return ON capital (or R-ON-C).Another 13 can be said to have provided a return if the increase in net asset value (NAV) is taken into consideration.Even here, CML is of the view that their performance is lacklustre.

Singapore Reit and Business Trust Sector: What Really Caused the Poor Performance?

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

<ul>
<li>The upcoming Johor Bahru-Singapore Rapid Transit System and the ease of cross-border movements could impact Singapore’s retail sector as more consumers may choose to spend across the border.</li>
<li>DFI Retail CEO cited this as rationale for exiting Singapore based grocery retail business under Cold Storage and Giant's brands. Sheng Siong group said it will carefully monitor this development.</li>
<li>Singapore retail prices for branded consumer discretionary and staples are between 30%-50% higher than in Malaysia. With greater ease of commute and shipping, this price differential may not be sustainable.</li>
</ul>


The upcoming Johor Bahru-Singapore Rapid Transit System and the ease of cross-border movements could impact Singapore’s retail sector as more consumers may choose to spend across the border.
DFI Retail CEO cited this as rationale for exiting Singapore based grocery retail business under Cold Storage and Giant's brands. Sheng Siong group said it will carefully monitor this development.
Singapore retail prices for branded consumer discretionary and staples are between 30%-50% higher than in Malaysia. With greater ease of commute and shipping, this price differential may not be sustainable.


Singapore Retail Sector: Will It Be Impacted by Improved Connectivity with Malaysia?

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<ul>
<li>CGSI maintains ‘add’ rating, raises SATS target price to $5.20.          </li>
<li>Beng Kuang seen as 'attractive' investment at current price: UOBKH</li>
<li>RHB's Natarajan keeps 'buy' rating on Starhill Global REIT.</li>
</ul>


CGSI maintains ‘add’ rating, raises SATS target price to $5.20.          
Beng Kuang seen as 'attractive' investment at current price: UOBKH
RHB's Natarajan keeps 'buy' rating on Starhill Global REIT.


Singapore Market Roundup (18-Jun-2026): CGSI keeps ‘add’ rating, ups SATS target to $5.20.

<ul><li>Beng Kuang deemed 'attractive' at its current price by UOBKH.</li><li>RHB's Natarajan keeps 'buy' rating on Starhill Global REIT.</li><li>JPM maintains overweight on CDL; GS notes market overlooks ROE boost in lighter models.</li></ul>

Beng Kuang deemed 'attractive' at its current price by UOBKH.RHB's Natarajan keeps 'buy' rating on Starhill Global REIT.JPM maintains overweight on CDL; GS notes market overlooks ROE boost in lighter models.

Singapore Market Roundup (17-Jun-2026): UOBKH finds Beng Kuang's current price 'attractive'.

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

<ul><li>Brookfield is close to acquiring a Sydney office property for $318 million amid APAC real estate growth.</li><li>Macquarie has completed an $8.3 billion acquisition of Qube, a significant player in Australian logistics.</li><li>ESR has divested stakes in a Yokohama warehouse, while Brookfield and GIC target a $2 billion deal.</li></ul>

Brookfield is close to acquiring a Sydney office property for $318 million amid APAC real estate growth.Macquarie has completed an $8.3 billion acquisition of Qube, a significant player in Australian logistics.ESR has divested stakes in a Yokohama warehouse, while Brookfield and GIC target a $2 billion deal.

Asia Real Estate Tracker (17-Feb-2026): Brookfield nears $318M Sydney office deal.

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 Reit and Business Trust Sector: What Really Caused the Poor Performance?

Corporate Monitor Ltd’s(CML) 4th report on the REIT sector concluded that overall performance of REITs is poor, as 15 of the 38 failed to return...

Corporate Monitor Limited

Singapore Retail Sector: Will It Be Impacted by Improved Connectivity with Malaysia?

Singapore's branded consumer retail margins and retail rental yield are at risk when easier border crossing access to Malaysia could prompt more...

Devi Subhakesan

Singapore Market Roundup (18-Jun-2026): CGSI keeps ‘add’ rating, ups SATS target to $5.20.

CGSI keeps 'add' rating, raises SATS target to $5.20. UOBKH sees Beng Kuang as 'attractive'; HLB maintains 'buy' on Starhill Global REIT.

Singapore Market Roundup

Singapore Market Roundup (17-Jun-2026): UOBKH finds Beng Kuang's current price 'attractive'.

Beng Kuang is seen as attractive by UOBKH; RHB maintains 'buy' on Starhill Global REIT. JPM stays overweight on CDL, while GS highlights ROE boost...

Singapore Market Roundup

Asia Real Estate Tracker (17-Feb-2026): Brookfield nears $318M Sydney office deal.

Brookfield is set to acquire a Sydney office for $318M, while Macquarie finalizes an $8.3B Qube deal, and ESR sells Yokohama warehouse stakes amid...

Asia Real Estate Tracker

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