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

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>Seven S-REITs with Singapore retail assets reported improved revenue and net property income due to positive rental reversions and occupancy rates.</li><li>CICT, FCT, and LREIT achieved positive rent reversions, with CICT's retail portfolio seeing 17.5% growth in tenant sales.</li><li>MPACT, OUE REIT, Starhill Global REIT, and Suntec REIT reported high occupancy rates and varying rent reversions, with VivoCity achieving significant sales milestones.</li></ul>

Seven S-REITs with Singapore retail assets reported improved revenue and net property income due to positive rental reversions and occupancy rates.CICT, FCT, and LREIT achieved positive rent reversions, with CICT's retail portfolio seeing 17.5% growth in tenant sales.MPACT, OUE REIT, Starhill Global REIT, and Suntec REIT reported high occupancy rates and varying rent reversions, with VivoCity achieving significant sales milestones.

REIT Watch - Most S-REITs with Singapore retail assets record double digit positive rent reversions despite softer retail outlook

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beverly-jcg-ltd" target="_blank" data-smartkarma-citation="entities:11480:1" rel="noopener">Beverly JCG Ltd (JCGI SP)</a> is a SGX-Catalist listed company. It offers a broad suite of services including invasive and non-invasive aesthetic procedures, dentistry and wellness treatments, amongst others.</li>
<li>As of Apr 25, the firm has a total of two Ministry of Health licensed hospitals, four aesthetic and three dental clinics, most of which are located in Klang Valley.</li>
<li>In this note, we provide a company update as well as our thoughts on the firm's latest sale and purchase agreement with KL Wellness City (KLWC).</li>
</ul>



Beverly JCG Ltd (JCGI SP) is a SGX-Catalist listed company. It offers a broad suite of services including invasive and non-invasive aesthetic procedures, dentistry and wellness treatments, amongst others.
As of Apr 25, the firm has a total of two Ministry of Health licensed hospitals, four aesthetic and three dental clinics, most of which are located in Klang Valley.
In this note, we provide a company update as well as our thoughts on the firm's latest sale and purchase agreement with KL Wellness City (KLWC).


Beverly JCG - Company Update - Balancing Between Dilution and Value Creation

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.

Thematic (Sector/Industry)

<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

Mapletree Pan Asia Commercial Trust / Equity Bottom-Up

<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

Starhill Global REIT is a real estate investment trust.  The trust invests in retail and office buildings in Singapore and overseas.

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Starhill Global REIT (SGREIT SP)

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 - Most S-REITs with Singapore retail assets record double digit positive rent reversions despite softer retail outlook

Seven S-REITs with Singapore retail assets reported improved revenue and net property income due to positive rental reversions and occupancy...

Singapore Exchange Ltd (SGX)

Beverly JCG - Company Update - Balancing Between Dilution and Value Creation

In this note, we provide a company update as well as our thoughts on the Beverly JCG's latest sale and purchase agreement with KL Wellness City...

Evolve Capital Advisory Pte Ltd

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

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)

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