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

<ul><li>In 3Q25, Singapore office REITs like CICT, MPACT, and Suntec REIT reported strong occupancy and positive rental reversions.</li><li>CICT's office portfolio occupancy rose to 96.2%, with a 1.9% rent increase, and full ownership of CapitaSpring.</li><li>Keppel REIT achieved a 12.0% rental reversion, maintaining 96.3% occupancy, with a WALE of 4.7 years.</li></ul>

In 3Q25, Singapore office REITs like CICT, MPACT, and Suntec REIT reported strong occupancy and positive rental reversions.CICT's office portfolio occupancy rose to 96.2%, with a 1.9% rent increase, and full ownership of CapitaSpring.Keppel REIT achieved a 12.0% rental reversion, maintaining 96.3% occupancy, with a WALE of 4.7 years.

REIT Watch - Positive momentum for Office S-REITs as vacancy rates ease and rents climb

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>For the better part of two decades, Singaporean real estate investment trusts (REITs) have provided an efficient and popular exposure to quality large-scale commercial properties. </li>
<li>Yet as global central banks hike interest rates to address inflationary pressures, can REITs retain their attractiveness?</li>
<li>SREITs have corrected as Singaporean interest rates have increased. The question is whether higher interest rates are baked in, and which SREITs will hold up; and which ones will not?</li>
</ul>


For the better part of two decades, Singaporean real estate investment trusts (REITs) have provided an efficient and popular exposure to quality large-scale commercial properties. 
Yet as global central banks hike interest rates to address inflationary pressures, can REITs retain their attractiveness?
SREITs have corrected as Singaporean interest rates have increased. The question is whether higher interest rates are baked in, and which SREITs will hold up; and which ones will not?


S-REITs: Investing In An Inflationary Environment

Lendlease Global Commercial REIT / Equity Bottom-Up

<ul><li>The next 30 most traded stocks in 2H25 have a combined market capitalisation of S$74 billion, spanning all 12 sectors.</li><li>Seven REITs among these stocks have a combined market value of S$19.5 billion and S$53.1 million in 2H25 ADT.</li><li>CSE Global leads net institutional inflow-to-market cap ratio, with ADT rising to S$5.8 million in 2H25.</li></ul>

The next 30 most traded stocks in 2H25 have a combined market capitalisation of S$74 billion, spanning all 12 sectors.Seven REITs among these stocks have a combined market value of S$19.5 billion and S$53.1 million in 2H25 ADT.CSE Global leads net institutional inflow-to-market cap ratio, with ADT rising to S$5.8 million in 2H25.

Highlights of the 30 Most Traded Non-STI Stocks in 2H25

<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 

<ul><li>Sabana Industrial REIT reported a 26.5% year-on-year growth in 1Q25 DPU, with NPI and gross revenue increasing by 22.0% and 4.6% respectively.</li><li>Keppel DC REIT achieved a 14.2% year-on-year growth in DPU, driven by acquisitions and contract renewals, with NPI and gross revenue growing 24.1% and 22.6% respectively.</li><li>Keppel Pacific Oak US REIT experienced a 19.3% year-on-year decline in income available for distribution due to lower rental income.</li></ul>

Sabana Industrial REIT reported a 26.5% year-on-year growth in 1Q25 DPU, with NPI and gross revenue increasing by 22.0% and 4.6% respectively.Keppel DC REIT achieved a 14.2% year-on-year growth in DPU, driven by acquisitions and contract renewals, with NPI and gross revenue growing 24.1% and 22.6% respectively.Keppel Pacific Oak US REIT experienced a 19.3% year-on-year decline in income available for distribution due to lower rental income.

S-REITs kick off earnings season; Sabana REIT and Keppel DC REIT report double-digit jump in DPU so far

Singapore

Suntec Real Estate Investment Trust is a commercial real estate investment trust. The Trust invests in income-producing real estate that is primarily used for retail and/or office purposes.

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Suntec REIT (SUN SP)

REIT Watch - Positive momentum for Office S-REITs as vacancy rates ease and rents climb

In 3Q25, Singapore office REITs like CICT, MPACT, and Suntec REIT reported strong occupancy and positive rental reversions. CICT's office...

Singapore Exchange Ltd (SGX)

S-REITs: Investing In An Inflationary Environment

Suntec, with one of the highest gearings in the office subsector, may need to go to the market cap in hand. That or divest some assets - in what is...

David Blennerhassett

Highlights of the 30 Most Traded Non-STI Stocks in 2H25

The next 30 most traded stocks in 2H25 have a combined market capitalisation of S$74 billion, spanning all 12 sectors. Seven REITs among these...

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)

S-REITs kick off earnings season; Sabana REIT and Keppel DC REIT report double-digit jump in DPU so far

Sabana Industrial REIT reported a 26.5% year-on-year growth in 1Q25 DPU, with NPI and gross revenue increasing by 22.0% and 4.6%...

Singapore Exchange Ltd (SGX)

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