Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>UOB Kay Hian's Koh maintains 'buy' on Prime US REIT due to low valuation.</li>
<li>RHB's Natarajan increases Suntec REIT target price to $1.48.</li>
<li>CGSI boosts Yangzijiang Financial target price to $1.25, citing Maritime spin-off.</li>
</ul>


UOB Kay Hian's Koh maintains 'buy' on Prime US REIT due to low valuation.
RHB's Natarajan increases Suntec REIT target price to $1.48.
CGSI boosts Yangzijiang Financial target price to $1.25, citing Maritime spin-off.


Singapore Market Roundup (09-Sep-2025): UOB's Koh Keeps 'buy' on Prime US REIT

Invest, Trade and Save in Singapore, Syfe

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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>The interest rate cycle in Singapore typically correlates with the Fed.  According to June’s FOMC Summary of Economic Projections, based on median estimates, the Fed is expected to cut interest rates by 50bps (in two rate cuts) for the rest of 2025, with 25bps more (in one rate cut) in 2026.  </li><li>Based on latest futures from CME Group, the market is pricing in a 89% probability of rate cut during the Fed's next meeting in September.</li><li>The current easing cycle is a clear sector tailwind. The steep decline in 3M Singapore’s SORA from 3.03% in January to 1.85% in August, will benefit the sector in multiple perspectives: reduced funding cost, more stable cap rates to support asset valuations, as well as more attractive REIT valuation on the back of yield spreads.</li></ul>

The interest rate cycle in Singapore typically correlates with the Fed.  According to June’s FOMC Summary of Economic Projections, based on median estimates, the Fed is expected to cut interest rates by 50bps (in two rate cuts) for the rest of 2025, with 25bps more (in one rate cut) in 2026.  Based on latest futures from CME Group, the market is pricing in a 89% probability of rate cut during the Fed's next meeting in September.The current easing cycle is a clear sector tailwind. The steep decline in 3M Singapore’s SORA from 3.03% in January to 1.85% in August, will benefit the sector in multiple perspectives: reduced funding cost, more stable cap rates to support asset valuations, as well as more attractive REIT valuation on the back of yield spreads.

Singapore Office REITs: Interest Rate Easing Cycle Provides Earnings and DPU Upside

<ul><li>Suntec REIT's future outlook uncertain, with analysts predicting lower estimates for FY2025-FY2026.</li><li>OUE REIT's performance post FY2024 results continues to divide opinions amongst analysts.</li><li>DBS maintains 'buy' rating and $3 target price for Seatrium, while reporting weak overseas assets for MPACT in 3QFY2025.</li></ul>

Suntec REIT's future outlook uncertain, with analysts predicting lower estimates for FY2025-FY2026.OUE REIT's performance post FY2024 results continues to divide opinions amongst analysts.DBS maintains 'buy' rating and $3 target price for Seatrium, while reporting weak overseas assets for MPACT in 3QFY2025.

Singapore Market Roundup (28-Jan-2025): Suntec REIT's FY2024 uncertain, lower estimates for FY2025-FY2026.

<ul>
<li>CGSI has initiated coverage on Pacific Radiance and Marco Polo Marine, identifying them as beneficiaries of O&amp;M industry.</li>
<li>Brokers' Digest provides latest updates on Bumitama Agri, Oiltek, ST Engineering, SGX, Suntec REIT, Kimly, SingPost, PropNex, Raffles Medical.</li>
<li>Panin Bank acquisition might not have significant impact on OCBC and DBS due to uncertainties, according to RHB. XMH Holdings' 1HFY2025 earnings surge by 94.5% to $12.6 million. Accrelist exec chairman increases stake to 26.48%, while Tuan Sing CEO Liem raises ownership to 54.28%.</li>
</ul>


CGSI has initiated coverage on Pacific Radiance and Marco Polo Marine, identifying them as beneficiaries of O&amp;M industry.
Brokers' Digest provides latest updates on Bumitama Agri, Oiltek, ST Engineering, SGX, Suntec REIT, Kimly, SingPost, PropNex, Raffles Medical.
Panin Bank acquisition might not have significant impact on OCBC and DBS due to uncertainties, according to RHB. XMH Holdings' 1HFY2025 earnings surge by 94.5% to $12.6 million. Accrelist exec chairman increases stake to 26.48%, while Tuan Sing CEO Liem raises ownership to 54.28%.


Singapore Market Roundup (13-Dec-2024): CGSI Covers Pacific Radiance & Marco Polo Marine

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

<ul><li><a href="https://www.smartkarma.com/entities/keppel-reit" target="_blank" data-smartkarma-citation="entities:192" rel="noopener">Keppel REIT (KREIT SP)</a> 1H22 DPU +1.0% YoY; Attractively trading at 17% below book with solid operating metrics</li><li><a href="https://www.smartkarma.com/entities/suntec-reit" target="_blank" data-smartkarma-citation="entities:151" rel="noopener">Suntec REIT (SUN SP)</a> 1H22 DPU +15.8% YoY; Solid performance boosted by retail recovery and office resiliency</li><li><a href="https://www.smartkarma.com/entities/frasers-centrepoint-trust" target="_blank" data-smartkarma-citation="entities:2870" rel="noopener">Frasers Centrepoint Trust (FCT SP)</a> 3Q22 Business Updates – Slight weakness in occupancy despite improvements in tenants’ sales and shopper traffic</li></ul>

Keppel REIT (KREIT SP) 1H22 DPU +1.0% YoY; Attractively trading at 17% below book with solid operating metricsSuntec REIT (SUN SP) 1H22 DPU +15.8% YoY; Solid performance boosted by retail recovery and office resiliencyFrasers Centrepoint Trust (FCT SP) 3Q22 Business Updates – Slight weakness in occupancy despite improvements in tenants’ sales and shopper traffic

ASEAN Builder's Scoop (27Jul22) - KREIT Solid Operating Metrics

Singapore

Suntec Real Estate Investment Trust invests in income-producing real estate primarily used for office and retail purposes. Its portfolio includes prime commercial properties in Singapore, Australia, and the United Kingdom. The company is headquartered in Singapore and was founded in 2004.

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Suntec (SUN SP)

Singapore Market Roundup (09-Sep-2025): UOB's Koh Keeps 'buy' on Prime US REIT

UOB Kay Hian's Koh keeps 'buy' on Prime US REIT for low valuation; RHB raises Suntec REIT target to $1.48; CGSI ups Yangzijiang Financial to $1.25.

Singapore Market Roundup

Singapore Office REITs: Interest Rate Easing Cycle Provides Earnings and DPU Upside

The interest rate cycle in Singapore typically correlates with the Fed. According to June’s FOMC Summary of Economic Projections, based on median...

Syfe

Singapore Market Roundup (28-Jan-2025): Suntec REIT's FY2024 uncertain, lower estimates for FY2025-FY2026.

Analysts divided on Suntec REIT's FY2024 but lower estimates for FY2025-FY2026 with predictions for DBS at $49, UOB at $42, OCBC at $19, OUE REIT...

Singapore Market Roundup

Singapore Market Roundup (13-Dec-2024): CGSI Covers Pacific Radiance & Marco Polo Marine

CGSI initiates coverage on Pacific Radiance and Marco Polo Marine as beneficiaries of O&M, add calls; Bumitama Agri, Oiltek, ST Engineering, SGX,...

Singapore Market Roundup

ASEAN Builder's Scoop (27Jul22) - KREIT Solid Operating Metrics

SUN boosted by retail recovery and office resiliency; FCT slight weakness in occupancy; EREIT dragged by higher utilities cost; CQ undergoing S$62m...

SCCM Asia Research

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